Sanchay Finvest Ltd. இன் முடிவுகள்

Mar 31, 2024

We have audited the standalone financial statements of Sanchay Finvest Limited (the "Company"), which comprise the standalone balance sheet as at 31^st March 2024, and the standalone statement of profit and loss (including other comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("lnd AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31^stMarch, 2023, of the state of affairs of the Company as at 31^st March 2024, and its loss and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules 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 obtained by us is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Emphasis of Matter We draw attention to:

• Company does not follow a proper system of obtaining confirmations and performing reconciliations of balances, Deposits received. Accordingly, relevant amounts with various parties are subject to confirmations, reconciliations. (Refer note no. 35 & 36)

• The Company has not made provision against expected credit loss in respect of certain current assets and /or current investment mainly includes member deposit with the M.P. Stock Exchange (Rs. 50 thousand), OTC Exchange (Rs. 225 thousand), and the M.P. Stock Exchange card fees (Rs. 2300 thousand), FD balance with Bank of India (Rs. 50 thousand) and doubtful Trade receivables (67.21 Thousand) , apart from provision made in accordance with the usual policy of the Company. (Refer note no. 35 & 36)

• Trade Payables have been bifurcated into two parts i.e., MSME and others and further sub- divided as disputable or otherwise. Disputed trade payables taken only in cases where matter is under litigation. In case of delayed outstanding against MSME/ others, beyond the period of Credit policy of the Company have been considered as undisputable by the management. Assessment for identifying disputable one is not available. In absence of any audit evidence with regards to classification, assessment of disputable or otherwise, we are unable to comment thereon and impact thereof on standalone financial statements

• The Company has not complied of Section 149(4) of the Companies Act, 2013 read with Rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014 .Since the Company has not appointed Independent Directors, the Company has not complied with the provisions of Section 177(2) and Section 178 of the Companies Act, 2013 read with Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014 as regards the composition of the Audit Committee and the Nomination and Remuneration Committee of the Board.

Our opinion is not modified in respect of above matter.

Key Audit Matters

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

Information other than the Standalone Financial Statements and Auditors'' Report thereon

The Company''s Board of Directors are responsible for the other information. The other information comprises the information included in the Company''s annual report, but does not include the standalone financial statements and our auditor''s report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone 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 state of affairs (financial position], profit/loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS] specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Management and Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

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

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

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

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3] [i] of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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

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

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone 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 standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the

adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

Government of India in terms of Section 143 (11] 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. As required by Section 143 (3] of the Act, and subject to matters described in Emphasis

matters & Other matters sections stated 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 except for the matters stated in the paragraph g(v] below, on reporting under Rule ll(g] of the Companies (Audit and Auditors] Rules, 2014.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts] Rules, 2014.

e) On the basis of the written representations received from the directors as on March 31,2024 taken on record by the Board of Directors, none of the directors are disqualified as on March 31,2024 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.

g) 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, as amended in our opinion and to the best of our information and according to the explanations given to us:

0) The Company has disclosed the impact of pending litigations if any as at 31 March 2024 on its financial position in its standalone financial statements [Refer Note no 37)

(ii] The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(iii] There are no amounts that are required to be transferred, to the Investor Education and Protection Fund by the Company.

(iv]

(a] 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 personfs] or entityfies], including foreign entities ("Intermediaries"], with

the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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;

(b) The management has represented, that, to the best of it''s knowledge and belief, other than as disclosed in the notes to the accounts, 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, whether, 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; and

(c) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their notice that has caused us to believe that the representations under sub-clause [i] and [ii] of Rule life], as provided under [a] and [b] above, contain any material misstatement.

(d) The Company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013. Further during the year Company not yet paid Preferential shares dividend and also not accumulated, as per extended terms & conditions of the Preferential shares dividend (Refer note no. 38)

[v] Based on our examination which included test checks and information given to us, the Company has used accounting software for maintaining its books of account, which did not have a feature of recording audit trail [edit log] facility throughout the year for all relevant transactions recorded in the respective software, hence we are unable to comment on audit trail feature of the said software. As the proviso to Rule 3[1] of the Companies [Accounts] Rules 2014 is applicable from 1st April 2023, reporting under Rule ll[g] of the Companies [Audit and Auditors] Rules 2014 on preservation of audit trail as per statutory requirements for record retention is not applicable for the financial year ending 31st March 2024

3. With respect to the other matters to be included in the Auditors'' Report in accordance with the requirements of section 197 [16] of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the company has not paid the Managerial remuneration as per the request of Managing director/other directors. Also The company has not paid the sitting fees to Independent directors, which is violated the provision of Companies Act, 2013.

For ]ain Jagawat Kamdar & Co Chartered Accountants FRN: 122530W

Sd/-

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Mar 31, 2012

We have audited the attached Balance sheet of M/s SANCHAY FINVEST LIMITED as at 31st March, 2012 and also the annexed Profit & Loss Account and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principals 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:

1. As required by the Comapnies (Auditor's Report) order, 2003 Issued by the Central Government of India in terms of section 227 (4) (A) of the Companies Act 1956, and on the basis of checks of the books & records as we considered necessary and appropriate,and according to the information and explanations given to us during the course of audit ,we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order to the extent applicable to the Company.

2. Further to our comments in the Annexure referred to in paragraphs (1) above and report that : -

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

B ) In our opinion, proper books of accounts(except stock record), as required by law, have been kept by the Company so far as appears from our examination of those books.

C ) The Balance Sheet, Profit & Loss Account and cash flow Statement dealt with by this report are in agreement with the books of account.

D ) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement complies with the mandatory Accounting Standards referred in section 211 ( 3C ) of the Companies Act 1956.

E ) On the basis of the written representation received from the directors as on 31.03.2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31.03.2012 from being appointed as a director in terms of clause (g ) of sub-section (1) of section 274 of the Companies Act, 1956.

F ) In our opinion and to the best of our information and according to the explanation given to us, the said accounts subject to and read with the notes thereon, give the information required by Companies Act, 1956 in the manner as required and give a true and fair view in Conformity with the accounting principles generally accepted in India : -

1) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012 and

2 ) in the case of the profit and loss account , of the profit/ loss for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph (1) of our report of even date)

1. (a)The Company has maintained proper records showing full particulars including quantitative details and location of fixed assets. All the assets have been physically verified by the management during the year. There is a regular programme of such verification. No material discrepancies were noticed during such verification.

(b)None of the fixed assets have been revalued during the year.

2. (a)The stocks of shares & securities were reported to have been physically verified during the year by the management at regular intervals and at the close of the accounting year.

(b)In our opinion, the procedures of physical verification of stocks followed by the managementare not reasonable and adequate in relation to the size of the company and the nature of its business.

(c)As per the information and explanations given to us, the management is reported to us that discrepancies on physical verification of stocks as compared to book records are reconciled and balance as on 31st March, 2012 are in line with the book records.

(d)In our opinion, the valuation of stocks is fair and proper and in accordance with the normally accepted accounting principals and is on the same basis as in the preceding year.

3. (a)The company has not taken any loan from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 or from the company under the same management.

(b)The company has not granted any loans, secured or unsecured to companies, firms, or other parties listed in the register maintained under section 301 of the Companies Act, 1956, or to companies under the same management within the meaning of section 370 (IB) of the Companies Act, 1956.

(c )On the basis of our checking and according to the information and explanations given to us during the course of our audit , the parties to whom loans or advances in the nature of loans have been given by the Company, are repaying the principal as stipulated and are also regular in payment of interest.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business.

5. As far as we have been able to ascertain and according to the information and explanations given to us, purchases made during the year, of shares & securities and services as applicable aggregating during the year to Rs. 50, 000 /- or more in respect of each party made in pursuance of contracts or arrangement entered in the Register maintained under section 301 of the companies Act, 1956 are not prejudicial to the interest of the Company.

6. The Company has not accepted any deposit from the public.

7. In our opinion, the internal control procedure involves reasonable internal checking of its financial records with is considered by us to be adequate under the circumstances.

8. (a) The Company is generally regular in depositing provident fund and Employee State Insurance dues with the appropriate authorities.

(b)In our opinion and according to the information and explanations given to us, there is no undisputed and outstanding amount payable in respect of Income tax or any other taxes, duties etc. as at the last day of financial year concerned for a period of more than six month from the date they became payable.

9. Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

10. In our opinion, the company has no accumulated losses at the end of the financial year but has incurred cash losses during the current financial year under report .

11. In our opinion, and according to the information and explanation given to us the company has not defaulted in repayment of dues.

12. The clause of the order is not applicable as the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13.The clause of the order is not applicable as the company is not nidhi / mutual benefit fund/societies.

14. In our opinion, the Company has kept proper records of the transaction and contracts for dealing or trading in shares, debentures, securities and other investment and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the company in its own name.

15. In our opinion and according to explanations given to us, the company has not given any guarantee for loans taken by others from bank or other financial institutions during the year.

16. According to the information and explanations given to us and on an overall examination of the balance sheet, we report that no funds raised on short-term basis have been used for long term investment and vice versa.

17. 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.

18. As the Company has not issued any debenture during the year , so the question of creating charges does not arrive.

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

20. 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.

PLACE : MUMBAI For. V. R. BHABHRA & CO.

(CHARTERED ACCOUNTANTS)

DATE : 27th August, 2012 . (V. R. BHABHRA)

PROPRIETOR.

FRN : 112861W

Mem. No. 46043

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Mar 31, 2011

We have audited the attached Balance sheet of M/s SANCHAY FINVEST LIMITED as at 31st March, 2011 and also the annexed Profit & Loss Account and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principals 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: -

1. As required by the Companies (Auditor''s Report) order, 2003 Issued by the Central Government of India in terms of section 227 (4) (A) of the Companies Act 1956, and on the basis of checks of the books & records as we considered necessary and appropriate, and according to the information and explanations given to us during the course of audit ,we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order to the extent applicable to the Company. 2. Further to our comments in the Annexure referred to in paragraphs (1) above and report that : -

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

B) In our opinion, proper books of accounts(except stock record), as required by law, have been kept by the Company so far as appears from our examination of those books.

C) The Balance Sheet, Profit & Loss Account and cash flow Statement dealt with by this report are in agreement with the books of account.

D) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement complies with the mandatory Accounting Standards referred in section 211 ( 3C ) of the Companies Act 1956.

E) On the basis of the written representation received from the directors as on 31.03.2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31.03.2011 from being appointed as a director in terms of clause (g ) of sub- section (1) of section 274 of the Companies Act, 1956.

F ) In our opinion and to the best of our information and according to the explanation given to us, the said accounts subject to and read with the notes thereon, give the information required by Companies Act, 1956 in the manner as required and give a true and fair view in Conformity with the accounting principles generally accepted in India : -

1) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2011 and

2) in the case of the profit and loss account , of the profit/ loss for the year ended on that date.

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in paragraph (1) of our report of even date)

1. (a)The Company has maintained proper records showing full particulars including quantitative details and location of fixed assets. All the assets have been physically verified by the management during the year. There is a regular programme of such verification. No material discrepancies were noticed during such verification.

(b)None of the fixed assets have been revalued during the year.

2. (a)The stocks of shares & securities were reported to have been physically verified during the year by the management at regular intervals and at the close of the accounting year.

(b)In our opinion, the procedures of physical verification of stocks followed by the management are not reasonable and adequate in relation to the size of the company and the nature of its business.

(c)As per the information and explanations given to us, the management is reported to us that discrepancies on physical verification of stocks as compared to book records are reconciled and balance as on 31st March, 2011 are in line with the book records.

(d)In our opinion, the valuation of stocks is fair and proper and in accordance with the normally accepted accounting principals and is on the same basis as in the preceding year.

3. (a)The company has not taken any loan from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 or from the company under the same management.

(b)The company has not granted any loans, secured or unsecured to companies, firms, or other parties listed in the register maintained under section 301 of the Companies Act, 1956, or to companies under the same management within the meaning of section 370 (IB) of the Companies Act, 1956.

(c)On the basis of our checking and according to the information and explanations given to us during the course of our audit , the parties to whom loans or advances in the nature of loans have been given by the Company, are repaying the principal as stipulated and are also regular in payment of interest.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business.

5. As far as we have been able to ascertain and according to the information and explanations given to us, purchases made during the year, of shares & securities and services as applicable aggregating during the year to Rs. 50, 000 /- or more in respect of each party made in pursuance of contracts or arrangement entered in the Register maintained under section 301 of the companies Act, 1956 are not prejudicial to the interest of the Company.

6. The Company has not accepted any deposit from the public.

7. In our opinion, the internal control procedure involves reasonable internal checking of its financial records with is considered by us to be adequate under the circumstances.

8. (a) The Company is generally regular in depositing provident fund and Employee State Insurance dues with the appropriate authorities.

(b)In our opinion and according to the information and explanations given to us, there is no undisputed and outstanding amount payable in respect of Income tax or any other taxes, duties etc. as at the last day of financial year concerned for a period of more than six month from the date they became payable.

9. Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

10. In our opinion, the company has no accumulated losses at the end of the financial year but has incurred cash losses during the current financial year under report.

11. In our opinion, and according to the information and explanation given to us the company has not defaulted in repayment of dues.

12. The clause of the order is not applicable as the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13.The clause of the order is not applicable as the company is not nidhi / mutual benefit fund/societies.

14. In our opinion, the Company has kept proper records of the transaction and contracts for dealing or trading in shares, debentures, securities and other investment and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the company in its own name.

15. In our opinion and according to explanations given to us, the company has not given any guarantee for loans taken by others from bank or other financial institutions during the year.

16. According to the information and explanations given to us and on an overall examination of the balance sheet, we report that no funds raised on short-term basis have been used for long term investment and vice versa.

17. 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.

18. As the Company has not issued any debenture during the year, so the question of creating charges does not arrive.

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

20. 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.

PLACE : MUMBAI For. V. R. BHABHRA & CO.

(CHARTERED ACCOUNTANTS)

DATE : 1st September, 2011

(V. R. BHABHRA )

PROPRIETOR.

FRN : 112861W Mem. No. 46043

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Mar 31, 2010

We have audited the attached Balance sheet of M/s SANCHAY FINVEST LIMITED as at 31st March, 2010 and also the annexed Profit & Loss Account and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principals 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:

1. As required by the Companies (Auditor's Report) order, 2003 Issued by the Central Government of India in terms of section 227 (4) (A) of the Companies Act 1956, and on the basis of checks of the books & records as we considered necessary and appropriate, and according to the information and explanations given to us during the course of audit ,we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order to the extent applicable to the Company.

2. Further to our comments in the Annexure referred to in paragraphs (1) above and report that : -

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

B ) In our opinion, proper books of accounts(except stock record), as required by law, have been kept by the Company so far as appears from our examination of those books.

C ) The Balance Sheet, Profit & Loss Account and cash flow Statement dealt with by this report are in agreement with the books of account.

D ) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement complies with the mandatory Accounting Standards referred in section 211 ( 3C ) of the Companies Act 1956.

E ) On the basis of the written representation received from the directors as on 31.03.2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31.03.2010 from being appointed as a director in terms of clause (g ) of sub- section (1) of section 274 of the Companies Act, 1956.

F ) In our opinion and to the best of our information and according to the explanation given to us, the said accounts subject to and read with the notes thereon, give the information required by Companies Act, 1956 in the manner as required and give a true and fair view in Conformity with the accounting principles generally accepted in India : - 1) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March,2010 and 2 ) in the case of the profit and loss account , of the profit/ loss for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph (1) of our report of even date)

1. (a)The Company has maintained proper records showing full particulars including quantitative details and location of fixed assets. All the assets have been physically verified by the management during the year. There is a regular programme of such verification. No material discrepancies were noticed during such verification.

(b)None of the fixed assets have been revalued during the year.

1. (a)The stocks of shares & securities were reported to have been physically verified during the year by the management at regular intervals and at the close of the accounting year.

(b)In our opinion, the procedures of physical verification of stocks followed by the management are not reasonable and adequate in relation to the size of the company and the nature of its business.

(c)As per the information and explanations given to us, the management is reported to us that discrepancies on physical verification of stocks as compared to book records are reconciled and balance as on 31st March, 2010 are in line with the book records.

(d)In our opinion, the valuation of stocks is fair and proper and in accordance with the normally accepted accounting principals and is on the same basis as in the preceding year.

2. (a)The company has not taken any loan from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 or from the company under the same management.

(b)The company has not granted any loans, secured or unsecured to companies, firms, or other parties listed in the register maintained under section 301 of the Companies Act, 1956, or to companies under the same management within the meaning of section 370 (IB) of the Companies Act, 1956.

(c )On the basis of our checking and according to the information and explanations given to us during the course of our audit , the parties to whom loans or advances in the nature of loans have been given by the Company, are repaying the principal as stipulated and are also regular in payment of interest.

3. In our opinion and according to the information and explanation given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business.

4. As far as we have been able to ascertain and according to the information and explanations given to us, purchases made during the year, of shares & securities and services as applicable aggregating during the year to Rs. 50, 000 /- or more in respect of each party made in pursuance of contracts or arrangement entered in the Register maintained under section 301 of the companies Act, 1956 are not prejudicial to the interest of the Company.

5. The Company has not accepted any deposit from the public.

6. In our opinion, the internal control procedure involves reasonable internal checking of its financial records with is considered by us to be adequate under the circumstances.

7. (a) The Company is generally regular in depositing provident fund and Employee State Insurance dues with the appropriate authorities.

(b)In our opinion and according to the information and explanations given to us, there is no undisputed and outstanding amount payable in respect of Income tax or any other taxes, duties etc. as at the last day of financial year concerned for a period of more than six month from the date they became payable.

8. Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act.

10. In our opinion, the company has no accumulated losses at the end of the financial year but has incurred cash losses during the current financial year under report .

11. In our opinion, and according to the information and explanation given to us the company has not defaulted in repayment of dues.

12. The clause of the order is not applicable as the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13.The clause of the order is not applicable as the company is not nidhi / mutual benefit fund/societies.

14. In our opinion, the Company has kept proper records of the transaction and contracts for dealing or trading in shares, debentures, securities and other investment and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the company in its own name.

15. In our opinion and according to explanations given to us, the company has not given any guarantee for loans taken by others from bank or other financial institutions during the year.

16. According to the information and explanations given to us and on an overall examination of the balance sheet, we report that no funds raised on short-term basis have been used for long term investment and vice versa.

17. 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.

18. As the Company has not issued any debenture during the year , so the question of creating charges does not arrive.

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

20. 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.

PLACE : MUMBAI For. V. R. BHABHRA & CO. (CHARTERED ACCOUNTANTS)

DATE : 09th September, 2010 Sd/-

(V. R. BHABHRA )

PROPRIETOR.

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Mar 31, 2001

We have audited the attached Balance-Sheet of M/s.SANCHAY FINVEST LIMITED (Formerly D.S. Sancheti Securities & Financial Services Limited) Indore (M.P.) as at 31st March, 2001 and also the annexed profit and loss account for the period ended on that date and report that :-

1. As required by the manufacturing and other Companies (Auditor's Report) Order 1988, issued by the Company Law Board in terms of Section 227(4)(A) of the Companies Act 1956, we enclose in the annexure, a statement on the matters specified in paragraphs 4 & 5 of the said order to the extent applicable to the Company.

2. Further to our comments in the annexure referred to in paragraphs 1 above :-

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

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

(c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of accounts.

(d) In our opinion the Balance Sheet and the Profit & Loss Account complies with the mandatory Accounting Standards referred in section 211 (3C) of the Companies Act 1956.

(e) There is no comment which have any adverse effect on the functioning of the company.

(f) On the basis of the written representation received from the directors as on 31.03.2001 and taken on record by the Board of Directors we report that none of the directors is disqualified as on 31.03.2001 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(g) In our opinion and to the best of our information and according to the explanation given to us, the accounts subject to and read with the notes thereon, give the information required by Companies Act, 1956 in the manner as required and give a true and fair view :-

(i) in the case of the Balance-Sheet, of the state of affairs of the Company as at 31 st March, 2001 and

(ii) in the case of the Profit and loss account, of the Loss for the period ended on that date.

For PRAKASH WOHRA & CO., CHARTERED ACCOUNTANTS PLACE : INDORE (M.P.) DATED : 01.08.2001 (PRAKASH WOHRA) Partner. M.No.70346

1. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. All the assets have been physically verified by the management during the year. There is a regular programme of such verification. No material discrepancies were noticed during such verification.

2. None of the fixed assets have been revalued during the year.

3. The stocks of shares & securities were reported to have been physically verified during the year by the management at regular intervals and at the close of the accounting year. in our opinion the frequency of verification is reasonable.

4. In our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate considering the size of the company and the nature of its business.

5. As per the information and explanations given to us, the management is reported to have noticed no material discrepancies on physical verification of stocks as compared to book record.

6. In our opinion, the valuation of stocks is fair and proper and in accordance with the normally accepted accounting principals and is on the same basis as in the proceeding year.

7. The company has not taken any loan from Companies, firms or other parties listed in the register maintained under section 301 of the Companies Act 1956 or from the Company under the same management.

8. The Company has not granted any loans, secured or unsecured to companies, firms, or other parties listed in the register maintained under section 301 of the Companies Act, 1956, or to Companies under the same management within the meaning of Section 370(1 B) of the Companies Act, 1956.

9. On the basis of our checking and according to the informaton and explanations giver to us during the course of our audit, the parties to whom loans or advances in the nature of loans have been given by the Company, are repaying the principal as stipulated and are also regular in payment of interest.

10. In our opinion and according to the information and explanation given to us, there is an adequate internal control procedure commensurate with the size of the Company and nature of its business.

11. As far as we have been able to ascertain and according to the information and explainations given to us, purchases made during the year, of shares & securities and services as applicable aggregating during the year to Rs.50,000/- or more in respect of each party made in pursuance of contracts or arrangements entered in the Register maintained under section 301 of the Companies Act, 1956 are not prejudicial to the interest of the company.

12. The Company has not accepted any deposit from the public.

13. In our opinion, the internal control procedure involves reasonable internal checking of its financial records which is considered by us to be adequate under the circumstances.

14. The Company is generally regular in depositing Provident Fund and Employees' State Insurance dues with the appropriate authorities.

15. In our opinion and according to the information and explanations given to us, there is no undisputed and outstanding amount payable in respect of Income-tax, Wealth-tax or any other taxes, duties etc. as at the last day of financial year concerned for a period of more than six months from the date they became payable.

16. In our opinion and according to the information and explanation given to us, no personal expenses have been charged/debited to revenue account.

17. The provisions of any special statute applicable to chit fund, nidhi or mutual benefit society are not applicable to the Company.

18. As the company is not a manufacturing company, there is no consumption of stores and materials and there is no system for allocation of man-hours on job basis.

19. In our opinion, the Company has kept proper records of the transactions and contracts for dealing or trading in shares, debentures, securities and other investments and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company in its own name.

20. The Company has maintained proper records of transactions and contracts for purchase and sale of shares held as stock-in-trade.