We have audited the accompanying Ind AS financial
statements of GSL SECURITIES Limited (“the Company”),
which comprise the Balance Sheet as at March 31,2024,
the Statement of Profit and Loss, including the statement
of Other Comprehensive Income, the Cash Flow
Statement and the Statement of Changes in Equity for
the year then ended, and a summary of significant
accounting policies and other explanatory information.

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone Financial Statements give the information
required by the Companies Act, 2013 (hereinafter
referred to as “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 (financial position) of the Company as at March
31,2024, and loss (financial performance), 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
Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the
Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India together
with the ethical requirements that are relevant to our
audit of the 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 we have
obtained is sufficient and appropriate to provide a basis
for our opinion on the 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 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.

We have determined that there are no key audit matters
to be communicated in our report.

Other Information

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

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

In connection with our audit of the financial statements,
our responsibility is to read the other information and, in
doing so, consider whether the other information is
materially inconsistent with the financial statement 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 the 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 is responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation of these standalone financial
statements that give a true and fair view of the financial
position, financial performance, and cash flows of the
Company in accordance with the accounting principles
generally accepted in India, including the 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 standalone
financial statement 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,
management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using
the going concern basis of accounting unless
management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to
do so.

Those Board of Directors are 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 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 management’s
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a
material uncertainty exists related to events or
conditions that may cast significant doubt on the
Company’s ability to continue as a going concern.
If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s
report to the related disclosures in the 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.

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 and on the basis of such checks of the
books and records of the Company as we
considered appropriate and according to the
information and explanations given to us, 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, 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 appears from our
examination of those books;

c) The Balance Sheet, Statement of Profit and
Loss including the Statement of Other
Comprehensive Income, the Cash Flow
Statement 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 Financial
Statements comply with the Ind AS specified
under Section 133 of the Act, read with Rule
7 of the Companies (Accounts) Rules, 2014,
Companies (Indian Accounting Standard)
Rules 2015 as amended.

e) On the basis of written representations
received from the directors as on March 31,
2024, taken on record by the Board of
Directors, none of the directors is 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 with
respect to the Financial Statements.

g) 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
remuneration paid by the company to its

director and other Key management
personnel during the year are in accordance
with the provisions of section 197 of the Act.

h) With respect to the other matters to be
included in the Auditor’s Report in accordance
with the 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, we report that:

i. The Company does not have any
pending litigations which would impact
its financial position other than those
mentioned in notes to accounts.

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
Investors Education and Protection
Fund by the Company.

iv. (a) The Management has represented to us that,
to the best of it’s knowledge and belief, no
funds (which are material either individually
or in the aggregate) 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 persons or entities, 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 to us that,
to the best of it’s knowledge and belief, no
funds (which are material either individually

or in the aggregate) 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.

(c) Based on the audit procedures that has been
considered reasonable and appropriate in the
circumstances, nothing has come to our
notice that cause us to believe that the
representation given by the Management
under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain
any material misstatement.

v. The Company has not declared or paid any
dividend during the current year.

vi. Based on our examination, which included test
checks, the company has used accounting
softwares for maintaining its books of accounts
for the financial year ended March 31,2024 which
has a feature of recording audit trail (edit log)
facility and the 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.

For BAXI & ASSOCIATES

Chartered Accountants
Firm Registration No. 122552W
Sd/-

(Abhay Baxi)

Place: Mumbai Partner

Date: 21/05/2024 M.No.101020

ICAI UDIN : 24101020BKCRXM7317