To The Members of KARTIK INVESTMENTS TRUST LIMITED Report on theFinancial Statements
We have audited the accompanying financial statements of KARTIKINVESTMENTS TRUST LIMITED (the Company) which comprise the Balance Sheet asat 31st March 2017 the Statement of Profit and Loss the Cash Flow Statementfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (the Act") with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financialstatements based on our audit We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under
We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of thefinancial statements.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and Fair view in conformity with theaccounting principles generally accepted in India
(a) in the case of the Balance Sheet of the state of affairs of theCompany as at March 312017;
(b) in the case of Statement of Profit and Loss of the profit for theyear ended on that date; and
(c) in the case of the Cash Flow Statement of the cash Hows for theyear ended on that date.
Report on Other Legal and Regulatory Requirements
As required by Section 143(3) of the Act we report that:
I. As required by the Companies (Auditor's Report) Order 2017(Order) issued by the Central Government in
terms of Section 143 (11) of the Act we give in the annexure astatement on the matters specified in paragraphs
3 and 4.
2. As required by Section 143 (3) of the Act we report that:
(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.
(b) In our opinion proper books of account as required by law havebeen kept by the Company so tar as it appears from our examination of those books.
(c) The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with by this Report are in agreement with the books of account
(d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014
(e) On the basis of the written representations received from thedirectors as on 31st March 2017 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2017 from being appointed as adirector in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in Annexure A .
(g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule II of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:
i. The Company does not have any pending litigations which would impactits financial position.
ii. The Company did not have any long term contracts includingderivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company
iv. According to the information and explanations given to us theCompany did not have any holdings or dealings in Specified Rank Notes during the periodfrom 8th November 2016 to 30 December 2016 and hence the disclosure in Note No. 11.6 isin accordance with the books of account maintained by the Company.
| ||For Shanker Giri & Prabhakar |
| ||Chartered Accountants |
| ||FRN: 00376IS |
| ||P. Prabhakar Rao |
|Place : Chennai ||Partner |
|Date : ||Membership No. : 18408 |