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Kshitij Polyline Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 23.05 Cr. P/BV 1.22 Book Value (Rs.) 3.72
52 Week High/Low (Rs.) 22/4 FV/ML 2/1 P/E(X) 51.01
Bookclosure 27/10/2022 EPS (Rs.) 0.09 Div Yield (%) 0.00
Year End :2018-03 

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. Kshitij Polyline Limited (‘the Company’), which comprises the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss, and Statement of Cash Flow for the year then ended and other notes to financial statements including a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (‘the Act’) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have considered the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates 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 appropriated provide a costs for our qualified audit opinion on the standalone financial statements.

Basis for Qualified Opinion

The Company has not created any provision pertaining towards the liability of ESIC, Gratuity, and Leave encashment benefits during the current financial year and previous year also, which has diverted from the Accounting standard — 15 “Employee Benefits”.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in the Annexure A , a statement on the matters specified in paragraphs 3 and 4 of the Order.

As required by section 143(3) of the Act, we report that:

a) We have sought and, except for the matter described in the Basis for Qualified Opinion paragraph, obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) Except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph above, in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report agree with the books of account.

d) Except for the effects of the matter described in the Basis for Qualified opinion paragraph above, in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) The matter described in the Basis for Qualified Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.

f) On the basis of written representations received from the directors as on 31st March, 2018 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of section 164(2) of the Act.

g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

h) With respect to the other matters 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 and according to the explanations given to us:

i) The Company does not have any pending litigations, which would impact its financial position in its financial statements.

ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to Investors Education and

iv) Protection Fund by the Company.

ANNEXURE “A” TO INDEPENDENT AUDITORS’ REPORT

Re: Ksfaitij Polyline Limited

The Annexure referred to in our Independent Auditors’ Report to the members of the Company on the Financial Statements for the year ended 31st March, 2018;

1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of the fixed asset.

(b) As explained to us, the fixed assets have been physically verified by the management during the year, which in our opinion is reasonable having regards to the nature of the assets. No material discrepancies have been noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of the immovable property is held in the name of the Company which is hypothecated against secured loan.

2) Physical verification has been conducted by the management at the yearend in respect of stores and materials at all of its locations. The procedures and frequency of physical verifications of stocks followed by the management were found reasonable and adequate in relation to the size of the Company and nature of its business. Minor discrepancies noticed on such physical verification, which were not material, have been properly dealt with in the books of account.

3) As per the information and explanations given to us, the company has granted unsecured loans to companies, firms and other parties covered in the register maintained under section 189 of the Companies Act, 2013; and with respect to the same:

a) in our opinion the terms and conditions of grant of such loans are not, prima facie, prejudicial to the company’s interest.

b) receipt of the principal amount is regular, except for the loans given to companies which are interest free; and

c) in absence of stipulation of the repayment of loans, the overdue amount of the loan cannot be ascertained and commented upon.

4) a) As per the information and explanations given to us and on the basis of records examined by us, we are of the opinion that the Company has not complied with the provisions of section 185. Following are the details of non-compliance as at 31.3.2018:

Sr. No.

Particulars

Relationship

Nature of default

Maximum outstanding

Closing balance as on 31.3.2018

1

Lucky Enterprise

Director is a partner

Loan given

11,00,000

11,10,000

b) As per the information and explanations given to us and on the basis of records examined by us, in respect of Loans, Investments, guarantees and security, the Company has complied with the provisions of section 186 of Companies of the Act.

5) As per the information and explanation given to us, the Company has not accepted any deposits from the public during the year. Therefore, the provisions of paragraph 3(v) of the Order are not applicable to the Company.

6) On the basis of the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 for the activities of the Company. Therefore the provisions of Paragraph 3(vi) of the Order are not applicable to the Company.

7) (a) As per the information and explanations given to us, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Goods and Service Tax, Value Added Tax, Cess and any other statutory dues as applicable with the appropriate authorities, wherever applicable during the year. As the information and explanations given to us and the records examined by us, there are no undisputed arrears of statutory dues which are outstanding as at the last day of the concerned financial year for more than six months from the date they become payable.

(b) As per the information and explanation given to us, there are no disputed dues outstanding on account of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax.

8) The Company has not defaulted in repayment of loans or borrowings to any financial institutions and banks during the year. Further the Company has not taken loans or borrowings from government and has not issued any debentures.

9) According to the information and explanation given to us by the management and on the basis of examination of the relevant records, prima facie, it appears that the said amounts have been applied for the purpose for which they were raised.

10) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud by the Company or no material fraud on the Company by its officers or employees have been noticed or reported during the year.

11) In our opinion, managerial remuneration has been provided in accordance with the requisite approvals mandate by the provisions of section 197 of the Act read with Schedule V to the Companies Act, 2013.

12) As per the information and explanation given to us, the nature of activities of the Company does not attract any provisions of special statute applicable to a Nidhi Company. Therefore, the provisions of paragraph 3(xii) of the Order are not applicable to the Company.

13) According to the information and explanations given by management, the transactions with the related parties follow section 188 of the Act, wherever applicable; and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards. The provisions of Section 177 are not applicable to the Company and accordingly, reporting under paragraph 3(xiii), insofar as it relates to that section is not applicable to the Company.

14) According to the information and explanations given to us and based on the records examined by us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of paragraph 3(iv) of the Order are not applicable to the Company.

15) According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him, as specified under section 192 of the Act. Therefore, the provisions of paragraph 3(xv) of the Order are not applicable to the Company.

16) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

ANNEXURE ‘B’ TO THE AUDITORS’ REPORT

Re: Kshitij Polyline Limited

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 (“THE ACT”).

We have audited the internal financial controls over financial reporting of Kshitij Polyline Limited (‘the Company’) as of 31st March, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal financial control over financial reporting criteria established by the Company considering the essential components of internal, control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds a errors the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit o Internal Financial Controls Over Financial Reporting (‘the Guidance Note’) and the Standard on Auditing issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of Internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy-of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures select depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the 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 designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial stamen o external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorisations of the management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company 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 financial reporting including the possibility of collusion or improper management override of controls, material misstatement due to error fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal, financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018 based on the internal financial control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For R. M. Ajgaonkar & Associates

Chartered Accountants

Firm Registration No. 117247W

Komal Sevak

Partner

Membership No. 143685

Place: Mumbai

Date: 16th July, 2018.


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