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Kartik Investments Trust Ltd.

BSE: 501151 Sector: Financials
NSE: N.A. ISIN Code: INE524U01019
BSE 00:00 | 22 Jun Kartik Investments Trust Ltd
NSE 05:30 | 01 Jan Kartik Investments Trust Ltd
OPEN 640.00
PREVIOUS CLOSE 640.00
VOLUME 2
52-Week high 685.00
52-Week low 600.00
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 640.00
CLOSE 640.00
VOLUME 2
52-Week high 685.00
52-Week low 600.00
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Kartik Investments Trust Ltd. (KARTIKINVEST) - Director Report

Company director report

Your directors have pleasure in presenting the forty third annual report together withthe audited accounts of the company for the year ended 31 March 2021.

(Rs. in lakhs)

FINANCIAL RESULTS 2020-21 2019-20
Income 6.05 7.13
Expenses 7.57 7.73
Profit /(Loss) before taxation (1.52) (0.60)
Profit / (Loss) after taxation (1.62) (0.60)
Other Comprehensive Income/ ( Loss) for the year net of tax 69.63 22.65
Total Comprehensive Income for the year net of tax 68.02 22.05

DIVIDEND

In view of the loss incurred by the company your directors have not recommended anydividend for the year under review.

RESERVES

No amount was transferred to the reserves during the financial year ended 31stMarch 2021. OPERATIONS

During the year under review the gross income of the Company was at Rs. 6.05 lakhs asagainst Rs. 7.13 lakhs during the previous year. The Company made a loss of Rs.1.62 lakhsas against a loss of Rs. 0.60 lakhs during the previous year.

DIRECTORS

Mr. R Chandrasekar (DIN 02687447) director retires by rotation at the ensuing annualgeneral meeting and being eligible has offered himself for re-appointment.

DECLARATION FROM INDEPENDENT DIRECTORS

The independent directors (IDs) Mr. P Nagarajan and Ms. A Kavitha have submitted thedeclaration of independence as required pursuant to section 149(7) of the Act confirmingthat they meet the criteria of independence as provided in section 149(6) of the Act. Inthe opinion of the board the IDs fulfill the conditions specified in the Act and therules made there under for appointment as IDs including the integrity expertise andexperience and confirm that they are independent of the management. The IDs of the companyhave registered their names with the data bank of IDs and completed the online proficiencyself-assessment test as required under the provisions of the Companies Act 2013.

KEY MANAGERIAL PERSONNEL

Pursuant to the provisions of Section 203 of the Act read with the rules made thereunder the following employees are the whole time key managerial personnel of the companyduring FY 21:

1. Ms. Bala Ravi Chief Financial Officer & Manager (until 6th March2021)

2. Ms. S Sangeetha Company Secretary

DIRECTOR'S RESPONSIBILITY STATEMENT

The director's responsibility statement as required under sections 134(5) of the Actreporting the compliance with accounting standards is attached and forms part of board'sreport.

AUDITORS

Pursuant to the provisions of section 139 of the Companies Act 2013 ("theAct") and the rules framed there under read with Companies (Audit and Auditors)Rules 2014 M/s. VKAN & Associates chartered accountants are the statutory auditorsof the company. They were appointed as statutory auditors of the company in the 40thannual general meeting (AGM) held on 27 September 2018 for a period of five yearscommencing from the conclusion of 40th AGM till the conclusion of 45thAGM. The Statutory Audit Report is attached with financial statement and forms part ofthis report and does not contain any qualification reservation or adverse remarks.

SECRETARIAL AUDIT

Pursuant to the provisions of the Act and the rules framed there under Ms. SrinidhiSridharan of M/s. Srinidhi Sridharan & Associates Practicing Company Secretaries hadundertaken a secretarial audit of the company for FY 21. The secretarial audit report isattached and forms part of this report and does not contain any qualification.

INFORMATION AS PER SECTION 134(3)(m) OF THE ACT

The company has no activity relating to the consumption of energy or technologyabsorption. During the year the company has not incurred any expenditure in foreigncurrency. The company does not have any foreign exchange earnings and no foreign currencyremittance was made during the year.

BOARD MEETINGS

During the year ended 31 March 2021 the Board met four times on 10 June 2020 14August 2020 11 November 2020 and 8 February 2021.

AUDIT COMMITTEE

The Audit Committee comprises Mr. P Nagarajan Mr. R. Chandrasekar and Ms. A. Kavithaas its members. During the year ended 31 March 2021 the Committee had four meetings on10 June 2020 14 August 2020 11 November 2020 and 8 February 2021.

NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee comprises Mr. P Nagarajan Mr. R Chandrasekarand Ms. A Kavitha as its members. During the year ended 31 March 2021 the Committee hadtwo meetings on 10 June 2020 and 8 February 2021.

STAKEHOLDERS RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee comprises Mr. P Nagarajan Mr. R Chandrasekarand Ms. A Kavitha as its members. During the year ended 31 March 2021 the Committee hadtwo meetings on 10 June 2020 and 11 November 2020.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The company has established a whistle blower mechanism which inter-alia covers anavenue to raise concerns. The mechanism provides for adequate safeguards againstvictimisation of directors / employees / customers who avail of the mechanism and also forappointment of an ombudsperson who will deal with the complaints received.

MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments affecting the financial position of the Company hasoccurred between the end of the financial year 2021 and the date of this report.

INTERNAL COMPLIANTS COMMITTEE

The company has in place a policy for prevention of sexual harassment in line with therequirements of the Sexual Harassment of Women at the Workplace (Prevention Prohibitionand Redressal) Act 2013. (POSH Act). The Company has complied with the provisionsrelating to constitution of Internal Complaints Committee (ICC) under the POSH Act. ICChas been set up to redress complaints received regarding sexual harassment. All employeesare covered under this policy. During the calendar year ended 31 December 2020 therewere no referrals received by ICC.

EXTRACT OF ANNUAL RETURN

In accordance with sections 134(3)(a) and 92(3) of the Act the annual return in FormMGT-7 is placed on the weblink: https://kartikinvestments.com/index.php?pg=Annual Reports

DISCLOSURE OF REMUNERATION:

The Company does not have any employees and hence the disclosure with respect toremuneration as required under section 197 of the Act read with rule 5 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is not applicable.

PARTICULARS OF EMPLOYEES

During the year there were no employees covered by the provisions of Rule 5(2) and5(3) of the

Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS

There are no significant and material orders passed by the regulators or courts ortribunals which would impact the going concern status of the company and its futureoperations.

INTERNAL FINANCIAL CONTROLS

Proper internal financial controls have been laid down to be followed by the Companywith reference to the financial statements and such internal financial controls areadequate and operating effectively.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

No loans guarantees or investments have been made under section 186 of the Act.

RELATED PARTY TRANSACTIONS

The company has in place a policy on related party transactions as approved by theboard and the same is available on the website of the company

There were no transactions with related parties entered into by the Company during theFY 21. None of the Directors has any pecuniary relationship or transaction vis-a-vis theCompany.

FORMAL ANNUAL EVALUATION

In compliance with the Section 134(3)(p) of the Companies Act 2013 and the rules madethere under the annual performance evaluation of the Board was carried out during theyear under review.

RISK MANAGEMENT POLICY

The Company has a risk management policy in place.

REMUNERATION POLICY CRITERIA FOR BOARD NOMINATION & SENIOR MANAGEMENT APPOINTMENT

The Board of directors has framed a remuneration policy relating to the remuneration ofthe directors key managerial personnel and other employees. The Company has furtherformulated the criteria for board nomination and senior management appointment includingdetermining qualifications positive attributes and independence of a director.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT Overview

The company is a public limited company and has its registered office at Chennai. Theshares of the company are listed on BSE Limited. The company has only one class of shares- equity shares of par value Rs.10/- each. The authorised share capital of the company isRs.1 crore and the subscribed and paid up share capital of the company is Rs.24.40 lakhsdivided into 244000 shares of Rs.10/- each.

Investments

The company's investments include Rs. 315.29 lakhs in equity shares and Rs. 56 lakhs inbank fixed deposits.

Financial Review

RESULT OF OPERATIONS

Balance sheet

A summarised version of the company's balance sheet size is given below:

Rc in Inlfh’;

Particulars March 2021 March 2020
Assets
Non-Current investments 316.49 233.71
Other Assets 60.91 62.21
TOTAL 377.40 295.72
Liabilities
Networth 326.94 258.93
Other Liabilities 50.46 36.79
TOTAL 377.40 295.72

Statement of Profit & Loss

A summarised version of the company's statement of Profit & loss is given below:

Rs. in lakhs

Particulars March 2021 March 2020
Income 6.05 7.13
Expenses 7.57 7.73
Profit Before Tax (PBT) (1.52) (0.60)
Current and Deferred Tax 0.10 -
Profit After Tax (PAT) (1.62) (0.60)
Other Comprehensive Income / (Loss) for the year net of tax 69.63 22.65
Total Comprehensive Income for the year net of tax 68.01 22.05

CORPORATE GOVERNANCE

As per regulation 15(2) of the SEBI (Listing Obligations and Disclosures Requirements)Regulations 2015 the compliance with the corporate governance provisions as specified inregulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 andpara C D and E of Schedule V shall not apply to the listed entity having a paid up equityshare capital not exceeding rupees ten crores and net worth not exceeding rupees twentyfive crores as on the last day of the previous financial year. Accordingly the corporategovernance report is not applicable to the Company as the paid-up equity share capital ofthe Company was Rs.24.40 lakhs and net worth of the Company was Rs. 326.94 lakhs as on 31March 2021

COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS

The company has complied with all the provisions of secretarial standards issued by theInstitute of Company Secretaries of India in respect of meetings of the board of directorsand general meetings held during the year.

ACKNOWLEDGEMENT

The directors wish to thank the bankers and other stakeholders for their continuedsupport during the year under review.

On behalf of the Board
Place: Chennai P NAGARAJAN
Date: May 14 2021 Chairman

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