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Auditor Report of Bridge Securities Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Bridge Securities Limited ("the Company"), which com- prise the Balance Sheets as at March 31, 2014, 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 position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to Section 211(3C) of the Companies Act,1956("the Act").This responsibility includes the design, implementation and mainte- nance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free form material misstatement, whether due to fraud of 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 for 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 auditors 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 but not for the purpose of expressing an opinion on the effectiveness of the enfity''s internal control. An audit also includes evaluation the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluation 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 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, 2014;

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) order, 2003("the Order") issued by the Central Government of India on terms of Section 227(4A) of the Act, we give in 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 form our examination of those books.

c) The Balance Sheet, the 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, 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 the written representations received form the directors as on March 31,2014,taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2014,from being appointed as a directors in terms of Section 274(1)(g)of the Act.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

REFERRED TO PARAGRAPH I UNDER THE HEADING OF

"REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENT" OF OUR REPORT OF EVEN DATE

(I)

a) The company has maintained proper record showing full particulars Including quantitative details and situation of fixed assets.

b) We have been informed that fixed assets of the company are physically verified by the management according to a regular program of verification which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such Verification.

c) During the year, substantial part of fixed assets have not been disposed off by the com- pany

(II)

a) As explained to us, inventories (Investments) have been physically verified by the man- agement at reasonable intervals.

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

c) On the basis of our examination of inventory records, we are of the opinion that the com- pany is maintaining proper records of inventory. As explained to us, no material discrep- ancies have been noticed on physical verification of inventories as compared to book records.

III. The company had not taken /granted loan form companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act,1956.

IV. In Our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

V. On the basis of our examination of the books of account, Company has not entered into any transac- tions exceeding Rs.5 lacs in respect of any party during the financial year that need to be entered in the register pursuant to section 301 of the Companies Act, 1956.

VI. The Company has not accepted any deposits under the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

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

VIII. As the Company is not manufacturing company requirement as prescribed by the Central Govt. Of India u/s 209(1) (d) of the act regarding maintaining cost records are not applicable

IX.

a) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also based on Management representation undisputed statutory dues including provident fund, investor education protection fund , employees state insurance, income-tax , sales- tax, wealth-tax, custom duty, excise duty, cess and other material statutory dues have generally been regularly deposited by the Company during the year with the appropriate authorities in India.

b) According to the information and explanations given to us, no undisputed amounts pay- able in respect of income -tax, customs duty, excise duty and cess were in arrears, as at 31st March,2014 for a period of more than six months from the date they became pay- able.

c) According to the information and explanation given to us, there are no dues of sale-tax, income-tax, custom duty and cess which have not been deposited on account of any dispute.

X. In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered by our audit and have in- curred cash loses in the immediately preceding financial year.

XI. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment if dues to a financial institution and bank.

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

XIII. In our opinion, the company is not a chit fund a nidh/mutual benefit fund/society. Therefore, the provi- sions of clause 4(xiii) of the companies (Auditor''s Report) order, 2005 are not applicable to the com- pany.

XIV. The company has maintained proper records of transactions and contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein. The investments are held by the company in its own name except for certain shares which are lodged for transfer or are pending for rectification of bad deliveries or are pledged with bank or financial institutions on behalf of third parties.

XV. The company has not given guarantees for loans taken by other form banks or financial institutions.

XVI. The company has not taken term loans during the year under review.

XVII. 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 no funds raised on short-term basis have been used been used to finance long-term assets except permanent working capital.

XVIII. According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Act.

XIX. According to the information and explanations given to us, during the period covered by our audit report, the company had not issued debentures.

XX. The company has not raised any money by public issue during the year.

XXI. 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.

For, Ashvin K. Yagnik & Co. Chartered Accountants

(Bhavan M. Trivedi) Place: Ahmedabad Partner (M.No.-043482) Date: 28/04/2014 FRN - 100710W


Mar 31, 2010

We have audited the attached Balance Sheet of Bridge Securities Limited as at 31 st March, 2010 and the Profit and Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the Period ended on that date. These Financial Statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial Statements based on our audit.

1) 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, examination on test audit 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 managements, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

2) As required by the companies (Auditors Report) order, 2003 issued by the Company Law Board in term of Section 277(4A) 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 matter specified in paragraph 4 and 5 of the said order.

3) Further to our comments in the Annexure referred to in paragraph above

B. In our opinion, proper books accounts as required by law have been kept by the company so far as appears for our examination for the books

C. The Balance sheet and Profit & Loss Account dealt with by this report are in agreement with books of account.

D. In our opinion, the said Balance Sheet and Profit & LossAccount comply with the mandatory Accounting Standards of the Institute of Chartered Accountants of India as referred to in Sub-section (3C) of section 211 of the Companies Act.

E. As informed and explained to us , none of the Directors is disqualified form being appointed as director under clause (g) of subsection(1) of Section 274 of the Companies Act.

F. In our opinion, and to the best of our information and according to the explanation given to us. The account read with notes thereon give the information required and give a true and fair view.

I. In the case of the Balance Sheet of the state of affairs of the company as at 31st March, 2010.

II. In the case of Prateband Loss Account, Profit / (Loss) of the Company for the year

III. In n the d case the of the cash flow statement, of the cash flows of the company for the

ANNEXURE REFERRED IN PARAGRAPH 1 OF THE AUDITORS REPORT TO THE MEMBERS OF BRIDGE SECURITIES LIMITED OF THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2010

(I) a) The company has maintained proper record showing full particulars Including uantitative details and situation of fixed assets.

b) We have been informed that fixed assets of the company are physically verified by the management according to a regular program of verification which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such Verification.

c) During the year, substantial part of fixed assets have not been disposed off by the company

(II) a) As explained to us, inventories (Investments) have been physically verified by the management at reasonable intervals.

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

c) On the basis of our examination of inventory records, we are of the opinion that the company is maintaining proper records of inventory. As explained to us, no material discrepancies have been noticed on physical verification of inventories as compared to book records.

III. The company had not taken /granted loan form companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

IV. In Our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

V. On the basis of our examination of the books of account, Company has not entered into any transactions exceeding Rs.5 lacs in respect of any party during the financial year that need to be entered in the register pursuant to section 301 of the Companes Act, 1956.

VI The Company has not accepted any deposits under the provisions of sections 58A and 58A and of the Companies Act, 1956 and the. Companies (Acceptance of Deposits) Rules, 1975.

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

V III . As the Company is not manufacturing company requirement as by the Govt. Of India u/s 209(1) (dj of the act regarding maintaining cost records are not applicable

IX.

a) According to the books and records as produced and examined by us in accordance with generally accepted auditing practices in India and also based on Management representation undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income-tax, sales- tax, wealth-tax, custom duty, excise duty, cess and other material statutory dues have generally been regularly deposited by the Company during the year with the appropriate authorities in India.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income -tax, customs duty, excise duty and cess were in arrears, as at 31st March 2009 for a period of more than six months from the date they became payable.

c) According to the information and explanation given to us, there are no dues of sale-tax, income-tax, custom duty and cess which have not been deposited on account of any dispute.

x. In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

XI. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment if dues to a financial institution and bank.

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

XIV. The company has maintained proper records of transactions and contracts in respect of trading in shares, debentures and other securities and timely entries have been made therein. The investments are held by the company in its own name except for certain shares which are lodged for transfer or are pending for rectification of bad deliveries or are pledged wets which or financial institutions on behalf of third parties.

XV. The company has not given guarantees for loans taken by other form banks or financial institutions.

XVI. The company has not taken term loans during the year under review.

XVII. 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 no funds raised on short-term basis hsvs been used been used to finance long-term asseths except permanent working capital.

XVIII. According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section all 301 of the Act. parties s .

XIX . Company had not issued debentures. given to us , during the period- by our audit report, the company had not issued debentures.

XX. The company has not raised any money by public issue during the year.

XXI. 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.

For, Ashvin K. Yagnik & Co. Chartered Accountants

Place: Ahmedabad (Bhavan M. Trivedi)

Date: 27/04/2010 Partner

M.No.: 043482

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