Auditor Report of Vikalp Securities Ltd.

Mar 31, 2024

We have audited the standalone Ind As financial statements of Vikalp Securities Limited (the
“Company”) which comprise the standalone balance sheet as at 31 March 2024, and the standalone
statement of profit and loss (including other comprehensive income), standalone statement of
changes in equity and standalone statement of cash flows for the year then ended, and notes to the
standalone financial statements, including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as “ Ind AS Financial Statements”).

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
(“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, of the state of affairs of the Company as at 31 March 2024, and its profit
and other comprehensive loss, changes in equity and its cash flows 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 Ind As 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 Ind AS financial statements of the current period. These matters were addressed in
the context of our audit of the Ind AS financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.

There is no Key Audit Matters Reportable as per SA 701 issued by ICAI.

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

The Company’s Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included Board’s Report including Annexures to
Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s
Information, Management Discussion and Analysis Report but does not include the standalone Ind
AS financial statements and our auditor’s report thereon.
These reports are expected to be made available to us after the date of our auditor’s report. 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 Ind AS financial statements, our responsibility is to
read the other information identified above when it becomes available and, in doing so, consider
whether the other information is materially inconsistent with the standalone 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 material misstatement of this other
information, we are required to report that fact. We are unable to report in this regard as other
information was not available till the time of conclusion of our audit.

Responsibilities of Management and Those Charged with Governance 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, total comprehensive income, changes in
equity and cash flows of the Company in accordance with the Ind-AS and other accounting
principles generally accepted in India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the 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 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 responsible for overseeing the Company’s financial reporting process.

The Board of Directors is also responsible for establishing and maintaining adequate and effective
controls in respect of use of accounting software that entails the requisite features as specified by
the Companies (Accounts) Rules, 2014, as amended from time to time, including an evaluation and
assessment of the adequacy and effectiveness of the corporations accounting software in terms of
recording and maintaining audit trail (edit log) of each and every transaction and ensuring that the
audit trail cannot be disabled and has been operated throughout the year for all transactions recorded
in the software and the audit trail feature has not been tampered with and the audit trail has been
preserved by the corporation as per the statutory requirements for record retention.

Auditor’s Responsibilities

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 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 the Management and Board of
Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going
concern basis of accounting in preparation of standalone financial statements 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 standalone 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 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.

Materiality is the magnitude of misstatements in the standalone Ind AS financial statements that,
individually or in aggregate, makes it probable that the 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 communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.

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

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the standalone Ind AS financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditor’s

report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central
Government of India in terms of subsection (11) of section 143 of the Act, we give in the Annexure-
A, a statement on the matters specified in the paragraph 3 and 4 of the order.

2. As required by Section 143(3) of the Act, based on our audit 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 Other Comprehensive Income,
Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report
are in agreement with the relevant books of account.

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

e. On the basis of the written representations received from the directors as on 31 March 2024
taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 with reference to financial
statements 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 the
requirements of Sec 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to
us, the remuneration paid by the Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.

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 litigation which would impact its financial position.

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, as
referred in notes to the accounts, 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 persons or entities, 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, as
referred in the notes to the accounts, 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

c. Based on the information and details provided and other audit procedures followed,
nothing has come to our notice that has caused us to believe that the representations
under sub clause iv(a) and (b) contain any material misstatement.

v) No dividend has been declared or paid during the year by the company.

vi) Based on our examination which included test checks, the company has used
accounting software for maintaining its books of accounts for the financial year
ended March 31, 2024 which does not have a feature of recording audit trail (edit
log) facility in terms of proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014.

For Gupta & Shah
Chartered Accountants
FRN: 001416C

CA Sharad Kumar Shah

Partner

M.No.070601

UDIN: 24070601BKCPNJ7007
Place: Kanpur
Date: 29.05.2024

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Mar 31, 2013

We have audited the accompanying financial statements of VIKALP SECURITIES LIMITED.("the company"), which comprise the Balance Sheet as at March 31.2013, the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211 (3C) 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 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 disclosures in the financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements

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

Opinion

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

(a) In the case of the Balance Sheet of the state of affairs of the Company as at March 31,2013;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of Section 227( 4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act. we report that

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

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

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

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

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

ANNEXURE TO INDEPENDENT AUDITORS'REPORT

ANNEXURE REFERED TO IN PARAGRAH 1 UNDER THE HEADING "REPORT ON LEGAL AND OTHER REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE

1 In Respect of its Fixed Assets

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

(b) All fixed assets have been physically verified by the management during the year In our opinion frequency of verification is reasonable having regard to the size of the company and the nature of Its assets. As informed no material discrepancies were noticed on such verification

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

2. In Respect of its inventories

(a) The management has conducted physical verification of inventory at reasonable intervals during the year of unquoted & non dematertised securities

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

(c) In our opinion and according to the explanations given to us The Company is maintaining proper records of inventory and as informed no material discrepancy was noticed on physical verification.

3. (a) According to the information and explanation given to us the company has granted unsecured loan to a company, whose maximum balance at any time during the year is Rs 231285/- covered in the register maintained under section 301 of the Companies Act, 1956 and the balance outstanding at the end of the year amounts to Rs. NIL only.

(i) No interest has been charged on the said advance & all other terms & conditions of unsecured loans granted by the company are prima facie not prejudicial to the interest of the company

(ii) In our opinion and according to the information and explanation provided to us, has paid the advance given to it during the year

(iii) In our opinion and according to the information and explanation given to us the amount granted to company has been received back

(b) (i) According to the information and explanations given to us the company has taken unsecured loan from one other party covered in the register maintained under section 301 of the Companies Act. 1956 whose maximum balance at any time during the year is Rs 13399558/- and the balance outstanding at the end of year in Rs 12829558/-

(ii) No interest has been charged on the said loan taken by the company & other terms & condition of unsecured loan are prima facie not prejudicial to the interest of the company

(c) In our opinion and according to the information and explanation provided to us, the party is regular in payment of principal

4. 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 and fixed assets and for the sale of goods and services During the course of our audit, no major weakness has been noticed In the internal control system.

5. (a) According to the information and explanation given to us. we are of the opinion that the particulars of contracts or arrangements referred to in section 301, of the companies Act 1956 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, there is transaction with parties with whom transactions exceeding value of Rupees Five Lakhs has been entered into during the financial year are at prices which are reasonable having regard to the prevailing market prices at the relevant time

6 In our opinion and according to the information and explanations given to us the company has not accepted any deposits from the public Therefore the provisions of (VI) of paragraph 4 of the order are not applicable

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

8. Since the company is engaged in the business of trading of shares and securities and investment business, the requirement of clause (VIII) of the paragraph 4 of the order are not applicable to the company

9 (a) According to the records of the company, the company is regular in depositing undisputed statutory dues including Income Tax. Service Tax, Securities Transaction Tax and other statutory dues as applicable to it with the appropriate authorities According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax. Service Tax, S.T.T & other applicable statutory dues were outstanding, at the year end for a period of more than six months from the date they became payable

(b) According to the records of the Company, there are no dues outstanding of Income Tax, Service Tax and other applicable statutory dues on account of any dispute

10. The Company does not have accumulated losses at the end of the financial year and has incurred cash losses during the financial year covered by our audit but there was Cash Profit in the immediately preceeding financial year

11. Based on our audit procedures and on the information and explanations given by the management, the Company does not have any borrowings from financial institutions, banks or by way of debentures

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

13. In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual benefit fund/societies.

14 In respect of dealing/trading in shares, securities, debentures and other investments, in our opinion and according to the information and explanations given to us. proper records have been maintained of the transactions and contracts and timely entries have been made therein The shares, securities, debentures, and other securities have been held by the company, in its own name

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

16 The Company do not have any term loans during the year

17. The Company have any short term borrowings during the year

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

19. The Company has not issued any debenture during the year

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

21. In our opinion and according to the information and explanations given to us the company has not noticed or reported any fraud on or by the Company

FOR CHAUDHARY PANDIYA& CO. CHARTERED ACCOUNTANTS FRN001903C

GANESH CHAUDHARY PLACE:KANPUR PARTNER DATE: 14.06.2013 M N 70838

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Mar 31, 2010

1. We have audited the attached Balance Sheet of M/S VIKALP SECURITIES LIMITED and the Profit & Loss Account and the cash flow statement for the year ended 3lst March 2010 and report as follows:

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 have conducted our audit in accordance with auditing standards generally accepted in India. Those standard require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on the 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. Wa believe that our audit provides a reasonable basis for our opinion.

3.Asrequired by the companies (AuditorsReport) Order, 2003 issued by the Central Government of lndia in terms of subsection (4A)ofSec. 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:

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 the books.

c. The Balance Sheet & Profits 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 & Loss Accounts and the Cash Flow Statement dealt with by this report comply ; with the requirerment to the Accounting standard referred to in Section 3(C) of Section 211 of the Companies Act.1956. Expect accounting standard AS 9 relating to income recognition in respect of dividend income as per note No. 1.7 (C) of J Schedule 10 of the balance Sheet.

e. On the basis of the written representation received from the directors, and taken on record by the Board of Director, we report that none of the directors is disqualified as on 31 st 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.

f. Inour opinion and to the best of our in fomiation and according to the explanations given to us.the said accounts give the information required by the Companies Act. 1956 in the manner so required subject to note no.2.7 of schedule no. 10 of the balance sheet give a true a fair view in conformity with the accounting principles generally accepted in India.

(i)ln the case of Balanoe Sheet of the state of affairs of the Companyas at 31st March,2010.

(ii) in the case of the Profit & Loss account of the Profit for the year ended on that date.

(iii) in the case of Cash Flow Statement of the Cash Flow for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE. RE: VIKALP SECURITIES LIMITED

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

(b) All fixed assets have been physically verified by the management during the year. As informed no material discrepancies were noticed on such verification.

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

2) (a) The management has conducted physical verification of inventory at reasonable intervals during the year of unquoted & non dematerlised securities.

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

(c) The Company is maintaining proper records of inventory and as informed no material discrepancy was noticed on physical verification.

3) (a) According to the information and explanation given to us the company has granted unsecured loan to a company, and one other party whose maximum balance at any time during the year is Rs. 231285/- and Rs. 325000/- respectively covered in the register maintained under section 301 of the Companies Act, 1956 and the balance outstanding at the end of the year amounts to Rs. 231285/- and Rs. 325000/- respectively.

(i) No interest has been charged on the said advance & all terms & condition of unsecured loans granted by the company are prima facie not prejudicial to the interest of the company.

(ii) In our opinion and according to the information and explanation provided to us, the company is not paying the principal according to the terms and conditions of the loan given.

(iii) In our opinion and according to the information and explanation given to us the amount granted to company is overdue and the account are not regular in payment of the dues.

(b) (i) According to the information and explanations given to us the company has taken unsecured loan from one other party covered in the register maintained under section 301 of the Companies Act, 1956 whose maximum balance at any time during the year is Rs. 800000/- and the balance outstanding at the end of year in Rs. NIL.

(ii) No interest has been charged on the said loan taken by the company & other terms & condition of unsecured loans are prima facie not prejudcial to the interest of the company.

(c) In our opinion and according to the information and explanation provided to us, the party is regular in payment of principal.

4) 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 and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system.

5) (a) Based on the audit procedures applied by us and according to the information and explanation provided by the

management, we are of the opinion that there is transactions that need to be entered into the register maintained under section 301, of the companies Act, 1956 and they are entered into the register.

(b) In our opinion and according to the infermation and explanation given to us, there is transaction with parties with whom transactions of Rupees Five Lakhs has been entered into during the financial year are at prices which are having regard to the prevailing market prices at the relevant time.

6) The company has not accepted any deposits from the public.

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

8) Since the company is doing share broking and investment business the requirement of para (VIM) of the clause 4 of order does not apply.

9) (a) According to the records of the company, the company is regular in depositing undisputed statutory dues including Income Tax, Service Tax, Securities Transaction Tax and other statutory dues applicable to it with the appropriate . authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of . Income Tax, Service Tax, STT&other applicable statutory dues were outstanding, at the year end for a period of more I than six months from the date they became payable.

(b) According to the records of the Company, there are no dues outstanding of Income Tax, Service Tax and other applicable statutory dues on account of any dispute

10) The Company does not have accumulated losses at the end ofthe financia lyear and has not incurred cash losses during the I financial year covered by our audit and the immediately preceeding financial year.

11) Based on our audit procedures and on the information and explanations given by the management, the Company does not ; have any borrowings from financial institutions, banks or by way of debentures.

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

13) In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not ; attract any special statute applicable to chit fund and nidhi/mutual benefit fund/societies.

14) In respect of dealing/trading in shares, securities, debentures and other investments, in our opinion and according to the ". information and explanations given to us, proper records have been maintained of the transactions and contracts and timely ¦ entries have been made therein. The Shares, Securities, Debentures and other securities have been held by the company, ¦ ; in its own name.

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

16) The Company do not have any term loans during the year.

17) The Company do not have any short term borrowings during the year.

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

19) The Company has not issued any debenture during the year.

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

21) In our opinion and according to the informrationand explan given to us the company has not noticed or reported any fraud on or by the Company.



FOR CHAUDHARYPANDIYA & CO.

CHARTERED ACCOUNTANTS FRN001903C

GANESH CHAUDHARY

PLACE: KANPUR PARTNER

DATE:27-07-2010 M.N.70838