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Peoples Investment Ltd.

BSE: 501144 Sector: Financials
NSE: N.A. ISIN Code: INE644U01015
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Peoples Investment Ltd. (PEOPLESINVEST) - Auditors Report

Company auditors report

To

The Members of

PEOPLES INVESTMENTS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of PEOPLES INVESTMENTS LIMITED("the Company") which comprises the Balance Sheet as at March 31 2017Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 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 positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including Accounting Standards specified underSection 133 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 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 control 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.

Auditors' 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 and the Rules made there underincluding the accounting standards and matters which are required to be included in theaudit report.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable pronouncements issued by The Institute ofChartered Accountants of India. Those Standards and pronouncements require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable pronouncements issued by The Institute ofChartered Accountants of India. Those Standards and pronouncements require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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.

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 give a true and fair view in conformity with the accountingprinciples generally accepted in India

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;

(b) in the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date and

(c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Reouirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.

2. As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

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

c) The Balance Sheet and Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the 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 on March 312017 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2017 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure A"; and

g) 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 in our opinionand to the best of our information and according to the explanations given to us:

I. The Company does not have any litigation pending and hence there is no impact on itsfinancial position in the aforesaid financial statements.

II. The company did not have any long term contract including derivative contracts forwhich there were any material foreseeable losses.

III. There were no amounts which were required to be transferred to Investor Educationand Protection Fund by the company.

IV. The company did not have any holdings or dealings in Specified Bank Notes duringthe period from 08h November 2016 to 30th December 2016.

For R.K. KHANDELWAL & CO.
CHARTERED ACCOUNTANTS
R.K. KHANDELWAL
(Partner)
Membership No.: 030054
Firm Reg. No. : 105054W
Place: Mumbai
Date: 3rd May 2017

"ANNEXURE A" REFERRED TO IN PARAGRAPH 2(f) UNDER THE HEADING "REPORT ONOTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OFPEOPLES INVESTMENTS LIMITED

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 PEOPLESINVESTMENTS LIMITED ("the Company") as of 31 March 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (TCAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover 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 financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 31 March 2017 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 R.K. KHANDELWAL & CO. CHARTERED ACCOUNTANTS

R.K. KHANDELWAL
(Partner)
Membership No.: 030054
Firm Reg. No. : 105054W
Place: Mumbai
Date: 3fd May 2017

ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL AND

REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF THE PEOPLES

INVESTMENTS LIMITED.

On the basis of such checks as we considered appropriate and according to theinformation and

explanations given to us during the course of our audit we state that:

1. The Company has no fixed assets. Therefore the provisions of clauses 1(a) 1 (b)and 1(c) of the Companies Order are not applicable.

2. The Company does not have any Inventory. Therefore the provision of clauses 2 ofthe Companies Order is not applicable.

3. During the year the Company has not granted any loans secured or unsecured tocompanies firms Limited Liability partnerships or other parties covered in the registermaintained under section 189 of the Act.

4. During the year the Company has not entered into any transactions within section185 and 186 of the Act.

5. No deposits within the meaning of directives issued by RBI (Reserve Bank of India)and Sections 73 to 76 or any other relevant provisions of the Act and rules framed thereunder have been accepted by the Company.

6. As informed the Central Government has not prescribed the maintenance of costrecords under Section 148 (1) of the Act in respect of service/activities carried out bythe Company.

7. a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income tax sales-tax service taxduty of customs duty of excise value added tax cess and any other material statutorydues applicable to the Company with the appropriate authorities. No undisputed amountspayable in respect of the aforesaid statutory dues were outstanding as at the last day ofthe financial year for a period of more than six months from the date they became payable.

b) According to the records of the Company there are no dues of income tax or salestax or service tax or duty of customs or duty of excise or value added tax which have notbeen deposited on account of any dispute.

8. The Company has not taken any loan or borrowing from a financial institution bankgovernment or debenture holders and hence the provisions of para 8 of the Order is notapplicable.

9. The Company has not raised any money by way of initial public offer or furtherpublic offer during the year or in the recent past and has not taken any term loan andhence the provisions of para 9 of the Order is not applicable.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing standards in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

11. The Company has not paid or provided managerial remuneration during the year hencethe provisions of para 11 of the Order is not applicable.

12. In our opinion the Company is not Nidhi Company. Therefore Para 12 of theCompanies (Auditor's Report) Order 2016 is not applicable to the Company.

13. All transactions with the related parties are in compliance with section 177 and188 of Act and the details have been disclosed in the Financial Statements (refer NoteNo.11-5) as required by the applicable accounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

15. The Company has not entered into any non-cash transactions with directors orpersons connected with him under section 192 of the Act.

For R.K. KHANDELWAL & CO.
CHARTERED ACCOUNTANTS
R.K. KHANDELWAL
(Partner)
Membership No.: 030054
Firm Reg. No.: 105054W
Place: Mumbai
Date : 3rd May 2017