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Kshitij Investments Ltd.

BSE: 503626 Sector: Financials
NSE: N.A. ISIN Code: INE733N01011
BSE 05:30 | 01 Jan Kshitij Investments Ltd
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Kshitij Investments Ltd. (KSHITIJINVEST) - Auditors Report

Company auditors report

To the Members of

Kshitij Investments Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Kshitij Investments Limitedwhich comprise the Balance Sheet as at March 31 2021 and the Statement of Profit andLoss & cash flow statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's

Directors as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Independent Auditor s Report of Kshitij Investments Ltd for Financial year ended 31stMarch2021

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and subject to our opinion above it gives a true and fair viewin conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2021; b) in the case of the Statement of Profit and Loss of the profit for the yearended on that date. c) In the case of the Cash Flow statement of the cash flow for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central

Government of India in terms of sub-section (11) of section 143 of the Act we give inthe "Annexure-B" a statements on the matters specified in the paragraph 3and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act we report that: a) we have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; b) in our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books c) the Balance Sheet and Statement of Profit and Loss &Cash Flow statement dealt with by this Report are in agreement with the books of account.d) in our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. e) on the basis of written representations received from the directors as onMarch 31 2021 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2021 from being appointed as a director in terms of Section164(2) of the Act. f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure-A"; and g) With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 in our opinion and to the best of our Information andaccording to the explanations given to us: (i) on the basis of information and explanationgiven to us the Company does not have any pending litigations which would impact itsfinancial position. (ii) on the basis of information and explanation given to us theCompany did not have any long-term contracts including derivatives contracts for whichthere were any material foreseeable losses. (iii) on the basis of information andexplanation given to us there were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

For Rahul Sureka & Company
Chartered Accountants
Sd/-
(Rahul Sureka)
Place: 72 Bentinck Street Kolkata-700001 Proprietor
Dated: 30th Day of June 2021 Membership No. 309988
UDIN - 21309988AAAABE9462 Firm Registration No. 329872E

Independent Auditor s Report of Kshitij Investments Ltd for Financial year ended 31stMarch2021

Annexure "A" to the Auditors Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of KshitijInvestments Limited ("the Company") as on 31st March 2021 in conjunction withour audit of the standalone financial statements of the Company for the period ended onthat date.

Management s Responsibility for Internal Financial Controls

The Company s management is responsible for establishing and maintaining internalfinancial controls based on internal control over financial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance note on Audit of Internal Financial controls over Financial Reporting issued bythe Institute of Chartered Accountants of India ( ICAI ). These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company s policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance

Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Company s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of standalone financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail Independent Auditor s Report of KshitijInvestments Ltd for Financial year ended 31st March2021 accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Rahul Sureka & Company
Chartered Accountants
Sd/-
(Rahul Sureka)
Place: 72 Bentinck Street Kolkata-700001 Proprietor
Dated: 30th Day of June 2021 Membership No. 309988
UDIN - 21309988AAAABE9462 Firm Registration No. 329872E

Annexure B to the Auditors Report

The Annexure referred to in Independent Auditor's Report to the members of the

Company on the standalone financial statements for the year ended 31 March 2021 wereport that: i) As the company has no fixed assets during the year under review or inprevious year this para of this order is not applicable

ii) The company has no operations and has income from investments. Further the companyhas no inventory in the year under review or in the previous year. Accordingly paragraph3(ii) of the order is not applicable to the company.

iii) According to the information and explanations given to us the Company has notgranted any loans to companies firms or other parties covered in the Register maintainedunder Section 189 of the Companies Act 2013 ("The Act"). Hence reporting undersub-clause (a) (b) and (c) to this clause is not required.

iv) In our opinion and according to the information and explanations given to us theCompany have not given any loans and investments guarantee which attracts the provisionsof section 185 and 186 of the Act. Therefore (iv) of the order is not applicable.

v) In our opinion and according to the explanations given to us the Company has nottaken any deposits from the public. Hence the directives issued by the Reserve Bank ofIndia and the provisions of sections 73 to 76 of the Act and the rules framed there underare not applicable.

vi) On the basis of records produced we are of the opinion that prima facie costrecords and accounts prescribed by the Central Government under sub section (1) of Section148 of The Companies Act 2013 in respect of the products of the company covered under therules under said section have been made and maintained. However we are neither requiredto carry out nor have carried out any detailed examination of such accounts and records.

vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including income tax sales tax service tax Goods and ServiceTax and other statutory dues as applicable with the appropriate authorities.According tothe information and explanations given to us and the records of the Company examined byus no undisputed amounts payable in respect of provident fund sales tax income tax andother material statutory dues were in arrears as on 31st March2021 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of any duty which have not been deposited with the appropriate authorities on accountof any dispute

viii) The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable.

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not provided for managerialremuneration therefore provisions of section 197 read with Schedule V to the Act are notapplicable.

Independent Auditor s Report of Kshitij Investments Ltd for Financial year ended 31stMarch2021 xii) In our opinion and according to the information and explanations given tous the company is not a Nidhi company. Accordingly paragraph 3(xii) of the order is notapplicable. xiii) According to the information and explanation given to us and based onthe examination of the records of the company transactions with the related parties arein compliance with section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Ind AS financial statements as required by theapplicable accounting standards. xiv) According to the information and explanations giveto us and based on our examination of the records of the Company the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable. applicable. xvi) The Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

For Rahul Sureka & Company
Chartered Accountants
Sd/-
(Rahul Sureka)
Place: 72 Bentinck Street Kolkata-700001 Proprietor
Dated: 30th Day of June 2021 Membership No. 309988
UDIN - 21309988AAAABE9462 Firm Registration No. 329872E

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