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Auditor Report of Amit Securities Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of AMIT SECURITIES LIMITED (The Company), which comprises the Balance sheet as at 31stMarch, 2015 and the statement of Profit and Loss and Cash Flow statement for the year then ended, and a summary of significant accounting policies and other explana- tory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s Board of Directors is responsible for matters stated in Section 134(5) of the Companies Act, 2013 ("The Act") with respect to the preparation of these financial statements that give a true and fair value of the financial positions, financial performance and cash flows of the company in accordance with the accounting standards referred to in section 133 of the Act, read with rule 7 of the Companies (Accounts) Rule, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provision of 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 esti- mates 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 ac- counting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit,

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the standards on Auditing specified under Section 143(10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assess- ment 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operat- ing effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at March 31, 2015, and its profit and its 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, 2015 ("the order"), issued by the Central

Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013 we give

in the annexure a statement on the matters specified in paragraphs 3 and 4 and 5 of the order to the

extent applicable.

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 knowl- edge 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 of the Company.

c. The Balance Sheet and statement of Profit and Loss Account and Cash Flow statement dealt with by these reports are in agreement with the books of account of the Company.

d. In our opinion, the Balance Sheet and Profit & Loss Account and Cash Flow statement dealt with by this report comply with the accounting standards specified under section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014.

e. On the basis of written information received from the directors of the Company and taken on record by the Board of Directors as on 31st March 2015, and the information and explanations given to us, we report that none of the directors is disqualified as on 31st March 2015, from being appointed as a director in terms of subsection (2) of section 164 of the Act.

f. 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 informa- tion and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

(ii) The Company has made provision, as required under the applicable law or accounting stan- dards, for material foreseeable losses, if any, and as required on long-term contracts including derivative contracts.

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

Annexure referred to in our Independent Auditor''s Report to the Members of the Company on the Financial Statements for the year ended 31st March, 2015 we report that:

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

(b)The fixed assets of the Company have been physically verified by the management at reasonable intervals. As informed to us, no discrepancies have been noticed on such verification.

ii. (a) As explained to us, the inventory of the Company has been physically verified during the year by the management. In our opinion the frequency of the verification is reasonable.

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

(c) In our opinion and information and explanation given to us, the Company is maintaining proper records of inventory and no material discrepancies were noticed on verification between the physical stocks and book records.

iii. (a) According to the information''s and explanations given to us the Company has granted unsecured loans to 3 parties covered in the register maintained under section 189 of the Companies Act, 2013.

(b) In case of loans granted to parties covered in the register maintained under section 189 of the Companies Act, 2013, the borrowers have been regular in the payment of interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly paragraph 3(iii)(b) of the Order is not applicable to the Company in respect of the repay- ment of the principal amount.

(c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to parties listed in the register maintained under section 189 of the Companies Act, 2013

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any major weaknesses in the internal control system.

v. In our opinion and according to the information and explanations given to us, the company has not accepted deposit from public with the meaning of Section 73 to 76 or any other relevant provision of the Companies Act 2013.

vi. According to information and explanations given to us the Central Government has not prescribed maintenance of cost records under sub-section (1) of section 148 of the Companies Act 2013.

vii. (a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company has no statutory dues of Provident Fund, Employee state Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise duty, Value added Tax, cess and any other statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us, there are no undisputed statutory dues outstanding for a period of more than six months from the date they became payable, as per books of accounts as at 31st March, 2015

(c) According to the information and explanations given to us, there is no amount required to be trans- ferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act 2013.

viii. The company does not have accumulated losses as at 31st March, 2015. The Company has cash Profit during the financial year covered by our audit as well as in the immediately preceding financial year also.

ix. In our opinion and according to the information and explanations given to us, the Company did not have any outstanding dues to financial institutions, banks or debenture holder during the year.

x. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions.

xi. To the best of our knowledge and belief, and according to the information and explanations given to us, the company has not raised any term-loans during the year under audit, hence, paragraph 3 (xi) of the Order is not applicable.

xii. To the best of our knowledge and belief and according to the information and explanations given to us, we report that no material fraud on or by the company has been noticed or reported during the year.

Place: Indore For M.MEHTA & COMPANY Chartered Accountants Dated: 28.05.2015 Firm Regn. No. 000957C

CA P R Bandi (Partner) M.No. 016402


Mar 31, 2014

We have audited the accompanying financial statements of Amit Securities Limited which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''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 and financial performance and cash flows of the company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013, and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s 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 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 cir- cumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonable- ness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

(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 sub-section (4A) of section 227 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 and Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 (''''the Act'''') read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

e. On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to Independent Auditors'' Report under the heading "Report on other Legal & Regulatory requirements" of our report of even date (Referred to in paragraph 2)

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

b. As explained to us, the management has carried out physical verification of fixed assets during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification of fixed assets is reasonable.

c. In our opinion, substantial parts of the Fixed Assets have not been disposed off during the year by the company.

2. a. Physical verification has been conducted by the management during the current year at reasonable intervals in respect of securities held by the Company as Stock.

b. In our opinion, 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 has maintained proper records of inventory. The discrepancies noticed on verification between physical stocks and book stock were not material and the same have been properly dealt with in the books of account.

3. The company has not taken / granted any Loans from / to companies & parties covered in the register maintained u/s 301 of the Companies Act, hence paragraph 4(iii) of the Order are not applicable.

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, with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal control system.

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

b. According to the information and explanation given to us there are no transaction made 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/- or more have not been made by the Company during the year.

6. The Company has not accepted any deposits from public during the year, hence provisions of section 58 (A) and 58(AA) of the Companies Act, 1956 and the directives issued by R.B.I. in respect of NBFC Companies are considered not to be applicable for the year under audit.

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

8. As explained to us, that the Central Government has not prescribed the maintenance of cost records by the company under section 209(I)(d) of the Companies Act, 1956.

9. a. According to the records of the Company, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities. According to information and explanation given to us, there are no undisputed arrears of statutory dues which have remained outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

b. As at 31st March 2014 according to the records of the company and the information and explanations given to us, there are no dues on account of Income Tax, Sales Tax and other matters that have not been deposited on account of any dispute.

10. The Company does not have any accumulated losses as at 31st March, 2014. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year also.

11. The Company does not have any dues to a financial institution or bank or debenture holders.

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

13. The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore the provisions of clause 4(xiii) of the order are not applicable to the company.

14. According to the information and explanations given to us the company has maintained proper records in respect of transactions and contracts and timely entries have been made therein. The Share, Securities, debentures and the other securities have been held by the company in its own name.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the Company has utilised the long term funds towards long term investment purpose only.

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

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

20. The Company has not made any public issue during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

PLACE : INDORE For M. Mehta & Company Dated : 30 May 2014 Chartered Accountants

CA Atul Sharma (Partner) M.No. 075615 Firm Regn. No. 000957C


Mar 31, 2013

We have audited the accompanying financial statements of Amit Securities Limited which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance in accordance with the Accounting Standards referred to in sub-section (3C) of 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.

Auditor''s Responsibility

Our responsibility is to express and 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 misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. IN making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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 and

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

(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 sub-section (4A) of section 227 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 knowl- edge 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 and Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2013, 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 the Auditors* Report of Amit Securities Ltd. for the year ended 31st March, 2013. (Referred to in paragraph above)

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

b. As explained to us, the management has carried out physical verification of fixed assets during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification of fixed assets is reasonable.

c. In our opinion, substantia] parts of the Fixed Assets have not been disposed off during the year by the company. .

2. a. Physical verification has been conducted by the management during the current year at reasonable intervals in respect of securities held by the Company as Stock.

b. In our opinion, 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 has maintained proper records of inventory. The discrepancies noticed on verification between physical stocks and book stock were not material and the same have been properly dealt with in the books of account.

3. The company has not taken / granted any Loans from / to companies & parties covered in the register maintained u/s 301 of the Companies Act, hence paragraph 4(iii) of the Order are not applicable.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commeftsurate with the size of the Company and the nature of its business, with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal control system.

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

b. According to the information and explanation given to us there are no transaction made 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/- or more have not been made by the Company during the year.

6. The Company has not accepted any deposits from public during the year, hence provisions of section 58 (A) and 58(AA) of the Companies Act, 1956 and the directives issued by R.B.I. in respect of NBFC Companies are considered not to be applicable for the year under audit.

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

8. As explained to us, that the Central Government has not prescribed the maintenance of cost records by the company under section 209(I)(d) of the Companies Act, 1956.

9. a. According to the records of the Company, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities. According to information and explanation given to us, there are no undisputed arrears of statutory dues which have remained outstanding as at 31st March, 2013 for a period of more than six months from the date they became payable.

b. As at 31st March 2013 according to the records of the company and the information and explanations given to us, there are no dues on account of Income Tax, Sales Tax and other matters that have not been deposited on account of any dispute.

10. The Company does not have any accumulated losses as at 31 st March, 2013. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year also.

11. The Company does not have any dues to a financial institution or bank or debenture holders.

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

13. The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore the provisions of clause 4(xiii) of the order are not applicable to the company.

14. According to the information and explanations given to us the company has maintained proper records in respect of transactions and contracts and timely entries have been made therein. The Share, Securities, debentures and the other securities have been held by the company in its own name.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the Company has utilised the long term funds towards long term investment purpose only.

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

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

20. The Company has not made any public issue during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

PLACE: INDORE For M. Mehta & Company

Dated : 30 May 2013 Chartered Accountants

CA Nitin Bandi

(Partner)

M.No. 400394

Firm Regn. No. 000957C


Mar 31, 2012

We have audited the attached Balance Sheet of AMIT SECURITIES LTD., Mumbai as at 3 f March 2012 and also the Profit & Loss Account and Cash Flow Statement of the Company 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.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks as we considered appropriate, and according to the information and explanation given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable to the Company.

Further to our comments in the Annexure referred to above, we report that

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

ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books of the company. iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account of the company.

iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to sub-section (3C) of section 211 of the Companies Act, 1956;

v) Based on the representation made by the directors of the company and taken on record by the Board of Directors, and the information and explanations given to us, we report that none of the directors is as at 31st March, 2012, prima -facie disqualified 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 explanation given to us, the said financial statements, read together with the notes thereon give the information required by the Companies Act, 1956, in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

b) In the case of Profit & Loss Account of Profit of the Company for the year ended on that date.

c) In the case of Cash Flow Statement of the Cash Flow for the year ended on that date.

Annexure to the Auditors' Report of AMIT SECURITIES LTD. for the year ended 31st March 2012. (Referred to in paragraph (3) thereof)

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

b. As explained to us, the management has carried out physical verification of fixed assets during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification of fixed assets is reasonable.

c. In our opinion, a substantial part of the Fixed Assets have not been disposed off during the year by the company.

2. a. Physical verification has been conducted by the management during the current year at reasonable intervals in respect of securities held by the Company as Stock.

b. In our opinion, 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 has maintained proper records of inventory. The discrepancies noticed on verification between physical stocks and book stocks were not material and the same have been properly dealt with in the books of account.

3. The company has not taken/granted any Loans from/to companies & parties covered in the register maintained u/s 301 of the Companies Act, hence paragraph 4(iii) of the Order are not applicable.

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, with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal control system.

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

b. According to the information and explanation given to us there are no transaction made 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/- or more have not been made by the Company during the year.

6. The Company has not accepted any deposits from public during the year, hence provisions of section 58 (A) and 58(AA) of the Companies Act, 1956 and the directives issued by R.B.I. in respect of NBFC Companies are considered not to be applicable for the year under audit.

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

8. As explained to us, that the Central Government has not prescribed the maintenance of cost records by the company under section 209(1 )(d) of the Companies Act, 1956

9 a. According to the records of the Company, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Pro- tection Fund, Employees' State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities. According to information and explanation given to us, there are no undisputed arrears of statutory dues which have remained outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

b. As at 31st March 2012 according to the records of the company and the information and explanations given to us, there are no dues on account of Income Tax, Sales Tax and other matters that have not been deposited on account of any dispute.

10. The Company does not have any accumulated losses as at 31st March, 2012. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year also.

11. The Company does not have any dues to a financial institution or bank or debenture holders.

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

13. The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore the provisions of clause 4(xiii) of the order are not applicable to the company.

14. According to the information and explanation given to us the company has maintained proper records in respect of transactions and contracts and timely entries have been made therein. The Share, Securities, debentures, and the other securities have been held by the company in its own name.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the Company has utilised the long term funds towards short term investment purpose only.

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

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

20. The Company has not made any public issue during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Place: Indore

For M.MEHTA & COMPANY

Chartered Accountants

Dated: 30.05.2012

C A Nitin Bandi

(Partner) M.No. 400394

Firm Regn No.000957C


Mar 31, 2011

We have audited the attached Balance Sheet of AMIT SECURITIES LTD., Mumbai as at 31st March 2011 and also the Profit & Loss Account and Cash Flow Statement of the Company 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.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material is statement. 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.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks as we considered appropriate, and according to the information and explanation given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable to the Company.

Further to our comments in the Annexure referred to above, we report that

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

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

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

iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to sub-section (3C) of section 211 of the Companies Act, 1956;

v) Based on the representation made by the directors of the company and taken on record by the Board of Directors, and the information and explanations given to us, we report that none of the directors is as at 31st March, 2011, prima -facie disqualified from being appointed as a director in terms of clause (g) of sub section (I) of section 274 of the Companies Act, 1956

vi) In our opinion and to the best of our information and according to the explanation given to us, the said financial statements, read together with the notes thereon give the information required by the Companies Act, 1956, in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

b) In the case of Profit & Loss Account of Profit of the Company for the year ended on that date.

c) In the case of Cash Flow Statement of the Cash Flow for the year ended on that date.

Annexure to the Auditors' Report of AMIT SECURITIES LTD. for the year ended 31st March 2011. (Referred to in paragraph (3) thereof)

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

b. As explained to us, the management has carried out physical verification of fixed assets during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification of fixed assets is reasonable.

c. In our opinion, a substantial part of the Fixed Assets have not been disposed off during / the year by the company.

2. a. Physical verification has been conducted by the management during the current year at reasonable intervals in respect of securities held by the Company as Stock.

b. In our opinion, 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 has maintained proper records of inventory. The discrepancies noticed on verification between physical stocks and book stocks were not material and the same have been properly dealt with in the books of account.

3. The company has not takengranted any Loans from o companies & parties covered in the register maintained u/s 301 of the Companies Act, hence paragraph 4(iii) of the Order are not applicable.

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, with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal control system.

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

b. According to the information and explanation given to us the transaction of purchase and sale of shares and services made 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/- or more have not been made by the Company during the year.

6. The Company has not accepted any deposits from public during the year, hence provisions of section 58 (A) and 58(AA) of the Companies Act, 1956 and the directives issued by R.B.1. in respect of NBFC Companies are considered not to be applicable for the year under audit.

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

8. As explained to us, that the Central Government has not prescribed the maintenance of cost records by the company under section 209(l)(d) of the Companies Act, 1956

9 a. According to the records of the Company, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities. According to information and explanation given to us, there are no undisputed arrears of statutory dues which have remained outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

b. As at 31st March 2011 according to the records of the company and the information and explanations given to us, there are no dues on account of Income Tax, Sales Tax and other matters that have not been deposited on account of any dispute.

10. The Company does not have any accumulated losses as at 31st March, 2011. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year also.

11. The Company does not have any dues to a financial institution or bank or debenture holders.

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

13. The Company is not a chit fund or a rildhi / mutual benefit fund / society. Therefore the provisions of clause 4(xiii) of the order are not applicable to the company.

14. According to the information and explanation given to us the company has maintained proper records in respect of transactions and contracts and timely entries have been made therein. The Share, Securities, debentures, and the other securities have been held by the company in its own name.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any term loans during the year.

17. According to«the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the Company has utilised the long term funds towards short term investment purpose only.

18. The Company has not race any preferential allotment of shares during the year to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

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

20. The Company has not made any public issue during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.



PLACE: INDORE

For M. Mehta & Company

Chartered Accountants

DATED: 31.08.2011

Nitin Bandi

(Partner) M.No. 400394 Firm Regn. No. 000957C


Mar 31, 2010

We have audited the attached Balance Sheet of AMIT SECURITIES LTD., Mujnbai as at 31st March 2010 and also the Profit & Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements ar; the responsibility of the Companys management. Our responsibility is to express an opinicn on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in" India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An mdit 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.

As required by the Companies (Auditors Report) Order. 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956. and on the basis of such checks as we considered appropriate, and according to the information and explanation given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable to the Company.

Further to our comments in the Annexure referred to above, we report that

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

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

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

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

v) Based on the representation made by the directors of the company and taken on w record by the Board of Directors, and the information and explanations giver to us, we report that none of the directors is as at 31st March, 2010, prima -facie disqualified 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 explanation " given to us, the said financial statements, read together with the notes thereon give the information required by the Companies Act, 1956, in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010 and

b) In the case of Profit & Loss Account of Profit of the Company for the year ended on that date.

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

Annexure to the Auditors Report of AMIT SECURITIES LTD. for the year ended 31st March 2010. (Referred to in paragraph (3) thereof)

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

b. As explained to us, the management has carried out physical verification of fixed assets during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification of fixed assets is reasonable.

c. In our opinion, a substantial part of the Fixed Assets have not been disposed off during the year by the company.

2. a. Physical verification has been conducted by the management during the current year at reasonable intervals in respect of securities held by the Company as Stock.

b. In our opinion, 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 has maintained proper records of inventory. The discrepances noticed on verification between physical stocks and book stocks were not material and the same have been properly dealt with in the books of account.

3. The company has not takengranted any Loans from o companies & parties covered in the register maintained u/s 301 of the Companies Act, hence paragraph 4(iii) ofthe Order are not applicable.

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, with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal control system.

5. a. In our opinion and according to the information and explanations given to us, the particulars of the transactions that need to be entered into he Register maintained in pursuance of section 301 of the Companies Act, 1956 have been so entered.

b. According to the information and explanation given to us the transaction of purchase and sale of shares and services made 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/- or more have not been made by the Company during the year.

6. The Company has not accepted any deposits from public during the year, hence provisions of section 58 (A) and 58(AA) of the Companies Act, 1956 and the directives issued by R.B.I, in respect of NBFC Companies are considered not to be applicable for the year under audit.

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

8. As explained to us, that the Central Government has not prescribed the maintenance of cost records by the company under section 209(1)(d) of the Companies Act. 1956

9 a. According to the records of the Company, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities. According to information and explanation given to us, there are no undisputed arrears of statutory dues which have remained outstanding as at 31st March, 2010 for a period of more than six months from the date they became payable.

b. As at 31st March 2010 according to the records of the company and the information and explanations given to us, there are no dues on account of Income Tax, Sales Tax and other matters that have not been deposited on account of any dispute.

10. The Company does not have any accumulated losses as at 31st March, 2010. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year also.

11. The Company does not have any dues to a financial institution or bank or debenture holders.

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

13. The Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore the provisions of clause 4(xiii) of the order are not applicable to the company.

14. According to the information and explanation given to us the company has maintained proper records in respect of transactions and contracts and timely entries have been made therein. The Share, Securities, debentures, and the other securities have been held by the company in its own name.

15. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The Company has not obtained any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the Company has utilised the long term funds towards long term investment purpose only.

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

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

20. The Company has not made any public issue during the year.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

Place: Indore For M. MEHTA & COMPANY

Chartered Accountants

Dated: 31.08.2010

Nitin Bandi

(Partner)

M.No. 400394

Firm Regn No. 000957C

 
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