Auditor Report of Kinetic Trust Ltd.

Mar 31, 2024

We have audited the accompanying Financial Statements of M/s KINETIC TRUST
LIMITED, which comprise the Balance Sheet as at 31^st March 2024, the Statement
of Profit & Loss (including Other Comprehensive Income), the Statement of Changes
in Equity and the Cash Flow Statement for the period 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 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 31st March, 2024, and its Profit, total 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 standalone financial statements in accordance with
the Standards on Auditing specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone 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 (ICAI) together with the
independence requirements that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinion on the
standalone 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. However, there are no key audit matters to be
reported separately for the current period.

Information Other than the Standalone Financial Statements and Auditor’s
Report thereon

The Company’s Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the
Management Discussion and Analysis, Board’s Report including Annexures to
Board’s Report, Business Responsibility Report, Corporate Governance and
Shareholder’s Information, but does not include the standalone financial statements
and our auditor’s 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 the
other information is materially inconsistent with the standalone financial statements
or our knowledge obtained during the course of our 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.

Management Responsibility 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, total comprehensive income, changes in equity and cash flows 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 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 is responsible for overseeing the Company’s financial
reporting process.

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 financial controls 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.

Materiality is the magnitude of misstatements in the standalone financial statements
that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We
consider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our
work; and

(ii) to evaluate the effect of any identified misstatements in the financial
statements.

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 & Regulatory requirements

1) As required by the Companies (Auditor’s Report) Order, 2020 issued by the
Central Government of India in terms of sub-section (11) of Section 143 of the
Companies Act, 2013, 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 to the
matter specified in paragraph 3 and 4 of the said 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 it appears from our examination of those books.

(c) The Standalone Balance Sheet, the Statement of Profit and Loss including
Other Comprehensive Income, Statement of Changes in Equity and the
Statement of Cash Flow 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.

(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”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls over financial reporting and

(g) With respect to the other matters to be included in the Auditor’s Report in
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
directors during the year is 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 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) (i) Management has represented that, to the best of it’s knowledge and
belief, other than as disclosed in the notes to the accounts, 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(, 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;

(ii) Management has represented, that, to the best of it’s knowledge and
belief, other than as disclosed in the notes to the accounts, no funds have
been received by the company from any person(s) or entity (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; and

(iii) Nothing has come to our notice that has caused us to believe that the

representations made by management under sub-clause (i) and (ii) contain
any material mis-statement.

(v) No dividend has been declared or paid by the company during the year
is therefore compliance check with section 123 of the Companies Act,
2013 is not applicable.

(vi) Based on our examination, which included test checks, the company
has used in accounting software for maintaining its books of account
for the year ended March 31^st 2024 and which have feature of recording
audit trail (edit log) facility during the year w.e.f 11.12.2023.

3) As required by the Non-Banking Financial Companies Auditor’s Report (Reserve
Bank) directions 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 our observations as under: -

a)

(i) The Company is registered as NBFC with the Reserve Bank of India as
required U/S 45-A of the Reserve Bank of India Act, 1934 and the
Certificate of the registration has been granted.

(ii) The company is entitled to hold COR issued by Bank in terms its assets
and income patterns as on 31 March of the applicable year.

(iii) This company is classified as Loan Company; therefore, this clause is
not applicable to the company.

(iv) This company is not classified as NBFC - Micro Finance Institutions,
therefore this clause is not applicable to the company.

The company has met the requirement of minimum Net Owned Fund (NOF)
as laid down in and Master Direction of the Bank in respect of NBFC-ND.

(v) As the Company is not accepting/holding public deposits, clause ''B'' of
paragraph 3 of the NBFC Auditor''s Report (Reserve Bank) Directions,
2008 is not applicable to this company.

b)

(i) The Board of Directors has passed a resolution for the non-acceptance
of any public deposits.

(ii) The Company has not accepted any public deposits during the relevant
year.

(iii) The Company has complied with the prudential norms relating to
income recognition, accounting standards, assets classification and
provisioning for bad & doubtful debts as applicable to it.

(iv) As the Company is not a “Systematically Important Non-Deposit Taking
NBFC”, Sub-clause ''IV'' of paragraph C of the NBFC Auditor''s Report
(Reserve Bank) Directions, 2008 is not applicable to this company.

c) The company has not received any specific direction from banks, clause ''D'' of
the paragraph 3 of NBFC Auditor''s Report (Reserve Bank) Directions, 1998 is
not applicable to the company.

For Sunita Agrawal & Co
Chartered Accountants
FRN: 515225C

Sunita Agrawal
M. No.:095196

UDIN : 24095196BKEMMP7943

Place: New Delhi
Date: 27.05.2024

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Mar 31, 2015

We have audited the accompanying Financial Statements of M/s KINETIC TRUST LIMITED, which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit & Loss and Cash Flow Statement for the period ended then ended and a summary of significant accounting policies and other explanatory information.

Management Responsibility 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 of these standalone financial statement that give a true and fair view of the financial position and financial performance and Cash flows of the Company in accordance with the accounting principles generally accepted in India, including Accounting Standards specified under Section 133 of the Act, read with rule 7 of the Companies ( Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provision 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matter which are required to be included in the audit report under the provision of the Act and the Rules made there under. We conducted our audit in accordance with Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of financial statements that give true and fair view in order to design audit procedure of expressing an opinion on whether the Company has in place an adequate internal financial controls. An audit also includes evaluating the appropriateness of the accounting policies used and reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

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 and give a true and fair view in conformity with accounting principles generally accepted in India:- i) In case of the Balance Sheet of the state of affairs of the company as at 31st March 2015 and ii) In case of Statement of Profit and Loss, of the Profit of the company for the year ended on that date. iii) In case of Cash Flow Statements, of the Cash Flow for the year ended on that date.

Report on other Legal & Regulatory requirements

i) As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Companies Act, 2013, 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 statement specified in paragraph 3 of the said order.

ii) As required by section 143(3) of the Act, we report that:

(a) We have 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 as far as appears from our examination of such books.

(c) The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt by this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in section133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) rules, 2014.

(e) On the basis of written representations received from the directors, as on 31st March 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2015 from being appointed as director in terms of Section 164(2) of the Act.

iii) As required by the Non –Banking Financial Companies Auditor's Report (Reserve Bank) directions 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 our observations as under:-

a) (i) The Company is registered as NBFC with the Reserve Bank of India as required U/S 45-IA of the Reserve Bank of India Act, 1934 and the Certificate of the registration has been granted.

(ii) The company is entitled to hold COR issued by Bank in terms its assets and income patterns as on 31 March of the applicable year.

b) As the Company is not accepting/holding public deposits, clause 'B' of paragraph 3 of the NBFC Auditor's Report (Reserve Bank) Directions, 2008 is not applicable to this company.

c) (i) The Board of Directors have passed a resolution for the non-acceptance of any public deposits.

(ii) The Company has not accepted any public deposits during the relevant year.

(iii)The Company has complied with the prudential norms relating to income recognition, accounting standards, assets classification and provisioning for bad& doubtful debts as applicable to it.

(iv)The Company has complied with prudential norms relating to income recognition, accounting standards, assets classification and provisioning for bad & doubtful debts as applicable to it.

d) Clause 'D' of the paragraph 3 of NBFC Auditor's Report (Reserve Bank) Directions, 2008 is not applicable to the company.

Annexure referred to in our report to the members of M/s KINETIC TRUST LIMITED for the year ended on 31st March, 2015. We report that:-

S. No. Particulars Auditors Remark

(i) (a) Whether the company is maintaining proper records YES showing full particulars, including quantitative details and situation of fixed assets; (b) Whether these fixed assets have been physically YES, Assets are verified but no verified by the management at reasonable intervals; material discrepancies between whether any material discrepancies were noticed on the book records and the physical such verification and if so, whether the same have been inventory have been noticed. properly dealt with in the books of account;

(ii) (a) Whether physical verification of inventory has been Not Applicable conducted at reasonable intervals by the management;

(b) Are the procedures of physical verification of Not Applicable inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business If not, the inadequacies in such procedures should be reported;

(c) whether the company is maintaining proper records of Not Applicable inventory and whether any material discrepancies were noticed on physical verification and if so, whether the same have been properly dealt with in the books of account;

(iii) Whether the company has granted any loans, secured or Not granted any loan unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. If so,

(a) Whether receipt of the principal amount and interest Not Applicable are also regular; and

(b) If overdue amount is more than rupees one lakh, Not Applicable whether reasonable steps have been taken by the company for recovery of the principal and interest;

(iv) Is there an adequate internal control system On the basis of our examination of the books and commensurate with the size of the company and the records of the company, and according to the nature of its business, for the purchase of inventory and information and explanations given to us, we have fixed assets and for the sale of goods and services. neither come across nor have been informed of any Whether there is a continuing failure to correct major continuing failure to correct major weaknesses in the weaknesses in internal control system. aforesaid internal control procedures.

(v) In case the company has accepted deposits, whether the Not Applicable directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, where applicable, have been complied with? if not, the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not?

(vi) Where maintenance of cost records has been specified Not Applicable by the Central Government under sub-section (1) of section 148 of the Companies Act, whether such accounts and records have been made and maintained;

(vii) a) Is the company regular in depositing undisputed YES, regular in depositing statutory dues appearing statutory dues including provident fund, employees' state in the books of accounts. insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor.

(b) In case dues of income tax or sales tax or wealth tax or -do- service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned.

(c) Whether the amount required to be transferred to -do- investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time.

(viii) Whether in case of a company which has been registered No accumulated losses for a period not less than five years, its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year;

(ix) Whether the company has defaulted in repayment of NO dues to a financial institution or bank or debenture holders? If yes, the period and amount of default to be reported;

(x) Whether the company has given any guarantee for loans NO taken by others from bank or financial institutions, the terms and conditions where of are prejudicial to the interest of the company;

(xi) Whether term loans were applied for the purpose for Not Applicable which the loans were obtained;

(xii) Whether any fraud on or by the company has been NO noticed or reported during the year; If yes, the nature and the amount involved is to be indicated.

For and on behalf of M/s S.P. Monga & Co.

Chartered Accountants

Sd/-

(Sat Parkash Monga)

Proprietor

Membership No. 081562

FRN: 012174N

Place : New Delhi

Date : 26/05/2015

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Mar 31, 2014

We have audited the accompanying Financial Statements of Mrs KINETIC TRUST LIMITED, which comprise the Balance Sheet as at 31st March 2014, the Statement of Profit &Loss for the period ended on that date annexed thereto and a summary of significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the accounting principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our audit opinion.

Opinion

In our opinion and to'' the best of our information and according to the explanation given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Companies Act 1956 and give a true and fair view in conformity with the accounting principles generally accepted in India:-

i) In case of the Balance Sheet of the state of affairs of the company as at 31sl March 2014 and

ii) In case of Statement of Profit and Loss, of the Profit of the company for the year ended on that date.

iii) In case of Cash Flow Statements, of the Cash Flow for the year ended on that date.

Report on other Legal & Regulatory requirements

i) As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies (Auditor''s Report) (Amendment) Order 2004 (hereinafter referred to as "the Order") issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, 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 statement specified in paragraph 4 & 5 of the said order.

ii) As required by section 227(3) of the Act, we report that:

(a) We have 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 as far as appears from our examination of such books.

(c) The Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt by this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the directors, as on 31st March 2014, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2013 from being appointed as director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

iii) As required by the Non ^Banking Financial Companies Auditor''s Report (Reserve Bank) directions 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 our observations as under;-

a) (i) The Company is registered as NBFC with the Reserve Bank of India as required U/S 45-A of the Reserve Bank of India Act, 1934 and the Certificate of the registration has been granted.

(ii) The company is entitled to hold COR issued by Bank in terms its assets and income patterns as on 31 March of the applicable year,

b) As the Company is not accepting/holding public deposits, clause 1B'' of paragraph 3 of the NBFC Auditor''s Report (Reserve Bank) Directions, 2008 is not applicable to this company.

c) (i) The Board of Directors have passed a resolution for the non-acceptanceofany public deposits.

(ii) The Company has not accepted any public deposits during the relevant year.

(iii)The Company has complied with the prudential norms relating to income recognition, accounting standards, assets classification and provisioning for bad& doubtful debts as applicable to it

d) Clause ''D1 of the paragraph 3 of NBFC Auditor''s Report (Reserve Bank) Directions, 2008 is not applicable to the company.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

Annexure referred to in our report to the members of NVs KINETIC TRUST LIMITEDfor the year ended on 314t March, 2014. We report that

(i) (a) The company has maintained proper records showing full particulars including situation of its fixed assets.

(b) The fixed assets are physically verified by the management according to a phased programme designed to cover all the items over a period of one years, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

(ii) The Company has maintained proper records of inventory in the books of account.

(iii) The company has not taken/accepted any unsecured loans during the year from companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

The company has not granted any secured or unsecured loans to companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, having regard to the explanation that, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchases and sale of security and fixed assets. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956, have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of five lakh rupees in respect of any party during the year, have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Sections 58 A, 58 A A or any other relevant provisions of the companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public.

(vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

(viii) The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for any of the trading of the Company.

(ix) (a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues as applicable with appropriate authorities.

(b) According to the information and explanations given to us, and the records of the company examined by us, there are no dues of income tax, service tax, custom duty and cess which have not been deposited on account of any dispute.

(x) The company has no accumulated losses as at 31.03.2013 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

(xi) According to the records of the company examined by us and the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank as at the balance sheet date. The company has not issued any debentures.

(xii) Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to company-

(xiv) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not made investment in Equity Shares during the year.

(xv) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not given any guarantee for" loans taken by others from bank or financial institutions during the year.

(xvi) The company has not taken any term loan from Bank or Financial Institutions during the year.

(xvii) On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to usy there are no funds raised on a short-term basis, which have been used for long-term investment.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act.

(xix) The company has not issued any debenture during the year.

(xx) The company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books and records of the company carried out in accordance with the generally accepted auditing practice in India and according to the information and explan -ations given to us, no fraud (i.e, intentional material misstatement resultant from fraudulent financial reporting and misappropriation of assets) on or by the company has been noticed or reported during the year by the company.

For S.F. Monga & Company Chartered Accountants Firm Registration No.; 012174N

sd- Sat FarkashMonga (Proprietor) Membership No. 081562 FRN:012174N

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Mar 31, 2010

1. We have audited the attached Balance Sheet of KINETIC TRUST LIMITED as at 31st March 2010 and also the Profit & Loss account and the Cash Flow Statement of the company for the period ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the companies (Auditors Report) (Amendment) order 2004 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, and on the basis of such checks of the books and records of the company as we considered appropriate arid according to the information and explanations given to us, we further report that:

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) The fixed assets are physically verified by the management according to a phased programme designed to cover all the items, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. Pursuant to the programme, all fixed assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

(ii) The company does not have any inventory during the year.

(iii) (a) The company has not granted any secured or unsecured loans to company, firm and other parties covered in the register maintained under section 301 of the

Companies Act, 1956.

(b) The company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, having regard to the explanation there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the services, expenses and fixed assets. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures.

(v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the company has not been made any transactions in pursuance of contracts or arrangements entered into the register in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of five lakh rupees in respect of any party during the year.

(vi) The company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from, the public.

(vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

(viii) The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of-Section 209 of the Companies Act, 1956 for any of the Non Banking Finance Company.

(ix) (a) According to the information "and explanations given to us and the records of. the company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues including income tax and other material statutory dues as applicable with appropriate authorities.

(b) According to the information and explanations given to us and the records of

the company examined by us, in our opinion, no undisputed amount payable in respect of income tax and other taxes were in arrears, as at 31.03.2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, and the records of the company examined by us, there are no dues of income tax and other taxes, which have not been deposited on account of any dispute.

(x) The company has no accumulated losses as at 31.03.2010 and it has not incurred cash loss during the financial year ended on that date.

(xi) According to the records of the company examined by us and the information and explanations given by the management, we are of the opinion that the company has not taken or accepted any loans from financial institution or bank during the year. The default in repayment of dues to a financial institution and bank are not applicable to the company. The company has not issued any debentures.

(xii) Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to company.

(xiv) The company has maintained proper records of securities, which it has traded in and also in respect of shares, held as investments and the said investments are in the name of the company.

(xv) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not given any guarantee for loans taken by others from bank or financial institutions during the year.

(xvi) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not taken any term loan during the year.

(xvii) On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investment.

(xviii) The company has not made preferential allotment of shares to parties and companies

covered in the register maintained under section 301 of the Act during the year.

(xix) The company has not issued any debenture during the year.

(xx) The company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books and records of the company carried out in accordance with the generally accepted auditing practice in India and according to the information and explanations given to us, no fraud (i.e. intentional material misstatement resultant from fraudulent financial reporting and misappropriation of assets) on or by the company has been noticed or reported during the year by the company.

Further to our comments in paragraph 3 above, we report that:

(a) We have 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 from our examination of such books.

c) The Balance Sheet and Profit and Loss Account dealt with this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet and Profit and Loss account dealt with by this report comply with the accounting standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the directors, as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanation given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Companies Act 1956 and give a true and fair view in conformity with the accounting principles generally accepted in India:-

i) In case of the Balance Sheet of the state of affairs of the company as at 31st March 2010.

ii)In case of Profit and Loss Accounts, of the profit of the company for the year ended on that date and

iii) In case of the Cash Flow Statement, of the cash flows for the year ended on that date

For S.P.Monga & Co.

Sd/- S.P. Monga Membership No.: 081562

Place: New Delhi Date : 9th June 2010

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Mar 31, 2009

1. We have audited the attached Balance Sheet of KINETIC TRUST LIMITED as at 31st March 2009 and also the Profit & Loss account and the Cash Flow Statement of the company for the period ended on that date annexed thereto. These financial statements are the responsibility of the companys management Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the companies (Auditors Report) (Amendment) order 2004 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, 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 further report that:

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. (b) The fixed assets are physically verified by the managementaccording to a phased programme designed to cover all the items, which in our opinion, is reasonable having regard to the size of the company and the nature of its assets. Pursuant to the programme, all fixed assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. (ii) The company does not have any inventory during the year.

(iii) (a) The company has not granted any secured or unsecured loans to company, firm and other parties covered in the register maintained under section 301 of the Companies Act, 1956. (b) The company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. (iv) In our opinion and according to the information and explanations given to us, having regard to the explanation there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the services, expenses and fixed assets. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control procedures. (v) (a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956, have been so entered. (b) In our opinion and according to the information and explanations given to us, the company has not been made any transactions in pursuance of contracts or arrangements entered into the register in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of five lakh rupees in respect of any party during the year.

(vi) The company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 withregard to the deposits accepted from the public.

(vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. (viii) The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-sectioh (1) of Section 209 of the Companies Act, 1956 for any of the Non Banking Finance Company. (ix) (a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues including income tax and other material statutory dues as applicable with appropriate authorities.

(b) According to the information and explanations given to us and the records of the company examined by us, in our opinion, no undisputed amount payable in respect of income tax and other taxes were in arrears, as at 31.03.2009 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, and the records of the company examined by us, there are no dues of income tax and other taxes, which have not been deposited on account of any dispute.

(x) The company has accumulated losses of Rs. 4326/-as at 31.03.2009 and it has not incurred cash loss during the financial year ended on that date.

(xi) According to the records of the company examined by us and the information and explanations given by the management, we are of the opinion that the company has not taken or accepted any loans from financial institution or bank during the year. The default in repayment of dues to a financial institution and bank are not applicable to the company. The company has not issued any debentures.

(xii) Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/ societies are not applicable to company.

(xiv) The company has maintained proper records of securities, which it has traded in and also in respect of shares, held as investments and the said investments are in the name of the company. (xv) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not give any guarantee for loans taken by others from bank or financial institutions during the year.

(xvi) In our opinion and according to the information and explanations given to us and based on our examination of documents and records, the company has not taken any term loan during the year.

(xvii) On the basis of an overall examination of the balance sheet of the company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis, which have been used for long-term investment

(xviii) The company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year. (xix) The company has not issued any debenture during the year.

(xx) The company has not raised any money by public issue during the year.

(xxi) During the course of our examination of the books and records of the company carried out in accordance with the generally accepted auditing practice in India and according to the information and explanations given to us, no fraud (i.e. intentional material misstatement resultant from fraudulent financial reporting and misappropriation of assets) on or by the company has been noticed or reported during the year by the company.

4. Further to our comments in paragraph 3 above, we report that:

(a) We have 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 from our examination of such books.

(c) The Balance Sheet and Profit and Loss Account dealt with this report are in agreement with the books of accounts.

(d) In our opinion, the Balance Sheet and Profit and Loss account dealt with by this report comply with the accounting standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956.

(e) On the basis of written representations received from the directors, as on 31st March 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2008 from being appointed as director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

(f) In our opinion and to the best of our information and according to the explanation given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Companies Act 1956 and give a true and fair view in conformity with the accounting principles generally accepted in India:-

i) In case of the Balance Sheet of the state of affairs of the company as at 31st March 2009,

ii) In case of Profit and Loss Accounts, of the profit of the company for the year ended on that date and

iii)In case of the Cash Flow Statement, of the cash flows for the year ended on that date.

For S.P. Monga & Co. Chartered Accountants Sd/- S.P. Monga

Place: New Delhi Proprietor Date: 24.08.2009 Membership No.: 081562