Auditor Report of Bridge Securities Ltd.

Mar 31, 2025

We have audited the financial statements of Bridge Securities Limited ("the Company"), which comprises
the Balance sheet as at 31^st March 2025, and the Statement of Profit and Loss (Including Other
Comprehensive Income), Cash Flow Statement and the Statement of changes in equity for the year then
ended, and notes to the financial statements, including a summary of significant accounting policies and
other explanatory information for the year ended on that date (hereinafter referred to as "Ind AS financial
statements").

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Ind AS 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 accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its loss
(including other comprehensive income) and its cash flows and the changes in equity for the year ended on
that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s
Responsibilities for the Audit of the 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 made 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 opinion on
financial Statements.

Material Uncertainty Related to Going Concern

We draw attention to the Statement of Profit and Loss in the financial statements, which indicates that
the Company incurred a net profit of INR 127.43 lakhs during the year ended March 31, 2025 (Previous
Year profit of INR 51.65 lakhs), and, as of that date, the Company''s total assets exceeded its total
liabilities by INR 294.64 lakhs. These events or conditions indicate that no uncertainty exists which may
cast significant doubt on the Company''s ability to continue as a going concern. As per the information
and explanation given to us, the Promoters will provide whenever required financial support to the
Company and accordingly financials have been prepared on the going concern assumptions.

Our opinion is not modified in respect of this matter.

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 Board''s Report including Annexures to Board''s
Report and Shareholder''s Information but does not include the financial statements and our auditor''s
report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the 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.

Responsibility of the Management for the Ind AS financial statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these Ind AS financial statements that gives a true and fair view of the
financial position, financial performance, changes in equity and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind
AS) prescribed under section 133 of the Act.

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 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 Ind AS financial statements
that gives a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the 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 Board of Directors are also responsible for overseeing the company''s financial reporting process.
Auditor''s Responsibilities for the Audit of Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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
Ind AS 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 Ind AS 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 controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies

Act, 2013 we are also responsible for expressing our opinion on whether the company has
adequate internal financial control system 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 ability of the Company 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 Ind AS 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 Ind AS financial statements,
including the disclosures, and whether the Ind AS financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

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 control
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.

Report on Other Legal and Regulatory Requirements

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

a. We have sought and obtained all the information and explanations which to the 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 appears from our examination of those books;

c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income,
the Statement of Changes in Equity and the Statements of Cash Flows dealt with by this report
are in agreement with the books of account;

d. In our opinion, the Balance sheet, the Statement of Profit and Loss including Other
Comprehensive Income, the Statement of changes in Equity and the Statement of Cash flows
comply with the Indian Accounting Standards (Ind AS) specified under section 133 of the Act;

e. On the basis of the written representations received from the directors as on March 31, 2025
and 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 B". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls over 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:

In our opinion and to the best of our information and according to the explanations given to us,
the remuneration paid by the Company to its directors during the year is in accordance with the
provisions of section 197 of the Act read with Schedule V to the Act.

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, 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 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 (which are material either individually or in the aggregate) have been
advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other person or
entity, including foreign entity ("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 ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The Management has represented, that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity
("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.

c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the 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 and paid dividend during the year.

vi. Pursuant to the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, the
Company has maintained its books of account using accounting software which has
a feature of recording audit trail (edit log) facility, in compliance with the
requirements applicable from April 1, 2023. Accordingly, we have considered the
audit trail feature while reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 for the financial year ended March 31, 2025.

2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central

Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the "Annexure
A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

For, MITALI MODI & CO.

Chartered Accountants

Sd/-

Mitali Hemant Modi

Proprietor

M. No.: 140890

FRN: 133096W

UDIN: 25140890BMGDEV3263

Date: 25/04/2025

Place: Ahmedabad

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Mar 31, 2024

We have audited the financial statements of Bridge Securities Limited ("the Company"), which comprises the Balance sheet as at 31^st March 2024, and the Statement of Profit and Loss (Including Other Comprehensive Income), Cash Flow Statement and the Statement of changes in equity for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information for the year ended on that date (hereinafter referred to as "Ind AS financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and its loss (including other comprehensive income) and its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the 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 made 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 opinion on financial Statements.

Material Uncertainty Related to Going Concern

We draw attention to the Statement of Profit and Loss in the financial statements, which indicates that the Company incurred a net profit of INR 51.65 lakhs during the year ended March 31, 2024 (Previous Year loss of INR 68.21 lakhs), and, as of that date, the Company''s total assets exceeded its total liabilities by INR 94.70 lakhs. These events or conditions indicate that no uncertainty exists which may cast significant doubt on the Company''s ability to continue as a going concern. As per the information and explanation given to us, the Promoters will provide whenever required financial support to the Company and accordingly financials have been prepared on the going concern assumptions.

Our opinion is not modified in respect of this matter.

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 Board''s Report including Annexures to Board''s Report and Shareholder''s Information but does not include the financial statements and our auditor''s report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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.

Responsibility of the Management for the Ind AS financial statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Ind AS financial statements that gives a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act.

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 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 Ind AS financial statements that gives a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the 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 Board of Directors are also responsible for overseeing the company''s financial reporting process. Auditor''s Responsibilities for the Audit of Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS 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 Ind AS 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 controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies

Act, 2013 we are also responsible for expressing our opinion on whether the company has adequate internal financial control system 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 ability of the Company 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 Ind AS 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 Ind AS financial statements, including the disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 control 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.

Report on Other Legal and Regulatory Requirements

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

a. We have sought and obtained all the information and explanations which to the 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 appears from our examination of those books;

c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Changes in Equity and the Statements of Cash Flows dealt with by this report are in agreement with the books of account;

d. In our opinion, the Balance sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of changes in Equity and the Statement of Cash flows comply with the Indian Accounting Standards (Ind AS) specified under section 133 of the Act;

e. On the basis of the written representations received from the directors as on March 31, 2024 and 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 B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over 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:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act read with Schedule V to the Act.

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, 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 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 (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("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 ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("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.

c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the 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 and paid dividend during the year.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2024, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2024.

2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central

Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

For, Mitali Modi & Co.

Chartered Accountants

Mitali Hemant Modi

Proprietor

M. No.: 140890

FRN: 133096W

UDIN:24140890BKAFTU8611

Date: 11/05/2024 Place: Ahmedabad

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Mar 31, 2014

We have audited the accompanying financial statements of Bridge Securities Limited ("the Company"), which com- prise the Balance Sheets as at March 31, 2014, the Statement of Profit and Loss and Cash flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the financial Statements

Management is responsible for the preparation of these financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to Section 211(3C) of the Companies Act,1956("the Act").This responsibility includes the design, implementation and mainte- nance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free form material misstatement, whether due to fraud of 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 for material misstatements.

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 auditors 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 but not for the purpose of expressing an opinion on the effectiveness of the enfity''s internal control. An audit also includes evaluation the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluation 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 aforesaid 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 Statement of Profit and Loss, 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("the Order") issued by the Central Government of India on terms of Section 227(4A) of the Act, we give in 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 form our examination of those books.

c) The Balance Sheet, the 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, the Statement of Profit and Loss, and the Cash Flow Statement Comply with the Accounting Standards referred to in section 211(3C)of the Act;

e) On the basis of the written representations received form the directors as on March 31,2014,taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2014,from being appointed as a directors in terms of Section 274(1)(g)of the Act.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

REFERRED TO PARAGRAPH I UNDER THE HEADING OF

"REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENT" OF OUR REPORT OF EVEN DATE

(I)

a) The company has maintained proper record showing full particulars Including quantitative details and situation of fixed assets.

b) We have been informed that fixed assets of the company are physically verified by the management according to a regular program of verification which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such Verification.

c) During the year, substantial part of fixed assets have not been disposed off by the com- pany

(II)

a) As explained to us, inventories (Investments) have been physically verified by the man- agement at reasonable intervals.

b) In our opinion and according to information and explanation given to us, the procedures of physical verification stock followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) On the basis of our examination of inventory records, we are of the opinion that the com- pany is maintaining proper records of inventory. As explained to us, no material discrep- ancies have been noticed on physical verification of inventories as compared to book records.

III. The company had not taken /granted loan form companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act,1956.

IV. In Our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

V. On the basis of our examination of the books of account, Company has not entered into any transac- tions exceeding Rs.5 lacs in respect of any party during the financial year that need to be entered in the register pursuant to section 301 of the Companies Act, 1956.

VI. The Company has not accepted any deposits under the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

VII. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

VIII. As the Company is not manufacturing company requirement as prescribed by the Central Govt. Of India u/s 209(1) (d) of the act regarding maintaining cost records are not applicable

IX.

a) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also based on Management representation undisputed statutory dues including provident fund, investor education protection fund , employees state insurance, income-tax , sales- tax, wealth-tax, custom duty, excise duty, cess and other material statutory dues have generally been regularly deposited by the Company during the year with the appropriate authorities in India.

b) According to the information and explanations given to us, no undisputed amounts pay- able in respect of income -tax, customs duty, excise duty and cess were in arrears, as at 31st March,2014 for a period of more than six months from the date they became pay- able.

c) According to the information and explanation given to us, there are no dues of sale-tax, income-tax, custom duty and cess which have not been deposited on account of any dispute.

X. In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered by our audit and have in- curred cash loses in 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 if dues to a financial institution and bank.

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. In our opinion, the company is not a chit fund a nidh/mutual benefit fund/society. Therefore, the provi- sions of clause 4(xiii) of the companies (Auditor''s Report) order, 2005 are not applicable to the com- pany.

XIV. The company has maintained proper records of transactions and contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein. The investments are held by the company in its own name except for certain shares which are lodged for transfer or are pending for rectification of bad deliveries or are pledged with bank or financial institutions on behalf of third parties.

XV. The company has not given guarantees for loans taken by other form banks or financial institutions.

XVI. The company has not taken term loans during the year under review.

XVII. 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 no funds raised on short-term basis have been used been used to finance long-term assets except permanent working capital.

XVIII. According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Act.

XIX. According to the information and explanations given to us, during the period covered by our audit report, the company had not issued debentures.

XX. The company has not raised any money by public issue during the year.

XXI. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For, Ashvin K. Yagnik & Co. Chartered Accountants

(Bhavan M. Trivedi) Place: Ahmedabad Partner (M.No.-043482) Date: 28/04/2014 FRN - 100710W

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Mar 31, 2010

We have audited the attached Balance Sheet of Bridge Securities Limited as at 31 st March, 2010 and the Profit and Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the Period 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.

1) 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, examination on test audit 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 managements, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

2) As required by the companies (Auditors Report) order, 2003 issued by the Company Law Board in term of Section 277(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanation given to us, we enclose in the annexure a statement on the matter specified in paragraph 4 and 5 of the said order.

3) Further to our comments in the Annexure referred to in paragraph above

B. In our opinion, proper books accounts as required by law have been kept by the company so far as appears for our examination for the books

C. The Balance sheet and Profit & Loss Account dealt with by this report are in agreement with books of account.

D. In our opinion, the said Balance Sheet and Profit & LossAccount comply with the mandatory Accounting Standards of the Institute of Chartered Accountants of India as referred to in Sub-section (3C) of section 211 of the Companies Act.

E. As informed and explained to us , none of the Directors is disqualified form being appointed as director under clause (g) of subsection(1) of Section 274 of the Companies Act.

F. In our opinion, and to the best of our information and according to the explanation given to us. The account read with notes thereon give the information required and give a true and fair view.

I. In the case of the Balance Sheet of the state of affairs of the company as at 31st March, 2010.

II. In the case of Prateband Loss Account, Profit / (Loss) of the Company for the year

III. In n the d case the of the cash flow statement, of the cash flows of the company for the

ANNEXURE REFERRED IN PARAGRAPH 1 OF THE AUDITORS REPORT TO THE MEMBERS OF BRIDGE SECURITIES LIMITED OF THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2010

(I) a) The company has maintained proper record showing full particulars Including uantitative details and situation of fixed assets.

b) We have been informed that fixed assets of the company are physically verified by the management according to a regular program of verification which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such Verification.

c) During the year, substantial part of fixed assets have not been disposed off by the company

(II) a) As explained to us, inventories (Investments) have been physically verified by the management at reasonable intervals.

b) In our opinion and according to information and explanation given to us, the procedures of physical verification stock followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c) On the basis of our examination of inventory records, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies have been noticed on physical verification of inventories as compared to book records.

III. The company had not taken /granted loan form companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

IV. In Our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

V. On the basis of our examination of the books of account, Company has not entered into any transactions exceeding Rs.5 lacs in respect of any party during the financial year that need to be entered in the register pursuant to section 301 of the Companes Act, 1956.

VI The Company has not accepted any deposits under the provisions of sections 58A and 58A and of the Companies Act, 1956 and the. Companies (Acceptance of Deposits) Rules, 1975.

VII. In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

V III . As the Company is not manufacturing company requirement as by the Govt. Of India u/s 209(1) (dj of the act regarding maintaining cost records are not applicable

IX.

a) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also based on Management representation undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income-tax, sales- tax, wealth-tax, custom duty, excise duty, cess and other material statutory dues have generally been regularly deposited by the Company during the year with the appropriate authorities in India.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income -tax, customs duty, excise duty and cess were in arrears, as at 31st March 2009 for a period of more than six months from the date they became payable.

c) According to the information and explanation given to us, there are no dues of sale-tax, income-tax, custom duty and cess which have not been deposited on account of any dispute.

x. In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and 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 if dues to a financial institution and bank.

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. the Company,

XIV. The company has maintained proper records of transactions and contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein. The investments are held by the company in its own name except for certain shares which are lodged for transfer or are pending for rectification of bad deliveries or are pledged wets which or financial institutions on behalf of third parties.

XV. The company has not given guarantees for loans taken by other form banks or financial institutions.

XVI. The company has not taken term loans during the year under review.

XVII. 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 no funds raised on short-term basis hsvs been used been used to finance long-term asseths except permanent working capital.

XVIII. According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section all 301 of the Act. parties s .

XIX . Company had not issued debentures. given to us , during the period- by our audit report, the company had not issued debentures.

XX. The company has not raised any money by public issue during the year.

XXI. According to the information and explanations given to us/no fraud on or by the company has been noticed or reported during the course of our audit.

For, Ashvin K. Yagnik & Co. Chartered Accountants

Place: Ahmedabad (Bhavan M. Trivedi)

Date: 27/04/2010 Partner

M.No.: 043482