Auditor Report of NPR Finance Ltd.

Mar 31, 2025

We have audited the accompanying Ind AS financial statements of NPR Finance Limited
which comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), the Cash Flow Statement and the Statement of
Changes in Equity for the year then ended, and notes to the Financial Statements, including,
a summary of the significant accounting policies and other explanatory information
(hereinafter referred to as “the financial statements”).

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 including the Ind AS,
of the state of affairs of the company as at 31st March, 2025, and its profit (including Other
Comprehensive profit), its cash flows and Changes in Equity for the year ended on that
date.

Basis for Opinion

We conducted our audit of the financial statements 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 (ICAI) together with the ethical requirements that are relevant to our audit of the
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 us
sufficient and appropriate to provide a basis for our audit 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 financial statements of the current period. These matters
were addressed in the context of our audit of the 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 matters described below to be the key audit matters to be
communicated in our report. We have fulfilled the responsibilities described in the Auditors''
responsibilities for the audit of the Financial Statements section of our report, including in
relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the
Financial Statements. The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis for our audit opinion on the
accompanying Financial Statements:

Sl No.	Key Audit Matter	Auditor''s Response
1	Fair Value of Unquoted Equity	We discussed with management the basis
	Investments (Other than	used in determining the fair value and
	Investments in Subsidiaries and	evaluated the appropriateness of the
	Joint Ventures)	valuation methodologies used by
	Investment in Unquoted equity	management and compared it to industry
	shares are measured at Fair value.	norms and the requirements in Ind AS.
	The Fair value of these financial	We confirm the adequacy of the
	assets involved management''s	disclosures made in the financial
	judgment because these securities are not traded in an active market. Since this valuation is a Level 3 type of valuation in accordance with Ind AS 113 Fair Value Measurement where one or more significant inputs to the fair value measurement is unobservable. Accordingly, this item is considered to be a Key Audit Matter due to significant judgments associated with estimating the fair value of investment.	statements.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Management and Board of Directors are 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, Corporate Governance and Shareholder''s Information, 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 identified above, when it becomes available and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or
our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.

When we read the Company''s Annual Report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with

governance and take necessary actions, as applicable under the relevant laws and
regulations. We have nothing to report on in this regard.

Management and Board of Director''s Responsibilities of the Financial Statements

The Company''s Management and Board of Directors are responsible for the matters stated
in Section 134(5) of the Act with respect to the preparation of these Ind AS financial
statement that give a true and fair view of the state of affairs (financial position), profit or
loss (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 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 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 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.

Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 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 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 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 and Board of
Directors.

• Conclude on the appropriateness of management and Board of Director''s use of the going
concern basis of accounting in preparation of financial statements 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 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 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 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 (Auditors'' Report) Order 2020 (“The Order”) issued by the
Government of India in terms of sub section (11) of sec 143 of the Companies'' Act, 2013,
we give in “Annexure A” on statement on the matters specified in paragraph 3 & 4 of the
Order to the extent applicable.

2.

A. 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 Balance Sheet, the Statement of Profit and Loss, 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 Ind AS financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act.

e. On the basis of written representations received from the director''s as on 31^st March
2025 taken on record by the Board of Directors, none of the directors is disqualified as
on 31^st March, 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
Financial Statements of the Company and the operating effectiveness of such controls,
refer to our separate report in “Annexure B"; and

B. 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:

a) The company has disclosed the impact of pending litigations as at 31^st March, 2025 on
its financial position in its Financial Statements - Refer note no 31 to financial
statements.

b) The company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

c) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the company at the end of the year.

d) (i)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
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;

(ii) The Management has represented that, to the best of its knowledge and belief 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; and

(iii) Based on such audit procedures as 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 (i) and (ii) of Rule 11(e) as provided under sub-clause
d(i) and d(ii) above contain any material misstatement.

e) No dividend has been declared or paid during the year by the company.

f) Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year ended
March 31, 2025, 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
software. Further, during the course of our audit 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.

C. With respect to the matter to be included in the Auditor''s Report under section 197(16) of
the Act - In our opinion and according to the information and explanations given to us,
the remuneration paid by the company to its directors during the current year is in
accordance with the provisions of section 197 of the Act. The remuneration paid to any
director is not in excess of the limit let down under section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under section 197(16) of the Act which
are required to be commented upon by us.

For Deoki Bijay & Co.
Chartered Accountants
Firm Regn No. 313105E

(CA D N Agrawal)

Place: Kolkata Partner

Date the 30th day of May 2025 Membership No. 051157

UDIN: 25051157BMTCMV2723

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Mar 31, 2024

We have audited the accompanying Ind AS financial statements of NPR Finance Limited which
comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss (including
Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in
Equity for the year then ended, and notes to the Financial Statements, including, a summary of
the material accounting policies and other explanatory information (hereinafter referred to as
“the financial statements”).

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 including the Ind AS, of the state of affairs of
the company as at 31st March, 2024, and its loss (including Other Comprehensive loss), its
cash flows and Changes in Equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the 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 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
ethical requirements that are relevant to our audit of the 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 us sufficient and appropriate to provide a
basis for our audit 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 financial statements of the current period. These matters were
addressed in the context of our audit of the 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 matters described below to be the key audit matters to be
communicated in our report. We have fulfilled the responsibilities described in the Auditors''
responsibilities for the audit of the Financial Statements section of our report, including in
relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the Financial
Statements. The results of our audit procedures, including the procedures performed to
address the matters below, provide the basis for our audit opinion on the accompanying
Financial Statements:

Sl No	Key Audit Matter	Auditor''s Response
	Fair Value of Unquoted Equity Investments (Other than Investments in Subsidiaries and Joint Ventures) Investment in Unquoted equity shares are measured at Fair value. The Fair value of these financial assets involved management''s judgment because these securities are not traded in an active market. Since this valuation is a Level 3 type of valuation in accordance with Ind AS 113 Fair Value Measurement where one or more significant inputs to the fair value measurement is unobservable. Accordingly, this item is considered to be a Key Audit Matter due to significant judgments associated with estimating the fair value of investment.	We discussed with management the basis used in determining the fair value and evaluated the appropriateness of the valuation methodologies used by management and compared it to industry norms and the requirements in Ind AS. We confirm the adequacy of the disclosures made in the financial statements.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Management and Board of Directors are 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,
Corporate Governance and Shareholder''s Information, but does not include the financial
statements and our auditor''s report thereon. The Company''s Annual Report is expected to be
made available to us after the date of this auditor''s report.

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 identified above, when it becomes available and, in doing so, consider whether the
other information is materially inconsistent with the financial statements or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated.

When we read the Company''s Annual Report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with
governance and take necessary actions, as applicable under the relevant laws and regulations.

Management and Board of Director''s Responsibilities of the Financial Statements

The Company''s Management and Board of Directors are responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these
Ind AS financial statement that give a true and fair view of the state of affairs (financial
position), profit or loss (financial performance including other comprehensive income/Loss ),
cash flows and changes in equity 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 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 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.

Auditor''s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 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 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 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 and Board of Directors.

• Conclude on the appropriateness of management and Board of Director''s use of the going
concern basis of accounting in preparation of financial statements 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 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 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 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

i. As required by the Companies (Auditors'' Report) Order 2020 (“The Order”) issued by the
Government of India in terms of sub section (11) of section 143 of the Companies'' Act
2013, we give in “Annexure A” on statement on the matters specified in paragraph 3 & 4
of the Order to the extent applicable.

ii. 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 except for the matters as stated
in paragraph h(vi) below on reporting under rule 11(g);

c. The Balance Sheet, the Statement of Profit and Loss, 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 Ind AS financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act.

e. On the basis of written representations received from the director''s 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 the internal financial controls with reference to Financial
Statements of the Company and the operating effectiveness of such controls, refer to our
separate report in “Annexure B”; and

g. With respect to the matter to be included in the Auditor''s Report under section
197(16) of the Act - In our opinion and according to the information and
explanations given to us, the remuneration paid by the company to its directors
during the current year is in accordance with the provisions of section 197 of the
Act. The remuneration paid to any director is not in excess of the limit laid down
under section 197 of the Act. The Ministry of Corporate Affairs has not prescribed
other details under section 197(16) of the Act which are required to be commented
upon by us

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 has disclosed the impact of pending litigations as at 31^st March, 2024 on its
financial position in its Financial Statements - Refer note no 33 & 38 to financial
statements.

ii. The company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the company at the end of the year.

iv. (i)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 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;

(ii) The Management has represented that, to the best of its knowledge and belief 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; and

(iii) Based on such audit procedures as 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 (i) and (ii) of Rule 11 (e) as provided under clause d(i)
and d(ii) above contain any material misstatement.

v. No dividend has been declared or paid during the year by the company.

vi. Based on our examination, which included test checks, the Company has used accounting
software for maintaining its books of account 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 software. Further, during
the course of our audit we did not come across any instance of the audit trail feature being
tampered with.

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

For Deoki Bijay & Co.
Chartered Accountants
Firm Regn No. 313105E

Place: Kolkata (CA Ramesh Kumar Chokhani)

Date the 30^th day of May, 2024 Partner

Membership No. 062081
UDIN: 24062081BKAQDV1917

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Mar 31, 2015

We have audited the accompanying standalone financial statements of NPR Finance Limited, which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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, financial performance 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 Rule 7 of the Companies (Accounts) Rules, 2014. 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the 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 the 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 the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes valuating the appropriateness of the accounting policies used and the 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 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, 2015, and its profit for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors' Report) Order 2015 issued by the Government of India in terms of sub section (11) of sec 143 of the Companies Act, 2013, we annex herewith an annexure on statement on the matters specified in paragraph 3 & 4 of the said order, to the extent applicable.

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 and proper returns adequate for the purposes of our audit have been received from the branches.

c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account and with the returns received from the branches not visited by us.

d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, 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 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of section 164(2) of the Act and

f. 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 has disclosed the impact of pending litigations on its financial position in its financial statements - Refer point No (ii) of notes 2.26 to the financial statements.

ii. The company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amount which were required to be transferred to the Investor Education and Protection Fund by the company.

Annexure to the Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of the company on the standalone financial statements for the year ended 31st March 2015, we report that:

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

(b) The company has a regular programme of physical verification of its fixed assets by which fixed assets are verified. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification.

(ii) (a) As informed, the inventory has been physically verified by the management at reasonable intervals.

(b) In our opinion and according to the explanation given to us, the procedure of physical verification followed by the management is reasonable and adequate in relation to size of the company and nature of its business.

(c) The company has maintained proper records of inventories. As explained and reported to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) The company has granted unsecured loans to the entities covered in the register maintained under section 189 of the Companies Act, 2013.

(a) The receipt of Principal amount as well as interest is regular. However, the terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the order is not applicable to the company in respect of repayment of the principal amount.

(b) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the entities listed in the register maintained u/s 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchase of inventory, fixed assets and the sale of services. During the course of our audit, we have not observed any continuing major weakness in internal control system.

(v) The Company has not accepted any deposit from the public covered under the terms of section 73 to 76 of the Companies Act, 2013 or any other relevant provisions of the Act & rules framed there under.

(vi) As explained to us, the Central Government has prescribed the maintenance of cost records under sub- section (1) of Section 148 of the Companies Act, 2013.However, we have not made a detailed examination of these records.

(vii) (a) According to the records given to us by the company, undisputed statutory dues including provident fund, employee state insurance, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues have been regularly deposited with the appropriate authorities. There are no arrear of outstanding statutory dues at the last day of Financial year for a period of more than six months from the date they become payable.

(b) According to the information and explanation given to us there are no disputed statutory liabilities with respect to above.

(c) As informed to us, no amount is required to be transferred to Investor Education and Protection Fund during the year.

(viii) The Company does not have accumulated losses at the end of the financial year. The company has not incurred cash losses during the financial year covered by the audit as well as in the immediately preceding financial year.

(ix) Based on our audit procedure and as per the information provided to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks at the end of financial year covered by the audit.

(x) As informed, the Company has not given any guarantee for loans taken by others from banks or Financial Institutions during the year, hence this clause is not applicable.

(xi) The Company has not raised any term loan during the year.

(xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the company and no material fraud on the company has been noticed or reported during the year.

For R.P.BOOBNA & CO Chartered Accountants Registration No. 304093E

PANKAJ KAKARANIA Place : Kolkata Partner Dated : The 27th Day of May, 2015 Membership No.: 053304

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Mar 31, 2014

1 We have audited the accompanying financial statements of NPR Finance Limited, ("the Company"), which comprise the Balance Sheet as at March 31st 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year ended 31st March, 2014, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. The company''s management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of Section 211 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.

Auditors'' Responsibility

3 Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the 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.

4. An audit involves performing procedures to obtain audit evidence about the amount and disclosures in the financial statements. The procedures selected depend on the auditors''judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. 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. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the 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 :

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2014; ii) In the case of Statement of Profit and Loss, of the profit for the year ended on that date; and ill) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirement

7. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Act, we enclose in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

8. As required by Section 227(3) of the Act, we report that:

a. We have obtained all the information and explanation 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 those books.

c. The Balance Sheet, the statement of profit & Loss, and the cash flow statement dealt with by this report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, the statement of profit & Loss, and the cash flow statement comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act.

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, none of the directors is disqualified as on 31st March 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act.

Annexure to Independent Auditors'' Report

Referred to in Paragraph 7 under the heading of "Report on Other Legal and Regulatory Requirement" of our report on even date.

(i) In respect of its fixed assets :

a. As informed, the Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b. As Explained to us all the fixed assets have been physically verified by the management in a phased periodical manner which in our opinion is reasonable having regard to the size of company and nature of its fixed assets. No material discrepancies were noticed on such physical verification.

c. During the year, the Company has not disposed off any substantial part of the assets. (ii) In respect of its inventories :

a. As explained to us, the inventory has been physically verified by the management during the year and frequency of verification is reasonable.

b. In ouropinion and according to the information and explanations given to us, the procedures of physical verification followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

c. The company has maintained proper records of inventories. As explained and reported to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.

(iii) In respect of loans, Secured or unsecured, granted or taken by the Company to/from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956 :

a. The Company has granted unsecured loan to five Companies/Limited Liability Partnership Firms covered in the register maintained under section 301 of the Act. The outstanding balance at the end of the financial year covered by the audit is 11763.39 lacs. Maximum Amount outstanding during the year was 11896.39 Lacs.

b. In our opinion, the rate of interest and other terms and conditions of such loan given by the company are not prima facie prejudicial to the interest of the company.

c. The loan and interest amount is payable on demand.

d. The Company has taken unsecured loan from one Company covered in the register maintained under section 301 of the Act. The outstanding balance at the end of the financial year covered by the audit is Nil. Maximum Amount outstanding during the year was t 63.75 Lacs.

e. In our opinion, the rate of interest and other terms and conditions of such Inter Corporate deposit accepted by the company are not prima facie prejudicial to the interest of the company.

f. The Payment of principal amount and interest are regular.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and nature of its business for the purchase of inventories & fixed assets and sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system.

(v) In respect of transactions covered under Section 301 of the Companies Act 1956 :

a. there are particulars of contracts or agreements that have been entered in the register maintained.

b. Such Transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has accepted deposits from the public in accordance with the directives issued by the "Reserve Bank of India" and complied with the same. After 18th April 2012, the company has not accepted any fresh deposits & it has made application with Reserve Bank of India for conversion into Non Deposit Taking Company vide letter dated 24.03.2014.

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

(viii) Central Government has prescribed maintenance of cost record under clause (d) of sub section (1) of section 209 of the Companies Act, 1956 and the accounts and the records have been made & maintained.

(ix) In respect of statutory dues:

a. According to the records of the Company, undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-Tax, Service Tax, Wealth Tax, Customs Duty, Excise duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. There are no arrears of Outstanding Statutory dues at the last day of the Financial year for a period of more than six months from the date they become payable.

b. There are no disputed dues with respect to aforesaid taxes & duties.

(x) The Company does not have accumulated losses at the end of the financial year. The company has not incurred cash losses during the financial year covered by the audit as well as in the immediately preceding financial year.

(xi) Based on our audit procedure and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks at the end of the financial year covered by the audit.

(xii) In our opinion and according to the explanation and based on the information made available to us, no loan and advances have been granted by the company against the fixed deposits of the company.

(xiii) In our opinion, the Company is not a Chit Fund/Nidhi/Mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors'' Report) Order 2003 are not applicable to the Company.

(xiv) The Company has maintained proper records of the transaction and contracts in respect of the dealing ortrading in share, securities and debentures and other investment and timely entries have been made therein. All shares, debentures and other investment, if any, have been held by the company in its own name.

(xv) The Company has not given any guarantees for loans taken by others from banks or financial institutions.

(xvi) During the year, the Company has raised term loan and these were applied for the purpose for which loans were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on short-term basis have been used for long-term investments.

(xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act 1956.

(xix) The Company has not raised any money by way of debentures issued during the financial year covered by the audit.

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

(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For R. P. Boobna & Co.

Chartered Accountants

Registration No. : 304093E

Pankaj Kakarania

Place : Kolkata Partner

Dated : The 16th Day of May, 2014 Membership No. : 053304

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Mar 31, 2012

1 We have audited the attached Balance Sheet of M/S. NPR FINANCE LIMITED as at 31st March, 2012 and the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's 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 misstatements. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3 As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of sub- section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

4 Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

I. 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.

II. In our opinion proper books of accounts, as required by law, have been kept by the Company as far as appears from our examination of those books.

III. The Balance sheet, Profit & loss account and Cash Flow Statement dealt with by this report are in agreement with the books of Accounts.

IV. In our opinion the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

V. On the basis of written representations received from the directors, as on 31.03.2012 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31.03.2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

VI. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting policies and other notes there on give the information required by the companies Act, 1956, in the manner so required, and give a true and fair view, in conformity with the accounting principles generally accepted in India:

a) In so for as it relates to Balance Sheet, of the state of affair of the Company as at 31st March, 2012.

b) In so for as it relates to the Profit and Loss Account, of the profit of the company for the year ended on that date.

c) And in so far as it relates to Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure to Auditors Report

Referred to in Paragraph 3 of our report of even date

1. In respect of its fixed assets.

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b. As explained to us. the management during the year has physically verified the fixed assets in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. During the year, the company has disposed off only part of Motor Vehicles. According to the information and explanations given to us, we are of the opinion that the sale of the said assets has not affected the going concern status of the company.

2. In respect of its inventories:

a) As explained to us, the management has conducted physical verification of stock at reasonable intervals.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of stock and as reported and explained to us by the management, no material discrepancies were noticed on physical verification of stocks.

3. In respect on loans, Secured or unsecured, granted or taken by the Company to/from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956:

a. The Company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Therefore, clause 3(b) to 3 (d) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company.

b. The Company has taken Fixed Deposits from Twenty six parties covered in the register maintained under section 301 of the Act. At the year end outstanding balance of such deposits was Rs. 142.13 lacs.

c. In our opinion, the rate of interest and other terms and conditions of such loan are prima facie not prejudicial to the interest of the company.

d. The payments of principal amounts and interest have been regular during the year.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of audit, we have not observed any major weakness in internal control system.

5. In respect on transactions covered under Section 301 of the Companies Act 1956:

a. In our opinion and according to the information and explanations given to us, there are no particulars of contracts or agreements required to be entered into in the register in pursuance of Section 301 of the Companies Act, 1956. Therefore, clause 5(b) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company.

6. The Company has accepted deposits from the public in accordance with the directives issued by the Reserve Bank of India and has complied with the same.

7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. In our opinion the companies is not a manufacturing Company. Therefore clause 4 (viii) of the Companies (Auditors' Report) Order, 2003 is not applicable to the Company.

9. In respect of statuary dues:

a. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2012 for a period of more than six months from the date of becoming payable.

10. The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year. '

11. In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to financial institutions, banks.

12. In our opinion and according to the information and explanation given to us, the Company has not granted loans against Companies Fixed Deposits.

13. In our opinion, the Company is not a chit fund or a nidhi /mutual fund/ society. Therefore, clause 4(xiii) of the Companies (Auditors' Report) Order, 2003 is not applicable to the Company.

14. The Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and others investment and timely entries have been made therein. All shares, debenture and other investment, if any, have been held by the Company in its own name.

15. The Company has not given any guarantees for loans taken by others from banks or financial institutions.

16. The Company has not raised any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that no funds raised on short term basis have been used for long-term investments & vice- versa.

18. During the year the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not raised any money by way of debentures issued.

20. The company has not raised any money by way of public issue during the year.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For L. N. Todi & Co.

Chartered Accountants

Registration No.: 304022E

Lalit Kumar Todi

Partner

Membership No.: 054847

Place: Kolkata

Dated : The 30th Day of May,2012

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Mar 31, 2010

1. We have audited the attached Balance Sheet of M/S. NPR FINANCE LIMITED as at 31st March,2010 and the Profit and Loss Account and Cash Flow Statement for the year 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 misstatements. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by.the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in theAnnexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

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

I. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purpose of our audit.

II. In our opinion proper books of accounts, as required by law, have been kept by the Company as far as appears from our examination of those books.

III. The Balance Sheet, Profit and LossAccount and Cash Flow Statement

IV. Dealt with by this report are in agreement with the books of account.

V. In our opinion the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

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

VII. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting policies and other notes there on give the information required by the companies Act, 1956, in the manner so required, and give a true and fair view, in conformity with the accounting principles generally accepted in India:

a.In so for as it relates to Balance Sheet,of the state of affair of the Company as at 31st, March,2010.

b In,so for as it relates to the Profit and LossAccount, of the profit of the company forthe year ended on that date. And

c. In so far as it relates to Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure to Auditors Report Referred to in Paragraph 3 of our report of even date

1. In respect of its fixed assets.

a. The Company has maintained proper records showing full particulars including quantitative details and situation of.fixed assets.

b. As explained to us, the management during the year has physically verified the fixed assets in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c. During the year, the company has disposed off part of Fixed Assets. According to the information and explanations given to us, we are of the opinion that the sale of the said assets has not affected the going concern status of the company.

2. In respect of its inventories:

a. As explained to us, the management has conducted physical verification of stock at reasonable intervals.

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of stock and as reported and explained to us by the management, no material discrepancies were noticed on physical verification of stocks

3. In respect on loans, Secured or unsecured, granted or taken by the Company to/from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956:

a. The Company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Therefore, clause 3(b) to 3 (d) of the Companies (Auditors Report) Order 20.03 is not applicable to the Company.

b. The Company has taken unsecured loans from twelve parties and Fixed Deposits from one hundred and three parties covered in the register maintained under section 301 of the Act. At the year end outstanding balance of such loans and deposits where Rs. 189 36 lacs and Rs. 363.48 lacs respectively.

c. In our opinion, the rate of interest and other terms and conditions of such loan are prima facie not prejudicial to the interest of the company.

d. The payment of principal amounts and interest have been regular during the year. At the end of the year Rs. 84.02 Lacs deposits were unclaimed.

4. In our"opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of audit, we have not observed any major weakness in internal control system.

5. In respect on transactions covered under Section 301 of the Companies Act 1956:

a. In our opinion and according to the information and explanations given to us, there are no particulars of contracts or agreements that to be entered into in the register in pursuance of Section 301 of the Companies Act, 1956. Therefore, clause 5(b) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

6. The Company has accepted deposits from the public in accordance with the directives issued by the Reserve Bank of India and has complied with the same

7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. In our opinion the companies is not a manufacturing Company. Therefore clause 4 (viii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

9. In respect of statutory dues:

a. According to the recordsof the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31" March, 2010 for a period of more than six months from the date of becoming payable.

10. The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceeding financial year.

11. In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to financial institutions, banks.

12. In our opinion and according to the information and explanation given to us, the Company has granted loans against Cos Fixed Deposits and has maintained adequate documents and records.

13 In our opinion, the Company is not a chit fund or a nidhi /mutual fund/ society. Therefore, clause 4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

14. The Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and others investment and timely entries have been made therein. All shares, debenture and other investment have been held by the Company in its own name.

15.. The Company has not given any guarantees for loans taken by othersfrom banks or financial institutions.

16. The Company has not raised any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that no funds raised on short term basis have been used for long-term investments.

18. During the year the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not raised any money by way of debentures issued.

20. The company has not raised any money by way of public issue during the year.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For L. N. Todi & Co.

Chartered Accountants Registration No. : 304022E

Pankaj Kakarania

Partner

Membership No. : 053304

Place : Kolkata

Dated : The 28th Day of May, 2010

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Mar 31, 2009

1. We have audited the attached Balance Sheet of M/S NPR FINANCE LIMITED as at 31sl March,2009 and the Profit and Loss Account and Cash Flow Statement for the year 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 misstatements. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3 As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.

4 Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

I. We have obtained all the information and explanations which to thebestofourknowledgeandbeliefwere necessary for the purpose of our audit.

II. In our opinion proper books of accounts, as required by law, have been kept by the Company so far as appears from our examination of those books.

III. The Balance sheet, Profit and Loss account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

IV. In our opinion the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act 1956.

V. On the basis of written representations received from the directors, as on 31.03.09 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31.03.09 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

VI. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting policies and other notes there on give the information required by the companies Act, 1956, in the manner so required, and give a true and fair view, in conformity with the accounting principles generally accepted in India:

a) In so for as it relates to Balance Sheet, of the state of affair of the Company as at 31s March 2009.

b) In so for as it relates to the Profit and loss Account, of the profit of the company for the year ended on that date. And

c) In so far as it relates to Cash Flow Statement, of the cash flows for the year ended on that date.

Annexure to Auditors Report

Referred to in Paragraph 3 of our report of even date

1. In respect of its fixed assets.

a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b. As explained to us, the management during the year has physically verified the fixed assets in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such of physical verification.

c. During the year, the company has disposed off part of Fixed Assets. According to the information and explanations given to us, we are of the opinion that the sale of the said assets has not affected the going concern status of the company. . ,<

2. In respectof its inventories:

a) As explained to us, the management has conducted physical verification of stock at reasonable intervals.

b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation of the size of the Company and the nature of its business.

c) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of stock and as reported and explained to us by the management, no material discrepancies were noticed on physical verification of stocks.

3. In respect on loans, Secured or unsecured, granted or taken by the Company to/from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956:

a. The Company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Therefore, clause 3(b) to 3(d) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.

b. The Company has taken Unsecured loans from Five parties and Fixed Deposits from Fifty-eight parties covered in the register maintained under section 301 of the Act. At the year end outstanding balance of such loans and deposits were Rs. 94.77 lacs and Rs. 592.01 lacs respectively.

c. In our opinion, the rate of interest and other terms and conditions of such loan are prima facie not prejudicial to the interest of the company.

d. The payment of principal amounts and interest have been regular during the year. At the end of the year Rs. 473.07 lacs deposits were unclaimed.

4. In our opinion and according to the information and explanations given to us. there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of audit, we have not observed any major weakness in internal control system.

5. In respect on transactions covered under Section 301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanations given to us, there are no particulars of contracts or agreements that to be entered into in the register in pursuance of Section 301 of the Companies Act. 1956. Therefore, clause 5(b) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.

6. The Company has accepted deposits from the public in accordance with the directives issued by the Reserve Bank of India and has complied with the same.

7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.

8. In our opinion the Company is not a manufacturing Company. Therefore clause 4 (viii)of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

9. In respect of statuary dues:

a. According to the records of the Company, undisputed statutory dues including Provident fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31s March, 2009 for a period of more than six months from the date of becoming payable.

10. The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. In our opinion and according to the information and explanation given to us, the Company has riot defaulted in repayment of dues to financial institutions, banks.

12. In our opinion and according to the information and explanation given to us, the Company has granted loans against Cos Fixed Deposits and has maintained adequate documents and records.

13. In our opinion, the Company is not chit fund or a nidhi /mutual fund/ society. Therefore, clause 4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

14. The Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and others investment and timely entries have been made therein. All shares, debenture and other investment have been held by the Company in its own name.

15. The Company has not given any guarantees for loans taken by others from banks or financial institutions.

16. The Company has not raised any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company we are of the opinion that no funds raised on short term basis have been used for long-term investments.

18. During the year the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

19. The Company has not raised any money by way of debentures issued.

20. The company has not raised any money by way of public issue during the year.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For L N Todi & Co.

Chartered Accountants

Pankaj Kakarania Partner

PLACE : Kolkata

Dated The 30th Day of June, 2009