Auditor Report of Gujarat Credit Corporation Ltd.

Mar 31, 2021

Report on the audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of Gujarat Credit Corporation Limited ("the Company"), which comprise the balance sheet as at March 31, 2021, and the statement of profit and loss (including other comprehensive income), the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the standalone financial statements").

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 Companies Act 2013 ("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 March 31, 2021, its profit, total comprehensive income, the changes in equity and cash flows for the year ended as on that date.

Basis for opinion

We conducted our audit of the standalone financial statements in accordance with the standards on auditing specified under section 143 (10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the auditor''s responsibilities for the audit of the standalone 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 standalone financial statements under the provisions of the Act and the rules there under, 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 opinion on the standalone financial statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

However, there is no matter to be determined as key audit matter.

Information other than the standalone financial statements and auditors'' report thereon

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

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other

information; we are required to report that fact. We have nothing to report in this regard.

Management''s responsibility for the standalone 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 financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Rules, 2016, as amended from time to time, 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 of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and 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 financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone 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.

The board of directors are also responsible for overseeing the Company''s financial reporting process.

Auditor''s responsibilities for the audit of the standalone financial statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone 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 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls

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

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to

the related disclosures in the standalone 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 financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

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 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 As required by Section 143(3) of the Act, we report that:

1) 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;

2) 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;

3) 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;

4) In our opinion, the aforesaid standalone financial statements comply with the accounting standards specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014;

5) On the basis of the written representations received from the directors as on March 31, 2021 taken on record by the board of directors, none of the directors is disqualified as on March 31, 2021 from being appointed as a director in terms of Section 164 (2) of the Act;

6) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting;

With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 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 company has not paid any managerial remuneration to its directors during the year is in accordance with the provisions of section 197 of the Act.

7) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us;

8) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and

according to the explanations given to us;

i. The Company does not have any pending litigations 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; and

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

As required by the Companies (Auditor''s Report) Order, 2016 ("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 Annexure "B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

For, NAUTAM R. VAKIL & CO.

CHARTERED ACCOUNTANTS FRN: 106980W MANAN VAKIL PARTNER

Ahmedabad 25^Th June, 2021 MEMB. NO. : 102443

UDIN : 21102443AAAAEU4358

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Mar 31, 2016

to the members of GUJARAT CREDIT CORPORATION LIMITED:

We have audited the attached Balance Sheet of GUJARAT CREDIT CORPORATION LIMITED as at 31st March 2016 and also the Profit and Loss Account of the Company for the year ended on that date, annexed thereto, and report that:

1) As required by the Companies (Auditor''s Report) Order, 2015 issued by the Central Government of India in term of Section 143 of the Companies Act, 2013, we enclose in the annexure a statement on the matters specified in paragraphs 3 and 4 of the said order.

2) We conduct 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 included assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3) Further to our comments in paragraph (1) above:

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, The Company has maintained proper books of accounts as required by Law, so far, as appears from our examination of those books.

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Profit and Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 129 of the Companies Act, 2013.

e) On the basis of the representations received from the directors of the Company, we report that none of the directors is disqualified from being appointed as a director of the Company under section 164 of the Companies Act, 2013.

f) Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the accounts, read with the accounting policies and other notes, give the information required by the Companies Act, 2013,in the manner so required and give a true and fair view:-

1. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March,2016 and

2. In the case of the Profit and Loss Account, of the profit for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF GUJARAT CREDIT CORPORATION LIMITED (REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

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

(b) As explained to us, the Management has physically verified the Company''s fixed assets during the year and no material discrepancies were noticed on such verification.

(2) (a) The inventory has been physically verified by the Management during the year. The frequency of such verification is reasonable.

(b) In our opinion, the procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The discrepancies noticed on such physically verification of stock as compared to books records were not material and the same have been properly dealt with in the books of accounts.

(3) (a) According to the information and explanations given to us, the company has granted and taken loans and advances from companies, firms under the same management. The maximum amount involved during the year towards loan granted was Nil and towards the loan taken was Rs 28 Lacs. The yearend balance of loans taken from such parties was Rs 1538 Lacs and yearend balance of loan granted to such party was 13 Lacs. or other parties listed in the registers maintained under section 189 and the companies

(b) In our opinion , the rate of interest and other terms and conditions on which loans have been taken from / granted to companies, firms or other parties listed in the registers maintained under Section 189 are not , prima facie prejudicial to the company.

(c) The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest wherever applicable. The parties have repaid principal amounts as stipulated and have been regular in payment of interest wherever applicable.

(d) There is no overdue amount of loans taken from or granted by the companies, firms or other parties listed in the register maintained under Section of 189 of the Companies Act, 2013.

(4) In our opinion and according to the information and explanation 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 inventories, fixed assets and with regard to the sale of goods, if any.

(5) According to the information and explanations given to us, We are of the opinion that the transactions that need to be entered into the register maintained under section 189 of the Companies Act, 2013 have been so entered.

(6) The company has not accepted deposit from public coming under the purview of section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rule, 1975.

(7) The company has an internal Audit System Commensurate with the size of the company and its nature of business.

(8) The Central Government has not prescribed maintenance of the cost records under clause (13) of the Companies Act, 2013 in respect of the products manufactured by the company.

(9) According to the records of the Company, the company is regular in depositing with appropriate authorities undisputed statutory dues. There are no undisputed statutory dues as on the last day of the financial year which are outstanding for more than six months from the date they become payable except TDS Interest amount.

(10) In our opinion, the accumulated losses are not more than fifty percent of its net worth.

(11) The company has not defaulted in repayment of dues to financial institutions and banking institutions.

(12) According to the information and explanations given to us, the company has not granted any loan or advance on the basis of security by way of pledge of shares or debentures or any other securities.

(13) In our opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions and hence the provisions relating to clause 3(x) are not applicable to the Company.

(14) This clauses is not applicable as no term loans been raised during the year.

(15) According to the information and explanation given to us and on overall examination of balance sheet of the company, We report that no short term funds have been used for long term purposes not long term funds are used for short term purposes.

(16) According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 114 of the Act.

(17) No debentures have been issued during the year.

(18) The company has not raised any money by public issue during the year.

(19) According to the information and explanation give to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Hiren K. Shah & Co.

(Chartered Accountants)

Place : Ahmedabad Hiren K. Shah

Date : 30.05.2016 (Proprietor)

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Mar 31, 2015

We have audited the attached Balance Sheet of GUJARAT CREDIT CORPORATION LIMITED as at 31st March 2015 and also the Profit and Loss Account of the Company for the year ended on that date, annexed thereto, and report that:

1) As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in term of Section 143 of the Companies Act, 2013, we enclose in the annexure a statement on the matters specified in paragraphs 3 and 4 of the said order.

2) We conduct 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 included assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3) Further to our comments in paragraph (1) above:

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, The Company has maintained proper books of accounts as required by Law, so far, as appears from our examination of those books.

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Profit and Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 129 of the Companies Act, 2013.

e) On the basis of the representations received from the directors of the Company, we report that none of the directors is disqualified from being appointed as a director of the Company under section 164 of the Companies Act, 2013.

f) Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the accounts, read with the accounting policies and other notes, give the information required by the Companies Act, 2013,in the manner so required and give a true and fair view:-

1. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March,2015 and

2. In the case of the Profit and Loss Account, of the profit for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF GUJARAT CREDIT CORPORATION LIMITED (REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

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

(b) As explained to us, the Management has physically verified the Company's fixed assets during the year and no material discrepancies were noticed on such verification.

(2) (a) The inventory has been physically verified by the Management during the year. The frequency of such verification is reasonable.

(b) In our opinion, the procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The discrepancies noticed on such physically verification of stock as compared to books records were not material and the same have been properly dealt with in the books of accounts.

(3) (a) According to the information and explanations given to us, the company has granted and taken loans and advances from companies, firms or other parties listed in the registers maintained under section 189 and the companies under the same management. The maximum amount involved during the year towards loan granted was Rs 75 Lacs and towards the loan taken was Rs 1667 Lacs. The year end balance of loans taken from such parties was Rs 1667 Lacs and year end balance of loan granted to such party was 59 Lacs.

(b) In our opinion , the rate of interest and other terms and conditions on which loans have been taken from / granted to companies, firms or other parties listed in the registers maintained under Section 189 are not , prima facie prejudicial to the company.

(c) The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest wherever applicable. The parties have repaid principal amounts as stipulated and have been regular in payment of interest wherever applicable.

(d) There is no overdue amount of loans taken from or granted by the companies, firms or other parties listed in the register maintained under Section of 189 of the Companies Act, 2013.

(4) In our opinion and according to the information and explanation 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 inventories, fixed assets and with regard to the sale of goods, if any.

(5) According to the information and explanations given to us, We are of the opinion that the transactions that need to be entered into the register maintained under section 189 of the Companies Act, 2013 have been so entered.

(6) The company has not accepted deposit from public coming under the purview of section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rule, 1975.

(7) The company has an internal Audit System Commensurate with the size of the company and its nature of business.

(8) The Central Government has not prescribed maintenance of the cost records under clause (13) of the Companies Act, 2013 in respect of the products manufactured by the company.

(9) According to the records of the Company, the company is regular in depositing with appropriate authorities undisputed statutory dues. There are no undisputed statutory dues as on the last day of the financial year which are outstanding for more than six months from the date they become payable except TDS Interest amount.

(10) In our opinion, the accumulated losses are not more than fifty percent of its net worth.

(11) The company has not defaulted in repayment of dues to financial institutions and banking institutions.

(12) According to the information and explanations given to us, the company has not granted any loan or advance on the basis of security by way of pledge of shares or debentures or any other securities.

(13) In our opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions and hence the provisions relating to clause 3(x) are not applicable to the Company.

(16) This clauses is not applicable as no term loans been raised during the year.

(17) According to the information and explanation given to us and on overall examination of balance sheet of the company, We report that no short term funds have been used for long term purposes not long term funds are used for short term purposes.

(18) According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 114 of the Act.

(19) No debentures have been issued during the year.

(20) The company has not raised any money by public issue during the year.

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

For Hiren K. Shah & Co. (Chartered Accountants)

Place : Ahmedabad Hiren K. Shah Date : 27.05.2015 (Proprietor)

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Mar 31, 2014

We have audited the attached Balance Sheet of GUJARAT CREDIT CORPORATION LIMITED as at 31st March 2014 and also the Profit and Loss Account of the Company for the year ended on that date, annexed thereto, and report that:

1) As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in term of sub - section (4A) of Section 227 of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2) We conduct 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 included assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that ouraudit provides a reasonable basis for ouropinion.

3) Furtherto our comments in paragraph (1) above:

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

b) In ouropinion, The Company has maintained proper books of accounts as required by Law, so far, as appears from our examination of those books.

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Profit and Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the representations received from the directors of the Company, we report that none of the directors is disqualified from being appointed as a director of the Company under clause(g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the accounts, read with the accounting policies and other notes, give the information required by the Companies Act, 1956,in the manner so required and give a true and fairview:-

1. In the case of the Balance Sheet, of the state of affairs of the Company as at 31s* March,2014 and

2. In the case of the Profit and Loss Account, of the profit for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF GUJARAT CREDIT CORPORATION LIMITED (REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

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

(b) As explained to us, the Management has physically verified the Company''s fixed assets during the year and no material discrepancies were noticed on such verification.

(2) (a) The inventory has been physically verified by the Management during the year. The frequency of suchverification is reasonable.

(b) In our opinion, the procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The discrepancies noticed on such physically verification of stock as compared to books records were not material and the same have been properly dealt with in the books of accounts.

(3) (a) According to the information and explanations given to us, the company has granted and taken loans and advances from companies, firms or other parties listed in the registers maintained under section 301 and the companies under the same management. The maximum amount involved during the year towards loan granted was NIL and towards the loan taken was Rs 1917 Lacs. The year end balance of loans taken from such parties was Rs 1917 Lacs and year end balance of loangrantedtosuch party was NIL.

(b) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from / granted to companies, firms or other parties listed in the registers maintained under Section 301 are not, prima facie prejudicial to the company.

(c) The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest wherever applicable. The parties have repaid principal amounts as stipulated and have been regular in payment of interest wherever applicable.

(d) There is no overdue amount of loans taken from or granted by the companies, firms or other parties listed in the register maintained under Section of 301 of the CompaniesAct,1956.

(4) In our opinion and according to the information and explanation 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 inventories, fixed assets and with regard to the sale of goods, if any.

(5) (a) According to the information and explanations given to us, We are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market price at relevant time.

(6) The company has not accepted deposit from public coming under the purview of section 58 A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rule, 1975.

(7) The company has an internal Audit System Commensurate with the size of the company and its nature of business.

(8) The Central Government has not prescribed maintenance of the cost records under Section 209 (1)

(d) of the Companies Act, 1956 in respect of the products manufactured by the company.

For Hiren K. Shah & Co. (Chartered Accountants)

Place : Ahmedabad Hiren K. Shah Date: 20/05/2014 (Propritor) Membership No. 102820

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Mar 31, 2013

We have audited the attached Balance Sheet of Gujarat Credit Corporation Limited as at 31 st March 2013 and the Profit & Loss Account annexed thereto for the year ended on that date. 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 in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure a Statement on the matters specified in paragraph 4 & 5 of the said order only 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 our knowledge and belief, were necessary for the purpose of our audit.

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

iii) The Balance Sheet and the Profit and Loss Account referred to in this report are in agreement with the Books of Account.

iv) - In our opinion, the Balance Sheet and Profit and Loss Account read in conjunction with the notes on accounts, comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 except (i) non provision of leave encashment and gratuity (AS 15), (ii) Non Provision of Permanent Diminution in value of Investment (AS 13)

v) According to the information and explanation given to us, in relation to the affairs of the company, none of the Directors are 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 explanations given to us, the said accounts read together with the notes thereon, give the information as required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013and

b) in the case of the Profit and Loss Account, of the profit of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS'' REPORT

TO THE MEMBERS OF GUJARAT CREDIT CORPORATION LTD

(REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

(I) (a) The Company has maintained generally proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) We have been informed that physical verification of the fixed assets was conducted by the management during the period and no discrepancies were observed between book records and physical verification of fixed assets.

(II) (a) The inventories have been physically verified by the management during the year. The frequency of such verification is reasonable.

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

(c) We are informed that no discrepancies have been noticed between physical stocks and the book records.

(III) (a) The company has granted loans to companies involving balance outstanding at year end of Rs 60.44 lacs to companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956.

(b) Whereas no interest is charged on such loan granted but regarding other terms and conditions of loans given by the company, in our opinion the same are not prima facie prejudicial to the interest of the company.

(c) The repayment of such loans granted by the company is as per the stipulated terms and conditions of the loan granted.

(d) On the basis of information and explanations given to us, there are no overdue amount recoverable from the loan granted by the company.

(e) The company has taken loans from one company of which outstanding as at the end of the year is Rs 203.69 Lacs from companies, firms or other parties listed in the register maintained under Section 301 of the companies Act, 1956 Companies Act, 1956

(f) The rate of interest and other terms and conditions of loan taken by the company, in our opinion, are not prejudicial to the interests of the company.

(g) According to the information and explanation given to us, the repayment of principal and interest is as per stipulations mentioned.

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

(V) (a) According to the information and explanations given to us we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 of the Companies Act 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market price at relevanttime.

(VI) The company has not accepted any deposit from public under the purview of Section 58 A of the Companies Act 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

(VII) The company has an internal audit system commensurate with the size of the company and nature of its business.

(VIII) The Central Government has not prescribed maintenance of the cost records under Section 209 (1) (d) of the Companies Act 1956 in respect of the products manufactured by the company.

(IX) (a) According to the records of the company, the company is regular in depositing with appropriate authorities the undisputed dues according to the information and explanations given to us, there are no undisputed amounts of Provident Fund, Investor Education and Protection Fund,Employees'' State Insurance,Income Tax, Wealth Tax, Sales Tax, Custom Duty, Service Tax, Excise Duty, cess and any other statutory dues outstanding as at 31st March, 2013 for a period more than six months from the date they become payable.

(X) The accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

(XI) The company has not defaulted in repayment of dues to financial institutions and banking institutions.

(XII) The company has not granted any loans or advance on the basis of security by way of pledge of shares, debentures and other similar securities and hence the question of maintaining adequate documents and records does not arise.

(XIII) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the CARO 2003 are not applicable to the company.

(XIV) The company has maintained proper records of transactions and contracts in respect of trading in shares, debentures and other securities and that timely entries have been made therein. The shares and debentures have been held by the company in its own name except to the extent of exemption granted under section 49(4) of the companies Act, 1956.

(XV) In our opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions and hence the provisions relating to clause 4 (xv) are not applicable to the company.

(XVI) This clause is not applicable since no term loans have been raised during the year.

(XVII) According to the information and explanation given to us and on overall examination of balance sheet of the company, we report that no short term funds have been used for long term purposes nor long term funds are used for short term purposes.

(XVIII) According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies covered under Section 301 of the Companies Act 1956.

(XIX) No Debentures have been issued during the year.

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

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

For Parikh Mehta & Associates

Place : Ahmedabad Chartered Accountants

Date : 28/05/2013 Hemangi Mulaokar

Partner

M.No.:127083