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Directors Report of Kartik Investment Trust Ltd. Company
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Directors Report of Kartik Investment Trust Ltd.

Mar 31, 2014

Dear members,

The directors present the thirty sixth annual report together with the audited accounts for the year ended 3 Ist March 2014,

(Rs in lakhs.)

FINANCIAL RESULTS Year ended March 31, Year ended March 31, 2014 2013

Income 4.41 14.00

Expenses 2.99 4.84

Profit/(Loss) before taxation 1.42 9.16

Profit/(Loss) after taxation 0.92 6.04

OPERATIONS

During the year under review, the gross income of the Company was at Rs. 4.41 Lakhs (which includes the interest received on bank deposits of Rs. 3.79 lakhs) as against Rs. 2.81 lakhs during the previous year. The Company made a profit after tax of Rs.0.92 lakhs as against Rs. 6.04 lakhs during the previous year.

DIRECTORS

Mr. R Surendran retires by rotation at the ensuing annual general meeting and being eligible, has offered himself for re-appointment.

Mr. Suresh Krishnan and Mr. V. Suryanarayanan resigned from the Board effective 31st March 2014. The board placed on record its appreciation for their support during their tenure of office.

During the year, Mr. Kaushik Banerjee and Mr. R. Chandrasekar were appointed as additional directors of the company who hold office up to the forthcoming annual general meeting of the company and being eligible for appointment is recommended for appointment as directors of the company.

AUDITORS

M/s. Shanker Giri and Prabhakar, Chartered Accountants, the statutory auditors of the Company retire at the annual general meeting and are eligible for re-appointment. Pursuant to the provisions of Section 139 of the Companies Act, 2013 and Rules framed there under, it is proposed to appoint M/s. Shanker Giri and Prabhakar as statutory auditors of the Company for a period of 3 years commencing from the closure of the thirty sixth annual general meeting till the closure of the thirty ninth annual general meeting subject to ratification of such appointment by members at every AGM.

AUDIT COMMITTEE

The Audit committee of the Board comprises Mr. R Surendran, Mr. Kaushik Banerjee and Mr. R. Chandrasekar. The Committee reviews the quarterly internal audit reports and financial statements of the Company before submission to the Board and recommends the appointment of statutory auditors.

DIRECTORS RESPONSIBILITY STATEMENT

The Directors Responsibility Statement as required under Section 217 (2AA) of the Companies Act, 1956, reporting the compliance with accounting standards is attached and forms part of the directors'' report.

CORPORATE GOVERNANCE REPORT

A report on corporate governance, including the status of implementation of mandatory and non-mandatory norms as per clause 49 of the listing agreement is attached and forms part of this report.

The Ministry of Corporate Affairs has issued "Corporate Governance Voluntary Guidelines" in December 2009. Some of the provisions of these guidelines are already in place and the other provisions of these guidelines are being evaluated and your Company will strive to adopt the same in a phased manner. A report on corporate governance is attached and forms part of this report.

MANAGEMENT DISCUSSION & ALAYSIS

During the year under review, the gross income of the Company was at Rs. 4.41 Lakhs, which is predominantly from the interest received on bank deposits of Rs. 3.79 lakhs. Since the surplus funds are deployed in the bank deposits to yield interest, the Company does not foresee any risk or concern. The Company is primarily an investment company and there were no material developments in human resources during the year.

COMPLIANCE AUDIT U/S 383A OF THE COMPANIES ACT, 1956

The company annually conducts a compliance audit by an independent practicing company secretary. For the year ended 31 March, 2014, M/s. R. Sridharan & Associates, company secretaries has conducted the audit and the compliance certificate was placed before the board.

GENERAL

During the year 31st March 2014, there was no employee covered by the provisions of Section 217(2A) of the Companies Act, 2013. There is no information to be disclosed under the Companies (Disclosure of Particulars in Report of Board of Directors) Rules, 1988 in respect of particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo. The Company does not accept public deposits. There were no unclaimed/overdue deposits lying with the Company as on 31st March 2014. The shares of your company are listed in BSE Limited.



On behalf of the Board

Chennai R SURENDRAN May 23,2014 CHAIRMAN


Mar 31, 2013

The directors present the thirty fifth annual report together with the audited accounts for the year ended 31st March 20L3.

(Rs in lakhs.)

FINANCIAL RESULTS Year ended March Year ended March 31,2013 31,2012

Income 14.00 4.13

Expenses 4.84 2.69

Profit /(Loss) before taxation 9.16 1.44

Profit/(Loss) after taxation 6.04 1.37



OPERATIONS

During the year under review, the gross income of the Company was at Rs.14 Lakhs (which includes the interest received on bank deposits of Rs.2.81 lakhs) as against Rs.4.13 lakhs during the previous year. The Company made a profit after tax of Rs.6.04 lakhs as against Rs. L37 lakhs during the previous year.

DIRECTORS

Mr. V Suryanarayanan, Director retires by rotation at the ensuing annual general meeting and being eligible offers himself for re-appointment.

AUDITORS

M/s. Shanker Giri and Prabhakar, Chartered Accountants, Chennai retire at the ensuing annual general meeting and are eligible for re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT

The Directors Responsibility Statement under Section 217 (2AA) of the Companies Act, 1956 is attached and forms a part of the directors* report.

CERTIFICATE UNDER SECTION 383A OF THE COMPANIES ACT, 1956

Certificate as required under Section 383A of the Companies Act 1956 being a report of secretarial audit by practicing company secretary is attached with this report.

CORPORATE GOVERNANCE

The Ministry of Corporate Affairs has issued "Corporate Governance Voluntary Guidelines" in December 2009. Some of the provisions of these guidelines are already in place and the other provisions of these guidelines are being evaluated and your Company will strive to adopt the same in a phased manner.

GENERAL

During the year 31s< March 2013, there was no employee covered by the provisions of Section 217(2A) of the Companies Act, 1956. There is no information to be disclosed under the Companies (Disclosure of Particulars in Report of Board of Directors) Rules, 1988 in respect of particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo. The Company does not accept public deposits. There were no unclaimed/overdue deposits lying with the Company as on 31st March 2013. The shares of your company are listed in BSE Limited.

On behalf of the Board

Chennai R SURENDRAN

May 10,2013 CHAIRMAN


Mar 31, 2012

The directors present the thirty fourth annual report together with the audited accounts for the year ended 31st March 2012.

(Rs. in lakhs.)

FINANCIAL RESULTS Year ended Year ended March 31, March 31, 2012 2012

Income 4.13 2.17

Expenses 2.69 1.22

Profit/(Loss) before taxation 1.44 0.95

Profit/(Loss) after taxation 1.37 0.95

OPERATIONS

During the year under review, the gross income of the Company was at Rs. 4.13 lakhs (which includes the interest received on bank deposits of Rs. 2.71 lakhs) as against Rs. 2.17 lakhs during the previous year. The Company made a profit after tax of Rs. 1.37 lakhs as against Rs. 0.95 lakhs during the previous year.

DIRECTORS

Mr. Suresh Krishnan, Director retires by rotation at the ensuing annual general meeting and being eligible, has offered himself for re-appointment.

AUDITORS

M/s. Shanker Giri and Prabhakar, Chartered Accountants, Chennai retire at the ensuing annual general meeting and are eligible for re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT

The Directors Responsibility Statement under Section 217 (2AA) of the Companies Act, 1956 is attached and forms a part of the directors' report.

CERTIFICATE UNDER SECTION 383A OF THE COMPANIES ACT, 1956

Certificate as required under Section 383A of the Companies Act, 1956 being a report of secretarial audit by practicing company secretary is attached with this report.

CORPORATE GOVERNANCE

The Ministry of Corporate Affairs has issued "Corporate Governance Voluntary Guidelines" in December 2009. Some of the provisions of these guidelines are already in place and the other provisions of these guidelines are being evaluated and your Company will strive to adopt the same in a phased manner.

DIRECTORS' RESPONSIBILITY STATEMENT (Annexure to the director's report)

The Directors accept the responsibility for the integrity and objectivity of the Profit & Loss Account for the year ended 31st March 2012 and the Balance Sheet as at that date ("financial statements") and confirm that:

- In the preparation of the financial statements the generally accepted accounting principles (GAAP) of India and applicable accounting standards issued by the Institute of Chartered Accountants of India have been followed.

- Appropriate accounting policies have been selected and applied consistently and judgments and estimates that are reasonable and prudent have been made so as to give a true and fair view of the state of affairs of the company as at the end of the financial year and of the profit of the company for that period.

- Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities. To ensure this, the company has established internal control systems, consistent with its size and nature of operations, subject to the inherent limitations that should be recognized in weighing the assurance provided by any such system of internal controls. These systems are reviewed and updated on an ongoing basis.

- The financial statements have been prepared on a going concern basis.

GENERAL

During the year 31st March 2012, there was no employee covered by the provisions of Section 217(2A) of the Companies Act, 1956. There is no information to be disclosed under the Companies (Disclosure of Particulars in Report of Board of Directors) Rules, 1988 in respect of particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo. The Company does not accept public deposits. There were no unclaimed/overdue deposits lying with the Company as on 31st March 2012. The shares of your company are listed in BSE Ltd.

On behalf of the Board

R SURENDRAN CHAIRMAN

Chennai May 17,2012


Mar 31, 2010

The directors have pleasure in presenting the thirty second annual report together with the audited accounts for the year ended 31st March 2010.

OPERATIONS

During the year under review, the Gross income of the Company was at Rs.29.23 lakhs as against Rs.4.04 lakhs during the previous year. The Company made a profit after tax of Rs.21.90 lakhs as against a loss of Rs. 1.07 lakhs during the previous year.

DIRECTORS

At the ensuing annual general meeting, Mr. Suresh Krishnan, Director retires by rotation and being eligible offers himself for re-appointment. Mr. V. Suryanarayanan has been appointed as additional director effective 7* April 2010 and he holds office till the ensuing annual general meeting. The Company has received a notice u/s 257 of the Companies Act, 1956 for the appointment of Mr. Suryanarayanan as director of the Company.

AUDITORS

M/s. Shanker Giri and Prabhakar, Chartered Accountants, Chennai retire at the ensuing annual general meeting and are eligible for re-appointment.

DKECTORS RESPONSIBILITY STATEMENT

The Directors Responsibility Statement under Section 217 (2AA) of the Companies Act, 1956 is attached and is forming part of this report.

CERTIFICATE UNDER SECTION 383A OF THE COMPANIES ACT, 1956

Certificate as required under section 383 A of the Companies Act, 1956 being a report of secretarial audit by practicing company secretary is attached with this report.

CORPORATE GOVERNANCE

With respect to the corporate governance voluntary guidelines 2009 issued by the Ministry of Corporate Affairs in December 2009, the company has complied with the voluntary guidelines to the extent disclosed above and the Company is evaluating the feasibility of progressively implementing the other requirements.

GENERAL

During the year, there was no employee covered by the provisions of section 217(2A) of the Companies Act, 1956. There is no information to be disclosed under the Companies (Disclosure of Particulars in Report of Board of Directors) Rules, 1988 in respect of particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo.

There were no unclaimed/overdue deposits lying with the Company as on 31st March 2010. The shares of your company are listed in The Bombay Stock Exchange Ltd.

DIRECTORS RESPONSIBILITY STATEMENT

(Annexure to the directors report)

The Directors accept the responsibility for the integrity and objectivity of the Profit & Loss Account for the year ended 31st March 2010 and the Balance Sheet as at that date ("financial statements") and confirm that:

- in the preparation of the financial statements the generally accepted accounting principles (GAAP) of India and applicable accounting standards issued by the Institute of Chartered Accountants of India have been followed.

- appropriate accounting policies have been selected and applied consistently and judgments and estimates that are reasonable and prudent have been made so as to give a true and fair view of the state of affairs of the company as at the end of the financial year and of the profit of the company for that period.

- proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud arid other irregularities. To ensure this, the company has established internal control systems, consistent with its size and nature of operations, subject to the inherent limitations that should be recognized in weighing the assurance provided by any such system of internal controls. These systems are reviewed and updated on an ongoing basis.

- the financial statements have been prepared on a going concern basis



On behalf of the Board

Chennai R SURENDRAN

May 24, 2010 CHAIRMAN

 
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