We have audited the accompanying
standalone financial statements of SMC
Global Securities Limited (the
“Company”), which comprise the
Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including
Other Comprehensive Income), the
Statement of Changes in Equity and the
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.

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, as amended (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, 2025, its profit
including other comprehensive income,
the changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

We conducted our audit of the

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 the matter
described below to be the key audit
matter to be communicated in our
report.

Key audit matter

Assessment of carrying amount of
Company's equity investments in one
of the subsidiaries

As at March 31, 2025, the carrying value
of Company's investments in equity
shares of one of wholly owned
subsidiaries amounted to Rs. 4000.00
Lakhs.

The Company accounts for its
investments in subsidiaries at cost
(subject to impairment assessment).
Management regularly reviews whether
there are any indicators of impairment
of the investments with reference to Ind
AS 36 'Impairment of Assets'. If such
indicators exist, impairment loss is
determined and recognised in
accordance with the accounting policy
of the Company.

For determining the value in use of the
underlying businesses, discounted cash
flow projections are used which has
sensitivity around the key assumptions,
such as growth rates, discount rates,
and terminal values.

This is a key audit matter as the amount
of investment is material to the
standalone financial statements of the
Company and the determination of
recoverable value for impairment
assessment involves significant
management judgement.

How the matter was addressed in our
audit

Our audit procedures included,
among others, the following:

We evaluated the internal and external
factors impacting the entity and
indicators of impairment (or reversal
thereof) in line with Ind AS 36.

We evaluated the methodology used by
the Company to estimate the
recoverable amounts of the
investments.

We assessed the reasonableness of key
assumptions such as growth rates,
discount rates and terminal values.

We discussed and assessed potential
changes in key drivers as compared to
previous year/ actual performance with
management to evaluate whether the
inputs and assumptions used in the
cash flow forecasts are suitable.

We reviewed the adequacy of related
disclosures in the standalone financial
statements in accordance with Ind AS 36.

Other Information

The Company's Board of Directors is
responsible for the other information.
The other information comprises the
Corporate Governance Report, and the
information included in the Directors'
Report including Annexures,

Management Discussion and Analysis,
and other company related information
included in the Annual Report, but does
not include the standalone financial
statements and our auditors' 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 such other information is
materially inconsistent with the
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 this fact. We
have nothing to report in this regard.

Responsibilities of Management 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 including 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 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 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
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, 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.

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

Auditors' 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 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 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 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
auditors' 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 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
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

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;

c) The standalone Balance Sheet,
the standalone Statement of
Profit and Loss (including Other
Comprehensive Income), the
standalone Statement of
Changes in Equity and the
standalone 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 Accounting
Standards specified under
Section 133 of the Act, read with
Companies (Indian Accounting
Standards) Rules, 2015, as
amended;

e) On the basis of the written
representations received from
the directors as on March 31,
2025, taken on record by the
Board of Directors, none of the
directors is disqualified as on
March 31, 2025 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
with reference to these
standalone financial statements
and the operating effectiveness
of such controls, refer to our
separate Report in “Annexure
B” to this report.

g) In our opinion, the managerial
remuneration for the year ended
March 31, 2025 has been paid /
provided by the Company to its
directors in accordance with the
provisions of section 197 read

with Schedule V to the Act;

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,
as amended 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 41 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 has been no delay in
transferring amounts, 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 persons or entities,
including foreign entities
(“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;

b. The management has
represented, that, to the best
of its knowledge and belief,
no funds have been received
by the Company from any
persons or entities, 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; and

c. Based on the audit
procedures performed that
have been 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 final dividend paid by the
Company during the year in
respect of the same declared for
the previous year is in
accordance with section 123 of
the Act to the extent it applies to
payment of dividend.

The interim dividend declared
and paid by the Company during

of dividend.

vi. 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 March 31,
2025 which have a feature of
recording audit trail (edit log)
facility and the same has
operated throughout the year
for all relevant transactions

recorded in the respective
softwares. Further, we did not
come across any instance of the
audit trail feature being
tampered with and the audit
trail has been preserved by the
Company as per the statutory
requirements for record
retention.

For P. C. Bindal & Co.

Chartered Accountants
ICAI Firm Registration No.: 003824N

sd/-

(Manushree Bindal)

Partner

Place: New Delhi Membership No. 517316

Date: May 11, 2025 UDIN: 25517316BMOXDI8901