Kartik Investments Trust Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

To the Members of Kartik Investments Trust Limited Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of Kartik Investments Trust Limited (“the Company”) which comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and Notes to the financial statements, including a summary of material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its loss, total comprehensive income, its cash flows and changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Financial Statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Oui lespunsibiliLies under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone financial statements.

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the following key audit matter to be communicate in our report.

• Valuation of unquoted financial assets held at fair value

The valuation of the Company’s unquoted financial assets held at fair value was a key area of audit focus due to the significance of the amount and complexity involved in the valuation process. Management makes significant judgements because of the complexity of the techniques and assumptions used in valuing some of the level 3 investment securities given the limited external evidence and unobservable market data available to support the Company’s valuations.

In this regard we evaluated the assumptions, methodologies and models used by the Company. We performed a test check of a sample of positions and noted no significant variation.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Rnard’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the standalone financial statements and our auditor’s report thereon.

Our opinion on the Standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone fga^ncial statements or our knowledge obtained during the course of our audit dr otherwise appears to be materially misstated. //§/ ua,

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Management’s responsibility for the standalone 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 standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income , changes in equity and cash flows of the Company in accordance with the Indian Accounting Standards (Ind AS) and accounting principles generally accepted in India, specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 implementation and maintenance of 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 the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company’s Board of Directors are also responsible for overseeing the company’s financial reporting process.

Auditor’s Responsibility for the Audit of the standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement^ whether due to fraud or error, and to issue an auditor’s report that inelude&htir opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an

audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

« Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system with reference standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements 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 financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe Lhese maLLcrs in uui auditui’s icport unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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 to the 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 the Company so far as it appears from our examination of those books

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act,

e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

f) 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 A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to standalone financial reporting.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as amended:

Based on our audit we report that the Company has not paid or provided for

any managerial remuneration during the year. Accordingly, reporting under

section 197(16) of the Act is not applicable. (fa.I CKtolfA'' ''ml\

“r -I, A.062823 ''*11

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, as amended, 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.

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 the Investor Education and Protection Fund by the Company

iv.

a. The management has represented that, to the best of its knowledge and belief no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (The Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has cp^e—fq^-pur attention that causes us to believe that the management representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above contain any material misstatement.

v. The Company has not declared or paid any dividend during the year ended 31 March 2025

vi. Based on our examination, which included test checks, the Company has used accounting softwares for maintaining its books of account for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trails have been preserved by the company in accordance with the statutory requirement for record retention.

vii. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of subsection (11) of section 143 of the Companies Act, 2013, we give in the “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

For R Sundararajan and Associates

Chartered Accountants

Firm Registration Number 008282S

S Krishnspi"

Partner^] /

Membership No 026452 UDIN

2-bT£>Xb fWTU <3lD

Date: 14-05-2025 Place: Chennai

---

Mar 31, 2024

We have audited the accompanying standalone financial statements of Kartik Investments Trust
Limited (“the Company”) which comprises the Balance Sheet as at March 31, 2024, the Statement of
Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows for the year
ended on that date , and Notes to the financial statements, including a summary of material accounting
policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act, 2013
(“the Act) in the manner so required and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act (“Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024,
and its loss, total comprehensive income, its cash flows and changes in equity for the year ended on
that date.

Basis for Opinion

We conducted our audit of the standalone Financial Statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities
under those Standards are further described in the Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together
with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone financial statements of the current period. These matters were addressed in
the context of our audit of the Standalone Financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. We have determined the
following key audit matter to be communicate in our report.

• Valuation of unquoted financial assets held at fair value

The valuation of the Company’s unquoted financial assets held at fair value was a key area of
audit focus due to the significance of the amount and complexity involved in the valuation
process. Management makes significant judgements because of the complexity of the techniques
and assumptions used in valuing some of the level 3 investment securities given the limited
external evidence and unobservable market data available to support the Company’s valuations.

In this regard we evaluated the assumptions, methodologies and models used by the Company. We
performed a test check of a sample of positions and noted no significant variation. We also involved
our valuation experts to assess the appropriateness of methodologies used and found that these are
reasonable in the context of the relevant investment securities held.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and Analysis,
Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate
Governance and Shareholder’s Information, but does not include the standalone financial statements
and our auditor’s report thereon.

Our opinion on the Standalone financial Statements does not cover the other information and we do
not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the standalone financial statements or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this .regard.

//fiI y™

hi QHEN6KU

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 standalone financial
statements that give a true and fair view of the financial position, financial performance including
other comprehensive income , changes in equity and cash flows of the Company in accordance with
the Indian Accounting Standards (Ind AS) and accounting principles generally accepted in India,
specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,
2015, as amended. 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
implementation and maintenance of 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 the accounting
records, relevant to the preparation and presentation of the standalone financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company’s Board of Directors are also responsible for overseeing the company’s financial
reporting process.

Auditor’s Responsibility for the Audit of the standalone Financial Statements

Our objectives arc to obtain reasonable assurance about whether the standalone financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with SAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment, and maintitin
professional skepticism throughout the audit. We also:

(rTl UHtNNAI

>0^^1082623 f JJ

• Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgeiy, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the Company has adequate
internal financial controls system with reference standalone financial statements in place and
the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually
or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of
the financial statements 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 financial statements.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the standalone financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

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 to the 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 the Company so
far as it appears from our examination of those books

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are
in agreement with the relevant books of account

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act,.

e) On the basis of the written representations received from the directors as on March 31, 2024
taken on record by the Board of Directors, none of the directors is disqualified as on March
31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

f) 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 A”. Our report expresses an unmodified opinion on the adequacy^niopecating
effectiveness of the Company’s internal financial controls with referencfe ib''Stahdflftqne
financial reporting. /vS/ll'' .\^\\

g) With respect to the other matters to be included in the Auditor’s Report in accordance with
the requirements of section 197(16) of the Act, as amended:

Based on our audit we report that the Company has not paid or provided for any managerial
remuneration during the year. Accordingly, reporting under section 197(16) of the Act is not
applicable.

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, as amended, 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.

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 the Investor Education
and Protection Fund by the Company

iv. .

a. The management has represented that, to the best of its knowledge and belief no
funds have been advanced or loaned or invested (either from borrowed funds or
securities premium or any other sources or kind of funds) by the Company to or in
any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the
understanding, whether recorded in writing or otherwise, that the intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company (‘the Ultimate
Beneficial ies¹) or provide any guarantee, aoourity or the like on behalf the Ultimate
Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief no
funds have been received by the Company from any person(s) or entity(ies), including
foreign entities (‘the Funding Parties’), with the understanding, whether recorded in
writing or otherwise, that the Company shall, whether directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or
the like on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures performed as considered reasonable and appropriate ;

in the circumstances, nothing has como to our attention that causes us to believe that^, y$V\
the management representations under sub-clause (i) and (ii) of Rule 11 (e), _ta$LJ
provided under (a) and (b) above contain any material misstatement. wo , is,*})

v. The Company has not declared or paid any dividend during the year ended 31 March
2024

vi. Based on our examination, which included test checks, the Company has used accounting
softwares for maintaining its books of account for the financial year ended March 31,
2024 which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the softwares.
Further, during the course of our audit we did not come across any instance of the audit
trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from
April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 on preservation of audit trail as per the statutory requirements for record retention is
not applicable for the financial year ended March 31, 2024

2. 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 of the Companies Act,
2013, we give in the “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

For R Sundararajan and Associates

Chartered Accountants

Firm.Registration Number 08282S

fh

I ^CHENNAI O

\r N°. 082823 i j)

Membership No 026452
UDIN

Che™.

6^th May 2024

---

Mar 31, 2014

We have audited the accompanying financial statements of KARTIK INVESTMENTS TRUST LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the period then ended, and a summary of significant accounting policies and other explanatory information.

Management''s responsibility on the Financial Statements

Management is responsible for 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements 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 management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014.

b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("theOrder") issued by the Central "Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of 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 the Company so far as appears from our examination of those books.

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

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956.

e) on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of KARTIK INVESTMENTS TRUST LIMITED on the accounts of the company for the period ended 31st March, 2014.

(i) The Company does not have any fixed assets and hence reporting on the same does not arise.

(ii) The Company is an Investment Company and does not hold any inventory and hence reporting on physical verification of inventory and maintenance of inventory records does not arise.

(iii) The Company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Act.

(i) In our opinion and according to the information and explanations given to us, the internal control system is commensurate with the size of the company and the nature of its business.

(ii) According to the information and explanations given to us, there are no contracts or arrangements referred to in Section 301 of the Companies Act, 1956 during the period that need to be entered in the register maintained under that Section.

(iii) The Company has not accepted any deposits from the Public.

(iv) The Company has no formal internal audit department as such. However its control procedures ensure reasonable internal checking of its financial and other records.

(v) Maintenance of cost records have not been prescribed by the Central Government in respect of the business carried on by the Company.

(vi) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues like Income tax and service tax. The Company did not have any dues in respect of Provident Fund, Employees State Insurance, investor education protection fund, sales tax, wealth tax, service tax, custom duty, excise duty and cess.

b) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute.

(vii) The Company has no accumulated losses as at 31st March 2014. It has not incurred any cash loss during the year and during the immediately preceding financial year.

(viii) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank. The company has not issued any Debentures.

(ix) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(x) The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

(xi) In our opinion and according to the information and explanations given to us the company has rtiaintained proper records of the transactions and contracts relating to dealings in shares, securities, debentures and other investments and these are held by the company in its own name.

(xii) According to the information and explanations given to us the Company has not given guarantees for loans taken by others from bank or financial institutions.

(xiii) In our opinion and according to the information and explanations given to us, the Company has not availed any term loans during the year.

(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not used funds raised on short term basis for long term investments.

(xv) The Company has not made any preferential allotment of shares to parties and companies covered in ''the Register maintained under section covered in the Register maintained under section 301 of the Companies Act, 1956.

(xvi) The Company has not issued any Debentures and hence the question of reporting on creation of security or charge in respect of Debentures issued does not arise.

(xvii) The Company has not raised any resources by way of public issues and hence the question of reporting on the disclosure relating to end use of such resources does not arise.

(xviii)During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.



For SHANKER GIRI & PRABHAKAR Chartered Accountants Firm Registration No.003761S

P. PRABHAKAR RAO Partner CHENNAI : 23-5-2014 Membership Number: 18408

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of KARTIK INVESTMENTS TRUST LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the period then ended, and a summary of significant accounting policies and other explanatory information.

Management''s responsibility on the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of die financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements 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 management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and gtve a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March 31, 2013;

b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on thai date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("theOrder") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of 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 the Company so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with hy this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31. 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

The Annexure referred to in paragraph i of the Our Report of even date to the members of KARTIK INVESTMENTS TRUST LIMITED on the accounts of the company for the period ended 31* March, 2013.

(i) The Company does not have any fixed assets and hence reporting on the same does not arise.

(II) The Company is an Investment Company and does not hold any inventory and hence reporting on physical verification of inventory and maintenance of inventory records does not arise.

(iii) The Company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Act.

(0 in our opinion and according to the information and explanations given to us, the internal control system is commensurate with the size of the company and the nature of its business.

(II) According to the information and explanations given to us. there are no contracts or arrangements referred to in Section 301 of the Companies Act, 1956 during the penod that need to be entered in the register maintained under that Section.

{iii) The Company has not accepted any deposits from the Public.

(iv) The Company has no formal internal audit department as such. However its control procedures ensure reasonable internal checking of its financial and other reoords.

(v) Maintenance of cost records have not been prescribed by the Central Government in respect of the business carried on by the Company

(vi) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues like Income tax and service tax. The Company did not have any dues in respect of Provident Fund, Employees State Insurance, investor education protection fund, sales tax, wealth tax, service tax, custom duty, excise duty and cess.

b) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute.

(vii) The Company has no accumulated losses as at 31st March 2013. It has not incurred any cash loss during the year and during the immediately preceding financial year.

(viii) In our opinion and according to the Information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank. The company has not issued any Debentures.

(ix) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(x) The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

{») In our opinion and according to the information and explanations given to us the company has maintained proper records of the transactions and contracts relating to dealings in shares, securities, debentures and other investments and these are held by the company in its

(xii) According to the information and explanations given to us the Company has not given guarantees for loans taken by others from bank or financial institutions.

(xiii) In our opinion and according to the information and explanations given to us, the Company has not availed any term loans during the year.

(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the company has not used funds raised on short term basis for long term investments.

(xv) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section covered in the Register maintained under section 301 of the Companies Act, 1956.

(xvi) The Company has not issued any Debentures and hence the question of reporting on creation of security or charge in respect erf Debentures issued does not arise.

(xvii) The Company has not raised any resources by way of public issues and hence the question of reporting on the disclosure relating to end use of such resources does not arise.

(xviii) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

For SHANKER GIRl & PRABHAKAR

Chartered Accountants

Firm Registration No.003761S

P.PRABHAKAR RAO

Partner

CHENNAI: Membership Number: 18408

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Mar 31, 2012

1. We have audited the attached Balance Sheet of KARTIK INVESTMENTS TRUST LIMITED as at 31st March 2012 and also the Profit and Loss Statement and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditor's Report) (Amendment) Order 2004 (together the 'Order') issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks of the books and records of the company, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(ii) 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.

(iii) The Balance Sheet, Profit and Loss Statement and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion the Balance Sheet, Profit and Loss Statement and the Cash Flow Statement dealt with by this Report comply with the accounting standards referred to in sub-section (3-C) of Section 211 of the Companies Act, 1956.

(v) On the basis of the written representations received from the directors as on 31st March 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us the said accounts together with the schedules attached thereto give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India :

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2012 and

b) In the case of the Profit and Loss Statement, of the profit for the year ended on that date; and

c) In so far as it relates to the Cash Flow Statement, of the cash flows of the company for the year ended on that date.

Annexure referred to in Paragraph 3 of the Auditors' Report to the Members of Kartik Investments Trust Limited on the accounts for the year ended 31st March 2012.

(i) The Company does not have any fixed assets and hence reporting on the same does not arise.

(ii) The Company is an Investment Company and does not hold any inventory and hence reporting on physical verification of inventory and maintenance of inventory records does not arise.

(iii) The Company has neither granted nor taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Act.

(iv) In our opinion and according to the information and explanations given to us, the internal control system is commensurate with the size of the company and the nature of its business.

(v) According to the information and explanations given to us, there are no contracts or arrangements referred to in Section 301 of the Companies Act, 1956 during the year that need to be entered in the register maintained under that Section.

(vi) The Company has not accepted any deposits from the Public.

(vii) The Company has no formal internal audit department as such. However its control procedures ensure reasonable internal checking of its financial and other records.

(viii) Maintenance of cost records have not been prescribed by the Central Government in respect of the business carried on by the Company.

(ix) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues like Income tax and Service tax. The Company did not have any dues in respect of Provident Fund, Employees State Insurance, investor education protection fund, sales tax, wealth tax, custom duty, excise duty and cess.

b) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The Company has no accumulated losses as at 31st March 2012. It has not incurred any cash loss during the year and during the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank. The company has not issued any Debentures.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund/ nidhi/mutual benefit fund/societies are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us the company has maintained proper records of the transactions and contracts relating to dealings in shares, securities, debentures and other investments and these are held by the company in its own name.

(xv) According to the information and explanations given to us the Company has not given guarantees for loans taken by others from bank or financial institutions.

(xvi) The Company has not taken any Term Loans and hence reporting on the utilisation of such loans does not arise.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company as at 31st March 2012, we report that short term funds have not been used for long term investment.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section covered in the Register maintained under section 301 of the Companies Act, 1956.

(xix) The Company has not issued any Debentures and hence the question of reporting on creation of security or charge in respect of Debentures issued does not arise.

(xx) The Company has not raised any resources by way of public issues and hence the question of reporting on the disclosure relating to end use of such resources does not arise.

(xxi) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

For SHANKER GIRI & PRABHAKAR Chartered Accountants Firm Registration Number : 03761S

P.PRABHAKAR RAO Partner Membership Number: 18408

CHENNAI: 17/5/2012

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Mar 31, 2010

1. We have audited the attached Balance Sheet of KARTIK INVESTMENTS LIMITED as at 31st March 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order 2004 (together the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks of the books and records of the company, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(ii) 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.

(iii) The Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion the Balance Sheet, Profit and Loss Account and the Cash Flow Statement dealt with by this Report comply with the accounting standards referred to in sub-section (3-C) of Section 211 of the Companies Act, 1956.

(v) On the basis of the written representations received from the directors as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31" March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us the said accounts together with the schedules attached thereto give the information required by the Companies Act, 1956, in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India :

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March 2010 and

b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

c) in so far as it relates to the Cash Flow Statement, of the cash flows of the company for the year ended on that date.

Annexure referred to in Paragraph 3 of the Auditors Report to the Members of Kartik Investments Trust Limited on the accounts for the year ended 31st March 2010.

(i) The Company does not have any fixed assets and hence reporting on the same does not arise.

(ii) The Company is an Investment Company and does not hold any inventory and hence reporting on physical verification of inventory and maintenance of inventory records does not arise.

(iii) The Company has neither granted nor taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Act.

(iv) In our opinion and according to the information and explanations given to us, the internal control system is commensurate with the size of the company and the nature of its business.

(v) According to the information and explanations given to us, there are no contracts or arrangements referred to in Section 301 of the Companies Act, 1956 during the year that need to be entered in the register maintained under that Section..

(vi) The Company has not accepted any deposits from the Public.

(vii) The Company has no formal internal audit department as such. However its control procedures ensure reasonable internal checking of Its financial and other records.

(viii) Maintenance of cost records have not been prescribed by the Central Government in respect of the business carried on by the Company.

(ix) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues like Income tax. and Service tax. The Company did not have any dues in respect of Provident Fund, Employees State Insurance, investor education protection fund, sales tax, wealth tax, custom duty, excise duty and cess.

b) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute.

(x) The Company has no accumulated losses as at 31st March 2010. It has incurred cash loss during the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank. The company has not issued any Debentures.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us the company has maintained proper records of the transactions and contracts relating to dealings in shares, securities, debentures and other investments and these are held by the company in its own name.

(xv) According to the information and explanations given to us the Company has not given guarantees for loans taken by others from bank or financial institutions.

(xvi) The Company has not taken any Term Loans and hence reporting on the utilisation of such loans does not arise.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company as at 31st March 2010 , we report that short term funds have not been used for long term investment.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section covered in the Register maintained under section 301 of the Companies Act, 1956.

(xix) The Company has not issued any Debentures and hence the question of reporting on creation of security or charge in respect of Debentures issued does not arise.

(xx) The Company has not raised any resources by way of public issues and hence the question of reporting on the disclosure relating to end use of such resources does not arise.

(xxi) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

For SHANKER GIRI & PRABHAKAR

Chartered Accountants Firm Registration Number: 03671S

P.PRABHAKAR RAO

Partner

CHENNAI: 24/5/2010 Membership Number: 18408