ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Ranjit Securities Ltd.

Mar 31, 2025

Ranjit Securities Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Ranjit Securities Limited (“the Company”), which comprise the balance sheet as at March 31, 2025, and the Statement of Profit and Loss (Including other Comprehensive Income), statement of cash flows and statement of Changes in equity for the year then ended, and notes to the financial statements, including the 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 financial statements give the information required by the Companies Act, 2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act with the Companies (Indian Accounting Standards) Rules,2015, the relevant circulars, guidelines and directions issued by the Reserve Bank of India (RBI) from time to time (‘RBI Guidelines’) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2025, its profit, total comprehensive Income, 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 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 Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

Emphasis of Matter

1. A case had been filed before CJM Gwalior by the Registrar of the Companies, M.P. against the company and its directors under section 295 (4) & (5), 211, 372 (8), 383 (1A) & 209A of Companies Act, 1956, which is still not concluded.

2. The Company''s shares are suspended from trading at Bombay Stock Exchange Ltd. (BSE) since December, 2004, However, the company has applied for Revocation of suspension of share with BSE which is yet to be concluded.

Our opinion is not modified in respect of these matters.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to communicate in our report.

S.No	Key Audit Matters	Auditor’s Response
1	Impairment of loans:	Principal audit procedures performed:
(a)	Classification of assets to stage 1, 2, or 3 using criteria in accordance with RBI’s regulatory circulars;	We tested assets in stage 1, 2 and 3 on sample basis to verify that they were allocated to the appropriate stage.
(b)	Measurement of individual borrowers’ provisions, assessment of multiple economic scenarios;	For exposure determined to be individually impaired, we tested a samples of loans and advances and examined Management’s estimate of future cash flows, assessed their reasonableness and checked the resultant provision calculations.

Information other than the financial statements and auditor’s report thereon

• The Company’s board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Board’s Report including Annexure to Board’s Report, Business Responsibility Report but does not include the financial statements and our auditors’ 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 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 financial statements

The Company’s board of directors are responsible for the matters stated in section 134 (5) of 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 financials statement that give a true and fair view and are free from material misstatement ,whether due to fraud or error.

In preparing the 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 financial statements

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also

1. 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 over ride of internal control.

2. 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 control

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

4. 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.

5. 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.

Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work ; and (ii) to evaluate the effect of any identified misstatements in the Financial Statements.

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

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

(A). As required by Section 143(3) of the Act, based on our audit we report that :

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

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

c. The Balance Sheet, the Statement of Profit and Loss including other comprehensive Income, the statement of Cash Flows and Statement of changes in Equity dealt by this Report are in agreement with the books of accounts

d. in our opinion, the aforesaid financial statements comply with Ind AS specified under section 133 of the Act;

e. On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the Board of Directors, none of the directors are disqualified as on 31 st March, 2025 from being appointed as a director in terms of Section 164(2) of the Act.

f. with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

B) 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 financial statements.

b. The company has made provision as on 31/03/2025 as required under applicable law or Accounting standards for material foreseeable losses, if any, on long term contracts. The company did not have any long term derivative contracts as on 31/03/2025.

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

d. (i) The Management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) The Management has represented, that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material misstatement.

e. The company had not proposed any dividend in the previous year and also have not proposed any dividend for the year, therefore, Section 123 of the Act, is not applicable to the company.

f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023.

Based on our examination which included test checks, except for the instances mentioned below, the Company has used accounting softwares for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective software:

The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct data changes for the accounting softwares used for maintaining the books of account

Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not come across any instance of the audit trail feature being tampered with.

(C) 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, No remuneration has been paid by the Company to its directors during the year, is in accordance with the provisions of Section197 of the Act.

For Jain Doshi & Co.,

Chartered Accountants Firm Registration No. : 007365C

Place : Indore Date :30/05/2025

(Rakesh Kumar Jain) Partner

Membership No. : 075938 UDIN : 25075938BMOTSI2105

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Mar 31, 2024

We have audited the accompanying financial statements of Ranjit Securities Limited(“the Company”), which comprise the balance
sheet as at March 31, 2024, and the Statement of Profit and Loss (Including other Comprehensive Income), statement of cash flows and
statement of Changes in equity for the year then ended, and notes to the financial statements, including the 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 financial statements give the
information required by the Companies Act, 2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under section 133 of the Act with the Companies (Indian Accounting Standards) Rules,2015, the
relevant circulars, guidelines and directions issued by the Reserve Bank of India (RBI) from time to time (‘RBI Guidelines’) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, its profit, total
comprehensive Income, 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 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 Act and the
rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

Emphasis of Matter

1. A case had been filed before CJM Gwalior by the Registrar of the Companies, M.P. against the company and its directors under
section 295 (4) & (5), 211, 372 (8), 383 (1A) & 209A of Companies Act, 1956, which is still not concluded.

2. The Company''s shares are suspended from trading at Bombay Stock Exchange Ltd. (BSE) since December, 2004, However, the
company has applied for Revocation of suspension of share with BSE which is yet to be concluded.

Our opinion is not modified in respect of these matters.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of
the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key
audit matters to communicate in our report.

Sl No	Key Audit Matters	Auditor’s Response
1	Impairment of loans:	Principal audit procedures performed:
(a)	Classification of assets to stage 1,2, or 3 using criteria in accordance with RBI’s regulatory circulars;	We tested assets in stage 1, 2 and 3 on sample basis to verify that they were allocated to the appropriate stage.
(b)	Measurement of individual borrowers’ provisions, assessment of multiple economic scenarios;	For exposure determined to be individually impaired, we tested a samples of loans and advances and examined Management’s estimate of future cash flows, assessed their reasonableness and checked the resultant provision calculations.

Information other than the financial statements and auditor’s report thereon

• The Company’s board of directors is responsible for the preparation of the other information. The other information comprises
the information included in the Board’s Report including Annexure to Board’s Report, Business Responsibility Report but does
not include the financial statements and our auditors’ 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 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 financial statements

The Company’s board of directors are responsible for the matters stated in section 134 (5) of 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 financials statement that give a true and fair
view and are free from material misstatement ,whether due to fraud or error.

In preparing the 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 financial statements

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also

1. 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 over ride of internal control.

2. 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 control

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

4. 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.

5. 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.

Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable user of the Financial Statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work ; and (ii) to
evaluate the effect of any identified misstatements in the Financial Statements.

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the
audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

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

2 (A). As required by Section 143(3) of the Act, based on our audit we report that :

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

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

c. The Balance Sheet, the Statement of Profit and Loss including other comprehensive Income, the statement of Cash Flows and
Statement of changes in Equity dealt by this Report are in agreement with the books of accounts

d. in our opinion, the aforesaid financial statements comply with Ind AS specified under section 133 of the Act;

e. On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by the Board of
Directors, none of the directors are disqualified as on 31st March, 2024 from being appointed as a director in terms of Section
164(2) of the Act.

f. with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure B”. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

(B) 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 financial statements.

b. The company has made provision as on 31/03/2024 as required under applicable law or Accounting standards for
material foreseeable losses, if any, on long term contracts. The company did not have any long term derivative contracts
as on 31/03/2024.

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

d. (i) The Management has represented that, to the best of its knowledge and belief, no funds have been advanced or
loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the
Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest

in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) The Management has represented, that, to the best of its knowledge and belief, no funds have been received by the
Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedures performed that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i)
and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material misstatement.

e. The company had not proposed any dividend in the previous year and also have not proposed any dividend for the year,
therefore, Section 123 of the Act, is not applicable to the company.

f. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1 April 2023.

Based on our examination which included test checks, except for the instances mentioned below, the Company has used
accounting softwares for maintaining its books of account, which have a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions recorded in the respective software:

The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct data changes
for the accounting softwares used for maintaining the books of account

Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for the
respective accounting software, we did not come across any instance of the audit trail feature being tampered with.

(C) 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, No remuneration has
been paid by the Company to its directors during the year, is in accordance with the provisions of Section197 of the Act.

For Jain Doshi & Co.,

Chartered Accountants
Firm Registration No. : 007365C

Place : Indore
Date :30/05/2024

(Rakesh Kumar Jain)
Partner

Membership No. : 075938
UDIN : 24075938BKBBPX9880

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Mar 31, 2013

Report on the Financial Statement

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

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 2ll(3C) of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors* Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

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

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

Opinion

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

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

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

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

Emphasis of Matter

Without qualifying our report we draw attention to

Note no. 20: Company has received show cause notice u/s 209, 211, 283, 307, 193, 299, 217, 292, 301J 372, 49,150 & 151 of the Companies Act 1956 on 16/01/2013 from office of the ROC MP ChhattisgarW However the company strongly reply the notice of ROC but proceeding still pending.

Note no. 21: The Company''s equity is suspended for trading in BSE due to non compliance of somfl listing agreement but Company is in process of Revocation of Suspension to shares Trading wild Bombay Stock Exchange.

Note no. 27: Balance of AH loan, advances & sundry creditors are subject to confirmation anfl consequential reconciliation, if any from the respective parties. However, the management does nol expect any material difference affecting the current year financial statement.

Report on other Legal and Regulatory Requirements

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

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

(a) We have obtained all the information and explanation which to the best of our knowledt and belief were necessary for the purpose of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company 50 far as appears from our examination of those books. t

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

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

(e) On the basis of the written representations received from the directors as on March 31, 2013, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013. from being appointed as a director in terms of Section 274(1) (g) of the Act.

Anncxure to the Independent Auditor''s Report

(As referred in paragraph one of section "Report on other Legal and Regulatory requirement" of our Report of even date to the members of Ranjit Securities Ltd. on the accounts for the year ended 3 V March, 2013)

1. (i) In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) In our opinion, the Company has not disposed off a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

2. In respect of its inventories:

a) The company is finance and Investment Company, hence having regards to the nature of the business of the company in our opinion, the Clause (ii) (a), (b) & (c) of Paragraph 4 of the order is not applicable to the company.

3. In respect of the loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956:

a) The Company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act in during the current financial year and hence comments regarding rate of interest, terms and conditions of loan repayment and overdue amount more than rupees One Lac are not applicable.

b) The Company has not granted loan to any parties / Companies, Firms or other parties covered in the register maintained u/s 301 of the Companies Act in during the current financial year. Except Rs. 4047255/- has been given to one company which is covered in the register maintained u/s 301 of the Companies Act the maximum Amount involved Rs. 4047255/-. However yearend balance is Nil (P.Y. NIL). Further Company has given Rs. 1500000/- to Mr. Tej Pal Singh hora who is son of the one shareholder who covered in the register maintained u/s 301 of the Companies Act. The maximum Amount involved Rs. 1500000/- and the yearend balance is NIL,

c) In our opinion and according to the information and explanation given to us the rate of interest and other terms & condition on which such advance and loan given are prima facie not prejudicial 10 the interest of the company.

d) In our opinion and according to the information and explanation given to us the repayment of principal amount and interest on loans granted are regular.

e) According to the record of the company and information and explanation given to us, they have no overdue amount of loan granted to company & parties covered in the register maintained u/s 301 of the Companies'' Act 1956.

4. In our opinion and according to the information and explanations given to us, there are no adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of assets, loans & advances & investment. As there is not adequate interna! control, we are unable to comment on weakness in internal control.

5. In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956;

(a) Based on the audit procedure applied by us and according to the information and explanations given to us, we are of opinion that the transaction that needs to be entered into the register maintained u/s 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion according to the information and explanations given to us, That transactions made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act. 1956, and exceeding the value of five Lac. Rupees of any parties in during the year at price which are reasonable having regards to the prevailing Market Price at the relevant time.

6. In our opinion and according the information and explanations given to us, the Company neither accepted nor invited any deposits from Public within the provisions of section 58A of Companies Act, 1956 as well as not accepted any deposit to which directive issued by the RBI under Non Banking Financial Companies acceptable of Public Deposit (Reserve Bank) Direction of 1998 apply.

7. As per our examination and according to the information given to us, the company has no Internal Audit System It needs to be implement however internal control system is commensurate with the size of the Company and nature of its business.

8. As informed to us, the Central Government has not prescribed the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956. Hence, paragraph (VIII) of the order not applicable to the company.

9. In respect of statutory dues:

According to the information and explanation given to us, the company is generally regular in depending undisputed statutory dues including income tax, wealth tax and other taxes with the appropriate authorities.

here are no undisputed dues payable in respect of statutory dues including Income Tax, and Wealth Tax which are outstanding as at 31* March, 2013 for a period of more than six months from the date they become payable. Except Wealth Tax liability of Rs.27.468/- for the financial year 2UU4-05 and advance lax amount of current income tax liabilities Rs. 6456 ISA

10. The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, the Company has not taken any Loan from any financial institutions, banks and debenture holders. Therefore the provisions of clause XI of the order are not applicable to the Company.

12. According to the information and explanations given to us, the Company has given the advance by way of loans to the borrower being finance company on the. basis of various securities. However, the parties to whom the loans or advances in the nature of loans have been given by the company are repaying the principal amount as stipulated and are also regular in payment of interest in most cases. Further, in few cases, where principal amount and/or interest is not repaid as stipulated, reasonable steps have been taken for recovery of the principal and or interest. The company has followed the guidelines issued by the Reserve Bank of India applicable upon all non banking financial companies for assets classification and provision for income recognition on non-performing assets.

13. In our opinion, the Company is not a chit fund / Nidhi / mutual benefit fund / society. Therefore, the provisions of clause (xiii) of paragraph 4 of the order are not applicable to the Company.

14. According to the information and explanations given to us, in our opinion the Company is not dealing in or trading in share securities and other investment. According the provision of clause XIV of the order isnot applicable to the Company.

15. As informed and explained to us the Company has not given any guarantee in respect of loans taken by others from any bank or financial institutions.

16. As per information '' and explanation given to us, the company has not raised any term loans during the year and hence clause-rf(XVI) of the order is not applicable to the company.

17. According to the cash flow statement and other records examined by us and 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 investment (fixed assets, etc.).

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

19. According to the information and explanations given to us and the records examined by us, the company has not issued any debentures and hence regarding creation of securities in respect of debentures issued does not arise.

20. The Company has not raised any money by public issue of shares during the year. Accordingly clause 4 (xx) of the Company (Auditor''s Report) Order 2003 are not applicable to the company.

21. 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 in course of our audit.

For SUBHASH CHAND JAIN ANURAG & ASSOCIATES

CHARTERED ACCOUNTANTS FRN: 04733C

(S.C. JAIN)

PARTNER

MNO. 72062

Place: Indore

Date: 25,h May, 2013

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of Ranjit Securities Limited as at 31st March, 2012, the statement of Profit and Loss Account and the Cash Flow statement of the Company for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 as amended by the companies (Auditor Report) (Amendment order 2004) (together the order) issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 of the said order.

4. Subject to above and our comments in the Annexure referred to in paragraph 3 above, we report that:

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

(b) 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 those books.;

(c) the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

(d) in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 to the extent they are applicable.

(e) on the basis of the written representations received from the Directors as on 31st March, 2012 and taken on record by the Board of Directors, none of the directors are disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

(f) It may be noted that at present, no rules relating to the amount of cess for Rehabilitation or Revival or protection of assets of sick industrial companies payable by a company under Sec.441A of the Act have been notified by the Central Government. Thus, it would not be possible for the auditor to comment on the regularity or otherwise about the cess till the time relevant rules and regulations are issued.

5. In our opinion and to the best of our information and according to the explanations given to us, the said financial statements read together with the notes thereon give the information 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:

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2012;

(ii) in the case of the statement of Profit and Loss, of the profit of the company for the year ended on that date; and

(iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure to the Auditor's Report

(As referred in paragraph third of our Report of even date to the members of Ranjit Securities Ltd. on the accounts for the year ended 31st March, 2012)

(i) Fixed Assets

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

(b) As informed to us, the Company has physically verified fixed assets during the year at reasonable intervals and no material discrepancies were noticed on such verification.

(c) In our opinion the Company has not disposed off substantial part of the fixed asset so as to affect its status of going concern of the Company.

(ii) Inventories

The company is finance and Investment Company, hence having regards to the nature of the business of the company and in our opinion, the Clause (ii) (a), (b) & (c) of Paragraph 4 of the order is not applicable to the company.

(iii) Loan Granted or Taken

(a) The Company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act in during the current financial year and hence comments regarding rate of interest, terms and conditions of loan repayment and overdue amount more than rupees One Lac are not applicable.

(b) The Company has not granted loan to any parties / Companies, Firms covered in the register maintained u/s 301 of the Companies Act in during the current financial year. The closing balance is Rs. NIL ( P.Y. 7908584).

(iv) Internal Control Procedure

In our opinion and according to the information and explanations given to us, there are no adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of assets & investment. Except as stated above we have not observed any continuing failure to correct major weakness in internal control.

(v) Transaction with Parties u/s 301

(a) Based on the audit procedure applied by us and according to the information and explanations given to us, we are of opinion that the transaction that needs to be entered into the register maintained u/s 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion according to the information and explanations given to us, That no transactions made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act. 1956, and exceeding the value of five Lac. Rupees of any parties in during the year.

(vi) Public Deposit

In our opinion and according the information and explanations given to us, the Company neither accepted nor invited any deposits from Public within the provisions of section 58A of Companies Act, 1956 as well as not accepted any deposit to which directive issued by the RBI under Non Banking Financial Companies acceptable of Public Deposit (Reserve Bank) Direction of 1998 apply.

(vii) Internal Audit System

As per our examination and according to the information given to us, the company has no Internal Audit System It needs to be implemented for mailing and to make is System however internal control system is commensurate with the size of the Company and nature of its business.

(viii) Cost Record

As informed to us, the Central Government has not prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956. Hence, paragraph (VIII) of the order not applicable to the company.

(ix) Statutory Dues

(a) According to the information and explanation given to us, the company is generally regular in depositing undisputed statutory dues including income tax, wealth tax and other taxes with the appropriate authorities. It may be noted that at present, no rules relating to the amount of cess for Rehabilitation or Revival or protection of assets of sick industrial companies payable by a company under Sec.441A of the Act have been notified by the Central Government. Thus, it would not be possible for the auditor to comment on the regularity or otherwise about the cess till the time relevant rules and regulations are issued. However till the time such rules are prescribed, the auditor need not make any comment in respect of the cess under Sec. 441A of the Companies Act, 1956 in his report under paragraph 4(ix)(a) of the CARO 2003.

(b) There are no undisputed dues payable in respect of statutory dues including Income Tax, and Wealth Tax which are outstanding as at 31st March, 2012 for a period of more than six months from the date they become payable. Except Wealth Tax liability of Rs.27,468/- for the financial year 2004-05.

(c) According to the records of the company there are no dues in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess on account of any disputes other than following.

S.No. Nature of the Nature of dues Amount statute

----- -------------- -------------- ------- 1. Commercial Tax Commercial Tax 231104.00 Law (under unit Concern)

Period to which the Forum where amount related dispute is pending

------------------- ----------- F.Y. 2001-02 Informed as case is pending before M.P. High Court Indore, Bench Indore



However the, above liabilities is not provided in the books of accounts.

(x) Accumulated Cash losses

The company does not have any accumulated cash losses. Moreover, it has not incurred any cash loss in during the financial year as well as in immediately preceding financial year.

(xi) Default in repayment of dues to Financial Institutions or Bank

Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of its dues to a financial institution, bank or debenture holder.

(xii) Granting of Loan and Advances

According to the information and explanations given to us, the Company has given the advance by way of loans to the borrower being finance company on the basis of various security. However, the parties to whom the loans or advances in the nature of loans have been given by the company, are repaying the principal amount as stipulated and are also regular in payment of interest in most cases. Further, in few cases, where principal amount and/or interest is not repaid as stipulated, reasonable steps have been taken for recovery of the principal and or interest. The company has followed the guidelines issued by the Reserve Bank of India applicable upon all non banking financial companies for assets classification and provision for income recognition on non-performing assets.

(xiii) Chit Fund/Nidhi/Mutual Benefit/Society Activities

The Company is not a Chit Fund Mutual Benefit Company. Thus provisions relating to any special statute applicable to chit fund etc., are not applicable to the Company.

(xiv) Dealing or Trading in Shares

The Company has not dealed in or traded in share securities and other investment in during the year. However As per information and explanation given to us that all old investment made by Company has been held in own name and Company has maintained its adequate records.

(xv) Guarantee given by the Company for loan taken by others

As informed and explained to us the Company has not given any guarantee in respect of loans taken by others from any bank or financial institutions.

(xvi) Utilization of Term Loan

As per information and explanation given to us, the company has not raised any term loans during the year and hence clause 4(xvi) is not applicable to the company.

(xvii) Application of Short Term Fund for Long Term Investment

According to the cash flow statement and other records examined by us and 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 investment (fixed assets, etc.).

(xviii) Preferential Allotment of Shares

We are informed that, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act during the year.

(xix) Creation of Securities for Debenture Issue

According to the information and explanations given to us and the records examined by us, the company has not issued any debentures and hence regarding creation of securities in respect of debentures issued does not arises.

(xx) Money raised by Public Issue

The Company has not raised any money by public issue of shares during the year. Accordingly clause 4 (xx) of the Company (Auditor's Report) Order 2003 are not applicable to the company.

(xxi) Fraud noticed or Reported

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 in course of our audit.



For SUBHASH CHAND JAIN ANURAG & ASSOCIATES CHARTERED ACCOUNTANTS FRN: 04733C





(S.C. JAIN) PARTNER MNO. 72062

Place: Indore

Date: 30th May, 2012

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of Ranjit Securities Limited as at 31st March, 2011 and also the Profit and Loss Account and the Cash Flow statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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 as amended by the companies (Auditor Report) (Amendment order 2004) (together the order) issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 of the said order.

That Company has not quantified / provided the amount of gratuity and accrued leave encashment as on 31.03.11 as required as per accounting standard (AS-15 (revised 2005) of ICAI.

4. Subject to above and our comments in the Annexure referred to in paragraph 3 above, we report that:

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

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

(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. to the extent they are applicable.

(e) On the basis of the written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and subject to notes to account given in Schedule 14 and those appearing elsewhere in the accounts, give the information 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: *

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2011;

(ii) In the case of Profit and Loss Account of the Loss for the year ended on that date, and

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

Annexure to the Auditor's Report

(AS REFERRED IN PARAGRAPH THIRD OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF RANJIT SECURITIES LTD. ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2011)

(i) Fixed Assets

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

(b) As informed to us, the Company has physically verified fixed assets during the year at reasonable intervals and no material discrepancies were noticed on such verification.

(c) In our opinion the Company has not disposed off substantial part of the fixed asset so as to affect its status of going concern of the Company.

(ii) Inventories

The company is a finance and investment company, hence having regards to the nature of the business of the company and in our opinion, the Clause (ii) (a), (b) & (c) of Paragraph 4 of the order is not applicable to the company.

(iii) Loan Granted or Taken

(a) The Company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act in during the current financial year and hence comments regarding rate of interest, terms and conditions of loan repayment and overdue amount more than rupees One Lac are not applicable.

(b) The Company has granted loan to seven parties / Companies, Firms covered in the register maintained u/s 301 of the Companies Act in during the current financial year and balance outstanding Rs.85.37 lakhs/- (PY Rs.169.70 lakhs) at the end of the year. However the terms and conditions of said loan prima face not prejudicial to the interest of the company.

(iv) Internal Control Procedure

In our opinion and according to the information and explanations given to us, there are no adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of assets & investment. Except as stated above we have not observed any continuing failure to correct major weakness in internal control.

(v) Transaction with Parties u/s 301

(a) Based on the audit procedure applied by us and according to the information and explanations given to us, we are of opinion that the transaction that need to be entered into the register maintained u/s 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion according to the information and explanations given to us, That no transactions made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act. 1956, and exceeding the value of five Lac. Rupees of any parties in during the year.

(vi) Public Deposit

In our opinion and according the information and explanations given to us, the Company neither accepted nor invited any deposits from Public within the provisions of section 58 A of Companies Act, 1956 as well as not accepted any deposit to which directive issued by the RBI under Non Banking Financial Companies acceptable of Public Deposit (Reserve Bank) Direction of 1998 apply.

(vii) Internal Audit System

As per our examination and according to the information given to us, the company has no Internal Audit System It needs to be implemented for mailing and to make is System however internal control system is commensurate with the size of the Company and nature of its business.

(viii) Cost Record

As informed to us, the Central Government has not prescribed the maintenance of cost records under section 209(l)(d) of the Companies Act, 1956. Hence, paragraph (VIII) of the order not applicable to the company.

(ix) Statutory Dues

(a) According to the information and explanation given to us, the company is generally regular in depositing undisputed statutory dues including income tax, wealth tax and other taxes with the appropriate authorities.

(b) There are no undisputed dues payable in respect of statutory dues including Income Tax, and Wealth Tax which are outstanding as at 31st March, 2011 for a period of more than six months from the date they become payable. Except Wealth Tax liability of Rs.27,468/- for the financial year 2004- 05.

(c) According to the records of the company there are no dues in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess on account of any disputes other than following.

S.No. Nature of the Nature of dues Amount Period Statute to which the Forum where amount related dispute is Pending

1. Commercial Tax Commercial Tax 231104.00 Law (under unit F.Y. 2001-02 Informed as Concern) case is pending before M.P. High Court Indore, Bench Indore

However the, above liabilities is not provided in the books of accounts.

(x) Accumulated Cash losses

The company does not have any accumulated cash losses. Moreover, it has not incurred any cash loss in during the financial year as well as in immediately preceding financial year.

(xi) Default in repayment of dues to Financial Institutions or Bank

Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of its dues to a financial institution, bank or debenture holder.

(xii) Granting of Loan and Advances

According to the information and explanations given to us, the Company has given the advance by way of loans to the borrower being finance company on the basis of various securities. However, the parties to whom the loans or advances in the nature of loans have been given by the company are repaying the principal amount as stipulated and are also regular in payment of interest in most cases. Further, in few cases, where principal amount and/or interest is not repaid as stipulated, reasonable steps have been taken for recovery of the principal and or interest. The company has followed the guidelines issued by the Reserve Bank of India applicable upon all non banking financial companies for assets classification and provision for income recognition on non-performing assets.

(xiii) Chit Fund/Nidhi/Mutual Benefit/Society Activities

The Company is not a Chit Fund Mutual Benefit Company. Thus provisions relating to any special statute applicable to chit fund etc., are not applicable to the Company.

(xiv) Dealing or Trading in Shares

The Company has not dialed in or traded in share securities and other investment in during the year. However As per information and explanation given to us that all old investment made by Company has been held in own name and Company has maintained its adequate records.

(xv) Guarantee given by the Company for loan taken by others

As informed and explained to us the Company has not given any guarantee in respect of loans taken by others from any bank or financial institutions.

(xvi) Utilization of Term Loan

As per information and explanation given to us, the company has not raised any term loans during the year and hence clause 4(xvi) is not applicable to the company.

(xvii) Application of Short Term Fund for Long Term Investment

According to the cash flow statement and other records examined by us and 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 investment (fixed assets, etc.).

(xviii) Preferential Allotment of Shares

We are informed that, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act during the year.

(xix) Creation of Securities for Debenture Issue

According to the information and explanations given to us and the records examined by us, the company has not issued any debentures and hence regarding creation of securities in respect of debentures issued does not arises.

(xx) Money raised by Public Issue

The Company has not raised any money by public issue of shares during the year. Accordingly clause 4 (xx) of the Company (Auditor's Report) Order 2003 are not applicable to the company.

(xxi) Fraud noticed or Reported

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 in course of our audit.

For SUBHASH CHAND JAIN ANURAG & ASSOCIATES

CHARTERED ACCOUNTANTS

FRN : 04733C

(S.C. JAIN)

PARTNER

MNO. 72062

PLACE : INDORE

Date : 18th August, 2011

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of Ranjit Securities Limited as at 31st March, 2010 and also the Profit and Loss Account and the Cash Flow statement of the Company for the year ended on that date annexed thereto. 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 as amended by the companies (Auditor Report) (Amendment order 2004) (together the order) issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 of the said order.

That Company has not quantified / provided the amount of gratuity and accrued leave encashment as on 31.03.10 as required as per accounting standard (AS-15 (revised 2005) of ICAI.

4. Subject to above and our comments in the Annexure referred to in paragraph 3 above, we report that:

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

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

(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. to the extent they are applicable.

(e) On the basis of the written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31s March, 2010 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us. the said accounts read with significant accounting policies and subject to notes to account given in Schedule 16 and those appearing elsewhere in the accounts, give the information 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:

i) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2010; ii) In the case of Profit and Loss Account of the profit for the year ended on that date, and iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure to the Auditors Report

(As referred in paragraph hird of our Report of even date to the members of Ranjit Securities Ltd. on the accounts for the year ended 31sl March. 2010.)

(i) Fixed Assets

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

(b) As informed to us, the Company has physically verified fixed assets during the year at reasonable intervals and no material discrepancies were noticed on such verification.

(c) In our opinion the Company has not disposed off substantial part of the fixed asset so as to affect its status of going concern of the Company.

(ii) Inventories

The company is finance and Investment Company, hence having regards to the nature of the business of the company and in our opinion, the Clause (ii) (a), (b) & (c) of Paragraph 4 of the order is not applicable to the company.

(iii) Loan Granted or Taken

a) The Company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act in during the current financial year and hence comments regarding rate of interest, terms and conditions of loan repayment and overdue amount more than rupees One Lac are not applicable.

b) The Company has not granted any loan secured or unsecured to Companies, Firms or other parties covered in the register maintained u/s 301 of the Companies Act in during the current financial year except old loan of seven parties continue whose balance outstanding Rs. 16970085/- (PY) at the end of the year).. However the terms and conditions of said loan prima face not prejudicial to the interest of the company.

(iv) Internal Control Procedure

In our opinion and according to the information and explanations given to us, there are no adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of assets & investment. Except as stated above we have not observed any continuing failure to correct major weakness in internal control.

(v) Transaction with Parties u/s 301

(a) Based on the audit procedure applied by us and according to the information and explanations given to us, we are of opinion that the transaction that needs to be entered into the register maintained u/s 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion according to the information and explanations given to us, That no transactions made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act. 1956, and exceeding the value of five Lac. Rupees of any parties in during the year.

(vi) Public Deposit

In our opinion and according the information and explanations given to us. the Company neither accepted nor invited any deposits from Public within the provisions of section 58 A of Companies Act, 1956 as well as not accepted any deposit to which directive issued by the RBI under Non Banking Financial Companies acceptable of Public Deposit (Reserve Bank) Direction of 1998 apply.

(vii) Internal Audit System

As per our examination and according to the information given to us. the company has no Internal Audit System It needs to be implemented for mailing and to make is System however internal control system is commensurate with the size of the Company and nature of its business.

(viii) Cost Record

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

(ix) Statutory Dues

(a) According to the information and explanation given to us, the company is generally regular in depositing undisputed statutory dues including income tax, wealth tax and other taxes with the appropriate authorities.

(b) There are no undisputed dues payable in respect of statutory dues including Income Tax, and Wealth Tax which are outstanding as at 31st March, 2010 for a period of more than six months from the date they become payable. Except Wealth Tax liability of Rs.27, 468/- for the financial year 2004-05.

(c) According to the records of the company there are no dues in respect of income tax. wealth tax, sales tax, custom duty, excise duty and cess on account of any disputes other than following.

S. No. Nature of the Nature of dues Amount Period to which the Forum where Statute amount related dispute is pending

1 Commercial Tax Commercial Tax 231104.00F.Y. 2001-02. M.P. High Court

Law (under unit Concern) Indore Bench

However the, above liabilities is not provided in the books of accounts.

(x) Accumulated Cash losses

The company does not have any accumulated cash losses. Moreover, it has not incurred any cash loss in during the financial year as well as in immediately preceding financial year.

(xi) Default in repayment of dues to Financial Institutions or Bank

Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of is dues to a financial institution, bank or debenture holder.

(xii) Granting of Loan and Advances

According to the information and explanations given to us, the Company has given the advance by way of loans to the borrower being finance company on the basis of various securities. However, the parties to whom the loans or advances in the nature of loans have been given by the company are repaying the principal amount as stipulated and are also regular in payment of interest in most cases. Further, in few cases, where principal amount and/or interest is not repaid as stipulated, reasonable steps have been taken for recovery of the principal and or interest. The company has followed the guidelines issued by the Reserve Bank of India applicable upon all non banking financial companies for assets classification and provision for income recognition on non-performing assets.

(xiii) Chit Fund/Nidhi/Mutual Benefit/Society Activities

The Company is not a Chit Fund Mutual Benefit Company. Thus provisions relating to any special statute applicable to chit fund etc., are not applicable to the Company.

(xiv) Dealing or Trading in Shares

The Company has not dialed in or traded in share securities and other investment in during the year. However As per the information and explanation given to us that all old investment made by Company has been held in own name and Company has maintained its adequate records.

(xv) Guarantee given by the Company for loan taken by others

As informed and explained to us the Company has not given any guarantee in respect of loans taken by others from any bank or financial institutions.

(xvi) Utilization of Term Loan

As per information and explanation given to us, the company has not raised any term loans during the year and hence clause 4(xvi) is not applicable to the company.

(xvii) Application of Short Term Fund for Long Term Investment

According to the cash flow statement and other records examined by us and 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 investment (fixed assets, etc.)

(xviii) Preferential Allotment of Shares

We are informed that, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act during the year.

(xix) Creation of Securities for Debenture Issue

According to the information and explanations given to us and the records examined by us. the company has not issued any debentures and hence regarding creation of securities in respect of debentures issued does not arise.

(xx) Money raised by Public Issue

The Company has not raised any money by public issue of shares during the year. Accordingly clause 4 (xx) of the Company (Auditors Report) Order 2003 are not applicable to the company.

(xxi) Fraud noticed or reported

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 in course of our audit.

For SUBHASH CHAND JAIN ANURAG & ASSOCIATES

CHARTERED ACCOUNTANTS

FRN: 04733C

(S.C.JAIN)

PARTNER

MNO. 72062

PLACE: INDORE Date : 18th August, 2010

---

Mar 31, 2009

1. We have audited the attached Balance Sheet of Ranjit Securities Limited as at 31st March, 2009 and also the Profit and Loss Account and the Cash Flow statement of the Company for the year ended on that date annexed thereto. 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 as amended by the companies (Auditor Report) (Amendment order 2004) (together the order) issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 of the said order.

That Company has not quantified / provided the amount of gratuity and accrued leave encashment as on 31.03.09 as required as per accounting standard (AS-15, revised 2005) of ICAI.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

(a) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.

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

(c) the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

(d) in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. to the extent they are applicable.

(e) on the basis of the written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March, 2009 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and subject to notes to account given in Schedule 16 and those appearing elsewhere in the accounts, give the information 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 :

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2009; (ii) in the case of Profit and Loss Account of the profit for the year ended on that date, and (iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure to the Auditors Report

(As referred in paragraph third of our Report of even date to the members of Ranjit Securi- ties Ltd. on the accounts for the year ended 31a March, 2009.)

(i) Fixed Assets

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

(b) As informed to us, the Company has physically verified fixed assets during the year at reasonable intervals and no material discrepancies were noticed on such verification.

(c) In our opinion the Company has not disposed off substantial part of the fixed asset so as to affect its status of going concern of the Company.

(ii) Inventories

The company is a finance and investment company, hence having regards to the nature of the business of the company and in our opinion, the Clause (ii) (a), (b) & (c) of Paragraph 4 of the order is not applicable to the company.

(iii) Loan Granted or Taken

(a) The Company has not taken any loan secured or unsecured from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act in during the current financial year and hence comments regarding rate of interest, terms and conditions of loan repayment and overdue amount more than rupees-One Lac are nof applicable.

(b) The Company has not granted any loan secured or unsecured to Companies, Firms or other parties covered in the register maintained u/s 301 of the Companies Act in during the current financial year except loan given to 7 parties and Rs.ll293200/-was outstand- ing against said loan at the end of year. However the terms and conditions of said loan prima face not prejudicial to the interest of the company.

(iv) Internal Control Procedure

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 v business with regard to purchase of assets & investment.

(v) Transaction with Parties u/s 301

(a) Based on the audit procedure applied by us and according to the information and explana- tions given to us, we are of opinion that the transaction that need to be entered into the; register maintained u/s 301 of the Companies Act, 1956 have been so entered

(b) In our opinion according to the information and explanations given to us, That the transac tions made in pursuance of contracts or arrangements entered in the register maintained u/ s 301 of the Companies Act. 1956, and exceeding the value of five Lac. Rupees in during the year, have been made at prices which are reasonable having regard to the prevailing marke; prices at the relevant time.

(vi) Public Deposit

In our opinion and according the information and explanations given to us, the Company neither accepted nor invited any deposits from Public within the provisions of section 58A of Companies Act, 1956 as well as not accepted any deposit to which directive issued by the RBI under Non Banking Financial Companies acceptable of Public Deposit (Reserve Bank) Direction of 1998 apply.

(vii) Internal Audit System

As per our examination and according to the information given to us, the company has no Internal Audit System however internal control system is commensurate with the size of the Company and nature of its business.

(viii) Cost Record

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

(ix) Statutory Dues

(a) According to the information and explanation given to us, the company is generally regular in depositing undisputed statutory dues including income tax, wealth tax and other taxes with the appropriate authorities.

(b) There are no undisputed dues payable in respect of statutory dues including Income Tax, and Wealth Tax which are outstanding as at 31st March, 2009 for a period of more than six months from the date they become payable. Except Wealth Tax liability of Rs.27,468/- for the financial year 2004-05.

(c) According to the records of the company there are no dues in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess on account of any disputes other than following.

S.No.Nature of the Nature of dues Amount Period to which the Forum where statute amount related dispute is pending

1.Commercial Tax Commercial Tax 231104.00 F.Y. 2001-02 M. P. High Court Law (under unit Concern) Indore Bench.

However, The, above liabilities is not provided in the books of accounts.

(x) Accumulated Cash losses

The company does not have any accumulated cash losses. Moreover, it has not incurred any cash loss in during the financial year as well as in immediately preceeding financial year.

(xi) Default in repayment of dues to Financial Institutions or Bank

Based on our audit procedures and on the information and explanations given by the manage- ment, the company availed the Term Loan from bank to purchase vehicle in earlier year. During the year under reference the Company has not defaulted in repayment of is dues in this regards.

(xii) Granting of Loan and Advances

According to the information and explanations given to us, the Company has given the advance by way of loans to the borrower being finance company on the basis of various security. However, the parties to whom the loans or advances in the nature of loans have been given by the com- pany, are repaying the principal amount as stipulated and are also regular in payment of interest in most cases. Further, in few cases, where principal amount and/or interest is not repaid as stipu- lated, reasonable steps have been taken for recovery of the principal and or interest. The company has followed the guidelines issued by the Reserve Bank of India applicable upon all non banking financial companies for assets classification and provision for income recognition on non- performing assets.

(xiii) Chit Fund/Nidhi/Mutual Benefit/Society Activities

The Company is not a Chit Fund Mutual Benefit Company. Thus provisions relating to any special statute applicable to chit fund etc., are not applicable to the Company.

(xiv) Dealing or Trading in Shares

The Company has not dealed in or traded in share securities and other investment in during the year. However As per the information and explanation given to us that all old investment made by Company has been held in own name and Company has maintained its adequate records.

(xvl Guarantee given by the Company for loan taken by others

As informed and explained to us the Company has not given any guarantee in respect of loans taken by others from any bank or financial institutions.

(xvi) Utilization of Term Loan

As per information and explanation given to us, the company has not raised any. term loans during the year and hence clause 4(xvi) is not applicable to the company.

(xvii) Application of Short Term Fund for Long Term Investment

According to the cash flow statement and other records examined by us and 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 investment (fixed assets, etc.).

(xviii) Preferential Allotment of Shares

We are informed that, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act during the year.

(xix) Creation of Securities for Debenture Issue

According to the information and explanations given to us and the records examined by us, the company has not issued any debentures and hence regarding creation of securities in respect of debentures issued does not arises.

(xx) Money raised by Public Issue

The Company has not raised any money by public issue of shares during the year. Accordingly clause 4 (xx) of the Company (Auditors Report) Order 2003 are not applicable to the company.

(xxi) Fraud noticed or Reported

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 in course of our audit.

For SUBHASH CHAND JAIN ANURAG & ASSOCIATES CHARTERED ACCOUNTANTS

( S.C. JAIN )

PARTNER

MNO. 72062

Place: Indore

Date : 28th August, 2009