Auditor Report of Siddha Ventures Ltd.

Mar 31, 2024

We have audited the accompanying standalone Ind AS financial statements of Siddha
Ventures Limited ("the Company"), which comprise the Balance Sheet as at March 31 2024,
the Statement of Profit and Loss (including other comprehensive income), the Cash Flow
Statement and the Statement of Changes in Equity for the year then ended, and notes to the
Ind AS financial statements, including a summary of 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 standalone 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 accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2024, its profit (including other comprehensive
income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the
Standards on Auditing (SAs), as specified under section 143(10) of the Act. 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 financial statements under the provisions of the Act 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 audit opinion on the standalone Ind AS 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 Ind AS financial statements for the financial year
ended March 31, 2024. These matters were addressed in the context of our audit of the
standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters. For each matter below, our description
of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be
communicated in our report. We have fulfilled the responsibilities described in the Auditor''s
responsibilities for the audit of the standalone Ind AS financial statements section of our
report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material
misstatement of standalone the Ind AS financial statements. The results of our audit
procedures, including the procedures performed to address the matters below, provide the
basis for our audit opinion on the accompanying standalone Ind AS financial statements.

Key audit matters

How our audit addressed the key audit matter

Valuation and Existence of Inventories We have focused on the valuation and existence of the inventories in Equity because these represents a principal element on the net assets in the Financial Statements

We have assessed the Company''s process to compute the fair value of various investments and inventories. For quoted instruments we have independently obtained the market value and recalculated the fair value. For unquoted instruments we have obtained an understanding of various methods used by the management and analyzed the reasonableness of the principal assumptions made for estimating the fair value and other various data used while arriving at the fair value measurements

Other Information

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, Corporate Governance and
Shareholder''s Information, but does not include the standalone Ind AS financial statements
and our auditor''s report thereon.

Our opinion on the standalone 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 standalone financial statements, our responsibility is to
read the other information and, in doing so, consider whether such other information is
materially inconsistent with the financial statements or our knowledge obtained in the 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.

Responsibilities of Management for the Ind AS Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these standalone 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) specified under section 133 of the Act read with the 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 of 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 the 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 statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

In preparing the standalone 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 Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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 standalone
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 standalone 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 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 with reference to financial statements in place and the
operating effectiveness of such controls.

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

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

• Evaluate the overall presentation, structure and content of the standalone Ind AS financial
statements, including the disclosures, and whether the standalone Ind AS 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.

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

We 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 Ind AS financial
statements for the financial year ended March 31, 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 of India in terms of sub-section (11) of section 143 of the Act, we
give in the "Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of
the Order.

2. 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 including the Statement of Other
Comprehensive Income, 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 standalone Ind AS financial statements comply with the
Accounting Standards specified 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 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 with reference to
standalone Ind AS financial statements and the operating effectiveness of such
controls, refer to our separate Report in "Annexure 2" to this report;

(g) No managerial remuneration has been paid to the directors during the year ended 31
March 2024

(h) 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, as amended 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 on its financial position in its standalone
Ind AS financial statements

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

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

iv. a) The management has represented that, to the best of its knowledge and belief,
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(s) or entity(ies), 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;

b) The management has represented that, to the best of its knowledge and belief,
no funds have been received by the company from any person(s) or entity(ies),

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

c) Based on such audit procedures that were 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. The Company has not declared any dividend during the year, so reporting under
this clause for the compliance with section 123 of the Companies Act, 2013, is not
applicable.

vi. Based on our examination which included test checks, the Company has used the
accounting software for maintaining its books of account, which has the feature of
recording audit trail (edit log) facility, however the same has not operated
throughout the year for all the relevant transactions recorded in the software but only
from 18^th August 2023 to 31^st March 2024

Further, from 18^th August 2023 to 31^st March 2024 where audit trail (edit log) facility
was enabled, we did not come across any instances of the audit trail feature being
tampered with during the course of the audit

As the proviso to Rule 3(1) of the Companies (Accounts) Rules 2014 is applicable
from 1 April 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules 2014 on preservation of audit trail as per requirements for record retention is
not applicable for the financial year ending 31 March 2024

SD/-

Krishna Kumar Chanani

Partner, K K Chanani & Associates
Chartered Accountants
Membership No. 056045
FRN No. 322232E
UDIN No.24056045BKBIJA8568

Kolkata, the 28^th May, 2024

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Mar 31, 2014

We have audited the accompanying financial statement of Siddha Ventures Limited("the Company"), which comprise the Balance Sheet as at 31st March 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s 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 referred to in sub-section (3C) of the section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and the 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 the internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements subject to:

i) note no.24 regarding non- provision of Gratuity Liability,

ii) note no.21 on inventories for the unquoted shares for which certificate is yet to be received give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on 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 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, 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, Profit and Loss and Cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of the section 211 of the Act.

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

Annexure to Auditor''s Report

On the basis of such checks as we consider appropriate and in terms of the information and explanations given to us, we state that:

1. a. The Company has generally maintained proper records showing full particulars including the quantitative details and situations of fixed assets on the basis of available information.

b. As explained to us, all the fixed assets have been physically verified by the management, during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. During the year, Company has not disposed off any substantial/major part of its fixed asset.

2. a. As explained to us, the inventory, except shares lying with third parties and the shares accounted for on the basis of allotment advice, have been physically verified during the year by the management at reasonable intervals.

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and discrepancies noted on physical verification have been properly dealt with in the books of account.

3. a-c The Company has not taken any loans, secured or unsecured, from companies, firms or other parties, covered in the register maintained under Section 301 of the Companies Act,1956;

d The Company has taken unsecured loans from one of the parties covered in the register maintained Under section 301 of the act. The Maximum amount involved during the year aggregates to Rs 1, 97,50,526 and the year-end balance is Rs 1, 61, 00,000.

E In our opinion and according to the information and explanations given to us, the rate of interest wherever applicable and other terms and conditions are prima facie prejudicial to the interest of the Company

4. In our opinion and according to the information and explanations given to us, there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase and sale of shares except the unquoted shares. During the course of our audit, we have not observed any major weaknesses in the internal control system.

5. In respect of transactions covered under Section 301 of the Companies Act''1956:

a. In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs.5,oo,ooo/-(Rupees Five Lacs only) or more in respect of any party.

6. The Company has not accepted any deposits from the public during the year.

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

8. a. According to the records of the Company, it has been regular in depositing undisputed Statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues to the extent applicable with the appropriate authorities;

b>. According to the information and explanations given to us, details of disputed income tax have not been deposited on account of matters pending before appropriate authorities are as under:

Forum where

Sr. No. Name of the Statute Nature of dues dispute is pending Amount Nil

9. The accumulated losses of the Company have not exceeded fifty percent of its net worth as at the end of the year. The Company has not incurred cash losses during the financial year covered by our audit and in the financial period immediately preceding financial year.

10. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders, as there were no such dues.

11. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

12. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditor''s Report) Order 2003 as amended is not applicable to the Company.

13. The Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares & debentures and other investments have been, held by the Company in its own name, except the shares under process of transfer.

14. In our opinion and according to the information and explanation given to us the Company has not given any guarantees for loans taken by others from banks or financial institutions.

15. As informed, the Company has not raised any term loans during the year.

16. According to the information and explanations given to us and on an overall examination of the Balance Sheet and Cash Flow Statement of the Company, we are of the opinion that funds raised on short-term basis have, prima facie, not been used during the year for long-term investment and vice-versa.

17. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

18. The Company has not raised any money by way of public issue during the year.

19. To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the Company was noticed or reported during the year.

For, Damle Dhandhania & Co. Chartered Accountants (FRN No.:- 325361E) Manish Dhandhania Place: Kolkata Partner Dated: The 31st Day of May''2014 Membership No. 065901

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statement of Siddha Ventures Limited the Company"), which comprise the Balance Sheet as at 31st March 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information- Management''s Responsibility for the Financial Statements

The Company''s 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 referred to in sub-section (3C) of the section 2U of lie Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the finnwinl statements that give a true and fair view and are free froin material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from materia] misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depc-nd on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In malting those risk assessments, the auditor considers the internal control relevant to the Company''s preparation and fan- presentation of me financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonable ness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements."

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements subject to:

i) note no-25 regarding non- provision of Gratuity Liability,

ii) note ua.22 on investpriesfor the unquoted shares for which certificate is. yet to be received give the information required by the Act in the manner so repaired 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 affiars of the Company as at 31* March 2013;

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

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

Report on Other Legal and Regulatory Recpiirements

1. As required by the Companies (Auditors Report) Order. 2003 ("the Order") issued by the Centra] Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on matters specified in paragraphs 4 and 5 of the Order.

2- As required by section 227(3)of the Act we report that

(a) We have obtained aB 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 die Company, so far as it 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 opiiiion, the Balance Sheet, Profit and Loss and Cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of the section 2u of the Act

(e) On the basis of the written representations received from the directors as on 31st March 2013 taken on record by the Board of Directors, none of the directors are disqualified as on 31st March''20j3 from being appointed as a Director in terms of clause (g) of sub section (l) of section 274 of the Act

Annexure to Auditor''s Report

Referred to in paragraph 5 of our report of even date

On (he basis of such checks as we consider appropriate and in terms of the information and explanations given to us, we state that

1. a. The Company has generally maintained proper records showing full particulars including the quantitative details and situations of fixed assets on the basis of available information.

b- As explained to us, all the fixed assets have been physically wrified by the management, during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of tile Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. During the year. Company has not disposed off any substantial/major part of its fixed asset

2. a. As explained to us, the inventory, except shares lying with third parties and the shares accounted for on the basis of allotment advice, have been physically verified during the year by the management at reasonable intervals.

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and discrepancies noted on physical verification have been properly dealt with in the books of account

3. a. The Company has not taken any loans, secured or unsecured, from companies, firms or other parties, covered in the register maintained under Section 301 of the Companies Act,1956;

b. The Company lias granted loans & advances to company covered in the register maintained in Section 301 of the Companies Act, 1956 in the current year;

c. In our opinion and according to the information and explanations given to us, the rate of interest wherever applicable and other terms and conditions are prima facie prejudicial to the interest of the Company.

4. In our opinion and according to the information and explanations given to us, there are generally adequate internal control procedures commensurate with the size of the Company and tile nature of its business for the purchase and sale of shares except the unquoted shares. During the course of our ,audit, we have not observed any major weaknesses in the internal control system.

5. In respect of transactions covered under Section 301 of the Companies Act''10.56:

a. Jn our opinion and according lo die information and explanations given to us, die transaction made in pursuance of contracts or arrangements, diat needed to be entered into in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs.5,00,00O/-(RupeeS Five Lacs only) or more in respect of any party.

6- The Company has not accepted any deposits from the public during the year.

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

8.3- According to the records of die Company, it has been regular in depositing undisputed Statutory dues including Provident Fund,'' Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other material statutory dues to the extent applicable with the appropriate autiiorities;

b. According to the infonoation and explanations given to us, details of disputed income tax have not been deposited on account of matters pending before appropriate authorities are as under:

Forum where Sr. No. Name of the- Statute Nature of dues dispute is pending Amount Nil

9. The accumulated losses of the Company have not exceeded fifty percent of its net worth as at the end of the year. The Company has not incurred cash losses during the financial year covered by our audit and in the financial period immediately preceding financial year.

10. Based on our audit procedures and according to the mforroation and explanations given to us, we are of the opinion mat the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders, as there were no such dues.

11. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities*

12. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiu) of the Companies (Auditor''s Report) Order 2003 as amended is not applicable to die Company.

13. The Company has maintained proper records of transactions and contracts in respect; of trading in securities, debentures and other investments and timely entries have been made therein. AH shares & debentures and other investments have been, held by the Company in its own name, except the shares under process of transfer.

14. In our opinion and according to the information and explanation given to us the Company has not given any guarantees for loans taken by others from banks or financial institutions.

15. As informed, the Company has not raised any term loans during the year.

16. According to the information and explanations given to us and on an overaB exaniination of the Balance Sheet and Cash Flow Statement of the Company, we are of the opinion that funds raised on short-term basis have, prima fads, not been used during the year for long-term investment and vice-versa.

17. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 30 of the Companies Act, 1956.

18. The Company has not raised any money by way of public issue during the year.

19. To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the Company was noticed or reported during the year.

For, Damle Dhandhania & Co.

Chartered Accountants

(FRNNo. :-325361E)

Manish Dhandhania Place: Kolkata Partner

Dated: The 30th Day of May''2013 Membership No. O65O01

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Mar 31, 2012

We have audited the attached Balance Sheet of Siddha Ventures Limited, as at March 31, 2012 and also the Profit and loss Account and the 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.

1. 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 the 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. These accounts have been prepared on the basis of going concern assumption and consequently, assets and liabilities have been stated in these accounts at historical cost. However, having regard to the facts that:

a) The broking operation as a member of OTCEI has never started refer note 25 of Notes on Accounts.

b) Negative net-worth of the Company.

c) The Company has not declared any dividend since the year 1995-96.

There is, in our opinion significant uncertainty that the Company will be able to continue as a going concern. The difference, if any, between the historical values at which assets and liabilities have been stated and the values that they are likely to realize if the Company ceases to be a going concern has not been ascertained, and therefore, could not be commented upon by us.

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

4. Further to our comments in the Annexure referred to above, we report that:-

i) We have obtained all the information and explanations, except the physical script of unquoted shares held in inventories, which to the best of our knowledge and belief, were necessary for the purposes of our audit;

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

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

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3c) of the Section 211 of the Companies Act, 1956;

v) On the basis of the written representations received from the directors as on 31st March 2012, and taken on records by the Board of Directors, we report that, none of the directors are disqualified as on 31st March'2012 from being appointed as a Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act 1956;

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

i) note no. 25 regarding non-provision of Gratuity liability,

ii) note no.22 on inventories for the unquoted shares for which certificate is yet to be received and the other notes thereon, give the information required by the Companies Act, 1956, in the manner so required, and give a true and fair view, in conformity with the Accounting Principles generally accepted in India:

a) In so far as it relates to Balance Sheet, of the State of affairs of the Company as at 31st March, 2012;

b) In So far as it relates to the Profit and Loss Account, of the profit for the year ended on that date; and

c) In so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Annexure to Auditor's Report

Referred to in paragraph 3 of our report of even date

On the basis of such checks as we consider appropriate and in terms of the information and explanations given to us, we state that:

1. a. The Company has generally maintained proper records showing full particulars including the quantitative details and situations of fixed assets on the basis of available information.

b. As explained to us, all the fixed assets have been physically verified by the management, during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. c. During the year, Company has not disposed off any substantial/major part of its fixed asset.

2. a. As explained to us, the inventory, except shares lying with third parties and the shares accounted for on the basis of allotment advice, have been physically verified during the year by the- management at reasonable intervals.

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business.

c In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and discrepancies noted on physical verification have been properly dealt with in the books of account.

3.a. The Company has not taken any loans, secured or unsecured, from companies, firms or other parties, covered in the register maintained under Section 301 of the Companies Act, 1956;

b. The Company has granted loans & advances to company covered in The register maintained in Section 301 of the Companies Act, 1956 in the current year;

c. In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are prima facie prejudicial to the interest of the Company.

4. In our opinion and according to the information and explanations given to us, there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase and sale of shares except the unquoted shares. During the course of our audit, we have not observed any major weaknesses in the internal control system.

5. In respect of transactions covered under Section 301 of the Companies Act'1956:

a. In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 aggregating during the year to Rs.5,00,000/- (Rupees Five Lacs only) or more in respect of any party.

6. The Company has not accepted any deposits from the public during the year.

7, The internal audit of the Company has not been carried out during the year.

6.a. According to the records of the Company, it has been regular in depositing undisputed Statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise- Duty, Cess and any other material statutory dues to the extent applicable with the appropriate authorities;

b. According to the information and explanations given to us, details of disputed income tax have not been deposited on account of matters pending before appropriate authorities are as under;

Sr. Name of the Statute Nature of dues Forum where Amount No. dispute is pending Nil

9. The accumulated losses of the Company have exceeded fifty percent of its net worth as at the end of the year. The Company has not incurred cash losses during the financial year covered by our audit and in the financial period immediately preceding financial year.

10. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks, or debenture holders, as there were no such dues.

11. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

12. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditor's Report) Order 2003 as amended is not applicable to the Company.

13. The Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares & debentures and other investments have been, held by the Company in its own name, except the shares under process of transfer.

14. In our opinion and according to the information and explanation given to us the Company has not given any guarantees for loans taken by others from banks or financial institutions.

15. As informed, the Company has not raised any term loans during the year.

16. According to the information and explanations given to us and on an overall examination of the Balance Sheet and Cash Flow Statement of the Company, we are of the opinion that funds raised on short-term basis have, prima facie, not been used during the year for long-term investment and vice-versa.

17. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

18. The Company has not raised any money by way of public issue during the year.

19. To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the Company was noticed or reported during the year.



For Damle Dhandhania & Co.

Chartered Accountants (FRN No.: - 325361E)

Sd/- Manish Dhandhania Partner Membership No.; 065901

Place: Kolkata Dated: The 30th day of May'2012