Auditor Report of Jagsonpal Services Ltd.

Mar 31, 2025

We have audited the accompanying Standalone Ind AS Financial Statements of M/S. JAGSONPAL
FINANCE & LEASING LTD (“the Company”), which comprises of the Balance Sheet as at 31^st March,
2025, the Statement of Profit and Loss and (including Other Comprehensive Income), the Cash Flow
Statement, and Notes to the Standalone Financial Statements, including a summary of significant
accounting policies and other explanatory information (hereinafter referred to as "the Standalone
Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 ("the
Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Accounting
Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, and profit (including other comprehensive income),
its statement of changes in equity and its cash flows for the year then ended.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on
Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under those SAs 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 ethical 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.

Key audit Matters

Key audit matters are those matters that our professional judgement 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

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

The Company’s Management is responsible for preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, the 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 in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.

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 Act with
respect to the preparation of these Standalone Financial Statements 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, with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read
with Companies(Indian Accounting Standards) Rules, 2015. 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,
that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Standalone Financial Statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are 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 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
scepticism throughout the audit. We are 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.

• 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 current ability to continue as a
going concern. If we conclude thon 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 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
Standalone 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 Standalone 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 Financial Statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 ("the Order”) issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act 2013, we give
in the ‘Annexure A’, a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 Company has no branch office and hence the company is not required to conduct an audit
under section 143 (8) of the Act;

d) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income),
the Cash flow statement, and the Statement of Changes in Equity dealt with by this Report are
in agreement with the books of account;

e) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting
Standards (Ind AS) specified under Section 133 of the Act, read with the Companies (Accounts)
Rules, 2014

f) On the basis of the written representations received from the directors as on 31^st March 2025
taken on record by the Board of Directors, none of the directors are disqualified as on 31^st March
2025 from being appointed as a director in terms of Section 164 (2) of the Act;

g) 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”.

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 no pending litigations that needs to be disclosed in Financial
Statements.

ii. Based on the information and explanations provided to us, the Company does not have
any long-term contracts, including derivatives, for which provisions for material
foreseeable losses need to be provided.

iii. The Company is not required to transfer any amount to the Investor Education and
Protection Fund.

iv. a) The management has represented that, to the best of its knowledge and belief,
no funds have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any
other person 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;

b) The management has represented that, to the best of its knowledge and belief, no
funds have been received by the Company from any person 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

c) Based on such audit procedures performed that have been considered reasonable
and appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the representations under subclause (a) and (b) contain any material
misstatement.

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

For M/s Jain Vinay & Associates

Vishnu Kumar Sodhani
Membership No: 403919
Firm Reg No: 0006649W
Date: 26/05/2025
UDIN:25403919BMMNRN5379

---

Mar 31, 2024

1. We have audited the accompanying Ind AS financial statements of JAGSONPALFINANCE & LEASING LTD (“the Company”), which comprise the Balance Sheet as at March 31,2024, the Statement of Profit & Loss, the Cash Flow Statement, Statement of changes in Equity and a summary of significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements, give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (“Ind AS”) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, of the standalone state of affairs as at March 31,2024.

Management’s Responsibilities for the Ind AS Financial Statements

3. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“theAct”) with respect to the preparation of these Ind AS financial statements togive a true and fair view of the financial position,financial performance and cashflows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standard) Rule, 2015 (as amended) 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.

Auditor’s Responsibility

4. Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.

5. 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.

6. We conducted our audit of the Ind AS financial Statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India.Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS financial statements are free from material misstatement.

7. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS 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 Ind AS financial statements, in order to design audit procedure that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the Ind AS financial statements.

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

Opinion

9. 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 Act in the manner so required and give a true and fair view in conformity with the Ind AS and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, and its total comprehensive profit, its cash flows, the changes in Equity of the company and a summary of significant accounting policies and other explanatory information for the year ended on that date.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor''sReport) Order 2016 issued by the Central Government interms of Sub-section (11) of section 143 of the Act (“the Order”) 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 B a statement on the matters specified in paragraphs 3 and 4 of the Order.

11. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information to the best of our knowledge and belief was 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, and the Cash Flow Statement and changes in Equity Report are in agreement with the books of account.

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

(e) On the basis of written representation received from the directors as on 31 st March, 2024 take 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) As required under section 143(3)(i) of the act, regarding adequacy and operating effectiveness of internal financial controls a separate annexure A.

(g) 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 impact its Ind AS financial position;

ii. The Company does not have any long term contracts; and

iii. The company has no unpaid dividends that required to be transferred to the Investor Education and Protection Fund.

For MSKG & Co.

Chartered Accountants Firm Regn. No. 008262N

Place: New Delhi (Nikita Jain)

Dated: 30-05-2024 Partner

M.No.533111

UDIN NO.: 24533111BKFHRH4989

---

Mar 31, 2014

We have audited the accompanying financial statements of JAGSONPAL FINANCE & LEASING LTD ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit & Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. Management''s Responsibilities for the Financial Statements

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 flow of the Company in accordance with the 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.

3. 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 the Standard 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 procedure 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 procedure that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting 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 basis for our audit opinion.

4. Opinion

In our opinion and to the best of our information and according to the explanations given to you, 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014.

(b) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2003, Issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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 purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standard referred to in sub-section(3C) of the Companies Act, 1956; and

(e) On the basis of written representations received from the Directors as on March 31, 2014, from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)

1. (a) The Company is maintaining proper records showing full partic -ulars, including quantitative details and situation of fixed assets.

b) As explained, the fixed assets except leased assets have been physical verified by the management during the year at reasonable intervals and no material discrepancies were noticed on such verification.

2. (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. In our opinion, the company has neither granted nor taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the Company has not granted/taken any loans, secured or unsecured, to/from parties listed in the registers maintained under Section 301 of the Companies Act, 1956 clauses iii(b), iii(c) and iii(d) of paragraph 4 of the order are not applicable.

4. In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weakness in internal control.

5. As explained to us there has not been any transaction during the year that need to be entered in the register maintained under section 301 of the Companies Act 1956 and exceeding during the year to Rs. 5,00,000 or more in respect of each such party.

6. In our opinion, and according to the information and explanations given to us, the Company has not accepted any public deposit therefore the provisions of Sections 58 A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable to the company.

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

8. As per explanations the provision of section 209 (1)

(d) regarding maintenance of cost records are not applicable to the company.

9. According to the information and explanations given to us, there are no undisputed statutory dues payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, which are outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

10. (a) The Company has been in existence since 20.2.91

(b) The accumulated losses of the company are more than half of its net worth.

(c) The company made a cash loss of Rs. 0.39 lacs during current year as against a cash loss of Rs. 6.01 lacs during the proceedings financial year.

11. According to the information and explanations given to us the company has not defaulted in repayment of dues to any financial institutions or bank or debenture holder during the year.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute as specified under clause (xiii) of paragraph 4 of the order are not applicable to the company.

14. The Company has kept adequate records of its transactions and contracts in shares, securities, debentures and other investments and timely entries have been made therein. The shares, securities, debentures and other investments, are held in the name of the company or are in process of being transferred in the company''s name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The company has not obtained any term loans that were not applied for the purpose for which these were raised.

17. Based on the information and explanations given to us, and on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment, and vice versa.

18. According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4 of the Order is not applicable to the company.

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

21. According to the information and explanations given to us, during the year, no fraud by the company has been noticed or reported.

for P. P. THUKRAL & CO. Chartered Accountants

Place : New Delhi (Suresh Sethi) Dated : 24th May, 2014 Partner M.No.:089318 F.R.N.000632N

---

Mar 31, 2013

1. Report on the Financial Statements

We have audited the accompanying financial statement: of JAGSONPAL FINANCE & LEASING LTD ("the Company"), which comprise''the Balance Sheet as at 31st March, 2013, the Statement of Profit & Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. Management''s Responsibilities for the Financial Statements

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 flow of the Company in accordance with the 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..

3. 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 the Standard 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 procedure 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 procedure that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting 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 tc provide a basis for our audit opinion.

4. Opinion

In our opinion and to the best of our information and according to the explanations given to u, 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: , (a) in the case of the Balarice Sheet, of the state of affairs of the Company as at March 31, 2013.

(b) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2003, Issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

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 purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Gompany so far as appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standard referred to in sub-section(3C) of the Companies Act, 1956; and

(e) On the basis of written representations received from the Directors as on March 31, 2013, from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

(Referred to in ''Report on other Legal and Regulatory Requirements'' section of our even date)

1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. b) As explained, the fixed assets except leased assets have been physical verified by the management during the year at reasonable intervals and no material discrepancies were noticed on such verification.

2. As explained to us the company is not having inventory, therefore provisions on relating to physical verification of inventory and record maintenance are not applicable.

3. In our opinion, the company has neither granted nor taken any Ipans, secured or unsecured from companies, firms or other parties iisted in the Register maintained under Section 301 of the Companies Act, 1956. As the Company has not granted/taken any loans, secured or unsecured, to/from parties listed in the registers maintained under Section 301 of the Companies Act, 1956 clauses iii(b), iii(c) and iii(d) of paragraph 4 of the order are not applicable.

4. In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weakness in internal control.

5. As explained to us there has not been any transaction during the year that need to be entered in the register maintained under section 301 of the Companies Act 1956 and exceeding during the year to Rs. 5,00,000 or more in respect of each such party.

6. In our opinion, and according to the information and explanations given to us, the Company has not accepted any public deposit therefore the provisions of Sections 58 A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable to the company.

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

8. As per explanations the provision of section 209 (1) (d) regarding maintenance of cost records are not applicable to the company.

9. According to the information and explanations given to us, there are no undisputed statutory dues payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, which are outstanding as at 31st

March, 2013 for a period of more than six months from the date they became payable.

10. (a) The Company has been in existence since 20.2.91

(b) The accumulated losses of the company are more than half of its net worth.

(c) The company made a cash loss of Rs. 6.01 lacs during current year as against a cash loss of Rs. 35.45 lacs during the proceedings financial year.

11. According to the information and explanations given to us the company has not defaulted in repayment of dues to any financial institutions or bank or debenture holder during the year.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute as specified under clause (xiii) of paragraph 4 of the order are not applicable to the company.

14. The Company has kept adequate records of its transactions and contracts in shares, securities, debentures and other investments and timely entries have been made therein. The shares, securities, debentures and other investments, are held in the name of the company or are in process of being transferred in the company''s name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The company has not obtained any term loans that were not applied for the purpose for which trtese were raised.

17. Based on the information and explanations given to us, and on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment, and vice versa.

18. According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4 of the Order is not applicable to the company.

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

21. According to the information and explanations given to us, during the year, no fraud by the company has been noticed or reported.

for P. P. THUKRAL & CO.

Chartered Accountants

Place : New Delhi (Suresh Sethi)

Dated : 30!h May, 2013 Partner

M.No.: 089318

F.R.N.: 000632N

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of JAGSONPAL FINANCE & LEASING LTD (“the Company”) as at 31st March, 2012 and also the Profit & Loss Account and the Cash Flow Statement for the period ended on that date both 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 carried out our examinations 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 also 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for my opinion.

3. As required by the Companies (Auditor's 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, a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

Further to our comments in the Annexure referred to in paragraph 3, 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 Account as required by law have been kept by the Company so far as it appears from our examination of those books.

iii) The Balance Sheet and Profit & Loss Account and cash flow statement is in agreement with the Books of Account.

iv) In our opinion, the Balance Sheet and Profit & Loss Account and cash flow statement dealt by this report comply with the Accounting Standards under sub section (3C) of section 211 of the Companies Act, 1956.

v) None of Directors is disqualified as on March 31, 2012 from being appointed as a Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956; and

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts comply and 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 the case of the Balance Sheet, of the Company's state of affairs as on 31st March, 2012, and,

b) In the case of the Profit & Loss Account, of the loss of the company for the period ended as on that date; and

c) In the case of Cash flow statement, of the cash flows for the period ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph (3) of our report of even date)

1. (a) The Company is maintaining proper records

showing full particulars, including quantitative details and situation of fixed assets. b) As explained, the fixed assets except leased assets have been physical verified by the management during the year at reasonable intervals and no material discrepancies were noticed on such verification.

2. As explained to us the company is not having inventory, therefore provisions on relating to physical verification of inventory and record maintenance are not applicable.

3. In our opinion, the company has neither granted nor taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the Company has not granted/taken any loans, secured or unsecured, to/from parties listed in the registers maintained under Section 301of the Companies Act, 1956 clauses iii(b), iii(c) and iii(d) of paragraph 4 of the order are not applicable.

4. In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weakness in internal control.

5. As explained to us there has not been any transaction during the year that need to be entered in the register maintained under section 301 of the Companies Act

1956 and exceeding during the year to Rs. 5,00,000 or more in respect of each such party.

6. In our opinion, and according to the information and explanations given to us, the Company has not accepted any public deposit therefore the provisions of Sections 58 A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable to the company.

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

8. As per explanations the provision of section 209 (1) (d) regarding maintenance of cost records are not applicable to the company.

9. According to the information and explanations given to us, there are no undisputed statutory dues payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, which are outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

10. (a) The Company has been in existence since 20.2.91

(b) The accumulated losses of the company are more than half of its net worth.

(c) The company made a cash loss of Rs. 35.71 lacs during current year as against a cash loss of Rs. 1.80 lacs during the proceedings financial year.

11. According to the information and explanations given to us the company has not defaulted in repayment of dues to any financial institutions or bank or debenture holder during the year.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute as specified under clause (xiii) of paragraph 4 of the order are not applicable to the company.

14. The Company has kept adequate records of its transactions and contracts in shares, securities, debentures and other investments and timely entries have been made therein. The shares, securities, debentures and other investments, are held in the name of the company or are in process of being transferred in the company's name.

15. According to the information and explanations given to us,the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The company has not obtained any term loans that were not applied for the purpose for which these were raised.

17. Based on the information and explanations given to us, and on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on a short term basis which have been used for long term investment, and vice versa.

18. According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other

parties listed in the register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4 of the Order is not applicable to the company.

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

21. According to the information and explanations given to us, during the year, no fraud by the company has been noticed or reported.

for P. P. THUKRAL & CO. Chartered Accountants

Place : New Delhi (Suresh Sethi)

Dated : 30th May, 2012 Partner

Membership No.:089318 F.R.N. 000632N

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of JAGSONPAL FINANCE & LEASING LTD ("the Company") as at 31st March, 2011 and also the Profit & Loss Account and the Cash Flow Statement for the period ended on that date both 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 carried out our examinations 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 also 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for my opinion.

3. As required by the Companies (Auditor's 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, a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

Further to our comments in the Annexure referred to in paragraph 3, 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 Account as required by law have been kept by the Company so far as it appears from our examination of those books.

iii) The Balance Sheet and Profit & Loss Account and cash flow statement is in agreement with the Books of Account.

iv) In our opinion, the Balance Sheet and Profit & Loss Account and cash flow statement dealt by this report comply with the Accounting Standards under sub section (3C) of section 211 of the Companies Act, 1956.

v) None of Directors is disqualified as on March 31, 2011 from being appointed as a Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956; and

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts comply and 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 the case of the Balance Sheet, of the Company's state of affairs as on 31st March. 2011, and,

b) In the case of. the Profit & Loss Account, of the loss of the company for the period ended as on that date; and

c) in the case of Cash flow statement, of the cash flows for the period ended on that date

ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph (3) of our report of even date)

1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b) As explained, the fixed assets except leased assets have been physical verified by the management during the year at reasonable intervals and no material discrepancies were noticed on such verification.

2. As .explained to us the company is not having inventory, therefore provisions on relating to physical verification of inventory and record maintenance are not applicable.

3. In our opinion, the company has neither granted nor taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the Company has not granted/taken any loans, secured or unsecured, to/from parties listed in the registers maintained under Section 301 of the Companies Act, 1956 clauses iii(b), iii(c) and iii(d) of paragraph 4 of the order are not applicable.

4. In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weakness in internal control.

5. As explained to us there has not been any transaction during the year that need to be entered in the register maintained under section 301 of the Companies Act 1956 and exceeding during the year to Rs. 5,00,000 or more in respect of each such party. .

6. In our opinion, and according to the information and explanations given to us, the Company has not accepted any public deposit therefore the provisions of Sections 58 A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable to the company.

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

8. As per explanations the provision of section 209 (1) (d) regarding maintenance of cost records are not applicable to the company.

9. According to the information and explanations given to us, there are no undisputed statutory dues payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, which are outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

10. (a) The Company has been in existence since 20.2.91

(b) The accumulated losses of the company are more than half of its net worth.

(c) The company made a cash loss of Rs. 1.80 lacs during current year as against a cash profit of Rs. 4.35 lacs during the proceedings financial year.

11. According to the information and explanations given to us the company has not defaulted in repayment of dues to any financial institutions or bank or debenture holder during the year.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute as specified under clause (xiii) of paragraph 4 of the order are not applicable to the company.

14. The Company has kept adequate records of its transactions and contracts in shares, securities, debentures and other investments and timely entries have been made therein. The shares, securities, debentures and other investments, are held in the name of the company or are in process of being transferred in the company's name.

15. According to the information and explanations given to us,the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The company has not obtained any term loans that were not applied for the purpose for which these were raised.

17. Based on the information and explanations given to us, and on an overall examination of the balance sheet of the company,in our opinion, there are no funds raised on a short term basis which have been used for long term investment, and vice versa.

18. According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4 of the Order is not applicable to the company.

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

21. According to the information and explanations given to us, during the year, no fraud by the company has been noticed or reported.

for P. P. THUKRAL & CO. Chartered Accountants

(Suresh Sethi) Partner Membership No.:89318 F.R.N. 000632N

Place : New Delhi Dated : 28th June, 2011

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of JAGSONPAL FINANCE & LEASING LTD ("the Company") as at 31st March, 2010 and also the Profit & Loss Account and the Cash Flow Statement for the period ended on that date both 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 carried out our examinations 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 also 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for my 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, a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

Further to our comments in the Annexure referred to in paragraph 3, 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 Account as required by law have been kept by the Company so far as it appears from our examination of those books.

iii) The Balance Sheet and Profit & Loss Account and cash flow statement is in agreement with the Books of Account.

iv) In our opinion, the Balance Sheet and Profit & Loss Account and cash flow statement dealt by this report comply with the Accounting Standards under sub section (3C) of section 211 of the Companies Act, 1956.

v) None of Directors is disqualified as on March 31, 2010 from being appointed as a Director in terms

of clause (g) of sub section (1) of section 274 of the Companies Act, 1956; and vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts comply and 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 the case of the Balance Sheet, of the Companys state of affairs as on 31st March, 2010, and,

b) In the case of the Profit & Loss Account, of the profit of the company for the period ended as on that date; and

c) In the case of Cash flow statement, of the cash flows for the period ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph (3) of our report of even date)

1. (a) The Company is maintaining proper records

showing full particulars, including quantitative details and situation of fixed assets. b) As explained, the fixed assets except leased assets have been physical verified by the management during the year at reasonable intervals and no material discrepancies were noticed on such verification.

2. As explained to us the company is not having inventory, therefore provisions on relating to physical verification of inventory and record maintenance are not applicable.

3. In our opinion, the company has neither granted nor taken any loans, secured or unsecured from companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956. As the Company has not granted/taken any loans, secured or unsecured, to/ from parties listed in the registers maintained under Section 301 of the Companies Act, 1956 clauses iii(b), iii(c) and iii(d) of paragraph 4 of the order are not applicable.

4. In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weakness in internal control.

5. As explained to us there has not been any

transaction dunng the year that need to be entered in the register maintained under section 301 of the Companies Act 1956 and exceeding during the year to Rs. 5,00,000 or more in respect of each such party.

6. In our opinion, and according to the information and explanations given to us, the Company has not accepted any public deposit therefore the provisions of Sections 58 A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable to the company.

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

8. As per explanations the provision of section 209 (1) (d) regarding maintenance of cost records are not applicable to the company.

9. According to the information and explanations given to us, there are no undisputed statutory dues payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, which are outstanding as at 31st March, 2010 for a period of more than six months from the date they became payable.

10. (a) The Company has been in existence since 20.2.91 (b) The accumulated losses of the company are more than half of its net worth, (c) The company made a cash profit of Rs. 4.61 lacs during current year as against a cash loss of Rs. 45.39 lacs during the proceedings financial year.

11. According to the information and explanations given to us the company has not defaulted in repayment of dues to any financial institutions or bank or debenture holder during the year.

12. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The provisions of any special statute as specified under clause (xiii) of paragraph 4 of the order are not applicable to the company.

14. The Company has kept adequate records of its transactions and contracts in shares, securities, debentures and other investments and timely entries have been made therein. The shares, securities, debentures and other investments, are held in the name of the company or are in process of being transferred in the companys name.

15. According to the information and explanations given to us.the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. The company has not obtained any term loans that were not applied for the purpose for which these were raised.

17. Based on the information and explanations given to us, and on an overall examination of the balance sheet of the company.in our opinion, there are no funds raised on a short term basis which have been used for long term investment, and vice versa.

18. According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4 of the Order is not applicable to the company.

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

21. According to the information and explanations given to us, during the year, no fraud by the company has been noticed or reported.

AUDITORS REPORT AS PER NON-BANKING FINANCIAL COMPANIES AUDITORS REPORT (RESERVE BANK) DIRECTIONS, 1998

As required by Non-Banking Financial Companies Auditors Report (Reserve Bank) Directions, 1998 issued by Reserve Bank of India, Department of Financial Companies in exercise of the powers conferred by Sub Section (1A) of Section 45MA of the Reserve Bank of India Act, 1934, we hereby report on the matters specified in paragraphs 3 and 4 of the said Directions:-

1) The Company has been granted registration as per section 45IAof the Reserve Bank of India Act, 1934.

2) During the year the company has neither invited nor accepted public deposit.

3) As there are no deposits with company and matter of any non payment/overdue does not arise.

4) The Company has complied with the prudential norms on income recognition, accounting standards, asset classification, provisioning for bad and doubtful debts, and concentration of credit/ investments as specified in the directions issued by the Reserve Bank of India in terms of the Non- Banking Financial Companies prudential Norms {Reserve Bank) Directions, 1998 except for the norms for valuation of long term investments.

5) The company has furnished to the Reserve Bank of India, within the stipulated period the relevant returns and statements as applicable to it.

6) The rest of the matters as specified in Sub- Paragraph (C) & (D) of Paragraph 3 of the Non Banking Financial Companies Auditors Report (Reserve Bank), Directors, 1998 are not applicable.

for P. P. THUKRAL & CO.

Chartered Accountants

Place : New Delhi (Suresh Sethi)

Dated : 6th August, 2010 Partner

Membership No.:89318