Auditor Report of RR Securities Ltd.

Mar 31, 2024

We have audited the accompanying Ind AS financial statements of R R Securities Limited
("the Company"), which comprise the Balance Sheet as at 31st March, 2024, and 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, and a summary of the significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid Ind AS financial statements give the information required by the
Companies Act, 2013 as amended ("the Act") in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards prescribed under section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
("Ind AS") and other accounting principles generally accepted in India including the Ind AS,
of the financial position of the Company as at 31st March, 2024, and its financial
performance including other comprehensive income, its cash flows and the statement of
changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance with the Standards
on Auditing specified under Section 143(10) of the Act. our responsibilities under those
Standards are further described in the ''Auditor''s Responsibility for the Audit of the 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 (ICAI) together with the ethical requirements that are relevant to our audit of the
Ind AS financial statements under the provisions of the Act and the Rules made thereunder,
and We have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by

us is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS
financial statements.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and
Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility
Report, Corporate Governance and Shareholder''s Information and other information in the
Company''s annual report, but does not include the Ind AS financial statements and our
auditor''s report thereon.

Our opinion on the Ind AS 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 Ind AS financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is materially
inconsistent with the Ind AS financial statements or our knowledge obtained during the
course of our audit or ostherwise 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.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS
financial statements that give a true and fair view of the financial position, financial
performance including other comprehensive income, cash flows and changes in equity of
the Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act
read with companies (Indian Accounting Standards) Rules, 2015, as amended.

This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the Ind AS financial

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

In preparing the Ind AS 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 Responsibility for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these Ind AS financial statements.

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

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

• Obtain an understanding of internal financial control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, We are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the 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 Ind AS financial statements or, if such disclosures are inadequate, to modify our
opinion. our conclusions are based on the audit evidence obtained up to the date of our
auditor''s report. However, future events or conditions may cause the Company to cease
to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Ind AS financial
statements, including the disclosures, and whether the Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the Ind AS financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Ind AS financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the Ind AS financial statements.

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

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

From the matters communicated with those charged with governance, We determine those
matters that were of most significance in the audit of the Ind AS financial statements for the

financial year ended 31^st March, 2024 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 in terms of Section 143(11) of the Act, We give in "Annexure A" a

statement on the matters specified in paragraphs 3 and 4 of the Order.

2. (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 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, the Cash Flow Statement and
Statement of Changes in Equity dealt with by this Report are in agreement with the
books of account.

d. In our opinion, the aforesaid Ind AS financial statements comply with the Indian
Accounting Standards prescribed under section 133 of the Act, read with companies
(Indian Accounting Standards) Rules, 2015, as amended.

e. On the basis of the written representations received from the directors as on 31st
March, 2024 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 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 has no pending litigations as at the end of the year;

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

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

iv. 1) The management has represented that, to the best of its knowledge and
belief, as disclosed in Note no 28 (h) to the financial statements, no funds 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 entities ("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;

2) The management has represented that, to the best of its knowledge and
belief, as disclosed in Note no. 28 (h) to the financial statement, no funds have
been received by the Company from any persons or entities, including foreign
entities ("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; and

3) Based on such audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (a) and (b)
contain any material misstatement.

v. During the year company has not declared or paid any dividend so section 123
of Companies Act 2013 is not applicable.

vi. Based on our examination which included test checks, performed by us on the
Company, have used accounting software for maintaining their respective
books of account for the financial year ended March 31, 2024 which has a
feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the softwares.

Further, during the course of audit, we have not come across any instance of
the audit trail feature being tampered with.

h. According to the information and explanation given to us, during the current year, no
remuneration is paid by the company to its directors hence section 197(16) of
Companies Act, 2013 is not applicable.

Place : Ahmedabad For, S D P M & Co.

Date : 25/05/2024 Chartered Accountants

FRN: 126741W
Sd/-

Malay Pandit (Partner)
Membership No. : 046482
UDIN : 24046482BKCIQV5270

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Mar 31, 2014

I have audited the accompanying financial statements of R. R. Securities Limited ("the Com- pany") which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements :

Management is responsible for the preparation of these financial statements that gives 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 the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corpo- rate Affairs in respect of section 133 of the Companies Act, 2013.This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that gives a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility :

My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that I comply with ethical require- ments and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circum- stances, but not for the purpose of expressing an opinion on the effectiveness of Company''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.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Opinion :

In my opinion and to the best of my information and according to the explanations given to me, the aforesaid financial statements gives the information required by the Act in the manner so required and gives 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 period ended on that date; and

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

Report on Other Legal and Regulatory Requirements :

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act, I gives 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, I report that:

a) I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of my audit;

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

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

d) In my opinion, the Balance Sheet and the Statement of Profit and Loss and the Cash Flow Statement dealt with this Report comply with the Accounting Stan- dards notified under the Companies Act, 1956 read with the General Circular 15/ 2013 dated 13 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 31st March 2014, and taken on record by the Board of Directors, I report that none of the director is disqualified as on 31st March 2014 from being apointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act. 1956.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT (Referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of my report of even date)

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

(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in my opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) There has not been any substantial disposal of fixed assets during the year.

(ii) (a) The inventory has been physically verified during the year by management. In my opinion, the frequency of verification is reasonable.

(b) In my opinion and according to the information and explanation given to me the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) In my opinion and according to the information and explanation given to me, The Company has maintained proper records of its inventory and discrepancies no- ticed on verification between the physical verification have been properly dealt with in the books of account of the Company.

(iii) (a) The Company had granted unsecured loans to one parties covered in the regis- ter maintained under section 301 of the Companies Act, 1956. The maximum balance outstanding during the year was Rs. 31,148/- and the year-end balance of loans granted to all such company and party was Rs. 31,148/-.

(b) In my opinion and according to the information and explanations given to me, the terms and conditions on which loans have been granted to companies listed in the register maintained under section 301 of the Companies Act,1956 are not prima facie, prejudicial to the interest of the company.

(c) The company and party is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

(d) There is no overdue amount of loans granted to company and listed in the regis- ter maintained u/s.301 of the Companies Act, 1956.

(e) The company has taken unsecured loan from parties covered in the register Maintained under section 301 of the Companies Act, 1956. The maximum bal- ance outstanding during the year was Rs. 2,45,78,008/- and the year-end bal- ance of loans granted to all such parties and party was Rs. 21,282,009/-.

(f) The repayment to parties are regularly been made in respect of the principal amounts and the payment of interest.

(g) There is no overdue amount of loans taken to the parties listed in the register maintained u/s.301 of the Companies Act, 1956.

(iv) In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods.

(v) (a) In my opinion, and according to the information and explanations given to me, the particulars of contracts or arrangements referred to in section 301 of the Act, have been entered in the Register required to be maintained under that section :

(b) In my opinion and according to the information and explanation given to me, the transaction made in pursuance of such contracts or arrangements have been at prices, which are reasonable having regard to prevailing market prices at the relevant time.

(v) In my opinion and according to the information and explanations given to me, the company has not accepted any deposit from the public during the period covered by my audit report and hence the provisions of Section 58A, 58AA or any other relevant provi- sions of the Companies Act, 1956 and companies (Acceptance of Deposits) Rules, 1975. According to the information and explanations to me, no Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this respect.

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

(viiii) According to information and explanations given to me the Central Government has not prescribed for the maintenance of cost records under section 209(1)(d) of the Compa- nies Act, 1956.

(ix) (a) According to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including in- vestor education protection fund, income-tax, wealth-tax, service tax, cess and other material statutory dues applicable to it. According to the information and explanations given to me, no undisputed amounts payable in respect of investor education protection fund, Income-tax , Wealth-tax, service tax, and cess were outstanding, as at 31st March,2014 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to me, there are no dues of Income Tax, wealth tax service tax, and cess, which have not been deposited on account of any dispute.

(x) The Company doesn''t have accumulated losses. The Company has not incurred cash losses during the financial year covered by my audit as well as in the immediately preceding year.

(xi) Based on my audit procedure and on the information and explanations given by the according by the management, the Company has not defaulted in repayment of dues to any Financial Institution or Bank. The Company has not issued any Debenture.

(xii) According to my audit procedure and on the basis information and explanations given by the management, the Company has not granted any loan on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of this clause of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

(xiv) The Company is dealing in or trading in shares, securities, debentures and other investments. As per the information and explanation given to me and in my opinion proper records have been maintained of the transactions and contracts and timely entries have been made therein. However some of the shares, securities, debentures and other securities have been held by the Company in the name of Directors in pursu- ance of resolutions passed by the Company.

(xv) In my opinion and according to the information and explanations given to me, the Company has given guarantees to bank for loans taken by one Company in which directors are interested and mortgaged the properties of Company. As properties are mortgaged and no any counter guarantee has been obtained from the said Company it may affect prejudice the interest of Company in case of default made by Company on behalf of whom guarantee is given by Company to banks.

(xvi) According to my audit procedure and on the basis information and explanations given by the management, the Company has not obtained any Term loan during the year under review.

(xvii) Based on the information and explanations given to me and on an overall examination of the Balance sheet of the company, I report that no significant funds raised on short- term basis have been used for long-term investment by the Company.

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s.301 of the Act.

(xix) During the period covered under audit the company has not made any issue of any debentures.

(xx) The Company has not raised any money by way of public issue. Therefore the question of creation of securities or charge in respect thereof does not arise.

(xxi) To the best of my knowledge and belief and according information and explanations given to me, no fraud on or by the Company has been noticed or reported during the course of my audit.

For, Nirav A Patel & Associates Chartered Accountants

Nirav Patel

Place : Ahmedabad Proprietor

Date : 30/05/2014 M No : 151282

FRN NO 135076W

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Mar 31, 2013

1. We have audited the attached Balance Sheet of R.R. SECURITIES LIMITED as at 31st March 2013, the Profit and Loss Account and also Cash-flow Statement for the year ended on that date, annexed thereto. 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 of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor''s Report) Order, 2003 issued as amended by the Companies (Auditor''s Report) (Amendment) Order 2004 (together the Order'') issued by the Central Government of India in terms sub-section (4A) of Section 227 of The Companies Act 1956'' of India the ''Act'') 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 said Order.

4. Further to our comments in the Annexure referred to the 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, 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 referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 so far as they apply to the Company ;

(e) on the basis of written representations received from the directors, as on 31s1 March, 2013 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31s1 March. 2013 from being appointed as a director in terms of clause (g) of sub-section (1) pf section 274 of the Companies Act,1956 ; and

(f) in our opinion and to the best of our information and according to the explanations given to us, they said financial statements together with notes thereon and Schedules A to T annexed thereto, give in prescribed manner the information required by Act 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 31s''1 March 2013,

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

(iii) in the case of the Cash Flow Statement, of the Cash-flows for the years ended on that date.

Re: R.R. SECURITES LIMITED

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

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

(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) There has not been any substantial disposal of fixed assets during the year.

(ii) (a) The inventory has been physically verified during the year by management

In our opinion, the frequency of verification is reasonable

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

(c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventory and discrepancies noticed on verification between the physical verification have been properly dealt with in the books of account of the Company

(lii) (a) The Company had granted unsecured loans to one party covered in the register maintained under section 301 of the Companies Act, 1956 The maximum balance outstanding during the year was Rs 306998/- and the year-end balance of loans granted to all such company and party was Rs 102998/-. ,

(b) In our opinion and according to the information and explanations given to us, the terms and conditions on which loans have been granted to companies listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the company.

(c) The company and party is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

(d) There is no overdue amount of loans granted to company and listed in the register maintained u/s.301 of the Companies Act, 1956

(e) The company has taken unsecured loan from parties covered in the register

Maintained under section 301 of-the Companies Act, 1956. The maximum balance outstanding during the year was Rs. 9358611/- and the year-end balance of loans granted to all such parties and party was Rs 8888208/-.

(f) The repayment to parties are regularly been made in respect of the principal amounts and the payment of interest.

(g) There is no overdue amount of loans taken to the parties listed in the register maintained u/s.301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory fixed assets and for sale of goods

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

(b) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of such contracts or arrangements have been at prices, which are reasonable having regard to prevailing market prices at the relevant time

(v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public during the period covered by our audit report and hence the provisions of''Section 53A. 58AA or any other relevant provisions of the Companies Act. 1956 and companies (Acceptance of Deposits) Rules, 1975. According to the information and explanations to us, no Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this respect.

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

(viiii) According to information and explanations given to us the Central Government has not prescribed for the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956.

(ix)(a) According to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including investor education protection fund, income-tax, wealth-tax, service tax, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of investor education protection fund, Income-tax , Wealth-tax, service tax, and cess were outstanding, as at 31st March,2013 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Income Tax wealth tax service tax, and cess, which have not been deposited on account of any dispute

(x) The Company doesn''t have accumulated losses. The Company has not incurred cash losses during the financial year covered by our audit as well as in the immediately preceding year.

(xi) Based on our audit procedure and on the information and explanations given by the according Dy the management, the Company has not defaulted in repayment of dues to any Financial Institution or Bank The Company has not issued any Debenture

(xii) According to our audit procedure and on the basis information and explanations given by the management, the Company has not granted any loan on the basis of security by way of pledge of shares, debentures and other securities

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of this clause of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company

(xiv) The Company is dealing in or trading in shares, securities, debentures and other investments. As per the information and explanation given to us and in our opinion proper records have been maintained of the transactions and contracts and timely entries have been made therein. However some of the shares, securities, debentures and other securities have been held by the Company in the name of Directors in pursuance of resolutions passed by the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has given guarantees to bank for loans taken by one Company in which directors are interested and mortgaged the properties of Company. As properties are mortgaged and no any counter guarantee has been obtained from the said Company it may affect prejudice the interest of Company in case of default made by Company on behalf of whom guarantee is given by Company to banks.

(xvi) According to our audit procedure and on the basis information and explanations given by the management, the Company has not obtained any Term loan during the year under review

(xvii) Based on the information and explanations given to us and on an overall examination of the Balance sheet of the company, we report that no significant funds raised on short-term basis have been used for long-term investment by the Company.

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s.301 of the Act.

(xix) During the period covered under audit the company has not made any issue of any debentures

(xx) The Company has not raised any money by way of public issue. Therefore the question of creation of securities or charge in respect thereof does not arise

(xxi) To the best of our knowledge and belief and according information and explanations given to us. no fraud on or by the Company has been noticed or reported during the course of our audit

For, JIGAR S. SHAH & CO.

CHARTERED ACCOUNTANTS

FRN No. 131224W

Ahmedabad

Date: 18/07/2013 R SHAH

(PROPRIETOR)

M.NO. 105527

---

Mar 31, 2012

1 We have audited the attached Balance Sheet of R.R. SECURITIES LIMITED as at 31st March 2012, Ihe Profit and Loss Account and also Cash flow Statement for the year ended on that date, annexed thereto 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 m accordance worth 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 of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor s Report) Order, 2003 issued as amended by the Companies (Auditors report (Amendment) Order, 2004 (together the 'Order') issued by the Central Government of India in terms sub-section (4A) If Section 227 of The Companies Act, 1956' of India (the Act') 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 re a statement on the matters specified in paragraphs A and 5 of the said Order.

4. Further to our comments in the Annexure referred to the 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 taw have been Kept by the company so far as appears from our examination of those books: the Balance Sheet. Profit and Loss Account and Cash-flow statement dealt w.th 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 well by this Report comply with two Accounting Standards referred to in subjection (3C) of Section 211 of the Companies Act. 1956 so far as they apply to the Company

e) on the basis of written representations received from the directors, as on 31st March 2011 and taken en record by the Boa-d of Directors, we report that none of the directors is disqualified as on 31st March, 2011 mm being appointed as a director in terms of clause (g) of sub-section (1) pi section 274 of the Companies Act, 1955 . and In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with notes thereon and Schedules A to Z annexed thereto, give in prescribed manner the information required by Act and give a true and fair view in 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 2012.

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

(iii) in the case of the Cash Flow Statement, of the Cash-flows for the years ended on that date

ANNEXURE TO AUDITOR'S REPORT

Re . R.R. SECURITES LIMITED

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

(i) (a) The Company has maintained proper records showing full particulars Including quantitative details and situation of fixed asset’s.

(b) Ail the assets have not been physically verified by tried management during the year but there as a regular programmed of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets No material discrepancies were noticed on such verification

(c) There has not been any substantial disposal of fixed assets during the year.

(ii) {a) The inventory has been physically verified during the year by management In our opinion, the frequency of verification is reasonable

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

(c) In our opinion and according 10 the information and explanation given to us, the Company has maintained proper records of its inventory and discrepancies noticed on verification between the physical verification have been properly dealt with In the books of account of the Company.

(in) (a) The Company had granted unsecured loans to one party covered in the register maintained under section 301 of the Companies Act. 1956. The maximum balance outstanding during the year was Rs. 22, 82.103/- and the year-end balance of loans granted to all such company and party was Rs. 88,810/-.

(b) fn our opinion and according to the information and explanations given to us, the terms and conditions on which loans have been granted to companies listed in the register maintained under section 301 of the Companies Act, 1956 are not puma facie, prejudicial to the interest of the company.

(C) The company and party is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest

(d) There is no overdue amount of loans granted to company and listed in the register maintained ufe 301 of the Companies Act, 1955.

(e) The company has taken unsecured loan from parties covered in the register Mistimed under section 301 of the Companies Act. i956. The maximum balance outstanding dung the year was Rs, 13. 38,45 U- and the year-end balance of loans granted to alt such parties and party was Rs. 2. 80,898/-.

(f) The repayment to parties are regularly been made m respect of the principal amounts and the payment of interest

(g) There is no overdue amount of loans taken to the parties listed in the register maintained ute.301 of the Companies Act, 1956

(iv) in our opinion and according to the information and explanations given to us. there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods.

(v)(a) In our opinion. and according to the information and explanations given to us, in particulars of contracts or arrangements referred to in section 301 of the Act, nave been entered in the Register required to tie maintained under that section (a) fn our opinion and according to the information and explanation given to us. the transaction made in pursuance of such contracts or arrangements have been at prices, which are reasonable having regard :o prevailing market prices at the relevant time.

(v) In our option and according to the information and explanations given to us. the company has not accepted any deposit from the public during the period covered by our audit report and hence the provisions of Section 5SA. 58AA or another relevant provisions of the Companies Act, 1956 and companies (Acceptance of Deposits) Rules, 1975, According to the information and explanations to us, no Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this respect.

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

(viii) According to information and explanations given to us the Central Government has not prescribed for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956.

(ix)(a) According to the records of the Company, the Company , generally regular in depositing with appropriate authorities undisputed statutory dues including investor education protection fund, income-tax. wealth-tax, service tax. cess and other material statutory dues applicable to it According to the information and explanations given to us. no undisputed amounts payable in respect of investor education protection fund, Income-tax Wealth-tax. service tax. and cess were outstanding, as at 31st March.2012 for a period of more than six months from the date they become payable

(b) According to the information and explanations given to us. there are no dues of Income Tax, wealth tax service tax. and cess, which have not been deposited on account of any dispute

(x) The Company does have accumulated losses The Company has not incurred cash losses during the financial year covered by our audit as weil as in the immediately preceding year

(xi) Based on our audit procedure and on the information and explanations given by the according by the management, the Company has not defaulted in repayment of dues to any Financial Institution or Bank The Company has not issued any Debenture.

(xii) According to our audit procedure and on the basis information and explanations given by the management, the Company has not granted any loan on the basis of security by way of pledge of shares, debentures and other securities

(xiii) The company is not a chit fund or a nidhi mutual benefit fund/society Therefore, the provisions of this clause of the Companies (Auditor's Report) Order, 2003 are not applicable to the company

(xiv) The Company is dealing In or trading in shares securities, debentures and other investments As per the information and explanation given to us and in our opinion proper records have been maintained of the transactions and contracts and limit entries have been made therein However some of the shares, securities, debentures and other securities have been held by the Company in the name of Directors in pursuance of resolutions passed If the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has given guarantees to bank for loans taken by one Company in which directors are interested and mortgaged the properties of Company. As properties are mortgaged and no any counter guarantee has been untimed from the said Company it may affect prejudice the interest of Company in case of default made by Company on behalf of whom guarantee is given by Company to banks.

(xvi) According to our audit procedure and on the basis information and explanations given by the management, the Company has not obtained any Term loan during the year under review

(xvii) Based on the information and explanations given to us and on an overall examination of the Balance sheet of the company we report that no Significant funds raised on short-term basis have been used for long-term investment by the Company

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s 301 of the Act

(xix) During the period covered under audit the company has not made any issue of any debentures.

(xx) The Company has not raised any money by way of public issue. Therefore the question of creation of securities or charge in respect thereof does not anse To the best of our knowledge and belief and according information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.



For, JIGAR S. SHAH & CO,

CHARTERED ACCOUNTANTS

Ahmadabad

Date: 14.08.2012

JIGARSHAH

(PROPRIETOR)

M. NO. 105527

---

Mar 31, 2010

1 We have audited the attached balance sheet of M/s. R.R.SECURITIES LIMITED as at31st March 2010, THE PROFITS & LOSS ACCOUNT AND also CASH FLOW STATEMENT for the year ended on that date and annexed thereto. 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 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 issued AS AMENDED BY THE COMPANIES(Auditors Report)(Amendment) Order, 2004 (together the order) issued by the Central Government of India in terms subsection (4A) of section 227of the Companies Act, 1956, of India (the Act) 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 said Order.

4 Further to our comments in the Annexure referred to in paragraph 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 referred to in sub-section (3C) of section 211 of the Comapnies Act 1956 so far as they apply to the Company.

(e) On the basis of written representations received from the directors as on March 31. 2010 and taken on record by the Board of Directors, we report that none director of the Company 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; and

(f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with notes thereon and Schedules A to T annexed thereto, give in prescribed manner the information required by Act and give a true and fair view in conformity with the accounting principles generally accepted in India;

(i) in the case of BALANCE SHEET, of the STATE OF AFFAIRS of the company as at 31st March 2010.

(ii) in the case of the PROFITAND LOSS ACCOUNT of the Profit for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT R.E. R. R. SECURITIES LIMITED. (Referred in paragraph 3 of our report of even date.)

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

(b) All the assets have not been physically verified by the management during the year, but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) There has not been any substantial disposal of fixed assets during the year.

(ii) (a) The inventory has been physically verified during the year by management. In our opinion the frequency of verification is reasonable.

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

(c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventory and discrepancies noticed on verification between the physical verification have been properly dealt with in the books of account of the Company.

(iii) (a) The Company had granted unsecured loans to one party covered in the Register maintained under section 301 of the Companies Act, 1956. The maximum balance outstanding during the year was Rs.31,57,818/- and the year end balance of loans granted to all such Companies and parties was Rs.6,09,918/-.

(b) In our opinion and accoding to the information and explanations given to us the terms and conditions on which loans have been granted to companies listed in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the company.

(c) The company and the party is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

(d) There is no overdue amount of loans granted to company and parties listed in the register maintained u/s 301 of the Companies Act, 1956.

(e) The Company has taken unsecured loan from company party covered in the register Maintained under section 301 of the Companies Act, 1956. The maximum balance outstanding during the year was Rs.43,46,174/- and the year-end balance of loans granted to all such company and party was Rs.43,46,174/-.

(f) The repayment to parties are regularly been made in respect of the principal amounts and the payment of interest.

(g) There is no overdue amount of loans taken to the parties listed in the register maintained u/s.301 of the Comapanies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adeqeuate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for sale of goods

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

(b) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of such contracts or arrangements have been at prices, which are reasonable having regard to prevailing market prices at the relevant time.

(v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public during the period covered by our audit report and hence the provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and companies (Acceptance of Deposits) Rules, 1975. According to the information and explanations to us, no Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this respect.

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

(viii) According to information and explanations given to us the Central Government has not pescribed for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956.

(ix)(a) According to the records of the Company, the Company is generally regular in depositing with appropriate authorities undisputed statutoty dues including investor education protection fund, income-tax, wealth-tax, service tax, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of investor education protection fund, Income- tax, Wealth-Tax, Service Tax and cess were outstanding as at 31st March, 2010 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Income Tax, wealth tax, service tax and cess, which have not been deposited on account of any dispute.

(x) The Company does have accumulated losses. The Company has not incurred cash losses during the financial year covered by our audit as well as in the immediatly preceding year.

(xi) Based on our audit procedure and on the information and explanations given by the according by the management, the Company has not defalulted in repayment of dues to any Financial Institution or Bank. The Company has not issued any Debenture.

by the management, ihe Company has not granted any loan on the basis of security by way of pledge or shares, debentures and other securities.

(xiii) The Company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of this clause of the Companies (Auditors Reoprt) Order, 2003 are not applicable to the company.

(xiv) The Company is dealing in or trading in shares, securities, debentures and other investments. As per the information and explanation given to us and in our opinion proper records have been maintained of the transactions and contracts and timely entries have been made therein. However, some of the shares, securities, debentures and other securities have been held by the Company in the name of Directors in pursuance of resolutions passed by the Company.

(xv) In our opinion and according to the information and explanations given to us, the Company has given guarantees to bank for loans taken by one Company in which directors are interested and mortagaged the properties of Company. As properties are mortgaged and no any counter guarantee has been obtained from the said Company it may affect prejudicie the interest of Company in case of default made by Company on bahalf of whom guarantee is given by Company to banks.

(xvi) According to our Audit procedure and on the basis information and explanations given by the management, the Company has not obtained and Term loan during the year under review.

(xvii) Based on the information and explanations given to us and on an overall examination of the Balance sheet of the company, we report that no significant funds raised on short-term basis have been used for long-term investment by the Company.

(xviii) The company has not made any preferential allotment of shares to any parties and companies covered under the register maintained u/s. 301 of the Act.

(xix) During the period covered under audit the company has not made any issue of any debentures.

(xx) The Company has not raised any money by way of public issue. Therefore the question of creation of securities or charge in respect thereof does not arise.

(xxi) To the best of our knowledge and belief and according information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For JIGARS.SHAH & CO. CHARTERED ACCOUNTANTS

Sd/- JIGAR SHAH (PROPRIETOR) M.NO. 105527

DATE :03-O5-2010 Place: Ahmedabad