Auditor Report of Daulat Securities Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial statement of M/s Daulat Securities Limited, which
comprises the Balance Sheet as at 31^st March, 2025, and the Statement of Profit / Loss account (Including Other
Comprehensive Income), the statement of changes of Equity and the statement of Cash Flows for the year then ended
on that date and a summary of significant accounting policies and other explanatory information (hereinafter referred
to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the standalone
financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required
and give a true and fair view in conformity with the Indian accounting standards prescribed under section 133 of the
Companies Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and
other accounting principles generally accepted in India, of the state of affairs of the company as on 31^st March 2025,
the Profit/Loss, total Comprehensive Income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

Key Audit Matters are those matters that in our Professional Judgement 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. These matters were addressed in the context of Our Audit of the financial statements as a whole, and
informing our opinion thereon, and we do not provide a separate opinion on these matters.

1) Classification and measurement of financial assets -

Business model assessment

Ind AS 109, Financial Instruments, contains three principal measurement categories for financial assets i.e.:

• Amortised cost;

• Fair Value through Other Comprehensive Income (‘FVOCI’); and

• Fair Value through Profit and Loss (‘FVTPL’).

A financial asset is classified into a measurement category at inception and is reclassified only in rare circumstances.
The assessment as to how an asset should be classified is made on the basis of both the Group’s business model for
managing the financial asset and the contractual cash flow characteristics of the financial asset.

The term ‘business model’ refers to the way in which the Group manages its financial assets in order to generate cash
flows. That is, the Group’s business model determines whether cash flows will result from collecting contractual cash
flows, selling the financial assets or both.

Amortised cost classification and measurement category is met if the financial asset is held within a business model
whose objective is to hold financial assets in order to collect contractual cash flows.

FVOCI classification and measurement category is met if the financial asset is held in a business model in which
assets are managed both in order to collect contractual cash flows and for sale. Such financial assets are subsequently
measured at fair value, with changes in fair value recognized in other comprehensive income.

FVTPL classification and measurement category is met if the financial asset does not meet the criteria for
classification and measurement at amortised cost or at FVOCI. Such financial assets are subsequently measured at fair
value, with changes in fair value recognized in profit or loss.

Key audit procedures included:

Design / controls

• Assessing the design, implementation and operating effectiveness of key internal controls over management’s intent
of purchasing a financial asset and the approval mechanism for such stated intent and classification of such financial
assets on the basis of management’s intent (business model).

• For financial assets classified at amortised cost, we tested controls over the classification of such as sets and
subsequent measurement of assets at amortised cost. Further, we tested key internal controls over monitoring of such
financial assets to check whether there have been any subsequent sales of financial assets classified at amortised cost.

• For financial assets classified at FVOCI, we tested controls over the classification of such assets and subsequent
measurement of assets at fair value.

2) Recognition and measurement of impairment of loans and advances involve significant management
judgement

With the applicability of Ind AS 109 credit loss assessment is now based on expected credit loss (‘ECL’) model. The
Group’s impairment allowance is derived from estimates including the historical default and loss ratios. Management
exercises judgement in determining the quantum of loss based on a range of factors.

The most significant areas are:

• Segmentation of loan book

• Loan staging criteria

• Calculation of probability of default / Loss given default

• Consideration of probability weighted scenarios and forward looking macro-economic factors.

Key audit procedures included:

Design / controls

• Assessing the design and implementation of key internal financial controls over loan impairment process used to
calculate the impairment charge.

• We used our modelling specialist to test the model methodology and reasonableness of assumptions used.

• Testing of management review controls over measurement of impairment allowances and disclosures in the
consolidated financial statements.

Substantive tests

• We focused on appropriate application of accounting principles, validating completeness and accuracy of the data
and reasonableness of assumptions used in the model.

• Appropriateness of management’s judgments was also independently reconsidered in respect of calculation
methodologies, segmentation, economic factors, the period of historical loss rates used, loss emergence periods and
the valuation of recovery assets and collateral.

Responsibility of Management and Those Charged with Governance for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013
(“the Act”) with respect to the preparation and presentation of these financial statements that give a true and fair view
of the financial position and financial performance, total comprehensive Income, changes in equity and cash flow of
the company in accordance with the Ind AS and other accounting Principles generally accepted in India. 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 to do so.

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

Auditor’s Responsibility for the Audit of Financial Statement

Our objectives are to obtain reasonable audit assurance about whether the 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 is 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 be reasonably be expected to influence the
economic decisions of the user taken on the basis of these financial statements. A further description of the auditor’s
responsibilities for the audit of the financial statements is included in Annexure A. This description forms part of our
Audit Report

As a part of an audit in accordance with the 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 detecting a material misstatement resulting from fraud is
higher than for one resulting from error, a fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control

• Obtaining an understanding of internal control 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 controls systems 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 on the management’s use of t he 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.

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

Report on Other Legal and Regulatory Requirements

1A. 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 it appears
from our examination of those books except for the matters stated in pharagraph 1 B(viii) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 ;

(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 aforesaid financial statements comply with the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) There are no observations or comments of the auditors on the financial transactions or matters which may have any
adverse effect on the functioning of the company;

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

(g) the reservation relating to maintenance of accounts and other matters connected therewith are as stated in the
paragraph 1 A (b) above on reporting under section 143(3)(b) and paragraph 1 B(viii) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rule, 2014.

(h) With respect to the other matters to be included in Auditor’s report in accordance with requirement of Section
197(16) of the Act, the Company has paid remuneration to its director in compliance with provisions of Section 197 of
the companies Act, 2013.

(i) Clause (i) of section 143(3) on the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, referred to our separate report in Annexure
“B”.

1 B. 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 on its financial position in its financial statements.

ii. The Company does not have any material foreseeable losses.

iii. The Company does not require to transfer any amount to the Investor Education and Protection Fund.

iv. The Management has represented, that to the best of their knowledge and belief no fund (which are
material either individually or in aggregate) have been advances 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, 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.

v. The Management has represented, that to the best of their knowledge and belief no fund (which are
material either individually or in aggregate) have been received by the company from any person or entity,
including foreign entities (“funding parties”) with the understanding whether recorded in writing or
otherwise that the Company shall, 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.

vi. Based on the Audit procedures performed that have been considered reasonable or appropriate in the
circumstances, nothing has came to our notice that has caused us to believe that the representation under Sub
Clause (i) and (ii) of rule 11(e) as provided under (iv) and (v) above, contain material misstatement.

vii. The Company has not declared any dividend during the Year.

viii. The Company has used not used any accounting software for maintaining books of account which
has a feature of recording audit trail facility during the year..

2. As required by the Companies (Auditor’s Report ) order 2020 (“the order”) issued by the central
Government in term of Section 143(11) issued by the central Government in term of section 143(11),we
give in Annexure we give in Annexure “A” a statement on matters specified in paragraph 3 and 4 of Order
to the extent applicable.

For, P D Randar and co.

Chartered Accountants

Date: - 30.05.2025
Place: - Kolkata

Prabhu Dayal Randar
Partner

Firm Registration No. 319295E
Membership No. 054778
UDIN: -25054778BMOGGC7890

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Mar 31, 2024

We have audited the accompanying standalone financial statement of M/s Daulat Securities Limited , which comprises the Balance Sheet as at 31^st March, 2024, and the Statement of Profit / Loss account (Including Other Comprehensive Income), the statement of changes of Equity and the statement of Cash Flows for the year then ended on that date and a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian accounting standards prescribed under section 133 of the Companies Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the company as on 31^st March 2024, the Profit/Loss, total Comprehensive Income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

Key Audit Matters are those matters that in our Professional Judgement 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. These matters were addressed in the context of Our Audit of the financial statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters.

1) Classification and measurement of financial assets -

Business model assessment

Ind AS 109, Financial Instruments, contains three principal measurement categories for financial assets i.e.:

• Amortised cost;

• Fair Value through Other Comprehensive Income (‘FVOCI’); and

• Fair Value through Profit and Loss (‘FVTPL’).

A financial asset is classified into a measurement category at inception and is reclassified only in rare circumstances. The assessment as to how an asset should be classified is made on the basis of both the Group’s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset.

The term ‘business model’ refers to the way in which the Group manages its financial assets in order to generate cash flows. That is, the Group’s business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets or both.

Amortised cost classification and measurement category is met if the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows.

FVOCI classification and measurement category is met if the financial asset is held in a business model in which assets are managed both in order to collect contractual cash flows and for sale. Such financial assets are subsequently measured at fair value, with changes in fair value recognized in other comprehensive income.

FVTPL classification and measurement category is met if the financial asset does not meet the criteria for classification and measurement at amortised cost or at FVOCI. Such financial assets are subsequently measured at fair value, with changes in fair value recognized in profit or loss.

Key audit procedures included:

Design / controls

• Assessing the design, implementation and operating effectiveness of key internal controls over management’s intent of purchasing a financial asset and the approval mechanism for such stated intent and classification of such financial assets on the basis of management’s intent (business model).

• For financial assets classified at amortised cost, we tested controls over the classification of such asset s and subsequent measurement of assets at amortised cost. Further, we tested key internal controls over monitoring of such financial assets to check whether there have been any subsequent sales of financial assets classified at amortised cost.

• For financial assets classified at FVOCI, we tested controls over the classification of such assets and subsequent measurement of assets at fair value.

2) Recognition and measurement of impairment of loans and advances involve significant management judgement

With the applicability of Ind AS 109 credit loss assessment is now based on expected credit loss (‘ECL’) model. The Group’s impairment allowance is derived from estimates including the historical default and loss ratios. Management exercises judgement in determining the quantum of loss based on a range of factors.

The most significant areas are:

• Segmentation of loan book

• Loan staging criteria

• Calculation of probability of default / Loss given default

• Consideration of probability weighted scenarios and forward looking macro-economic factors.

Key audit procedures included:

Design / controls

• Assessing the design and implementation of key internal financial controls over loan impairment process used to calculate the impairment charge.

• We used our modelling specialist to test the model methodology and reasonableness of assumptions used.

• Testing of management review controls over measurement of impairment allowances and disclosures in the consolidated financi al statements.

Substantive tests

• We focused on appropriate application of accounting principles, validating completeness and accuracy of the data and reasonableness of assumptions used in the model.

• Appropriateness of management’s judgments was also independently reconsidered in respect of calculation methodologies, segmentation, economic factors, the period of historical loss rates used, loss emergence periods and the valuation of recovery assets and collateral.

Responsibility of Management and Those Charged with Governance for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position and financial performance, total comprehensive Income, changes in equity and cash flow of the company in accordance with the Ind AS and other accounting Principles generally accepted in India. 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 to do so.

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

Auditor’s Responsibility for the Audit of Financial Statement

Our objectives are to obtain reasonable audit assurance about whether the 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 is 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 be reasonably be expected to influence the economic decisions of the user taken on the basis of these financial statements. A further description of the auditor’s responsibilities for the audit of the financial statements is included in Annexure A. This description forms part of our Audit Report

As a part of an audit in accordance with the 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 detecting a material misstatement resulting from fraud is higher than for one resulting from error, a fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control

• Obtaining an understanding of internal control 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 controls systems 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 on the 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 mat erial uncertainty exists, we are required to draw attention in our auditor’s Report.

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

Report on Other Legal and Regulatory Requirements

1A. 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 it appears from our examination of those books except for the matters stated in pharagraph 1 B(viii) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 ;

(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 aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

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

(f) the reservation relating to maintenance of accounts and other matters connected therewith are as stated in the paragraph 1 A (b) above on reporting under section 143(3)(b) and paragraph 1 B(viii) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rule, 2014.

(g) With respect to the other matters to be included in Auditor’s report in accordance with requirement of Section 197(16) of the Act, the Company has not paid any remuneration to its director therefore provisions of Section 197 of the companies Act, 2013 is not applicable to the company.

(h) Clause (i) of section 143(3) on the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, referred to our separate report in Annexure “B”.

1 B. 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 on its financial position in its financial statements.

ii. The Company does not have any material foreseeable losses.

iii. The Company does not require to transfer any amount to the Investor Education and Protection Fund.

iv. The Management has represented, that to the best of their knowledge and belief no fund (which are material either individually or in aggregate) have been advances 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, 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.

v. The Management has represented, that to the best of their knowledge and belief no fund (which are material either individually or in aggregate) have been received by the company from any person or entity, including foreign entities (“funding parties”) with the understanding whether recorded in writing or otherwise that the Company shall, 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.

vi. Based on the Audit procedures performed that have been considered reasonable or appropriate in the circumstances, nothing has came to our notice that has caused us to believe that the representation under Sub Clause (i) and (ii) of rule 11(e) as provided under (iv) and (v) above, contain material misstatement.

vii. The Company has not declared any dividend during the Year.

viii. The Company has used not used any accounting software for maintaining books of account which has a feature of recording audit trail facility during the year..

2. As required by the Companies (Auditor’s Report ) order 2020 (“the order”) issued by the central Government in term of Section 143(11) issued by the central Government in term of section 143(11),we give in Annexure we give in Annexure “B” a statement on matters specified in paragraph 3 and 4 of Order to the extent applicable.

For, P D Randar and co.

Chartered Accountants

Date:- 29.05.2024 Place: -Kolkata

Kriti Agarwal Partner

Firm Registration No. 319295E Membership No. 302753 UDIN: -24302753

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Mar 31, 2015

We have audited the accompanying financial statements of DAULAT SECURITIESLIMITED("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and for the year then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILTY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 ('the Act") with respect to the preparation these Financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards specified under section 133 of the Act, read with rule 7 of the companies (Accounts) Rules, 2014. The responsibility also includes the maintenance of adequate accounting records in accordance with provisions of the act for safeguarding the assets of the companies and for preventing and detecting fraud and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate financial internal control, 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.

AUDITOR'S RESPONSIBILTY

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 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 31st March,2015;

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

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 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, the Statement of Profit and Loss dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid Financial statements comply with the Accounting Standards specified under section 133 of the act, read with rule 7 of the Companies (Accounts) Rules, 2014;

e) On the basis of written representations received from the directors as on 31st March,2015 and taken on record by the Board of directors, none of the Directors is disqualified as on 31st March,2015 from being appointed as a director in terms of section 164(2) of the act.

Annexure to the Auditor's Report

The Annexure referred to in our report to the members of the Daulat Securities Limited for the year ended 31st March 2015. We report that:

1) In Respect of Fixed Asset:

(a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) The company has a regular programme of physical verification of its fixed assets; and no material discrepancies were noticed on such verification.

2) In respect of Inventory

(a) The physical verification of inventory has been conducted at reasonable intervals by the management;

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification by the management as compared to book records.

3) In respect of Loans secured & unsecured to parties covered under register maintained u/s 189 of companies Act 2013.

(a) According to the information & explanation given to us, the company has not granted any loans to (Companies, firms or other parties) covered in the register maintained u/s 189 of Companies Act 2013.

(b)The rate of interest and other terms and conditions of unsecured loans given by the company, the terms and condition of these loans are prima facie not prejudicial to the interest of the company, the loans are not overdue as per terms of such loans.

4) Internal Control

In our opinion and according to the information and explanations given to us there is an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale. We have not observed any continuing failure to correct major weaknesses in internal control system.

5) Cost Audit

As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under sub-section (1) of Section 148 of the Act.

6) Statutory Dues

a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax/VAT, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2015 for a period of more than six months from the date they became payable.

b) According to the information and explanation given to us there is amount payable in respect of Income Tax, service tax which is not been deposited on account of any dispute is as follows:

Sr Nature of Nature of dues Amount Period to No Statute (Rs) which the Amount relates

1 Income Tax Outstanding Demand Rs 61162/- 2004-05 Department raised by CPC on 26/03/2015

2 Income Tax Outstanding demand Rs 38821/- 2006-07 Department raised by AO on 31/12/2009

3 Income Tax Outstanding demand Rs 9822/- 2009-10 Department raised by AO on 28/01/2011

4 Income Tax Outstanding demand Rs 2570/- 2011-12 Department raised by CPC on 04/07/2013

7) Accumulated Losses

The company does not have accumulated loss at the end of the financial year and has not incurred cash losses in current financial year and in the financial year immediately preceding financial year also;

8) Loans from Bank or Financial Institutions

The company has not availed any loan from financial institutions or Banks during current year or in preceding financial year.

9) Guarantees given

According to the explanation and information given to us, the company has not given any guarantees for Loan taken by others from bank or Financial institutions.

10) Term Loans

Based on our Audit procedures and on the information given by the management, we report that the company has not raised money through term loan during the year.

11) Public Issues : The company has not raised any money by public issues during the year.

12) Fraud : In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For BAHETY & GOENKA. Place : Kolkata Chartered Accountants Date: 25th June,2015 FRN: 31711IE

(R.K Bahety) Partner MemberShipNo. 053255

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Mar 31, 2014

We have audited the accompanying financial statements of DAULAT SECURITIES LIMITED,("the Company") which comprise the Balance Sheet as at 31st March, 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 RESPONSIBILTY 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 General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013 . The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILTY

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 our 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 31st March,2014;

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

c) In the case of 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 227of the Act we give in the annexure a statement on 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 has 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 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 comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Act ;read with General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013 and

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

Annexure to the Auditor''s Report

The Annexure referred to in our report to the members of the Daulat Securities Limited for the year ended 31st March 2014. We report that:

(i) (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) The company has a regular programme of physical verification of its fixed assets; and no material discrepancies were noticed on such verification.

(c) Some Fixed Assets have been been disposed off during the year as those assets were of not much use. It has not affected the Going Concern Principle.

(ii) (a) The physical verification of inventory has been conducted at reasonable intervals by the management;

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) (a) The Company has not granted unsecured loans to Companies, firms or other parties, which are covered in the register maintained under Section 301 of the Companies Act 1956.

(b) The rate of interest and other terms and conditions of loans given or taken by the company, secured or unsecured, are prima facie not prejudicial to the interest of the company;

(c) The principal amounts are repayable over a period of time at the discretion of the Company; while the interest is payable quarterly at the discretion of the Company.

(d) In respect of said loans there is no overdue amount of more than one lakh.

(iv) In our opinion and according to the information and explanations given to us there is an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. We have not observed any continuing failure to correct major weaknesses in internal control system.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been so entered in the register required to be maintained under that section;

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rs.5 lakhs in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

(vi) According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the provisions of Clause(vi) of paragraph 4 of the Order are not applicable to the Company.

(vii) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

(viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act 1956.

(ix) (a)According to the information and explanations given to us and on basis of our examination of records of the company, the company is regular in depositing undisputed statutory dues including Income-tax, Service -tax, and any other statutory dues with the appropriate authorities. There were no arrears as at 31st March 2014, for a period of more than six months from the date of becoming payable.

(b) There are no disputed statutory dues payable which have not been deposited.

(x) The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in such financial year and in the financial year immediately preceding such financial year also;

(xi) Based on our audit procedures and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions or banks.

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

(xiii) In our opinion and according to the information and explanations given to us, the company is not a Chit Fund/ Nidhi/ Mutual Benefit Fund/Society.

(xiv) The Company has maintained proper records of transactions in respect of trading in shares, debentures and other securities and timely entries has been made therein. The investments are held by the Company in its own name.

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

(xvi) The Company has not taken any term loan during the year.

(xvii) On the basis of information received from the management and based on our examination of the balance sheet of the company as at 31st March 2014, we are of the opinion that there are no funds raised on short-term basis that have been used for long-term investment.

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

(xix) The company has not issued debentures during the year.

(xx) The company has not raised any money by public issues during the year.

(xxi) In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For Bahety & Goenka Chartered Accountants Firm Registration Number: 317111E

Place: Kolkata Date: 27/06/2014 RAJENDRA KUMAR BAHETY Partner Membership Number: 053255

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of DAULAT SECURITIES LIMITED, which comprise the Balance Sheet as at March 31, 2013, 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. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditor''s Report) order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in Paragraphs 4 & 5 of the said Order.

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, 2013;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 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 die 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 is in agreement with the books of account;

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

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

Annexure to the Auditor''s Report

The Annexure referred to in our report to the members of the Daulat Securities Limited for the year ended 31st March 2013, We report that:

(i)(a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) The company has a regular programme of physical verification of its fixed assets; and no material discrepancies were noticed on such verification.

(c) No fixed assets have been disposed off during the year. It has not affected the Going Concern Principle. (ii)(a) The physical verification of inventory has been conducted at reasonable intervals by the management;

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

(iii)(a) The Company has not granted unsecured loans to Companies, firms or other parties, which are covered in the register maintained under Section 301 of the Companies Act 1956.

(b) The rate of interest and other terms and conditions of loans given or taken by the company, secured or unsecured, are prima facie not prejudicial to the interest of the company;

(c) The principal amounts are repayable over a period of time at the discretion of the Company; while the interest is payable quarterly at the discretion of the Company.

(d) In respect of said loans there is no overdue amount of more than one lakh.

(iv) In our opinion and according to the information and explanations given to us there is an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the gale of goods. We have not observed any continuing failure to correct major weaknesses in internal control system.

(v)(a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been so entered in the register required to be maintained under that section;

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rs.5 lakhs in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company..

(vi) According to the information and explanations given to us, the Company has not acepted any deposits from the public. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

(vii) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

(viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1 )(d) of the Companies Act 1956.

(ix)(a) According to the information and explanations given to us and on basis of our examination of records of the company, the company is regular in depositing undisputed statutory dues including Income-tax, Service -tax, and any other statutory dues with the appropriate authorities. There was no arrears as at 31st March 2013, for a period of more than six months from the date of becoming payable.

(b) There are no disputed statutory dues payable which have not been deposited.

(x) The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in such financial year and in the financial year immediately preceding such financial year also;

(xi) Based on our audit procedures and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions or banks.

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

(xiii) In our opinion and according to the information and explanations given to us, the company is not a chit fund/ Nidhi/ mutual benefit fund/society.

(xiv) The Company has maintained proper records of transactions in respect of trading in shares, debentures and other securities and timely entries has been made therein. The investments are held by the Company in its own name.

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

(xvi) The Company has not taken any term loan during the year.

(xvii) On the basis of information received from the management and based on our examination of the balance sheet of the company as at 31st March 2013, we are of the opinion that there are no funds raised on short-term basis that have been used for long-term investment.

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

(xix) The company has not issued debentures during the year.

(xx) The company has not raised any money by public issues during the year.

(xxi) In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For Bahety & Goenka

Chartered Accountants

Firm Registration Number: 31711 IE

RAJENDRA KUMAR BAHETY

Kolkata Partner

Date 30/05/2013 Membership Number: 053255

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Mar 31, 2012

1. We have audited the attached Balance Sheet of DAULAT SECURITIES LIMITED as at March 31, 2012, the statement of Profit & Loss and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companies management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in Paragraphs 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to in Paragraph 3 above, 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 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, Statement of Profit & 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 & Loss and Cash Flow Statement dealt with by this report are in compliance with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act 1956.

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

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and notes 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 the case of Balance Sheet of the state of affairs of the Company as at March 31, 2012; ii) In the case of the statement of Profit & Loss of the Profit for the year ended on that date; and

iii) In the Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure to the Auditor's Report

The Annexure referred to in our report to the members of the Daulat Securities Limited for the year ended 31st March 2012. We report that:

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) The company has a regular programme of physical verification of its fixed assets; and no material discrepancies were noticed on such verification.

(c) Office premises having written down value of Rs 13,41,461 have been disposed of during the year for Rs 90 Lakhs. The Company has taken another premise on rent on temporarily basis pending erection/completion of new office building. It has not affected the Going Concern Principle.

(ii) (a)The physical verification of inventory has been conducted at reasonable intervals by the management;

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c)The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

(iii) (a) The Company has granted unsecured loans to Companies, firms or other parties, which are not covered in the register maintained under Section 301 of the Companies Act 1956.

(b) The rate of interest and other terms and conditions of unsecured loans given by the company, are prima facie not prejudicial to the interest of the company;

(c)The principal amounts are received as per stipulations and the parties are also regular in payment of interest.

(d) In respect of said loans there is no overdue amount of more than one lakh or more. But there is overdue amount with respect of interest which has not fallen due on 31/03/2012.

(iv)In our opinion and according to the information and explanations given to us there is an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. We have not observed any continuing failure to correct major weaknesses in internal control system.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been so entered in the register be maintained under that section;

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rs.5 lakhs in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

(vi) According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

(vii) In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.

(viii)The rules relating to maintenance of cost records under Section 209(l)(d) of the Companies Act 1956 is not applicable to the Company. Since it is a brokerage Company.

(ix)(a) According to the information and explanations given to us and on basis of our examination of records of the company, the company is regular in depositing undisputed statutory dues including Income-tax, Service -tax, and any other statutory dues with the appropriate authorities. There was no arrears as at 31st March 2012, for a period of more than six months from the date of becoming payable.

(b) There are no disputed statutory dues payable which have not been deposited.

(x)The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in such financial year and in the financial year immediately preceding such financial year also;

(xi)Based on our audit procedures and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions or banks.

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

(xiii) In our opinion and according to the information and explanations given to us, the company is not a chit fund/Nidhi/mutual benefit fund/society.

(xiv) The Company has maintained proper records of transactions in respect of trading in shares, debentures and other securities and timely entries has been made therein. The investments are held by the Company in its own name.

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

(xvi) The Company has not taken any term loan during the year.

(xvii) On the basis of information received from the management and based on our examination of the balance sheet of the company as at 31st March 2012, we are of the opinion that there are no funds raised on short-term basis that have been used for long-term investment and vice versa.

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

(xix) The company has not issued debentures during the year.

(xx) The company has not raised any money by public issues during the year.

(xxi) In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.



For Bahety & Goenka Chartered Accountants Firm Registration Number: 317111E

RAJENDRA KUMAR BAHETY Partner Membership Number: 053255

Kolkata

Date: 30th May 2012

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Mar 31, 2010

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

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

As required by the companies (Auditors Report Order 2003) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

We further reports that:

1) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of audit;

2) 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;

3) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the Books of Account;

4) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the requirements of the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956;

5) On the basis of the written representations received from the directors and taken on record by the Board of Directors, we report that none of the director is disqualified as on March,31,2010 from being appointed as director in terms of clause (g) of subsection (1) of Section 274 of the Companies Act, 1956;

6) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and also 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 31,2010;

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

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

7) To the members of Daulat Securities Limited. (Referred to in our report of even date)

I)

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

b) As explained to us, the assets have been physically verified by the management, which in our opinion is reasonable, considering the size and the nature of its business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

c) During the year, the company has not disposed off any substantial / Major part of Fixed Assets.

II

a) The inventories have been physically verified by the management during the year at reasonable intervals.

b) The procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company has maintained proper records of inventories and discrepancies noticed on physical verification of inventories as compared to book records were not material.

Ill

a) The Company had granted unsecured loans to Companies, firms or other parties, which are not covered in the register maintained under Section 301 of the Companies Act, 1956.

b) The rate of interest and other terms and conditions in respect of unsecured loans given by the Company, are in our opinion, prima facie not prejudicial to the interest of the company;

c) In respect of such loans given by the Company, where stipulations have been made, the parties generally repaid the principal amounts as stipulated and have been regular in payment of interest, where applicable.

d) As informed the Company has not taken any loans, secured or unsecured from Companies, Firms or other parties covered in the register maintained under section 301 of The Companies Act 1956.

IV) In our opinion and according to the information and explanation 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 purchase of inventories, fixed assets and for the sale of goods. Further we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control system

V) The transactions made in pursuance of contracts or arrangements, that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so recorded in the requisite register;

a) There are transactions of purchase and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs.5,00,000/- or more in respect of each party. These transactions have been done at prevailing Market prices (refer notes).

VI) The Company has not accepted any deposit from the public.

VII) The Company has an adequate internal audit system commensurate with its size and nature of its business.

VIII) We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the central government for the maintenance of cost records under section 209(1 )(d) of the companies act.

IX) According to the records of the Company, the Company is regular in depositing undisputed statutory dues in respect of Income Tax, Service Tax and other statutory dues with appropriate authorities. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues, which have remained outstanding as at March31, 2010 for a period more than six months.

X) The Company has no accumulated losses and has not incurred cash losses in the current financial year and in the immediately preceding financial year.

XI) The company has not defaulted in repayment of its dues to banks.

XII) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or 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) The Company has maintained proper records of transactions 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.

XV) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

XVI) The Company has not taken any term loan during the year.

XVII) On the basis of our examination of the Cash Flow Statement, the funds raised on short term basis have not been used for long term investments, as they have been financed out of internal accruals. The Company has not raised long-term funds during the year and hence the use of such funds for short-term investments does not arise.

XVIII) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year.

XIX) The company did not have any outstanding debentures during the year.

XX) The Company has not raised any money by way of public issues during the year.

XXI) On the basis of our examination and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For BAHETY & GOENKA Chartered Accountants

Place : Kolkata R.K.BAHETY

Date: 24th June 2010 Partner

Membership No-53255