Aravali Securities & Finance Ltd Auditor Reports

To the Members of Aravali Securities & Finance Limited
Report on the Audit of the Financial Statements
Opinion

We have audited the accompanying Ind AS financial statements of ARAVALI SECURITIES & FINANCE LIMITED
(the Company"), which comprise the Balance Sheet as at 31^st March, 2024, the Statement of Profit and Loss
including other comprehensive income, the Statement of Cash Flow and the Statement of Changes in Equity for the
year then ended, and notes to the Ind AS financial statements, including a summary of material accounting policies
and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS
financial statements give the information required by the Companies Act, 2013, "(the Act") in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2024, and, its loss including other comprehensive income its cash flows and
the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing specified
under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Ind AS 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 Ind AS financial statements under the provisions of
the Companies Act, 2013 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 Ind AS financial statements.

Key Audit Matters

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

Other Information

The Companys Board of Directors is responsible for the other information. The other information comprises the
information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards
Report, Corporate Governance and Shareholders Information, but does not include the Ind AS financial statements
and our Auditors Report thereon.

Our opinion on the Ind AS 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 Ind AS financial statements, our responsibility is to read the other information and,
in doing so, consider whether such other information is materially inconsistent with the Ind AS 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.

Managements Responsibility for the Ind AS Financial Statements

The Companys 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 Ind AS financial statements that give a true
and fair view of the financial position, financial performance including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the accounting principles generally accepted in India, including
the Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. 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 Ind AS financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS financial statements, Board of Directors is responsible for assessing the Companys 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.

Those Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors 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 Ind AS 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 Ind AS 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 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 controls.

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

• Conclude on the appropriateness of managements 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 Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Ind
AS 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 auditors 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 Ind AS financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a manner
that achieves fair presentation.

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

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters 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 Ind AS financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditors 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 (Auditors Report) Order, 2020 ("the Order) issued by the Central
Government in terms of sub- section (11) of Section 143 of the Act, we give in the Annexure A statement
on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required under the provisions of 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 purpose of our audit:

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

c. The Balance Sheet, the Statement of Profit and Loss, including other comprehensive income, the Statement of
Cash Flow and Statement of Changes in Equity dealt with by this Report are in agreement with the books of
account:

d. In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under
Section 133 of the Act.

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

f. With respect to the adequacy of internal financial controls over financial reporting of the Company with
reference to these Ind AS financial statements 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 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 which would impact its financial position;

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 has represented that, to the best of its knowledge and belief, as disclosed in

the Note No 33(vi) to the Financial Statements, 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,
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 its knowledge and belief, as disclosed in the
Note No 33(vii) to the Financial Statements, 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 (Refer Note 56b to the financial statements); and

(c) Based on such audit procedures that we 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 (a) and (b) contain any material misstatement.

v. The Company has not declared and paid dividend during the year.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the
Company with effect from 1st April, 2023. During the year the Company has migrated to the Audit Trail
Software and is in process of establishing the necessary controls and documentation regarding audit
trail.

h. The Company has not paid/ provided for managerial remuneration during the year.

	For Rajan Goel & Associates
	Chartered Accountants
	(Firms Regn.No.004624N)
Place: Gurgaon	sd/-
Date: 23rd May, 2024	Rajan Kumar Goel
	Proprietor
	Membership No. 083829
	UDIN:24083829BKCQGO6838

ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in Paragraph 1 of Report on Other Legal and Regulatory Requirements of our report of even date to the
members of Aravali Securities & Finance Limited as at and for the year ended 31^st March, 2024)

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

of its Property, Plant and Equipment.

(b) The Property, Plant and Equipment of the Company were physically verified by the management during the

year. In our opinion, frequency of physical verification is reasonable having regard to the size of the
operation of the Company. On the basis of information and explanations furnished, in our opinion, no
discrepancy has been noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the title deeds of immovable properties are held in the name of the Company.

(d) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company has not revalued its Property, Plant and Equipment during the year.

(e) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, no proceedings have been initiated or are pending against the company for holding any
benami property under the Prohibition of Benami Property Transactions Act 1988 and rules made thereunder.

ii. The Company does not have inventories and accordingly, paragraph 3 (ii) of the Order is not applicable to the

Company.

iii. The Company has not made any investments in, provided any guarantee or security or
granted any loans or advances in the nature of loans, secured or unsecured to companies,
firms, limited liability partnerships or other parties during the year.

iv. According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company has not granted any loans, made investments or provided any guarantees or
securities to the parties covered under section 185 and 186 of the Companies Act 2013.

v. According to the information and explanations given to us and on the basis of our examination of the records of

the Company, the Company has not accepted any deposits or amounts which are deemed to be deposits
within the meaning of Sections 73 to 76 of the Act and the Rules framed there under to the extent notified.

vi. The Central Government has not prescribed maintenance of the cost records under section 148(1) of the
Companies Act, 2013 in respect of any of the companys activities.

vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of

the Company, in our opinion, the undisputed statutory dues including in respect of Goods and Service Tax,
Provident Fund, Employees State Insurance, Income- Tax, Sales Tax, Service Tax, Duty of Customs, Duty of
Excise, Value Added Tax, Cess and other statutory dues as applicable have been generally regularly
deposited by the Company during the year with the appropriate authorities. There were no undisputed
statutory dues as at the last day of the financial year outstanding for a period of more than six months from
the date they became payable.

(b) According to the records of the company, there were no statutory dues referred to in sub-clause

(a) which have not been deposited on account of disputes.

viii. According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as
income in the books of account, in the tax assessments under the Income tax Act, 1961 as income during the
year.

ix. (a) According to the information and explanations given to us and on the basis of our examination of the records

of the Company, the Company has not defaulted in repayment of loans and borrowing or in the payment of
interest thereon from other lenders during the year. Further the Company did not have any outstanding loans
or borrowings from banks or financial institutions.

(b) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, the Company has not been declared a wilful defaulter by any bank or financial institution or
other lender.

(c) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company has not raised money by way of term loans during the year.

(d) According to the information and explanations given to us and on an overall examination of the balance sheet
of the Company, we report that no funds raised on short-term basis have been used for long-term purposes
by the Company.

(e) The Company does not hold any investment in any subsidiary, associate or joint venture (as defined under
Companies Act, 2013) during the year ended 31 March, 2024. Accordingly, clause 3(ix)(e) is not applicable.

(f) According to the information and explanations given to us and procedures performed by us, we report that
the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint
ventures or associate companies (as defined under Companies Act, 2013).

x. (a) The Company has not raised any money by way of initial public offer or further public offer (including debit

instruments) during the period. Accordingly, paragraph 3 (x) (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 examination of the records of
the Company, the Company has not made any preferential allotment or private placement of shares or fully or
partly convertible debentures during the period. Accordingly, paragraph 3 (x) (b) of the Order is not applicable to
the Company.

xi. (a) In our opinion and according to the information and explanations given to us, no fraud by the Company or on the

Company by its officers or employees have been noticed or reported during the year.

(b) According to the information and explanations given to us, report under sub - section (12) of Section 143 of
the Companies Act, 2013 in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors)
Rules, 2014 was not required to be filed with the Central Government.

(c) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the Company has not received any whistle - blower complaints during the year.

xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi
Company. Accordingly, paragraph 3 (xii) of the Order is not applicable to the Company.

xiii. According to the information and explanations given to us and on the basis of our examination of the records of
the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act and
details of such transactions have been disclosed in the Ind AS financial statements as required by the applicable
accounting standards.

xiv. (a) n our opinion and according to information and explanations given to us and based on our audit

procedures, the Company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the Company issued till date for the period under audit.

xv. According to the information and explanations given to us and on the basis of our examination of the records of
the Company, the Company has not entered into non-cash transactions with directors or persons connected with
him. Accordingly, paragraph 3 (xv) of the Order is not applicable to the Company.

xvi. (a) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve

Bank of India Act, 1934 are not applicable to the Company.

(b) The Company has not conducted nonbanking financial / housing finance activities during the year.
Accordingly, the reporting under clause 3(xvi)(b) of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve
Bank of India. Accordingly, the reporting under clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) The Company is not part of any group (as per the provisions of the Core Investment Companies (Reserve
Bank) Directions, 2016 as amended). Accordingly, the requirements of clause 3(xvi)(d) are not applicable.

xvii. The Company has incurred cash losses amounting to Rs 3940636 in the current financial year as well as in
the immediately preceding financial year Rs 3929228.

xviii. There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the
Order is not applicable.

xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing
and expected dates of realization 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 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 up to 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.

xx. In our opinion and according to the information and explanations given to us, there is no unspent amount
under sub-section (5) of Section 135 of the Companies Act, 2013 pursuant to any project. Accordingly,
clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

xxi. The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of Standalone Financial
Statements. Accordingly, no comment in respect of the said clause has been included in this report.

	For Rajan Goel & Associates
	Chartered Accountants
	(Firms Regn.No.004624N)
Place: Gurgaon	sd/-
Date: 23rd May, 2024	Rajan Kumar Goel
	Proprietor
	Membership No. 083829
	UDIN:24083829BKCQGO6838

ANNEXURE-B TO THE INDEPENDENT AUDITORS REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 ("the Act")

(Referred to in Paragraph 2(f) of Report on Other Legal and Regulatory Requirements of our report of even date to
the members of Aravali Securities & Finance Limited as at and for the year ended 31^st March, 2024)

Opinion

We have audited the internal financial controls over financial reporting of Aravali Securities & Finance Limited ("the
Company") as of 31^st March, 2024 in conjunction with our audit of the Ind AS financial statements of the Company for
the year ended on that date.

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over
financial reporting with reference to these Ind- AS financial statements and such internal financial controls over
financial reporting with reference to these Ind- AS financial statements were operating effectively as at 31^st March,
2024, 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 issued by the Institute of Chartered Accountants of India.

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 issued by
the Institute of Chartered Accountants of India (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 Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting with
reference to these Ind-AS financial statements based on our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the
Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act,
2013, 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 Institute of Chartered Accountants of India. 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 with reference to these Ind-AS
financial statements 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 with reference to these Ind- AS financial statements and their operating
effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting with reference to these Ind- AS financial statements 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 judgement, including the
assessment of the risks of material misstatement of the Ind As 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 with reference to these Ind-AS
financial statements.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting with reference to these Ind-AS financial statements is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of Ind AS financial statements for external purposes in accordance with generally accepted accounting principles. A
companys internal financial control over financial reporting with reference to these Ind-AS financial statements
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 Ind AS financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations 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 Ind AS financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

	For Rajan Goel & Associates
	Chartered Accountants
	(Firms Regn.No.004624N)
Place: Gurgaon	sd/-
Date: 23rd May, 2024	Rajan Kumar Goel
	Proprietor
	Membership No. 083829
	UDIN:24083829BKCQGO6838