Summit Securities Ltd Auditor Reports

Basis for Opinion

Key Audit Matters

Information Other than the Standalone Financial Statements and Auditors Report Thereon

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

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Report on Other Legal and Regulatory Requirements

(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 is 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;

(g) With respect to the other matters to be included in the Auditors Report in accordance with the Section 197(16) of the Act, in our opinion and according to the information and explanations given to us, no remuneration paid by the Company to its directors during the current year; and

(h) With respect to the other matters to be included in the Auditors 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 has disclosed the impact of pending litigations on its financial position in its standalone financial statements - (Refer Note 25 to the standalone financial statements);

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

(iii There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company;

(iv) (a) The Management of the Company has represented that, to the best of its knowledge and belief, during the year, 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 or entity, including foreign entities (the 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 (the Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management of the Company has represented, that, to the best of its knowledge and belief, during the year, no funds have been received by the Company from any person or entity, including foreign entities (the 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 (the Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures, we have considered reasonable and appropriate in the circumstances that nothing has come to our notice that has caused us to believe that the representations under paragraph (a) and (b) above, contain any material misstatement.

(v) The Company neither declared nor paid dividend during the year. Accordingly, the Company is not required to comply with Section 123 of the Act.

(vi) In our opinion and based on our examination, which included test checks,the Company has used accounting softwares for maintaining its books of account for the financial year ended 31st March, 2024 which has a feature of recording audit trail (edit log) facility and same has operated throughout the year for all relevant transactions recorded in the softwares. Further, during the course of our audit, we did not come across any instance of the audit trail feature being tampered with.

Further, as proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, as amended is applicable from 1st April, 2023 reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, as amended, on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended 31st March, 2024.

SHARP & TANNAN

Chartered Accountants Firms Registration No. 109982W by the hand of

INDEPENDENT AUDITORS REPORT

ANNEXURE ‘A TO THE INDEPENDENT AUDITORS

REPORT

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

(i) In respect of the Companys property, plant and equipment and Intangible assets

(a) (A) The Company is maintaining proper records showing full particulars, including quantitative details and situation of property, plant and equipment; and

(B) The Company does not have intangible assets. Accordingly, the Paragraph 3(i)

(a)(B) of the Order is not applicable to the Company.

(b) According to the information and explanations to us, all the property, plant and equipment 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) The Company does not have immovable properties during the year. Accordingly, the Paragraph 3(i)(c) of the Order is not applicable to the Company;

(d) The Company has not revalued any of its property, plant and equipment during the year;

(e) No proceedings have been initiated during the year or are pending against the Company as at 31st March, 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder. Accordingly, the Paragraph 3(i)(e) of the Order is not applicable to the Company.

(ii) (a) The Company did not have inventories during the year. Accordingly, the Paragraph 3(ii)(a) of the Order is not applicable to the Company; and

(b) The Company has not availed working capital facility during the year, from banks or financial institutions on the basis of security of current assets. Accordingly, the Paragraph 3(ii)(b) of the Order is not applicable to the Company.

(iii) (a) According to the information and explanations given to us and the records examined by us, the Company has not granted any loans or advances in the nature of loans and stood guarantees or provided security to any other entity during the year. Accordingly, the Paragraph 3(iii)(a) of the Order is not applicable to the Company;

(b) According to the information and explanations given to us and the records examined by us, the investments made, during the year are, prima facia not prejudicial to the Companys interest. The Company, during the year, has not provided guarantees, given security, granted loans and advances in the nature of loans; and

(c) The Company, during the year, has not granted loans and advances in the nature of loans. Accordingly, the Paragraph 3(iii)(c) to (f) of the Order is not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company has not granted any loans, made investments or given any guarantees or provided any security covered under Section 185 of the Act. Further, the Company has not granted any loans, made investments or given any guarantees or provided any security covered under Section 186 of the Act. Accordingly, the Paragraph 3(iv) of the Order is not applicable to the Company.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits or amounts which are deemed to be deposits from the public during the year to which the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 and other relevant provisions of the Act and the rules framed thereunder apply. Accordingly, the Paragraph 3(v) of the Order is not applicable to the Company. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

(vi) The maintenance of cost records has not been specified by the Central Government under Section 148 of the Act. Accordingly, the Paragraph 3(vi) of the Order is not applicable to the Company.

(vii) In respect of statutory dues:

(a) In our opinion, the Company is generally regular in depositing the undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees State Insurance, Income-Tax, Sales Tax, Service Tax, Duty of Customs, Cess and any other statutory dues to the appropriate authorities. There are no arrears of outstanding statutory dues as on the last day of the financial year for a period of more than six months from the date they became payable; and

(b) There are no statutory dues as referred to in (a) above as at 31st March, 2024 which

have not been deposited on account of dispute,

(viii) There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. Accordingly, the Paragraph 3(viii) of the Order is not applicable to the Company,

(ix) (a) According to the information and

explanations given to us and on the basis of our audit procedures, the Company has not availed loans or other borrowings from any lender, Accordingly, the Paragraph 3(ix)(a) of the Order is not applicable to the Company;

(b) According to the information and explanations given to us and on the basis of our audit procedures, the Company has not availed loans or other borrowings from any lender, The Company has not been declared willful defaulter by any bank or financial institution or other lender, Accordingly, the Paragraph 3(ix)(b) of the Order is not applicable to the Company;

(c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the year, Accordingly, the Paragraph 3(ix)(c) of the Order is not applicable to the Company;

(d) According to the information and explanations given to us and the procedure performed by us and on an overall examination of the financial statements of the Company, we report that funds raised on short-term basis during the year have, prima facie not been used for long-term purposes by the Company;

(e) According to the information and explanations given to us, on an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries; and

(f) According to the information and explanations given to us, the Company has not raised any loans during the year, Accordingly, the Paragraph 3(ix)(f) of the Order is not applicable to the Company,

(x) (a) According to the information and explanations given to us, we report that the Company has not raised monies by way of initial public offer or further public offer (including debt instruments) during the year, Accordingly, the Paragraph 3(x)(a) of the

Order is not applicable to the Company; and

(b) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year, Accordingly, the Paragraph 3(x)(b) of the Order is not applicable to the Company,

(xi) (a) During the course of our examination of the books and records of the Company, carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us we have neither come across any fraud by the Company or any fraud on the Company or reported during the year nor have we been informed of such case by management;

(b) According to the information and explanations given to us and on the basis of our audit procedures, no report under Section 143(12) of the Act has been filed in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report; and

(c) As represented to us by the management, there are no whistle blower complaints received by the company during the year, Accordingly, the provisions stated in paragraph (xi)(c) of the order is not applicable to Company,

(xii) The Company is not a Nidhi Company, Accordingly, the Paragraph 3(xii) of the Order is not applicable,

(xiii) According to the information and explanations given to us and on the basis of our audit procedures, the Company is in compliance with Sections 177 and 188 of the Act with respect to applicable transaction with the related parties and the relevant details of such related party transactions have been disclosed in the financial statements as required under the applicable Indian Accounting Standards,

(xiv) (a) According to the information and explanations given to us, the Company has adequate internal audit system commensurate with the size and the nature of its business; and

(b) We have considered the internal audit reports for the year under audit, issued to the Company till date, in determining the nature, timing and extent of our audit procedures,

(xvi) (a) According to the information and explanations given to us and in our opinion, the Company is required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 and the necessary registration has been obtained by the Company;

(b) According to the information and explanations given to us and in our opinion, the Company has not conducted NonBanking Financial or Housing Finance activity. Accordingly, the Paragraph 3(xvi) (b) of the Order is not applicable to the Company;

(c) According to the information and explanations given to us and in our opinion,the Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India; and

(d) According to the information and explanations given to us, there are three Core Investment Companies as part of the Group which are not required to be registered with the RBI.

(xvii) According to the information and explanations given to us, the Company has not incurred cash losses in the financial year and in the immediately preceding financial year. Accordingly, the Paragraph 3(xvii) of the Order is not applicable to the Company.

(xviii) According to the information and explanations given to us, there has been no resignation of statutory auditors during the year. Accordingly, the Paragraph 3(xviii) of the Order is not applicable to the Company.

(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation

of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing as at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We, further state that our reporting is based on the facts upto the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(b) There are no unspent amounts towards Corporate Social Responsibility ongoing projects requiring a transfer to a Special account in compliance with the provisions of Section 135(6) of the said Act. Accordingly, the Paragraph 3(xx)(b) of the Order is not applicable to the Company.

SHARP & TANNAN

Chartered Accountants Firms Registration No. 109982W by the hand of

ANNEXURE ‘B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(f) of our report of even date)

Report on the Internal Financial Controls under Section 143(3)(i) of the Companies Act, 2013 (the ‘Act)

We have audited the internal financial controls over financial reporting of Summit Securities Limited (the Company), as of 31st March, 2024 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting, (the Guidance Note) issued by the Institute of Chartered Accountants of India (the ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by the ICAI and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditure of the Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not to be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Annual Report 2U23-24

Opinion

SHARP & TANNAN

Chartered Accountants Firms Registration No. 109982W by the hand of

Edwin Paul Augustine

Partner

Membership No. 043385 UDIN: 24043385BKDZVD5458 Mumbai 16th May, 2024