Auditor Report of Mehta Securities Ltd.

Mar 31, 2025

We have audited the accompanying Ind AS financial statements of Mehta Securities Limited ("the Company"), which
comprise the Balance Sheet as at 31st March 2025, and the statement of Profit and Loss, including the statement of
other Comprehensive Income, statement of cash flow and the statement of Changes in Equity for the year then
ended, and a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS
financial statements give the information required by the Companies Act, 2013 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, 2025, and its financial performance including other Comprehensive income its cash
flows and the changes in Equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together
with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Companies Act, 2013 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 w?
have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Opinion

Key Audit Matters in our professional judgement have been properly addressed in the audit process of Financial
Statements and does not deserve our separate opinion.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the
information included in the Management Discussion and Analysis, Directors'' Report including Annexure to Directors''
Report, Business Responsibility Report and Corporate Governance, 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 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.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Company''s Board of Directors is responsible for the 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 view of the
financial position, financial performance, and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the accounting Standards specified under section 133 of the Act.

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 statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Company''s ability t>
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
freefrom 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 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 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.

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

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

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the 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
thatmay reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central

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

Annexure-A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. 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 including statement of other comprehensive Income,
the Cash Flow Statement and statement of changes in Equity dealt with by this Report are in agreement
with the books of account.

(4) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, Companies (Indian
Accounting Standards) Rule 2015 as amended.

(5) On the basis of the written representations received from the directors as on 31st March, 2025
taken onrecord by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 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 with reference to financial statements of
the Company and the operating effectiveness of such controls, refer our Report in "Annexure B" to this
Report.

(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:

(a) The Company has disclosed the impact of pending litigations on its financial position in its Ind AS
Financial Statements.

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

(c) There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.

(d) The company has not declared or paid any dividend during the year in contravention of the
provisions of section 123 of the Companies Act, 2013.

For, ASIM RAVINDRA & ASSOCIATES

Chartered Accountants

Sd/-

Ravindra C. Mehta

Partner

Place: Ahmedabad M.No. 043051

Date: 30/05/2025 FRN No.: 118775W

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Dec 31, 2013

1. We have audited the attached Balance Sheet of Mehta Securities Limited as at December 31, 2013, and also the Profit & Loss Account of the Company 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.

2. 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.

3. 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, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 such books;

(iii) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account;

(iv) The Balance Sheet and the Profit & Loss Account dealt with by this report, comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors as on December 31, 2013 and taken on record by the Board of Directors, we report that none of its directors is disqualified as on December 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.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at December 31, 2013,

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

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

ANNEXURE REFERRED TO IN THE PARAGRAPH 1 OF THE AUDITOR''S REPORT TO THE MEMBERS OF MEHTA SECURITIES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER, 2013

1. Fixed Assets

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

(b) All fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.

(c) None of the Fixed Assets has been revalued during the year.

2. Investments

Investments are stated at cost and any diminution in the value if any, of a long-term nature has been provided for. There are current investments as well as long-term investments as per company''s objective and policy these are classified as per AS-13.

3. Stock / Investments.

(a) The stock of shares held as stock in trade has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion, the procedure of physical verification of stock of shares held as stock in trade followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) No discrepancies were noticed on physical verification of stock of shares as compared to book of records.

(d) On the basis of our explanation of stock records, in our opinion the valuation of stock of shares has been fair and proper in accordance with the normally accepted accounting principles.

4. Loans and Advances

Loans and Advances in the nature of loans, have not been given to employee and other parties.

5. Loans: (secured & unsecured)

According to the information and explanations given to us, the Company has neither granted nor taken any loan secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii) (b), (c), (d), (f) and (g) of the Order are not applicable.

6. In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business, for the purchase of equipments and other fixed assets and for the sale of services. During the course of our audit, no major weakness has been noticed, in the internal control systems.

7. According to the information and explanations given to us, there are no transactions of purchase of goods, materials and sale of goods, materials or services with any companies, firms or other parties listed in the register maintained under section 301 of The Companies Act, 1956 except at market prices and aggregating during the year to Rs. 50,000/- or more in respect of each party.

8. The Company has not accepted fixed deposits from the public and has complied with the directions issued by the Reserve Bank of India and the rules framed there under, wherever applicable.

9. In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and nature of is business.

10. Maintenance of Cost Records has not been prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 for the products manufactured by the Company.

11. Statutory & Other Dues :

i. According to the information and explanations given to us and based on the records examined by us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income tax, Service tax, Cess and any other Statutory dues with the appropriate authorities during the year.

ii. There are no disputed dues in respect of Service tax, Income tax, Wealth tax, and Cess, which have not been deposited with the relevant authorities.

12. The Provident Fund Act is not applicable to the Company.

13. In relation to the service activities of the Company, there exists a reasonable Internal Control System commensurate with the size of the Company and the nature of its business.

14. In our opinion and on the basis of the information and explanation given to us, the services rendered by the Company do not require any allocation of man-hours.

15. The Company is not Sick Industrial Company within the meaning of clause (o) of Section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985.

16. The provisions of any special statute applicable to Chit Funds, Nidhi or Mutual Benefit Society do not apply to the Company.

17. The Company is investing in securities, debentures and other investments. All Shares, Debentures or Other securities have been held by the company in its own name except to the extent of the exemption granted U/ s.49 of The Companies Act, 1956.

18. No personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice.

19. The Company neither has accumulated losses exceeding fifty percent of its net worth at the end of the financial year.

20. Based on the records examined by us and the information and explanations given to us, on an overall basis, the company has not borrowed money from the Financial Institutions.

21. The Company has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

22. There are no guarantees given by the Company for loans taken by others from banks and financial institutions.

23. Based on the records examined by us and the information and explanations given to us, on an overall basis, the company has not availed term loan during the year.

24. As per the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term purposes.

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

26. The Company has not issued any debentures during the year.

27. The Company has not raised any money by way of public issues during the year.

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

For DINESH K. SHAH & CO. Chartered Accountants

sd/- DINESH K. SHAH Partner

Membership no. F-010477 Ahmedabad, Dated: 15/04/2014

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Dec 31, 2012

1. We have audited the attached Balance Sheet of Mehta Securities Limited as at December 31, 2012, and also the Profit & Loss Account of the Company 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.

2. 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.

3. 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, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 such books;

(iii) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account;

(iv) The Balance Sheet and the Profit & Loss Account dealt with by this report, comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors as on December 31, 2012 and taken on record by the Board of Directors, we report that none of its directors is disqualified as on December 31, 2012 from being appointed as a director in terms of clause (g) of Sub- section (1) of Section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at December 31, 2012,

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

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

ANNEXURE TO THE AUDITORS’ REPORT

ANNEXURE REFERRED TO IN THE PARAGRAPH 1 OF THE AUDITOR’S REPORT TO THE MEMBERS OF MEHTA SECURITIES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2012

1. Fixed Assets

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

(b) All fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.

(c) None of the Fixed Assets has been revalued during the year.

2. Investments

Investments are stated at cost and any diminution in the value if any, of a long-term nature has been provided for. There are current investments as well as long-term investments as per company’s objective and policy these are classified as per AS-13.

3. Stock / Investments.

(a) The stock of shares held as stock in trade has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion, the procedure of physical verification of stock of shares held as stock in trade followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) No discrepancies were noticed on physical verification of stock of shares as compared to book of records.

(d) On the basis of our explanation of stock records, in our opinion the valuation of stock of shares has been fair and proper in accordance with the normally accepted accounting principles.

4. Loans and Advances

Loans and Advances in the nature of loans, have not been given to employee and other parties.

5. Loans: (secured & unsecured)

According to the information and explanations given to us, the Company has neither granted nor taken any loan secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii) (b), (c), (d), (f) and (g) of the Order are not applicable.

6. In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business, for the purchase of equipments and other fixed assets and for the sale of services. During the course of our audit, no major weakness has been noticed, in the internal control systems.

7. According to the information and explanations given to us, there are no transactions of purchase of goods, materials and sale of goods, materials or services with any companies, firms or other parties listed in the register maintained under section 301 of The Companies Act, 1956 except at market prices and aggregating during the year to Rs. 50,000/- or more in respect of each party.

8. The Company has not accepted fixed deposits from the public and has complied with the directives issued by the Reserve Bank of India and the rules framed there under, wherever applicable.

9. In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and nature of is business.

10. Maintenance of Cost Records has not been prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 for the products manufactured by the Company.

11. Statutory & Other Dues :

i. According to the information and explanations given to us and based on the records examined by us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees’ State Insurance, Income tax, Service tax, Cess and any other Statutory dues with the appropriate authorities during the year.

ii. There are no disputed dues in respect of Service tax, Income tax, Wealth tax, and Cess, which have not been deposited with the relevant authorities.

12. The Provident Fund Act is not applicable to the Company.

13. In relation to the service activities of the Company, there exists a reasonable Internal Control System commensurate with the size of the Company and the nature of its business.

14. In our opinion and on the basis of the information and explanation given to us, the services rendered by the Company do not require any allocation of man-hours.

15. The Company is not Sick Industrial Company within the meaning of clause (o) of Section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985.

16. The provisions of any special statute applicable to Chit Funds, Nidhi or Mutual Benefit Society do not apply to the Company.

17. The Company is investing in securities, debentures and other investments. All Shares, Debentures or Other securities have been held by the company in its own name except to the extent of the exemption granted U/ s.49 of The Companies Act, 1956.

18. No personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice.

19. The Company neither has accumulated losses exceeding fifty percent of its net worth at the end of the financial year.

20. Based on the records examined by us and the information and explanations given to us, on an overall basis, the company has not borrowed money from the Financial Institutions.

21. The Company has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

22. There are no guarantees given by the Company for loans taken by others from banks and financial institutions.

23. Based on the records examined by us and the information and explanations given to us, on an overall basis, the company has not availed term loan during the year.

24. As per the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term purposes.

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

26. The Company has not issued any debentures during the year.

27. The Company has not raised any money by way of public issues during the year.

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

For DINESH K. SHAH & CO.

Chartered Accountants sd/-

DINESH K. SHAH

Partner

Membership

# F-010477 Ahmedabad,

Dated: 16/04/2013

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Dec 31, 2011

1. We have audited the attached Balance Sheet of Mehta Securities Limited as at December 31, 2011, and also the Profit & Loss Account of the Company 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.

2. 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.

3. 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, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 such books;

(iii) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account;

(iv) The Balance Sheet and the Profit & Loss Account dealt with by this report, comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors as on December 31, 2011 and taken on record by the Board of Directors, we report that none of its directors is disqualified as on December 31, 2011 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 give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at December 31, 2011,

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

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

ANNEXURE TO THE AUDITORS' REPORT

ANNEXURE REFERRED TO IN THE PARAGRAPH 1 OF THE AUDITOR'S REPORT TO THE MEMBERS OF MEHTA SECURITIES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2011

1. Fixed Assets

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

(b) All fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.

(c) None of the Fixed Assets has been revalued during the year.

2. Investments

Investments are stated at cost and any diminution in the value if any, of a long-term nature has been provided for. There are current investments as well as long-term investments as per company's objective and policy.

3. Stock / Investments.

(a) The stock of shares held as stock in trade has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion, the procedure of physical verification of stock of shares held as stock in trade followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) No discrepancies were noticed on physical verification of stock of shares as compared to book of records.

(d) On the basis of our explanation of stock records, in our opinion the valuation of stock of shares has been fair and proper in accordance with the normally accepted accounting principles.

4. Loans and Advances

Loans and Advances in the nature of loans, have not been given to employee and other parties.

5. Loans: (secured & unsecured)

According to the information and explanations given to us, the Company has neither granted nor taken any loan secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii) (b), (c), (d), (f) and (g) of the Order are not applicable.

6. In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business, for the purchase of equipments and other fixed assets and for the sale of services. During the course of our audit, no major weakness has been noticed, in the internal control systems.

7. According to the information and explanations given to us, there are no transactions of purchase of goods, materials and sale of goods, materials or services with any companies, firms or other parties listed in the register maintained under section 301 of The Companies Act, 1956 except at market prices and aggregating during the year to Rs. 50,000/- or more in respect of each party.

8. The Company has not accepted fixed deposits from the public and has complied with the directives issued by the Reserve Bank of India and the rules framed there under, wherever applicable.

9. In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and nature of is business.

10. Maintenance of Cost Records has not been prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 for the products manufactured by the Company.

11. Statutory & Other Dues :

i. According to the information and explanations given to us and based on the records examined by us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income tax, Service tax, Cess and any other Statutory dues with the appropriate authorities during the year.

ii. There are no disputed dues in respect of Service tax, Income tax, Wealth tax, and Cess, which have not been deposited with the relevant authorities.

12. The Provident Fund Act is not applicable to the Company.

13. In relation to the service activities of the Company, there exists a reasonable Internal Control System commensurate with the size of the Company and the nature of its business.

14. In our opinion and on the basis of the information and explanation given to us, the services rendered by the Company do not require any allocation of man-hours.

15. The Company is not Sick Industrial Company within the meaning of clause (o) of Section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985.

16. The provisions of any special statute applicable to Chit Funds, Nidhi or Mutual Benefit Society do not apply to the Company.

17. The Company is investing in securities, debentures and other investments. All Shares, Debentures or Other securities have been held by the company in its own name except to the extent of the exemption granted U/ s.49 of The Companies Act, 1956.

18. No personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice.

19. The Company neither has accumulated losses exceeding fifty percent of its net worth at the end of the financial year.

20. Based on the records examined by us and the information and explanations given to us, on an overall basis, the company has not borrowed money from the Financial Institutions.

21. The Company has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

22. There are no guarantees given by the Company for loans taken by others from banks and financial institutions.

23. Based on the records examined by us and the information and explanations given to us, on an overall basis, the company has not availed term loan during the year.

24. As per the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term purposes.

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

26. The Company has not issued any debentures during the year.

27. The Company has not raised any money by way of public issues during the year.

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

For DINESH K. SHAH & CO. Chartered Accountants

sd/- DINESH K. SHAH Partner

Membership # 10477 Place: Ahmedabad, Dated: 16/04/2012

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Dec 31, 2010

1. We have audited the attached Balance Sheet of Mehta Securities Limited as at December 31' 2010' and also the Profit & Loss Account of the Company 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.

2. 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.

3. 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' we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 such books;

(iii) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account;

(iv) The Balance Sheet and the Profit & Loss Account dealt with by this report' comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act' 1956;

(v) On the basis of written representations received from the directors as on December 31' 2009 and taken on record by the Board of Directors' we report that none of its directors is disqualified as on December 31' 2010 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 give the information required by the Companies Act' 1956 in the manner so required' and give a true and fair view:

(a) in the case of the Balance Sheet' of the state of affairs of the Company as at December 31' 2010'

(b) in the case of the Profit & Loss Account' of the profit for the year ended on that date and

(c) in the case of Cash Flow Statement' of the Cash Flows for the year ended on that date.

ANNEXURE TO THE AUDITORS’ REPORT

ANNEXURE REFERRED TO IN THE PARAGRAPH 1 OF THE AUDITOR’S REPORT TO THE MEMBERS OF MEHTA SECURITIES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER' 2010

1. Fixed Assets

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

(b) All fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.

(c) None of the Fixed Assets has been revalued during the year.

2. Investments

Investments are stated at cost and any diminution in the value if any' of a long-term nature has been provided for. There are current investments as well as long-term investments as per company’s objective and policy.

3. Stock / Investments.

(a) The stock of shares held as stock in trade has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion' the procedure of physical verification of stock of shares held as stock in trade followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) No discrepancies were noticed on physical verification of stock of shares as compared to book of records.

(d) On the basis of our explanation of stock records' in our opinion the valuation of stock of shares has been fair and proper in accordance with the normally accepted accounting principles.

4. Loans and Advances

Loans and Advances in the nature of loans' have not been given to employee and other parties.

5. Loans: (secured & unsecured)

According to the information and explanations given to us' the Company has neither granted nor taken any loan secured or unsecured to/from companies' firms or other parties covered in the register maintained under section 301 of the Companies Act' 1956. Accordingly' paragraph 4(iii) (b)' (c)' (d)' (f) and (g) of the Order are not applicable.

6. In our opinion and according to information and explanations given to us' there are adequate internal control procedures commensurate with the size of the Company and nature of its business' for the purchase of equipments and other fixed assets and for the sale of services. During the course of our audit' no major weakness has been noticed' in the internal control systems.

7. According to the information and explanations given to us' there are no transactions of purchase of goods' materials and sale of goods' materials or services with any companies' firms or other parties listed in the register maintained under section 301 of The Companies Act' 1956 except at market prices and aggregating during the year to Rs. 50'000/- or more in respect of each party.

8. The Company has not accepted fixed deposits from the public and has complied with the directives issued by the Reserve Bank of India and the rules framed there under' wherever applicable.

9. In our opinion' the Company has an adequate internal audit system commensurate with the size of the Company and nature of is business.

10. Maintenance of Cost Records has not been prescribed by the Central Government under Section 209(1)(d) of the Companies Act' 1956 for the products manufactured by the Company.

11. Statutory & Other Dues :

i. According to the information and explanations given to us and based on the records examined by us' the Company has been generally regular in depositing undisputed statutory dues' including Provident Fund' Employees’ State Insurance' Income tax' Service tax' Cess and any other Statutory dues with the appropriate authorities during the year.

ii. There are no disputed dues in respect of Service tax' Income tax' Wealth tax' and Cess' which have not been deposited with the relevant authorities.

12. The Provident Fund Act is not applicable to the Company.

13. In relation to the service activities of the Company' there exists a reasonable Internal Control System commensurate with the size of the Company and the nature of its business.

14. In our opinion and on the basis of the information and explanation given to us' the services rendered by the Company do not require any allocation of man-hours.

15. The Company is not Sick Industrial Company within the meaning of clause (o) of Section 3(1) of the Sick Industrial Companies (Special Provisions) Act' 1985.

16. The provisions of any special statute applicable to Chit Funds' Nidhi or Mutual Benefit Society do not apply to the Company.

17. The Company is investing in securities' debentures and other investments. All Shares' Debentures or Other securities have been held by the company in its own name except to the extent of the exemption granted U/ s.49 of The Companies Act' 1956.

18. No personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice.

19. The Company neither has accumulated losses exceeding fifty percent of its net worth at the end of the financial year.

20. Based on the records examined by us and the information and explanations given to us' on an overall basis'' the company has not borrowed money from the Financial Institutions.

21. The Company has granted loans and advances on the basis of security by way of pledge of shares' debentures and other securities.

22. There are no guarantees given by the Company for loans taken by others from banks and financial institutions.

23. Based on the records examined by us and the information and explanations given to us' on an overall basis' the company has not availed term loan during the year.

24. As per the information and explanations given to us' on an overall basis' funds raised on short term basis have' prima facie' not been used during the year for long term purposes.

25. The Company has not made preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act' 1956.

26. The Company has not issued any debentures during the year.

27. The Company has not raised any money by way of public issues during the year.

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

For DINESH K. SHAH & CO.

Chartered Accountants

Sd/-

DINESH K. SHAH Partner

Membership # 10477

Ahmedabad'

Dated: 16/04/2011

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Dec 31, 2008

1. We have audited the attached Balance Sheet of Mehta Securities Limited as at December 31, 2008, and also the Profit & Loss Account of the Company for the year 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. 2. 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.

3. 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, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 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 such books;

(iii) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account;

(iv) The Balance Sheet and the Profit &.Loss Account dealt with by this report, comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(v) On the basis of written representations-received from the directors as on December 31, 2008 and taken on record by the Board of Directors, we report that none of its directors is disqualified as on December 31, 2008 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 give the information required by the Companies Act, 1956 in the manner so required, and give a true and fair view:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at December 31, 2008,

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

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

ANNEXURE TO THE AUDITORS REPORT

ANNEXURE REFERRED TO IN THE PARAGRAPH 1 OF THE AUDITORS REPORT TO THE MEMBERS OF MEHTA SECURITIES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st DECEMBER, 2008

I. Fixed Assets

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

(b) All fixed assets have been physically verified,by the management at reasonable intervals, No material discrepancies were noticed on such verification,

(c) None of the Fixed Assets has been revalued during the year.

2. Investments

Investments are stated at cost and any diminution in the. value if any, of a long-term nature has been provided for. There are current investments as well as long-term investments as per companys objective and policy.

3. Stock / Investments.

(a) The stock of shares held as stock in trade has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion, the procedure of physical verification of stock of shares held as stock in trade followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) No discrepancies were noticed on physical verification of stock of shares as compared to book of records.

(d) On the basis of our explanation of stock records, in our opinion the valuation of stock of shares has been fair and proper in accordance with the normally accepted accounting principles.

4. Loans and Advances

Loans and Advances in the nature of loans, have not been given to employee and other parties.

5. Loans: (secured & unsecured)

According to the information and explanations given to us, the Company has neither granted nor taken any loan secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraph 4(iii)(b), (c), (d), (f) and (g) of the Order are not applicable.

6. In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business, for the purchase of equipments and other fixed assets and for the sale of services. During the course of our audit, no major weakness has been noticed, in the internal control systems.

7. According to the information and explanations given to us, there are no transactions of purchase of goods, materials and sale of goods, materials or services with any companies, firms or other parties listed in the register maintained under section 301 of The Companies Act, 1956 except at market prices and aggregating during the year to Rs. 50,000/- or more in.respect of each party.

8. The Company has not accepted fixed deposits from the public and has complied with the directives issued by the Reserve Bank of India and the rules framed there under, wherever applicable.

9. In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and nature of is business.

10. Maintenance of Cost Records has!not been prescribed by the Central Government under Section 209(1 )(d) of the Companies Act, 1956 for the products manufactured by the Company.

II. Statutory & Other Dues :

i. According to the information and explanations given to us and based on the records examined by us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income tax, Service tax, Cess and any other Statutory dues with the appropriate authorities during the year.

ii. There are no disputed dues in respect of Service tax, Income tax, Wealth tax, and Cess, which have not been deposited with the relevant authorities.

12. The Provident Fund Act is not applicable to the Company.

13. In relation to the service activities of the Company, there exists a reasonable Internal Control System commensurate with the size of the Company and the nature of its business.

14. In our opinion and on the basis of the information and explanation given to us, the services rendered by the Company do not require any allocation of man-hours.

15. The Company is not Sick industrial Company within the meaning of clause (o) of Section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985.

16. The provisions of any special statute applicable to Chit Funds, Nidhi or Mutual Benefit Society do not apply to the Company.

17. The Company is investing In securities, debentures and other investments. All Shares, Debentures or Other securities have been held by the company in its own name except to the extent of the exemption granted U/ s.49 of The Companies Act, 1956. "

18. No personal expenses have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice.

19. The Company neither has accumulated losses exceeding fifty percent of its net worth at the end of the financial year.

20. Based on the records examined by us and the information and explanations given to us, on an overall basis,, the company has not borrowed money from the Financial Institutions. -

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

22. There are no guarantees given by the Company for loans taken by others from banks and financial institutions.

23. Based on the records examined by us and the information and explanations given to us, on an overall basis, the company has not availed term loan during the year.

24. As per the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term purposes.

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

26. The Company has not issued any debentures during the year. ,

27. The Company has not raised any money by way of public issues during the year.

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



For DINESH K. SHAH & CO. Chartered Accountants DINESH. K. SHAH Partner Membership No 10477

Ahmedabad, Dated : 16/04/2009