Auditor Report of Inani Securities Ltd.

Mar 31, 2024

We have audited the Standalone financial statements of Inani Securities Limited (''''the Company'''') which
comprise the Balance Sheet as on 31st March 2024, the statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement and the Statement of changes in Equity for the year then
ended, and notes to the financial statements including a summary of 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 in the manner so required
and given a true and fair view in conformity with the Indian Accounting Standards prescribed under section
133 of the Act (''''Ind-As") and other accounting principles generally accepted in India, of the state of affairs of
the Company as at March 31 2024, and its profit and other 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 (SAs)
specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor''s Responsibilities for the Audit of the financial statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by Institute of
Charted Accountants of India together with the ethical requirements that are relevant to our audit of the
Financial Statements under the provision of the Act, and the Rules there under, and we have fulfilled our
other ethical responsibilities in accordance with their requirements and the ICAI''s Code of Ethics. We believe
that audit evidence obtained is sufficient and appropriate to provide a basis for our 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 forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matter described below to the key audit matter
to be communicated in our report.

Description of key Audit Matters

The Key Audit Matters

How the matter was addressed in our audit

Revenue Recognition The Company recognizes revenue from Services when control over the Services has been transferred to the client based on the specific terms and conditions of the service contracts entered into with respective clients. We have identified Revenue Recognition as a key audit matter as revenue is a key performance indicator. Also, there is a presumed fraud risk of revenue being overstated through manipulation on the

Our procedures included the following: • Assessed the appropriateness of the policies in respect of revenue recognition by comparing with applicable accounting standards. • Tested the design, implementation and operating effectiveness of the Company''s general Information controls. • Performed substantive procedures including testing of recognition of revenue in the appropriate period by selecting statistical samples of revenue transactions recorded during and at the end of

timing of transfer of control arising from pressure to achieve performance targets as well as meeting external expectations.

financial year. • Examined the underlying documents, which included service invoices/contracts and dispatch/shipping documents for the selected transactions. • Assessed the manual journals posted in the revenue ledger to identify any unusual items.

Information Other than the financial statement and Auditor''s Report Thereon.

The Company''s management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board''s Report,
Business Responsibility and Sustainability report, Corporate Governance and shareholder''s information and
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 thereon.

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 in audit or otherwise appears to be materially
misstated.

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

Managements and Board of Director''s Responsibility for the financial statements:

The Company''s Management and Board of Directors are responsible for the matter stated in section 134(5)
of the Act with respect to the preparation of these standalone financial statements that give a true and fair
view of the state of affairs, profit (including other comprehensive income), changes in equity and cash flow
of the Company in accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under section 133 of the Act. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other irregularities, section 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, the Management and Board of Directors are 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 Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company''s financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements:

Our objectives are to obtain reasonable 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
conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could

reasonably be expected to influence the economic decisions of users taken on, the basis of these financial
statements.

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

• Identify and assess the risk of material misstatements of 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 the 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 omission, misrepresentation, or the override of the internal control.

• Obtain an understating of internal financial controls relevant to 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 with reference
to financial statement in place and the operating effectiveness of such control.

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

• Conclude on the appropriateness of management and Board of Directors use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainly exists related to
events or conditions that may cast significant doubt on the Company''s ability to continue as 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 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 Statement that individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
Financial Statement may be influenced. We consider quantitative materiality and quantitative 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 misstatement in the Financial Statement.

We communicate with those charged with governance regarding, among matter, 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
matter that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

From the matter communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the standalone financial statements of the current period and are
therefore the key audit matters. We describe these matters in our Auditor''s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances; we determine that a

matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order'''') issued by the Central
Government of India in terms of section 143 (11) of the Act, we give in the "Annexure A'''' a statement on the
matter specified in paragraphs 3 and 4 of the order, to the extent applicable.

(A)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 audit of our audit of the aforesaid Financial Statements.

b) In our opinion, proper books of account as required by law have kept by Company so far as it appears
from our examination of those books.

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

d) In our opinion the aforesaid financial statements comply with the Ind AS specified under Section 133 of
the Act.

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

f) With respect to the adequacy of the internal financial controls with reference to financial statements of
the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure
B''''. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the company"s
internal financial controls with reference to Financial Statement.

g) With respect to the other matters to be included in the Auditors" Report in accordance with the
requirement of section 197(16) of the act, as amended, in our opinion and to the best of our information
and according to the explanations given to us, the remuneration paid by the company to its directors
during the year is in accordance with the provision of section 197 of the act

B) With respect to the other matters, to be included in the Auditors 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 has disclosed the impact of pending litigations as at 31^st March 2024 on its financial position

in its financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses;

iii. There has been no delay in transferring amounts, required to be transferred to the Investor Education and
Protection Fund by the Company; and

iv. a) The Management has represented that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any
other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall,

• Whether, directly or indirectly lend or invest in other persons or entities identified in any manner

whatsoever by or on behalf of the Company (''''Ultimate Beneficiaries'''') or

• Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b. The Management has represented, that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person or
entity, including foreign entity ('''' Funding Parties''''), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether,

• directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Funding Party (''''Ultimate Beneficiaries'''') or

• provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries:

c). Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that the representations under sub-clause iv (i) and iv
(ii)of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. As stated in note number 36 to the Financial Statement, No Dividends on equity shares were declared/
proposed and paid by the Company during the year.

vi. Based on our examination, which included test checks, the company has used accounting software''s for
maintaining its books of accounts for the financial year ended March 31^st 2024 which has feature of
recording audit trial (edit Log) facility and the same has operated throughout the year for all the relevant
transactions recorded in the software''s. Further, during the course of our audit we did not come across any
instance of the audit trial feature being tampered with.

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

Sd/-

For G D Upadhyay & Co.,

Chartered Accountant
Firm Regd No. 005834S

G.D. Upadhyay

Partner

Place: Hyderabad Membership No. 027187

Date: 28/05/2024 UDIN: 24027187BKERTQ8888

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Mar 31, 2014

We have audited the accompanying financial statements of Inani Securities Limited, 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 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 principles generally accepted in India including Accounting Standards referred to in sub-section 211(3C) of the Companies Act, 1956 ("the Act") except regarding provision of gratuity accounted on actual basis instead of actuarial valuation as per AS 15 "Employee Benefits" and non-accounting of leave encashment as per actuarial valuation as per AS 15 "Employee Benefits issued by ICAI. 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.

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, 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.

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

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

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

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

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of section 227(4A) 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 knowledgeand 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 section 211(3C) of Act except regarding provision of gratuity accounted on actual basis instead of actuarial valuation as per AS 15 "Employee Benefits" and non-accounting of leave encashment as per actuarial valuation as per AS 15 "Employee Benefits issued by ICAI;

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 section 274(1)(g) of the Act.

Annexure referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report dated 30/05/2014 to the members of Inani Securities Limited on the financial statements for the year ended 31st March, 2014

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

b) The Company has phased programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such programme, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification.

c) In our opinion, a substantial part of fixed assets has not been disposed off by the Company during the year.

2) a) The stock of securities held by the Company in dematerialized form in NSDL/CDSL is verified with the confirmation certificate received from them. The stock of securities held in physical form is physically verified with respective share certificates.

b) The existing procedures of reconciliation of stock followed by the management at periodical interval are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of its inventory and no material discrepancies were noticed on the reconciliation as mentioned above, as compared with book records.

3) In respect of loans, secured or unsecured granted/taken by Company to/from Companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

a) The Company has granted unsecured loans to 1 party covered in the register maintained under section 301 of the Companies Act, 1956.The maximum amount involved during the year was Rs. 404.98 Lacs and balance at the year end is Rs. 3.90 Lacs.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

(c) In respect of the aforesaid loans, the party is repaying the principal amounts as stipulated and is also regular in payment of interest, where applicable.

(d) In respect of the aforesaid loans granted, there is no overdue amount more than Rupees One Lakh.

(e) The Company has not taken any loans from the companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act,1956.As the company has not taken any loans, the provisions of sub clause (e),(f) and (g) of clause (iii) of paragraph 4 of the Order are not applicable to the Company.

4) In our opinion and according to the information and explanations given to us the internal control procedure for purchase of fixed assets, shares and securities, units, corporate bonds, payment for expenses and company''s money market operations are commensurate with the size of the company and its nature of business.

5) a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, having regard to the comments in (a) above, 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 five lakh rupees in respect of any party during the year have been made at prices, which are reasonable having regard to the prevailing market prices at the relevant time.

6) The Company has not accepted any deposits from the public and consequently, the directive issued by the Reserve Bank of India, the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

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

8) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 in respect of services carried out by the Company.

9) a) According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company is generally depositing with appropriate authorities undisputed statutory dues including Income Tax, Sales Tax, Service Tax, Provident fund and Wealth Tax and any other material Statutory dues applicable to it. As per information and explanations given to us, the Employees State Insurance Act is not applicable to the company. However, the Company has not paid undisputed Income Tax Liability of the Assessment year 2003-04 amounting to Rs. 4,08,360 /- was outstanding for more than six months as at the Balance Sheet date.

b) According to the information and explanations given to us, no disputed dues payable in respect of Sales Tax, Income Tax, Service Tax, Wealth Tax, Customs Duty and Cess were outstanding at 31st March, 2014 for a period of more than six months from the date they became payable.

10) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year or in the immediately preceding financial year.

11) In our opinion, and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution/bank and the Company has not obtained any borrowings by way of debentures.

12) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13) The Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4(xiii) of the Order is not applicable.

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

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, clause 4(xv) of the Order is not applicable.

16) The Company has raised new term loans during the year and have applied for the purpose for which they were raised.

17) On the basis of an overall examination of the Balance Sheet and Cash Flow Statement of the Company, no funds raised on short- term basis have been used for long term investment.

18) 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.

19) The Company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable.

20) The Company has not raised any money through a public issue during the year.

21) Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For Chartered Accountants Firm Registration No: 05834S

Partner Membership No: 027187

Place: Hyderabad Date: 30.05.2014

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Mar 31, 2012

1) We have audited the attached Balance Sheet of INANI SECURITIES LIMITED as at 31st March, 2012 the Statement of Profit and Loss for the year ended as on that date annexed thereto and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our Audit.

2) We conducted our audit in accordance with the 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 from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3) As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of section 227 (4A) 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 Para 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 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 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 representations received from Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31st, 2012 from being appointed as a Director in terms of clause (g) of sub-sec (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:

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

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

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

ANNEXURE TO THE AUDITORS' REPORT

Annexure referred to in paragraph 3 of our report dated: 30/05/2012 to the members of Inane Securities Limited on the financial statements for the year ended 31st March, 2012

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

b) The Company has phased programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such programme, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification.

c) In our opinion, a substantial part of fixed assets has not been disposed off by the Company during the year.

2) a) The stock of securities held by the Company is in dematerialized form in NSDL/CDSL and is verified with the confirmation certificate received from them. The stock of securities held in physical form is physically verified with respective share certificates. .

b) The existing procedures of reconciliation of stock followed by the management at periodical interval are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of its inventory and no material discrepancies were noticed on the reconciliation as mentioned above, as compared with book records

3) In respect of loans, secured or unsecured granted/taken by the Company to/from Companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(a) The Company has granted/taken unsecured loans from 1 party covered in the register maintained under section 301 of the Companies Act, 1956.The maximum amount involved during the year was Rs. '604.55 Lacs and balance payable at the year end is Rs.17.70 Lacs.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudicial to the interest of the Company.

(c) In respect of the aforesaid loans, the party is repaying the principal amounts as stipulated and is also regular in payment of interest, where applicable.

(d) In respect of the aforesaid loans granted, there is no overdue amount more than Rupees One Lakh

4) In our opinion and according to the information and explanations given to us the internal control procedure for purchase of fixed assets, shares and securities, units and corporate bonds and company's money market operations are commensurate with the size of the company and its nature of business.

5) a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, having regard to the comments in (a) above, 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 five lakh rupees in respect of any party during the year have been made at prices, which are reasonable having regard to the prevailing market prices at the relevant time.

6) The Company has not accepted any deposits from the public and consequently, the directive issued by the Reserve Bank of India, the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

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

8) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 in respect of services carried out by the Company.

9) a) According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company is generally depositing with appropriate authorities undisputed statutory dues including Income Tax, Service Tax, Provident fund and Wealth Tax and any other material Statutory dues applicable to it. As per information and explanations given to us, the Employees State Insurance Act is not applicable to the company. However, pending adjustments of refunds of earlier Assessment years and rectification of the Assessment Orders, the Company has not paid undisputed Income Tax Liability of the Assessment year 2003-04 amounting to Rs.408360 /- was outstanding for more than six months as at the Balance Sheet date.

b) According to the information and explanations given to us, no disputed dues payable in respect of Income Tax, Service Tax, Wealth Tax, Customs Duty and Cess were outstanding at 31st March, 2012 for a period of more than six months from the date they became payable.

10) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year or in the immediately preceding financial year.

11) In our opinion, and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution/bank and the Company has not obtained any borrowings by way of debentures.

12) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13) The Company is not a chit fund, nidhi, mutal benefit fund or a society. Accordingly, clause 4(xiii) of the Order is not applicable

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

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, clause 4(xv) of the Order is not applicable.

16) The Company has raised new term loans during the year and have applied for the purpose for which they were raised.

17) On the basis of an overall examination of the Balance Sheet and Cash Flow Statement of the Company, no funds raised on short- term basis have been used for long term investment.

18) 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.

19) The Company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable.

20) The Company has not raised any money through a public issue during the year.

21) Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For G.D. UPADHYAY & CO

Chartered Accountants,

Firm Registration No. 05834S

G.D. Upadhyay

Place : Hyderabad Partner

Date : 30.05.2012 Membership No. 027187

---

Mar 31, 2011

1) We have audited the attached Balance Sheet of INANI SECURITIES LIMITED as at 31st March, 2011 and also the Profit and Loss Account for the year ended as on that date annexed thereto and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2) We conducted our audit in accordance with the 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 from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3) As required by the Companies (Auditors Report) (Amendment) Order, 2004 (hereinafter referred to as "the Order") issued by the Government of India in terms of section 227(4A) 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.

4) Further to our comments in the Annexure referred to in Para 3 above, we report that:

i) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

ii) in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

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

iv) in our opinion, the Balance Sheet, Profit and Loss Account and 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;

v) on the basis of written representations received from the directors, as on 31st March, 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; and

vi) in our opinion and to the best of our information and according to the explanations

given to us, the said financial statements read together with the Significant Accounting Policies, 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011:

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.

ANNEXURE TO THE AUDITORS REPORT

Annexure referred to in paragaraph 3 of our report dated : 24th June, 2011 to the members of Inani Securities Limited on the financial statements for the year ended 31st March, 2011.

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

b) The Company has phased programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such programme, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification.

c) In our opinion, a substantial part of fixed assets has not been disposed off by the Company during the year.

2) a) The stock of securities held by the Company in dematerialised form in demat accounts with NSDL/CDSL is verified with the confirmation certificate received from them. The stock of securities held in physical form is physically verified with respective share certificates.

b) The existing procedures of reconciliation of stock followed by the management at periodical interval are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of its inventory and no material discrepancies were noticed on the reconciliation as mentioned above, as compared with book records.

3) In respect of loans, secured or unsecured granted/taken by Company to/from Companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(a) The Company has granted unsecured loans to 3 parties covered in the register maintained under section 301 of the Companies Act, 1956.The maximum amount involved during the year was Rs.671.78 Lacs and outstanding balance at the year end is Rs. 424.95 Lacs.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudical to the interest of the Company.

(c) In respect of the aforesaid loans, the party is repaying the principal amounts as stipulated and is also regular in payment of interest, where applicable.

(d) In respect of the aforesaid loans granted, there is no overdue amount more than Rupees One Lakh.

(e) The Company has not taken any loans from the Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. As the company has not taken any loans, the provisions of the sub clause (e), (f) and (g) of clause (iii) of paragraph 4 of the Order are not applicable to the Company.

4) In our opinion and according to the information and explanations given to us the internal control procedure for purchase of fixed assets, shares and securities, units and corporate bonds and companys money market operations are commensurate with the size of the company and its nature of business.

5) a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, having regard to the comments in (a) above, 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 five lakh rupees in respect of any party during the year have been made at prices, which are reasonable having regard to the prevailing market prices at the relevant time.

6) The Company has not accepted any deposits from the public and consequently, the directive issued by the Reserve Bank of India, the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

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

8) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 in respect of services carried out by the Company.

9) a) According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Income Tax, Service Tax, Investor Education and Protection Fund, Wealth Tax and any other material Statutory dues applicable to it. As per information and explanations given to us, the Employees State Insurance Act is not applicable to the company. However, pending adjustments of refunds of earlier Assessment years and rectification of the Assessment Orders the Company has not paid undisputed Income Tax Liability of the Assessment year 2003-04 amounting to Rs 408360/- and further Provident fund payable by the company for the financial year 2010-11 amounting to Rs.492811/- out of which Rs.236659/- was outstanding for more than six months as on the balance Sheet date.

b) According to the information and explanations given to us, no disputed dues payable in respect of Income Tax, Service Tax, Wealth Tax, Customs Duty and Cess were outstanding at 31st March, 2011 for a period of more than six months from the date they became payable.

10) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year or in the immediately preceding financial year.

11) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution/bank and the Company has not obtained any borrowings by way of debentures.

12) According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13) The Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4(xiii) of the Order is not applicable

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

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, clause 4(xv) of the Order is not applicable.

16) In our opinion and according to the information and explanations given to us, during the year company has not obtained any term loan from banks or financial institutions. Accordingly clause 4 (XVI) of the order is not applicable.

17) On the basis of an overall examination of the Balance Sheet and Cash Flow Statement of the Company, no funds raised on short- term basis have been used for long term investment.

18) 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.

19) The Company has not issued any debentures. Accordingly clause 4(xix) of the Order is not applicable.

20) The Company has not raised any money through a public issue during the year.

21) Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.



For G.D. UPADHYAY & CO Chartered Accountants, Firm Registration No. 05834S

G.D. Upadhyay Partner Membership No. 027187

Place : Hyderabad Date : 24th June, 2011

---

Mar 31, 2010

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

2) We conducted our audit in accordance with the 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 from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3) As required by the Companies (Auditors Report) (Amendment) Order, 2004 (hereinafter referred to as "the Order") issued by the Government of India in terms of section 227(4A) 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.

4) Further to our comments in the Annexure referred to in Para 3 above, we report that:

i) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

ii) in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

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

iv) in our opinion, the Balance Sheet, Profit and Loss Account and 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;

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

vi) in our opinion and to the best of our information and according to the explanations given to us, the said financial statements read together with the Significant Accounting Policies, 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 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 Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

Annexure referred to in paragaraph 3 of our report dated : 31st July, 2010 to the members of Inani Securities Limited on the financial statements for the year ended 31st March, 2010.

1. a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed Assets.

b) The Company has phased programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such programme, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification.

c) In our opinion, a substantial part of fixed assets has not been disposed off by the Company during the year.

2) a) The stock of securities held by the Company in dematerialised form in demat accounts with NSDL/CDSL is verified with the confirmation certificate received from them. The stock of securities held in physical form is physically verified with respective share certificates.

b) The existing procedures of reconciliation of stock followed by the management at periodical interval are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of its inventory and no material discrepancies were noticed on the reconciliation as mentioned above, as compared with book records.

3) In respect of loans, secured or unsecured granted/taken by Company to/from Companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(a) The Company has granted unsecured loans to 2 parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.454.90 Lacs and outstanding balance at the year end is Rs. 349.22 Lacs.

(b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie prejudical to the interest of the Company.

(c) In respect of the aforesaid loans, the party is repaying the principal amounts as stipulated and is also regular in payment of interest, where applicable.

(d) In respect of the aforesaid loans granted, there is no overdue amount more than Rupees One Lakh

(e) The Company has not taken any loans from the Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. As the company has not taken any loans, the provisions of the sub clause (e), (f) and (g) of clause (iii) of paragraph 4 of the Order are not applicable to the Company.

4) In our opinion, and according to the information and explanations given to us the internal control procedure for purchase of fixed assets, shares and securities, units and corporate bonds and companys money market operations

are commensurate with the size of the company and its nature of business.

5) a) In our opinion and according to the information and explanations given to us, the

transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, having regard to the comments in (a) above, 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 five lakh rupees in respect of any party during the year have been made at prices, which are reasonable having regard to the prevailing market prices at the relevant time.

6) The Company has not accepted any deposits from the public and consequently, the directive issued by the Reserve Bank of India, the provisions of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable.

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

8) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 in respect of services carried out by the Company.

9) a) According to the information and explanations given to us, and on the basis of our examination of the books of account, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Income Tax, Service Tax, Investor Education and Protection Fund, Wealth Tax and any other material Statutory dues applicable to it. As per information and explanations given to us, the Employees State Insurance Act is not applicable to the company. However, pending adjustments of refunds of earlier Assessment years and rectification of the Assessment Orders the Company has not paid undisputed Income Tax Liability of the Assessment year 2003-04 amounting to Rs 408360 /- b) According to the information and explanations given to us, no undisputed dues payable in respect of Income Tax, Service Tax, Wealth Tax, Customs Duty and Cess were outstanding at 31st March, 2010 for a period of more than six months from the date they became payable.

10) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year or in the immediately preceding financial year.

11) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution/bank and the Company has not obtained any borrowings by way of debentures.

12) According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13) The Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4(xiii) of the Order is not applicable.

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

15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, clause 4(xv) of the Order is not applicable.

16) In our opinion and according to the information and explanations given to us.during the year company has not obtained any term loan from banks or financial institutions. Accordingly clause 4 (XVI) of the order is not applicable.

17) On the basis of an overall examination of the Balance Sheet and Cash Flow Statement of the Company, no funds raised on short- term basis have been used for long term investment.

18) 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.

19) "The Company has not issued any debentures. Accordinglyclause 4(xix) of the Order

is not applicable.

20) The Company has not raised any money through a public issue during the year.

21) Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.



For G.D. UPADHYAY & CO

Chartered Accountants, Firm Registration No. 05834S

Place : Hyderabad G-D. Upadhyay

Partner

Date : 31st July, 2010 Membership No. 027187