We have audited the accompanying standalone financial statement of M/s Daulat Securities Limited, which
comprises the Balance Sheet as at 31^st March, 2025, and the Statement of Profit / Loss account (Including Other
Comprehensive Income), the statement of changes of Equity and the statement of Cash Flows for the year then ended
on that date and a summary of significant accounting policies and other explanatory information (hereinafter referred
to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the standalone
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
Companies Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and
other accounting principles generally accepted in India, of the state of affairs of the company as on 31^st March 2025,
the Profit/Loss, total Comprehensive Income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We have 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 standalone Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by Institute of Chartered Accountants of India together with
ethical requirements that are relevant to our audit of standalone financial statement under the provisions of Companies
Act, 2013 and rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and ICAI’s code of ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that in our Professional Judgement 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. These matters were addressed in the context of Our Audit of the financial statements as a whole, and
informing our opinion thereon, and we do not provide a separate opinion on these matters.

1) Classification and measurement of financial assets -

Business model assessment

Ind AS 109, Financial Instruments, contains three principal measurement categories for financial assets i.e.:

• Amortised cost;

• Fair Value through Other Comprehensive Income (‘FVOCI’); and

• Fair Value through Profit and Loss (‘FVTPL’).

A financial asset is classified into a measurement category at inception and is reclassified only in rare circumstances.
The assessment as to how an asset should be classified is made on the basis of both the Group’s business model for
managing the financial asset and the contractual cash flow characteristics of the financial asset.

The term ‘business model’ refers to the way in which the Group manages its financial assets in order to generate cash
flows. That is, the Group’s business model determines whether cash flows will result from collecting contractual cash
flows, selling the financial assets or both.

Amortised cost classification and measurement category is met if the financial asset is held within a business model
whose objective is to hold financial assets in order to collect contractual cash flows.

FVOCI classification and measurement category is met if the financial asset is held in a business model in which
assets are managed both in order to collect contractual cash flows and for sale. Such financial assets are subsequently
measured at fair value, with changes in fair value recognized in other comprehensive income.

FVTPL classification and measurement category is met if the financial asset does not meet the criteria for
classification and measurement at amortised cost or at FVOCI. Such financial assets are subsequently measured at fair
value, with changes in fair value recognized in profit or loss.

Key audit procedures included:

Design / controls

• Assessing the design, implementation and operating effectiveness of key internal controls over management’s intent
of purchasing a financial asset and the approval mechanism for such stated intent and classification of such financial
assets on the basis of management’s intent (business model).

• For financial assets classified at amortised cost, we tested controls over the classification of such as sets and
subsequent measurement of assets at amortised cost. Further, we tested key internal controls over monitoring of such
financial assets to check whether there have been any subsequent sales of financial assets classified at amortised cost.

• For financial assets classified at FVOCI, we tested controls over the classification of such assets and subsequent
measurement of assets at fair value.

2) Recognition and measurement of impairment of loans and advances involve significant management
judgement

With the applicability of Ind AS 109 credit loss assessment is now based on expected credit loss (‘ECL’) model. The
Group’s impairment allowance is derived from estimates including the historical default and loss ratios. Management
exercises judgement in determining the quantum of loss based on a range of factors.

The most significant areas are:

• Segmentation of loan book

• Loan staging criteria

• Calculation of probability of default / Loss given default

• Consideration of probability weighted scenarios and forward looking macro-economic factors.

Key audit procedures included:

Design / controls

• Assessing the design and implementation of key internal financial controls over loan impairment process used to
calculate the impairment charge.

• We used our modelling specialist to test the model methodology and reasonableness of assumptions used.

• Testing of management review controls over measurement of impairment allowances and disclosures in the
consolidated financial statements.

Substantive tests

• We focused on appropriate application of accounting principles, validating completeness and accuracy of the data
and reasonableness of assumptions used in the model.

• Appropriateness of management’s judgments was also independently reconsidered in respect of calculation
methodologies, segmentation, economic factors, the period of historical loss rates used, loss emergence periods and
the valuation of recovery assets and collateral.

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

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013
(“the Act”) with respect to the preparation and presentation of these financial statements that give a true and fair view
of the financial position and financial performance, total comprehensive Income, changes in equity and cash flow of
the company in accordance with the Ind AS and other accounting Principles generally accepted in India. This
responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of
the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

In preparing the financial statements, 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 to do so.

Those Board of Directors are also responsible for overseeing the company’s financial reporting process.

Auditor’s Responsibility for the Audit of Financial Statement

Our objectives are to obtain reasonable audit 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 is 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 be reasonably be expected to influence the
economic decisions of the user taken on the basis of these financial statements. A further description of the auditor’s
responsibilities for the audit of the financial statements is included in Annexure A. This description forms part of our
Audit Report

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of detecting a material misstatement resulting from fraud is
higher than for one resulting from error, a fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control

• Obtaining 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 systems in place and the
operating effectiveness of such controls.

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

• Conclude on the appropriateness on the management’s use of t he 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.

• report to the related disclosures in the financial statements or, if such disclosures are inadequate to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor’s Report. However,
future events or conditions may cause the Company to cease to continue as a going concern.

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

We communicate with those charged with Governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in Internal Control that we identify
during 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 the
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

1A. As required by Section 143 (3) of the Act, 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 pharagraph 1 B(viii) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 ;

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

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) There are no observations or comments of the auditors on the financial transactions or matters which may have any
adverse effect on the functioning of the company;

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

(g) the reservation relating to maintenance of accounts and other matters connected therewith are as stated in the
paragraph 1 A (b) above on reporting under section 143(3)(b) and paragraph 1 B(viii) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rule, 2014.

(h) With respect to the other matters to be included in Auditor’s report in accordance with requirement of Section
197(16) of the Act, the Company has paid remuneration to its director in compliance with provisions of Section 197 of
the companies Act, 2013.

(i) Clause (i) of section 143(3) on the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, referred to our separate report in Annexure
“B”.

1 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:

i. The Company does not have any pending litigations on its financial position in its financial statements.

ii. The Company does not have any material foreseeable losses.

iii. The Company does not require to transfer any amount to the Investor Education and Protection Fund.

iv. The Management has represented, that to the best of their knowledge and belief no fund (which are
material either individually or in aggregate) have been advances 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 or entity,
including foreign entity (“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.

v. The Management has represented, that to the best of their knowledge and belief no fund (which are
material either individually or in aggregate) have been received by the company from any person or entity,
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.

vi. Based on the Audit procedures performed that have been considered reasonable or appropriate in the
circumstances, nothing has came to our notice that has caused us to believe that the representation under Sub
Clause (i) and (ii) of rule 11(e) as provided under (iv) and (v) above, contain material misstatement.

vii. The Company has not declared any dividend during the Year.

viii. The Company has used not used any accounting software for maintaining books of account which
has a feature of recording audit trail facility during the year..

2. As required by the Companies (Auditor’s Report ) order 2020 (“the order”) issued by the central
Government in term of Section 143(11) issued by the central Government in term of section 143(11),we
give in Annexure we give in Annexure “A” a statement on matters specified in paragraph 3 and 4 of Order
to the extent applicable.

For, P D Randar and co.

Chartered Accountants

Date: - 30.05.2025
Place: - Kolkata

Prabhu Dayal Randar
Partner

Firm Registration No. 319295E
Membership No. 054778
UDIN: -25054778BMOGGC7890