Auditor Report of Citi Port Financial Services Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of CITIPORT FINANCIAL SERVICES LIMITED
("the Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and
Loss (including other comprehensive income), Statement of changes in Equity and the Statement of Cash
Flows for the year ended on that date, and a summary of the significant 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 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, the profit and total
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing specified
under section 143(10) of the Act (SAs). 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 (ICAI) together with the independence requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules made there under, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s 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 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 financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. In our professional judgement, we have determined that there is no
key audit matter to be communicated in our report

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 company''s annual report 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 there on

In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the 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

Management''s Responsibility for the 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 financial statements that give a true and fair view of the state
of affairs, Profit/Loss and other comprehensive income, changes in equity and cash flows of the Company
in accordance with the accounting principles generally accepted in India, including the Accounting
Standards referred to in Section 133 of Companies Act 2013, read with Rule 7 of the Companies (Accounts)
Rules, 2014.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
financial statements that give 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 responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Financial Statements

Our responsibility is to express an opinion on these financial statements based on our audit We have
taken into account the provisions of the Act, the accounting and auditing standards and matters which are
required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of
the Act 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.

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 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 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 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 financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the 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 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 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.

From the matters communicated with those charged with governance, we determine those matters
that were of significance in the audit of the 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 in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public interest benefits of such communication.

For NSVR & ASSOCIATES LLP

Chartered Accountants
(FRN No.008801S/S200060)

Sd/-

R. Srinivasu

Partner
M.No. 224033
UDIN: 24224033BKCRDZ9867

Place : Hyderabad
Date : 24.05.2024

---

Mar 31, 2014

We have audited the accompanying financial statements of Citiport Financial Services 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 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 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") read with the circular 15/2013 dated 13 September 2013. 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.

Auditors'' 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 judgement, 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/ loss 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 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 read with the General circular 15/2013 dated 13 September 2013of Ministry of Corporate Affairs in respect of Section 133 of the companies Act, 2013;

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.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Annexure to Independent Auditor''s Report

(Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date)

I. In respect of its Fixed Assets

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b. All the fixed assets have been physically verified by the management at the reasonable interval. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c. In our opinion and according to information and explanations given to us, the Company has not disposed off substantial part of fixed assets during the year.

II. The Company is a financial services company, therefore physical verification and maintenance of adequate record of inventory is not applicable to the company.

III. a. The company has granted unsecured loans, to companies, firms and other parties covered in the register maintained under section 301 of the Act.

b. In our opinion and according to the information and explanations given to us, the rate of interest, whenever applicable and other terms and conditions of the unsecured loans given by the company are not prima facie, prejudicial to the interest of the company.

IV. In my opinion and according to the information and explanation given to me, there are adequate internal control procedures commensurate with the size of the company and nature of its business.

V. In our opinion and according to the information and explanations given to us, we are of the opinion, that the transaction that need to be entered in the register maintained under section 301 of the companies act, 1956 have been so entered and they have been made at price which are reasonable having regard to the prevailing market price at the relevant time.

VI. In my opinion and according to the information and explanations given to us, the company has not accepted deposits from public and therefore, the provision of Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the company.

VII. In my opinion, there is an internal audit system commensurate with the size of business.

VIII. The Central Government has not prescribed maintenance of cost records by the Company under section 209(1) (d) of the Act.

IX. The company has been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues with the appropriate authorities. According to the information and explanation given to me, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, at the year-end for a period of more than six months from the date they became payable.

X. The Company have accumulated losses at the end of the year of Rs. Nil and the company has not incurred cash losses during current year and the company wasn''t incurred any cash losses in the immediately preceding financial year.

XI. Based on my audit procedures and on the information and explanation given by the management, I am of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

XII. According to the information and explanations given to me, the company has given loans and advances on the basis of security by way of Pronotes, post dated instruments, pledge of shares, debentures and other securities.

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company.

XIV. In my opinion the company is not dealing or trading in shares, securities, debentures and other investments during the year under review; however there are long- term investments in the company.

XV. According to the information and explanations given to me, the company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. There were no term loans obtained by the company during the year.

XVII. According to the cash flow statement and other records examined by me and the information and explanations given to me, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa, other than temporary deployment pending application.

XVIII. The company has not made any preferential allotment during the year nor does the company have any outstanding debentures during the year.

XIX. The company has not issued any debentures and no securities and charges are required to be created.

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

XXI. To the best of my knowledge and belief and according to the information explanation given to me, no fraud on or by the company was noticed or reported during the year.

For G.V & Co., CHARTERED ACCOUNTANTS

Sd/- Grandhi Vittal Proprietor. Membership No.206462 Firm Regn. No.012875S

Place : Hyderabad Date : 30.05.2014

---

Mar 31, 2013

We have audited the accompanying financial statements of Citiport Financial Services Limited ("the Company"), which comprise the Balance Sheet as at March 31,2013, and the Statement of Proft and Loss and Cash Flow Statement for the year ended, and a summary of signifcant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements:

Management is responsible for the preparation of these fnancial statements that give a true and fair view of the fnancial position, fnancial 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 fnancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' 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 inancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the inancial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the fnancial 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 fnancial 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 fnancial statements.

We believe that the audit evidence we have obtained is suffcient 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 fnancial 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, 2013;

b) in the case of the Proft and Loss Account, of the proft/ loss for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash fows 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 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 Proft 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 Proft 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 disqualifed 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.

f) Since the Central Government has not issued any notifcation as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements” of our report of even date)

I. In respect of its Fixed Assets

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fxed assets.

b. All the xed assets have been physically verifed by the management at the reasonable interval. According to the information and explanations given to us, no material discrepancies

c. were noticed on such verifcation. In our opinion and according to information and explanations given to us, the Company has not disposed off substantial part of fxed assets during the year.

II. The Company is a fnancial services company, therefore physical verifcation and maintenance of adequate record of inventory is not applicable to the company.

III. a. The company has granted unsecured loans, to companies, frms and other parties covered in the register maintained under section 301 of the Act.

b. In our opinion and according to the information and explanations given to us, the rate of interest, whenever applicable and other terms and conditions of the unsecured loans given by the company are not primafacie, prejudicial to the interest of the company.

IV. In my opinion and according to the information and explanation given to me, there are adequate internal control procedures commensurate with the size of the company and nature of its business.

V. In our opinion and according to the information and explanations given to us, we are of the opinion, that the transaction that need to be entered in th register maintained under section 301 of the companies act, 1956 have been so entered and they have been made at price which are reasonable having regard to the prevailing market price at the relevant time.

VI. In my opinion and according to the information and explanations given to us, the company has not accepted deposits from public and therefore, the provision of Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the company.

VII. In my opinion, there is an internal audit system commensurate with the size of business.

VIII. The Central Government has not prescribed maintenance of cost records by the Company under section 209(1) (d) of the Act.

IX. The company has been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues with the appropriate authorities. According to the information and explanation given to me, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, at the year-end for a period of more than six months from the date they became payable.

X. The Company have accumulated losses at the end of the year of Rs. Nil and the company has not incurred cash losses during current year and the company hasn''t incurred any cash losses in the immediately preceding fnancial year.

XI. Based on my audit procedures and on the information and explanation given by the management, I am of the opinion that the company has not defaulted in the repayment of dues to inancial institutions, banks and debenture holders.

XII. According to the information and explanations given to me, the company has given loans and advances on the basis of security by way of Pronotes, post dated instruments, pledge of shares, debentures and other securities.

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Beneft Fund / Societies are not applicable to the Company.

XIV. In my opinion the company is not dealing or trading in shares, securities, debentures and other investments during the year under review; however there are long- term investments in the company.

XV. According to the information and explanations given to me, the company has not given any guarantee for loans taken by others from bank or fnancial institutions.

XVI. There were no term loans obtained by the company during the year.

XVII. According to the cash fow statement and other records examined by me and the information and explanations given to me, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa, other than temporary deployment pending application.

XVIII. The company has not made any preferential allotment during the year nor does the company have any outstanding debentures during the year.

XIX. The company has not issued any debentures and no securities and charges are required to be created.

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

XXI. To the best of my knowledge and belief and according to the information explanation given to me, no fraud on or by the company was noticed or reported during the year.

For G.V & Co.,

CHARTERED ACCOUNTANTS

Sd/-

Grandhi Vittal

Proprietor.

Membership No.206462

Firm Regn. No.012875S

Place : Hyderabad

Date : 06.06.2013

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. Citi Port Financial Services Limited as at 31st March, 2012, the Profit and Loss account and the cash flow statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. My responsibility is to express an opinion on these financial statements based on my audit.

2. I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I 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 managements, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the central Government of India in terms of section 227 (4A) of the Companies Act, 1956,1 give in the annexure, a statement on the matters specified in paragraphs 4 of the said Order.

4. Further to my comments in the annexure referred to in Para 3 above, I report that:

(a) I have obtained all the information and explanation, which to the best or my knowledge and belief were necessary for the purpose of my audit in my opinion, proper books of accounts as required by law have been kept by the company so far as appears from my examination of such books.

(b) The balance sheet, profit & loss account and cash flow statement dealt with by this report are in agreement with the book of account.

(c) In my opinion, the balance sheet, profit &, loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3c) of section 211 of the Companies Act, 1956.

(d) On the basis of the written representation received from the directors as on 31st March 2012 and taken on record by board of directors, I report that none of the directors is disqualified as on 3 1st 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. As regards government - nominee directors, they are exempted from the provision of section 274 (1) (g) in view of general circular issued by the department of company affairs.

5. In my opinion and to the best of my information and according to the explanation given to me, the said accounts read with significant accounting policies and the other note thereon, give the information required by the companies act,1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. in case of the balance sheet of the state of affairs of the company as at 31st March, 2012;

ii. in case of profit & loss account of the loss for the year ended on that date, and

iii. in case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in Paragraph 3 of our Report of even date)

I. In respect of its Fixed Assets

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b. All the fixed assets have been physically verified by the management at the reasonable interval. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c. In our opinion and according to information and explanations given to us, the Company has not disposed off substantial part of fixed assets during the year.

II. The Company is a financial services company, therefore physical verification and maintenance of adequate record of inventory is not applicable to the company.

III. a. The company has granted unsecured loans, to companies, firms and other parties covered in the register maintained under section 301 of the Act.

b. In our opinion and according to the information and explanations given to us, the rate of interest, whenever applicable and other terms and conditions of the unsecured loans given by the company are not primafacie, prejudicial to the interest of the company.

IV. In my opinion and according to the information and explanation given to me, there are no laid down internal control procedures commensurate with the size of the company and nature of its business.

V. In our opinion and according to the information and explanations given to us, we are of the opinion, that the transaction that need to be entered in the register maintained under section 301 of the companies act, 1956 have been so entered and they have been made at price which are reasonable having regard to the prevailing market price at the relevant time.

VI. In my opinion and according to the information and explanations given to us, the company has not accepted deposits from public and therefore, the provision of Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the company.

VII. In my opinion, there is an internal audit system commensurate with the size of business.

VIII. The Central Government has not prescribed maintenance of cost records by the Company under section 209(1) (d) of the Act.

IX. The company has been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees' state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues with the appropriate authorities. According to the information and explanation given to me, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, at the year-end for a period of more than six months from the date they became payable.

X. The Company have accumulated losses at the end of the year of Rs.Nil and the company has not incurred cash losses during current year and the company wasn't incurred any cash losses in the immediately preceding financial year.

XI. Based on my audit procedures and on the information and explanation given by the management, I am of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

XII. According to the information and explanations given to me, the company has given loans and advances on the basis of security by way of Pronotes, post dated instruments, pledge of shares, debentures and other securities.

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company.

XIV. In my opinion the company is not dealing or trading in shares, securities, debentures and other investments during the year under review; however there are long- term investments in the company. The records, however, does not fully comply with the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 applicable to the company.

XV. According to the information and explanations given to me, the company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. There were no term loans obtained by the company during the year.

XVII. According to the cash flow statement and other records examined by me and the information and explanations given to me, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa, other than temporary deployment pending application.

XVIII. The company has not made any preferential allotment during the year nor does the company have any outstanding debentures during the year.

XIX. The company has not issued any debentures and no securities and charges are required to be created.

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

XXI. To the best of my knowledge and belief and according to the information explanation given to me, no fraud on or by the company was noticed or reported during the year.

For G.V & Co.,

CHARTERED ACCOUNTANTS

Sd/-

Grandhi Vittal

Proprietor.

Membership No.206462

Firm Regn. No.012875S

Place: Hyderabad

Date : 30.05.2012

---

Mar 31, 2010

1. I have audited the attached Balance Sheet of M/s. Citi Port Financial Services Limited as at 31st March, 2010, the Profit and Loss account and the cash flow statement of the company for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. My responsibility is to express an opinion on these financial statements based on my audit.

2. I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I 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 managements, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

3. As required by the Companies Order, 2003, issued by the central Government of India in terms of section 227 (4A) of the Companies Act, 1956,1 give in the annexure, a statement on the matters specified in paragraphs 4 of the said Order.

4. Further to my comments in the annexure referred to in Para 3 above, I report that:

(a) I have obtained all the information and explanation, which to the best of my knowledge and belief were necessary for the purpose of my audit in my opinion, proper books of accounts as required by law have been kept by the company so far as appears from my examination of such books.

(b) The balance sheet, profit & loss account and cash flow statement dealt with by this report are in agreement with the book of account.

(c) In my opinion, the balance sheet, profit &, loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3c) of section 211 of the Companies Act, 1956.

(d) On the basis of the written representation received from the directors as on 31st March 2010 and taken on record by board of directors, I report that none of the directors is disqualified as on 3 1st 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. As regards government - nominee directors, they are exempted from the provision of section 274 (1) (g) in view of general circular issued by the department of company affairs.

5. In my opinion and to the best of my information and according to the explanation given to me, the said accounts read with significant accounting policies and the other note thereon, give the information required by the companies act,1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i. in case of the balance sheet of the state of affairs of the company as at 31st March, 2010;

ii. in case of profit & loss account of the loss for the year ended on that date, and

iii. in case of cash flow statement, of the cash flows for the year ended on that date.



ANNEXURE TO THE AUDITORS REPORT



I. In respect of its Fixed Assets

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b. All the fixed assets have been physically verified by the management at the reasonable interval.

c. In our opinion and according to information and explanations given to us, the Company has not disposed off substantial part of fixed assets during the year.

II. The Company is a financial services company, therefore physical verification and maintenance of adequate record of inventory is not applicable to the company.

III. a. The company has granted Rs.51,69,779/- unsecured loans, to companies, firms and other parties covered in the register maintained under section 301 of the Act.

b. In my opinion and according to the information and explanations given to us, the rate of interest, whenever applicable and other terms and conditions of the unsecured loans given by the company are not primafacie, prejudicial to the interest of the company.

IV. In my opinion and according to the information and explanation given to me, there are no laid down control procedures commensurate with the size of the company and nature of its business.

V. In our opinion and according to the information and explanations given to us, we are of the opinion, that the transaction that need to be entered in the register maintained under section 301 of the companies act, 1956 have been so entered and the have been made at price which are reasonable having regard to the prevailing market price at the relevant time.

VI. In my opinion and according to the information and explanations given to us, the company has not accepted deposits from public and therefore, the provision of Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the company.

VII. In my opinion, there is no internal audit system commensurate with the size of business.

VIII. The Central Government has not prescribed maintenance of cost records by the Company under section 209(1) (d) of the Act.

IX. The company has been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, wealth-tax, custom duty, excise duty, cess and other statutory dues with the appropriate authorities. According to the information and explanation given to me, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, at the year-end for a period of more than six months from the date they became payable.

X. The Company have accumulated losses at the end of the year of Rs.Nil and the company has not incurred cash losses during current year and the company doesnt incurred any cash losses in the immediately preceding financial year.

XI Based on my audit procedures and on the information and explanation given by the management, I am of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders.

XII. According to the information and explanations given to me, the company has given any loans and advances on the basis of security by way of Pronotes, post dated instruments, pledge of shares, debentures and other securities.

XIII. The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to the Company.

XIV. In my opinion the company is not dealing or trading in shares, securities, debentures and other investments during the year under review, however there are long- term investment in the company. The records however does not fully comply with the provisions of clause 4(ixv) of the Companies (Auditors Report) Order, 2003 applicable to the company.

XV. According to the information and explanations given to me, the company has not given any guarantee for loans taken by others from bank or financial institutions.

XVI. There were no term loans obtained by the company during the year.

XVII. According to the cash flow statement and other records examined by me and the information and explanations given to me, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa, other than temporary deployment pending application.

XVIII. The company has not made any preferential allotment during the year nor does the company have any outstanding debentures during the year.

XIX. The company has not issued any debentures and no securities and charges are required to be created.

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

XXI. To the best of my knowledge and belief and according to the information explanation given to me, no fraud on or by the company was noticed or reported during the year.

For Grandhi Vittal

CHARTERED ACCOUNTANTS

Sd/-

Grandhi Vittal

Proprietor.

Membership No.206462

Place : Hyderabad

Date : 29.05.2010