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Kshitij Polyline Ltd.

BSE: 535114 Sector: Industrials
NSE: KSHITIJPOL ISIN Code: INE013801019
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Kshitij Polyline Ltd. (KSHITIJPOL) - Auditors Report

Company auditors report

ON AUDIT OF THE STANDALONE FINANCIAL RESULTS

To

The Board of Directors Of M/s KSHITIJ POLYLNE LIMITED

Opinion

We have audited the accompanying Statement of Standalone Financial Result of M/sKSHITIJ POLYLNE LIMITED ("The Company") for the half year and year to endedMarch 31 2021 (the "Statement")being submitted by the company pursuant to therequirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanationsgiven to us the statement:

a. is presented in accordance with the requirements of Regulation 33 of the ListingRegulations; and

b. Gives a true and fair view in conformity with the recognition and measurementprinciples laid down in the Accounting Standards ("AS") and other accountingprinciples generally accepted in India of the net Profit and total comprehensive incomeand other financial information of the Company for the half year and year then ended March31 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statement section of our report. We are independent of the Company in accordancewith the Code of Ethics issued by the Institute of Chartered Accountants of India togetherwith the ethical requirements that are relevant to our audit of the financial statementunder the provisions of the companies Act 2013 and the rules there under and we havefulfilled our other ethical responsibilities in accordance with these requirements and thecode of ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

This Statement which includes the Standalone financial results is the responsibilityof the Company's Board of Directors and has been approved by them for the issuance. TheStatement has been compiled from the related audited Interim condensed standalonefinancial statements for the three months and year ended March 31 2021. Thisresponsibility includes preparation and presentation of the Standalone Financial Resultsfor the half year and year ended March 312021 that give a true and fair view of the netprofit and other comprehensive income and other financial information in accordance withthe recognition and measurement principles laid down in Ind AS prescribed under Section133 of the Act read with relevant rules issued there under and other accountingprinciples generally accepted in India and in compliance with Regulation 33 of theListing Regulations. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Standalone Financial Results that give a true and fair view and is free from materialmisstatement whether due to fraud or error. In preparing the Standalone FinancialResults the Board of Directors is responsible for assessing the Company's ability tocontinue as a going concern disclosing as applicable matters related to going concernand using the going concern basis of accounting unless the Board of Directors eitherintends to liquidate the Company or to cease operations or has no realistic alternativebut to do so.

The Board of Directors is also responsible for overseeing the financial reportingprocess of the company.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of this Standalone Financial Results.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also

• Identify and assess the risks of material misstatement of the StandaloneFinancial Results whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intention omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on the effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates made by the Board of Directors

• Evaluate the appropriateness and reasonableness of disclosures made by the Boardof Directors in terms of the requirements specified under Regulation 33 of the ListingRegulations.

• Conclude on the appropriateness of the Board of Directors use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theability of the Company to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the statement or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the StandaloneFinancial Results including the disclosures and whether the Standalone FinancialResults represent the underlying transactions and events in a manner that achieves fairpresentation.

• Obtain sufficient appropriate audit evidence regarding the Standalone FinancialResults of the Company to express an opinion on the Standalone Financial Results.

• Materiality is the magnitude of misstatements in the Standalone FinancialResults that individually or in aggregate makes it probable that the economic decisionsof a reasonably knowledgeable user of the Standalone Financial Results may be influenced.We consider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the Standalone FinancialResults.

• We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

• We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

II. Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit we report that:

A. We have sought and obtained all the information and explanations which tothe best of our knowledge and belief were necessary for the purposes of our audit

B. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

C. The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account

D. In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules2014

E. On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312021 from being appointed as a director in terms of Section 164 (2) of theAct.

F. With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols with reference to financial statements.

G. With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

H. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i) The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Financial Statements

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

VRCA & ASSOCIATES CHARTERED ACCOUNTANT
Firm Registration No. 104727W
Sd/-
CA KRUNAL BRAHMBHATT PARTNER
Membership No. 150053
Place: Mumbai UDIN: 21150053AAAABA5021
Date: 26-June-2021

We have audited the accompanying statement of financial results of KSHITIJ POLYLINELIMITED for the half year ended 31.03.2021 and the year to date result for the period01.04.2020 to 31.03.2021 being submitted by the company pursuant to the requirement ofregulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015.There half yearly result as well as year to date financial result are prepared on thebasis of the interim Financial Statements which are the responsibility of the Company'smanagement. Our responsibility is to express an opinion on these financial results basedon our audit of such interim Financial Statements which have been prepared in accordancewith the recognition and measurement principles laid down in Accounting Standardprescribed under Section 133 of the Companies Act 2013 read with relevant rules issuedthereunder; or by the institute of Chartered Accountants of India as applicable and otheraccounting principles generally accepted in India.

We conducted our audit in accordance with the auditing standards generally accepted inIndia. These standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial results are free of material misstatements. An auditincludes assessing the accounting principles used and significant estimates made bymanagement. We believe that our audit provides a reasonable basis for our opinion.

In our opinion and to the best of our information and according to the explanationsgiven to us these half yearly financial results as well as the year to date results.

i. Are presented in accordance with the requirements of regulation 33 of SEBI (ListingObligation and Disclosure Requirements) Regulation 2015 in this regards; and

ii. Give a true and Fair view of the net profit and other financial information for theHalf year ended 31.03.2021 as well as the year to date results for the period from01.04.2020 to 31.03.2021

VRCA & ASSOCIATES CHARTERED ACCOUNTANT
Firm Registration No. 104727W
Sd/-
CA KRUNAL BRAHMBHATT PARTNER
Membership No. 150053
Place: Mumbai UDIN: 21150053AAAABA5021
Date: 26-June-2021

ANNEXURE ‘B' TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of KSHITIJ POLYLINE LIMITED forthe year st ended 31 March 2021.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) These fixed assets have been physically verified by the management at reasonableintervals there was no Material discrepancies were noticed on such verification.

(c) Total Assets of company includes Immovable property also and the title deeds ofimmovable properties are held in the name of the company.

2. Physical verification of inventory has been conducted at reasonable intervals by themanagement and there is no material discrepancies were noticed

3. The company has granted loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013.

(a) All terms and conditions are as per the benefits of company and are not prejudicialto the company's Interest.

(b) Schedule of repayment of principal and interest has been stipulated and receiptsare regular.

(c) There is no such amount which is overdue more than 90 Days of above mentioned loan.

4. In respect of loans investments guarantees and security all mandatory provisionsof section 185 and 186 of the Companies Act 2013 have been complied with.

5. The company has not accepted any deposits.

6. Maintenance of cost records has not been specified by the Central Government undersubsection (1) of section 148 of the Companies Act 2013.

7 (a) The company is regular in depositing undisputed statutory dues includingprovident fund Employee's state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities.

(b) Dues of income tax or sales tax or service tax or duty of customs or duty of exciseor value added tax have been deposited on time there is no dispute is pending on the partof company.

8. The company hasn't made any default in repayment of loans or borrowing to afinancial institution bank Government or dues to debenture holders.

9. The company doesn't raise any money by way of initial public offer or further publicoffer (including debt instruments)

10. Neither company has done any fraud nor by its officers or employees so nothing tobe disclosed separately.

11. Managerial remuneration has been paid or provided in accordance with the requisiteapprovals Mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

12. Company is not a Nidhi Company hence nothing to be disclosed for any provisionsapplicable on Nidhi Company.

13. All transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards;

14. The company hasn't made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

15. The company hasn't entered into any non-cash transactions with directors or personsconnected with him.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

VRCA & ASSOCIATES CHARTERED ACCOUNTANT
Firm Registration No. 104727W
Sd/-
CA KRUNAL BRAHMBHATT PARTNER
Membership No. 150053
Place: Mumbai UDIN: 21150053AAAABA5021
Date: 26-June-2021

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