Auditor Report of Libord Securities Ltd.

Mar 31, 2024

We have audited the accompanying Standalone Ind AS financial statements of Libord Securities Limited (“the Company”), which
comprise the Balance Sheet as at March 31, 2024 and the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the Standalone Ind AS financial
statements, including a summary of significant accounting policies and other explanatory information for the year ended on that date.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS financial
statements give the information required by the Companies Act, 2013 in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2024, the profit and total
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit 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 Standalone Ind AS
Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Ind AS
financial statements under the provision of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the standalone 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 standalone financial
statements for the year ended March 31, 2024. These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters in our audit of the Company for the year ended
March 31,2024.

Fair Value of Investment

The Company’s investments (other than investment in Group Companies) are measured at fair value at each reporting date.

Auditor’s Response

We have assessed the Company’s process to compute the fair value of various investments. For quoted instruments we have
independently obtained market quotations and the fair valuation thereof.

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises the
information included in the Director’s Report (including annexures), but does not include the standalone financial statements and our
auditor’s report thereon.

Our opinion on the standalone 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 standalone financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.

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

Responsibility of Management and Those Charged with Governance for the Standalone Ind AS 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 of these Standalone Ind AS financial statements that give a true and fair view of the financial position, financial
performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards 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; selection and application of appropriate accounting policies; making judgements
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 Standalone Ind AS financial statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditor’s Responsibilities for the Audit of the Standalone Ind AS 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 it 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 judgement and maintain professional skepticism throughout the
audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.

• Obtain an understanding of internal 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 system in place and the operating effectiveness of such
controls.

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

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report.

• 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.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of 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

As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of sub¬
section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure A” a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.

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.

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement
with the books of account.

d) In our opinion, the aforesaid standalone 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 March 31,2024 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2024 from being appointed as a director in terms of Section 164(2)
of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure B”.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and

Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i) The Company does not have any pending litigations which would impact its financial position except as stated otherwise.

ii) The Company does not have any long-term contracts including derivative contracts; as such the question of commenting on
any material foreseeable losses thereon does not arise.

iii) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor
Education and Protection Fund. The question of delay in transferring such sums does not arise.

iv) According to the information and explanations given by the management and to the best of our belief we report that:

(i) No funds have been advanced or loaned or invested by the Company to or in any other person(s) or entities, including
foreign entities (“Intermediaries”), with the understanding that the intermediary shall whether directly or indirectly lend
or invest in other persons or entities identified in any manner by or on behalf of the Company (Ultimate Beneficiaries)
or provide any guarantee, security or the like on behalf of Ultimate Beneficiaries.

(ii) No funds have been received by the Company from any person(s) or entities, including foreign entities (“Funding
Parties”), with the understanding 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
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedure performed, we report that nothing has come to our notice that has caused us to believe
that the representation given under sub-clause (i) & (ii) by the management contains any material mis-statement.

v) The Company has not declared and paid any dividend during the year.

vi) The Company is maintaining books of accounts using accounting software which has a feature of recording audit trail (edit
log) facility in pursuance to Rule 11(g) of Companies (Audit and Auditors) Rules, 2014.

For Mehta Singhvi & Associates
Chartered Accountants
Firm Registration No: 122217W

Place : Mumbai Rajendra C. Singhvi

Date : 23.05.2024 Partner

UDIN: 24016884BKCPKP5804 Membership No: 016884

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Mar 31, 2014

We have audited the accompanying financial statements of Libord Securities Limited (the "Company"),which comprise the Balance Sheet as at March 31, 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

Management''s Responsibility for the Financial Statements

The Company''s 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 notified under Companies Act, 1956 (the Act) read with the 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 in accordance with accounting principle generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing and other applicable authoritative pronouncements 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 auditors'' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 accompanying financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by ''the Companies (Auditor''s Report) Order, 2003'', as amended by ''the Companies (Auditor''s Report) (Amendment) Order, 2004'', issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

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

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

(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

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

ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF LIBORD SECURITIES LIMITED

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

(b) As per information provided to us, the fixed assets have been physically verified by the management at reasonable intervals and there were no material discrepancies noted during such verification.

(c ) There was no substantial disposal of fixed assets during the year.

(ii) The nature of the company''s activity is such that requirement of sub-clause (a) (b) & (c) of this (i.e. regarding inventory) are not applicable.

(iii) (a) The Company has granted interest free loans to two parties amounting to Rs. 31,92,000/- (year end balance) covered in the register maintained under section 301 of the Companies Act.

(b) The other terms and conditions are not prima facie prejudicial to the interest of the Company.

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

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

(e) The Company has not taken any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Therefore, the provisions of Clause 4(iii)(f) and (g) of the said Order are not applicable to the Company.

(iv) In our opinion and according to explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the process of audit, no major weakness has been noticed in the internal control.

(v) According to the information and explanations provided by the management, we are of the opinion that the contracts or arrangements that need to be entered into the register required to be maintained under Section 301 of the Act, has been entered.

(vi) The Company has not accepted deposit from the public under section 58A and 58AA of the Companies Act and rules framed there under.

(vii) The company does not have an internal system.

(viii) As informed to us, there are no cost records prescribed by the central government under sec. 209(1)(d) of the Act, hence this clause is not applicable.

(ix) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues, including provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty and other material statutory dues, as applicable, with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income-tax, sales- tax, wealth-tax, service-tax, customs duty, and excise duty which have not been deposited on account of any dispute.

(c) According to information and explanations given to us, there are no amounts pending on account of disputes with any statutory authorities.

(x) The Company does not have any accumulated losses more than 50% of the net worth and therefore, this clause is not applicable.

(xi) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution or banks.

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

(xiii) The Company not being Chit Fund / Nidhi / mutual Benefit Fund this clause and sub clause (a) (b) (c) (d) are not applicable

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

(xv) As informed to us the Company has not given any guarantee for loans taken by others from bank or financial institutions.

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

(xvii) Based on the examination of documents and records made available and on the basis of information and explanations given to us, the Company has not used funds raised on short term basis for long term investments 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 the Companies Act.

(xix) The Company has not issued any debentures; hence this clause does not apply.

(xx) The Company has not raised any money by public issue; hence this clause is not applicable.

(xxi) Based on the audit procedures performed and information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported during the year.

For AMAR BAFNA & ASSOCIATES CHARTERED ACCOUNTANTS FRN 114854W

AMAR BAFNA Place: Mumbai PARTNER Date: 26th May, 2014 M. No. 048639

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Mar 31, 2011

1) We have audited the attached Balance Sheet of LIBORD SECURITIES LIMITED as at 31sl March, 2011 Profit and Loss Account 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 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, as amended by the Companies (Auditor's Report) Order, (Amendment) 2004, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 (hereinafter referred to as "the Act") and on the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable to the Company.

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards as referred to in section 211 (3C) of the Act, to the extent applicable;

(e) On the basis of the written confirmations 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 are disqualified from being appointed as director of the Company under section 274 (1)(g) of the Act;

(f) (i) We are unable to express our opinion as to the extent of recoverability of overdue debtors aggregating to Rs. 2,98,35,891/- It was explained that the Company has taken suitable measures to recover the said dues including filing of legal/arbitration cases wherever considered appropriate and that, therefore, no provision is considered necessary at this stage. (Refer Note no.2 (a) in Schedule 12).

(ii) We are unable to express our opinion as to the extent of recoverability of Rs. 15,00,000/- paid as advance towards purchase of immovable properties, in earlier years, considered to be doubtful and not provided for. (Refer Note no.2 (b) in Schedule 12).

(Hi) We are also unable to express an opinion as to the extent of reliability of unquoted investments of Rs.2,00,000/- as there has been fall in value of said Investment as per the last available balance sheet of the investee Company.

(iv) Note no. 3 regarding embezzlement of cash. The impact of which is presently not ascertainable.

5) In our opinion and to the best of our information and according to the explanation given to us and subject to what is stated in para (f) above, the said accounts read together with the significant accounting policies and other notes appearing in Schedule 12 and elsewhere in the accounts, 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.:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011 and; (ii) in the case of Profit and Loss Account, of the "Profit" of the Company for the year ended on that date. (iii) in the case of the Cash Flow Statement of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 of our report of even date)

1. (a) The Company has maintained records of fixed assets showing full

particulars including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the Management during the year at reasonable intervals. No discrepancies have been found on physical verification.

(c) None of the fixed asset was disposed off during the year.

2. The Company does not have any inventory.

3. (a) The Company has not taken any unsecured loans from the Company

both listed in the register maintained under section 301 of the Act and under the same management as defined under section 370(1 B) of the Act. (b) The Company has not granted loans to the Companies listed in the register maintained under section 301 of the Act and under the same management as defined under section 370(B) of the Act.

4. In our opinion and according to the information and explanation given to us, there are reasonable internal control procedures commensurate with the size of the Company and the nature of its business. During the process of audit, no major weakness has been noticed in the internal control.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, there are no transaction during the year that need to be entered in the register in pursuance of section 301 of the Act.

6. The Company has not taken or accepted any deposits from the public, therefore, the provisions of section 58A and 58AA of the Companies Act are not applicable to the Company.

7. The internal audit system of the Company needs to be established, commensurate with the size of the company and nature of its business.

8. The Provisions for maintaining of cost records required u/s 209(1) (d) are not applicable to the Company.

9. (a) According to the records of the Company, the Company is regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax custom duty, excise duty cess, service tax and other statutory dues applicable to it.: (b) There are no amounts pending on account of any statutory authorities.

10. The Company does not have accumulated losses more than 50 % of the net worth and therefore, this clause is not applicable to the Company.

11. The Company has not defaulted in repayment of dues to banks.

12. Based on our examinations of the records and information and explanations given to us, the Company has not granted any loans/advances on the basis of security by way of pledge of shares/ debentures or any other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/ society.

14. The Company has not dealt in shares and securities during the year.

15. According to the information and explanations given to us and in our opinion, the Company has not given guarantees for loans taken by its subsidiaries and allied concerns from banks and financial institutions.

16. Based on information and explanations given to us by the management, the Company has not taken any fresh loans.

17. Based on the examination of documents and records made available and on the basis of information and explanations given to us, the Company has not used funds raised on short term basis for long term investments and vice versa.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Act.

19. No debenture has been issued by the Company during the year.

20. The Company has not raised money from public issues during the year.

21. Based on the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year except earlier frauds as per note no 3 in the Schedule 12 amounting to Rs 10,39,987/-.

For AMAR BAFNA & ASSOCIATES

CHARTERED ACCOUNTANTS

FRN 114854W

AMAR BAFNA

Place: Mumbai PARTNER

Date: 24th June, 2011 M. No. 048639

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Mar 31, 2010

1) We have audited the attached Balance Sheet of LIBORDS SECURITIES LIMITED as at 31st March, 2010 and also the annexed Profit and Loss Account 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 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 (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) Order, (Amendment) 2004, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 (hereinafter referred to as "the Act") and on the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable to the Company.

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

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Row Statement dealt with by this report comply with the Accounting Standards as referred to in section 211 (3C) of the Act to the extent applicable;

(e) On the basis of the written confirmations 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 are disqualified from being appointed as director of the Company under section 274 (1 )(g) of the Act;

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to following observations:

(i) We are unable to express our opinion as to the extent of recoverability of overdue debtors aggregating to Rs.. 3,41,85,891/- and loan and advances of Rs.58,55,341/-. It was explained that the Company has taken suitable measures to recover the said dues including firing of legal/ arbitration cases wherever considered appropriate and that, therefore, no provision is considered necessary at this stage. (Refer Note no.2 (a) and (b) in Schedule 12).

(ii) We are unable to express our opinion as to the extent of recoverability of Rs. 15,00,000/- paid as advance towards purchase of immovable properties, in earlier years, considered to be doubtful and not provided for. (Refer Note no2 (c) in Schedule 12).

(iii) We are also unable to express an opinion as to the extent of realisability of unquoted investments of Rs.2,00,000/- as there has been fall in value of said investment as per the last available balance sheet of the investee Company.

(iv) Note no. 3 regarding embezzlement of cash. The impact of which is presently not ascertainable.

5) The said accounts read together with the significant accounting policies and other notes appearing in Schedule 12 and elsewhere in the accounts, give the information required by the Act in the manner so required and give a true and fair view:

(i) in the case of the Balance Sheet of the state of affairs of the

Company as at 31" March, 2010 and;

(ii) in the case of Profit and Loss Account, of the "Profit" of the Company for the year ended on that date.

(iii) in the case of the Cash Flow Statement of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 3 of our report of even date)

1. (a) The Company has maintained records of fixed assets showing full

particulars including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the Management during the year at reasonable intervals. No discrepancies have been found on physical verification.

(c) During the year, no fixed assets of the Company have been disposed off.

2. Physical verification has been conducted by the management at reasonable intervals in respect of stocks of shares and securities. However, in our opinion, the procedure of physical verification of stocks, followed by the management requires to be strengthened.

3. (a) The Company has not taken any unsecured loans from the Company

both listed in the register maintained under section 301 of the Act and under the same management as defined under section 370(1 B) of the Act (b) The Company has not granted loans to the Companies listed in the register maintained under section 301 of the Act and under the same management as defined under section 370(B) of the Act.

4. In our opinion and according to the information and explanation given to us, there are reasonable internal control procedures commensurate with the size of the Company and the nature of its business. During the process of audit, no major weakness has been noticed in the internal control.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management, there are no transaction during the year that need to be entered in the register in pursuance of section 301 of the Act.

6. The Company has not taken or accepted any deposits from the public, therefore, the provisions of section 58A and 5BAA of the Companies Act are not applicable to the Company.

7. The internal audit system of the Company needs to be established, commensurate with the size of the company and nature of its business.

8. The Provisions for maintaining of cost records required u/s 209(1) (d) are not applicable to the Ccmpany.

9. (a) According to the records of the Company, the Company is regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax custom duty, excise duty cess, service tax and other statutory dues applicable to it. According to the explanations given to us there were following undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31st March 2010 for a period of more than six months:

Income Tax payable for the year 1996-97 Rs. 2,97,448/- (b) There are no amount pending on account of disputes with any statutory authorities except above.

10. T 10. The Company does not have accumulated losses more than 50 % of the net worth and therefore, this clause is not applicable to the Company.

11. The Company has not defaulted in repayment of dues to banks.

12. Basad on our examinations of the records and information and explanations given to us, the Company has not granted any loans/advances on the basis of security by way of pledge of shares/ debentures or any other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/ society.

14. The Company has not dealt in shares and securities during the year. However, it has been maintaining proper records of transactions and contracts in respect of shares, securities, debentures and other investments and timely entries have been made therein.

15. According to the information and explanations given to us and in our opinion, the Company has not given guarantees for loans taken by its subsidiaries and allied concerns from banks and financial institutions.

16. Based on information and explanations given to us by the management, the Company has not taken any fresh loans.

17. Based on the examination of documents and records made available and on the basis of information and explanations given to us, the Company has not used funds raised on short term basis for long term investments and vice versa.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Act

19. No debenture has been issued by the Company during the year.

20. The Company has not raised money from public issues during the year.

21. Based on the audit procedures performed and information and explanations given by the management we report that no fraud on or by the Company has been noticed or reported during the year except earlier frauds as per note no 3 in the Schedule 12 amounting to Rs 110,39,988/-.



For AMAR BAFNA & ASSOCIATES

CHARTERED ACCOUNTANTS

FRN 114854W

Place: Mumbai

Date: 25th June, 2010 AMAR BAFNA

PARTNER

M. No. 048639

---

Mar 31, 2009

1) We have audited the attached Balance Sheet of LIBORDS SECURMES LIMTED as at 31st March, 2009 and also the annexed Profit and Loss Account for (he year ended on that date. These financial statements are the responsfoiftty of the Companys management Our responsibility is to express an opinion on these financial statements based on our audit.

2) We conductedc our audit in accordance with audrling 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 wed 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, as amended by the Companies (Auditors Report) Order, (Amendment) 2004, Issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 (hereinafter referred to as "the Act") and on the basts of such checks as we considered appropriate and according to the information and explanations given to us during the course of audrt, we enclose in the Amexure a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable to the company.

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, Profit and Loss Account and Cash Flow Statement dealt with by this report are In agreement with the books of account;

(d) In our opinion, the Balance Sheet Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards as referred to in section 211 (3C) of the Act to the extent applicable;

(e) On the basis of the written confirmations received from the Directors as on 31st March, 2009 and taken on record by the Board of Directors, we report that none of the directors are disqualified from being appointed as director of the Company under section 274 (1Kg) of the Act

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to following observations:

(I) We are unable to express our opinion as to lite extent ot recoverability of overdue debtors aggregating to Rs.. 3,80,86,143/- and loan and advances of Rs.58,55,341/-. It was explained Out the Company has taken suitable measures to recover the said dues Including fHing of legal/ arbitration cases wheraverconsideredappropnale and that therefore, no provision Is considered necessary at this stage. (Refer Note no.2 (a) and (b) in Schedule 13).

ii) We are unable to express our opinion as to the extent of reooverabtfity of Rs. 15,00,000/- paid as advance towards purchase of Immovable properties, in earlier years, considered to be doubtful and not provided for. (Refer Note no .2 (c) in Schedule 13).

(iii) We ore also unable to express an opinion as to the extent of realisability of unquoted investments of Rs2,00,000/-as there has seen raff in value of said Investment as per the last available balance sheet of the investae Company.

(Iv) Note no. 3 regaining embezzlement of cash. The impact of which is presently not ascertainable.

5) The said accounts read together with (he significant accounting policies and other notes appearing in Schedule 13 and elsewhere In the accounts. give the Information required by the Act in the manner so required and give a true and fair view:

6) in the case of the Balance Sheet of the state of affairs, of the Company as at 31st March, 2009 and; (I) in the case of Profit and Loss Account of the Profit" of the Company for the year ended on that date.

(iiii) in the case of the Cash Flow Statement of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date)

1. (a) The Company has maintained records of fixed assets showing full particulars irrtuolng quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the Management during the year at reasonable intervals. No drscrepancies have been found on physical verification.

(c) During the year, no fixed assets of the Company have been deposed off.

2. Physical verification has been conducted by the management at reasonable intervals in respect of stocks of shares and securities. However, in our opinion, the procedure of physical verification of stocks, followed by the management requires to be strengthened.

3. (a) The Company has not taken any unsecured loans from the Company both listed in the register maintained under section 301 of the Act and under the same management as defined under section 370(1 B) of the Act (b) The Company has not granted loans to the Companies listed in the register maintained under section 301 of riie Act and under the same management as defined under section 370(B) of the Act

4. In our opinion and accordtng to the information and explanation given to us, there are reasonable Internal control procedures commensurate with the size of the Company and the nature of its business. During fhe process of audit, no major weakness has been noticed to the internal control.

5. Based on the audit procedures applied by us and according to the information and explanations provided by the management there are no transaction during the year that need to be entered in the register In pursuance of section 301 of the Act

6 The Company has not taken or accepted any deposits from the public, therefore, the provisions of section 58A and 58 AA of the Cornpanies Act are not appfcable to the Company.

7. The internal audit system of the Company needs to be established, commensurate with the size of the company and nature of Rs business.

8. The Provisions for maintaining of cost records required Ws 209(1) (d)are not applicable to the Company.

9. (a) According to the records of the Company, the Company i regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, investor education protection fund, employees state Insurance, Income tax, sales tax, wealth tax custom duty, excise duty cess, service tax and other statutory dues applicable to it. According to the explanations given to us there were foBowing undisputed amounts payable in respect of such statutory dues which have remained outstanding as at 31* March 2009 for a period of more than six months:

Income Tax payable for the year 199647 Rs. 2,97,4467- (b) There are no amount pending on account of disputes with any statutory authorities except above.

10. TIO.The Company does not have accumulated losses more than 50% of the net worth and therefore, this clause is not applicable to the Company.

11. The Company has not defaulted in repayment of dues to banks.

12. Based on our examinations of the records and information and explanations given to us, the Company has not granted any loans/advances on the basis of security by way of pledge of shares/ debentures or any other securities.

13. The Company is not a chit fund or a nkfhl /mutual benefit fund/ society.

14. The Company has not dealt in shares and securities during the year. However, it has been maintaining proper records of transactions and contracts In respect of shares, securities, debentures and other investments and timely entries have been made therein.

15. According to the information and explanations given to us and in our opinion, the Company has not given guarantees for loans taken by its subsidiaries and allied concerns from banks and financial institutions.

16. Based on information and explanations given to us by the management, the Company has not taken any fresh loans.

17. Based on the examination of documents and records made available and on the basis of information and explanations given to us, the Company has not used funds raised on short term basis for long term investments and vice versa.

18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 of the Act.

19. No debenture has been issued by the Company during Ihe year.

20. The Company has not raised money from public issues during the year.

21. Based on the audit procedures performed and information and explanations given by the management we report that no fraud on or by the Company has been noticed or reported during the year except earlier frauds as per note no 3 in the Schedule 13 amounting to Rs 10,39,988/-.

For MEHTA SINGHVI & ASSOCIATES CHARTERED ACCOUNTANTS

R C SINGHVI

Place: Mumbai PARTNER

Date: 6th July, 2009 M. No.16884