ఆడిటర్ నివేదిక Pasupati Fincap Ltd.

Mar 31, 2025

We have audited the accompanying standalone Ind AS financial statements of PASUPATI FINCAP
LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2025, and the
Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flows,
and the Statement of Changes in Equity for the year then ended, and a summary of significant
accounting policies and other explanatory information (hereinafter referred to as Ind AS Financial
Statements).

In our opinion and to the best of our information and according to the explanation given to us, the
aforesaid standalone Ind AS financial statements give the information required by the Companies Act,
2013 in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31,2025, the
loss and total comprehensive loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described
in the Auditor’s Responsibilities for the Audit of the Ind AS Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant to
our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the
Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the standalone financial statements of the current period. These matters were addressed in the
context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters. We have determined the matters described
below to be the key audit matters to be communicated in our report.

Sr. No.

Key Audit Matter

Auditor’s Response

1.	Taxation	We evaluated the design and implementation of
	Significant judgments are	controls in respect of provision for current tax and
	required in determining	the recognition and recoverability of deferred tax
	provision of income taxes, both	assets.
	current and deferred, as well as	We discussed with management the adequate
	the assessment of provision for	implementation of policies and control regarding
	uncertain tax position including	current and deferred tax.
	estimates of interest and	We examined the procedure in place for the current
	penalties where appropriate.	and deferred tax calculation for completeness and valuation and audited the related tax computation and estimates in the light of our knowledge of the tax circumstances. Our work was conducted with our tax specialist. We performed the assessment of the material components impacting the tax expenses, balance and exposures. We reviewed and challenged the information reported by components with the support of our own tax specialist, where appropriate. In respect of deferred tax assets and liabilities, we assess the appropriateness of management’s assumptions and estimates to support deferred tax assets for tax losses carried forward and related disclosures in financial statements. Based on the procedure performed above, we obtained sufficient audit evidence to corroborate management’s estimates regarding current and deferred tax balances.

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

The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Annual report but does not include the Ind AS financial
statements and our auditor’s report thereon. The Annual Report is expected to be made available to us
after the date of this Auditor’s Report. Our opinion on the Ind AS 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 Ind AS financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial 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.

Responsibilities of Management and Those Charged with Governance for the Standalone Ind
AS 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 standaloneInd AS financial
statements that give a true and fair view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity of the company of the Company in
accordance with accounting principles generally accepted in India, including the Indian Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014 and the 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 of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the 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 Ind AS financial statements, the board of directors is responsible for the 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 the Board of Directors either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board
of Directors are also responsible for overseeing the company’s financial reporting process.

Auditor’s Responsibility for the Audit of Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone Ind AS financial
statements, whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of such
controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the standalone
Ind AS 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 Ind AS financial
statements, including the disclosures, and whether the standalone Ind AS financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone Ind AS financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Ind AS 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 Ind AS
financial statements.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the standalone Ind AS financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s report unless
law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the
Central Government of India in terms of 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, to the extent applicable.

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

(a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.

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

(c) The Balance Sheet, and the Statement of Profit and Loss including the Statement of 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.

(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards)
Rules, 2015, as amended.

(e) On the basis of the written representations received from the directors as on 31st March,
2025 taken on record by the Board of Directors, none of the directors is disqualified as on
31st 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 control over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in
“Annexure B” to this report.

(g) With respect to the matters to be included in the Auditor’s Report in accordance with the
requirements of section 197 (16) of the Act, as amended, the reporting requirements are not
applicable since the Company has not paid any managerial remuneration during the year.

(h) The audit of standalone audited financial results for the year ended March 31, 2024, was
carried out and reported by M/s SANTOSH SUSHAMA KESHRI & CO., Chartered
Accountants having firm registration no. 021629N, who have expressed unmodified opinion
on these financial results vide their report dated May 22, 2024, whose reports have been
furnished to us and which have been relied upon by us for the purpose of review and audit of
the statement. Our conclusion is not modified in respect of above matters so far as figures
reported for the year ended 31st March 2024.

(i) 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 Ind AS financial statements.

(ii) The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term contracts
including derivative contracts

(iii) There were no amount which were required to be transferred, to the Investor
Education and Protection Fund by the Company.

(iv) (a) The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been
advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other person or
entity, including foreign entity (“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 (which are material either individually or in the aggregate) have been
received by the Company from any person or entity, including foreign entity
(“Funding Parties”), with the understanding, whether recorded in writing or

otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;

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

(v) The Company has not declared any dividend during the year. Hence, reporting
requirements under rule 11(f) of Companies (Audit and Auditors) Rules, 2014 are
not applicable to the Company.

(vi) (a) Based on our examination carried out in accordance with the Implementation
Guidance on Reporting on Audit Trail under Rule 11(g) of the Companies
(Audit and Auditors) Rules,2014 (Revised 2024 Edition) issued by the Institute of
Chartered Accountants of India, which included test checks, we report that the
company has used an accounting software for maintaining its books of account
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
aud trail feature being tampered with.

(b) Additionally, the audit trail has been preserved by the company as per the
statutory requirements for record retention. Our examination of the audit trail was
in the context of an audit of financial statements carried out in accordance with the
Standard of Auditing and only to the extent required by Rule 11(g) of the
Companies (Audit and Auditors) Rule, 2014. We have not Carried out any audit or
examination of the audit trail beyond the matters required by the aforesaid Rule
11(g) nor have we carried out any standalone audit or examination of audit trail.

V.R. Bansal & Associates
Chartered Accountants
Firm Registration No. 016534N

(Rajan Bansal)

Dated: 29/05/2025 Partner

Place: Delhi Membership No. 093591

UDIN: 25093591BMKWBB7529

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Mar 31, 2024

We have audited the accompanying financial statements of PASUPATI FINCAP LIMITED, HARYANA
(“the Company”), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended, and a summary of 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 statements that give a true
and fair view of the financial position, financial performance and cash flows of the company in accordance
with the accounting principles generally accepted in India, including the 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.

Auditor’s Responsibility

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

We have taken into account the provisions of the Act, the accounting and auditing standards and 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 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, but not for the purpose of expressing an opinion on whether the company has in place
an adequate internal financial controls system over financial reporting and the operating effectiveness of
such controls. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness 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 obtained by us in terms of the reports referred to in sub-paragraph (a) of
the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on
financial statements

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
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 31^st March, 2024, and its profit and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to Note No. 7(a) & 7(b) of the financial statements as at 31 March 2024, the

Company advanced loans to related companies covered in the register maintained u/s 189 and to
others, amounting to Rs.60,814.00 (Previous Year Rs. 60,814.00) are subjected to confirmation and
recoverability of the same could not be established.

Our opinion is not further qualified on these matters.

Report on the other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order. 2016, issued by the Central Government of India in
terms of sub-section (11) of Section 143 of the Act, we give in the “Annexure - A” statement on the matters
specified in paragraph 3&4 of the 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
appears from our examination of those books.

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.

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) Amendment Rules, 2018.

e) On the basis of written representations received from the directors as on March 31, 2024, taken on record
by the Board of Directors, none of the directors is disqualified as on March 31, 2024, from being appointed
as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate report in “Annexure B”; and

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) Amendment Rules, 2017, in our opinion and to the best of our
information and according to the explanations given to us:

i) As explained to us, The Company does not have any pending litigation as on date of balance sheet.

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

iii) There has been no delay in transferring amounts to the Investor Education and Protection Fund
by the Company.

For SANTOSH SUSHAMA KESHRI& Co.

Chartered Accountants

Firm’s registration number: 021629N

Santosh Kumar

Proprietor

Membership number: 509170
UDIN: 24509170BKCLNZ3135

New Delhi,

Date: 22/05/2024

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Mar 31, 2013

1. We have audited the accompanying financial statements of Pasupati Fincap Limited, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

2. 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.

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 amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as weft 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.

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 general accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013;

b) inthe case of the Profit and Loss Account, of the loss forthe year ended on that date:.

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

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 (4 A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of me Order.

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

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company 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 Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956,subject to the following:-

i. Attention is drawn to Note on Accounts regarding nan confirmation and reconciliation of amounts receivable and payable including Loan & Advance. ii. Balances of Unsecured loans are subject to confirmation

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified 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.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE REFERRED TO IN PARAGRAH 4 & 5 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF PASUPATI FINCAP LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2013.

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

(b) Fixed assets have been physically verified by the management of the company during the year which is in our opinion is reasonable having regards to the size of the company and nature of its fixed assets.

(c) There was no disposal of fixed assets during the year, which would affect the going concern of the company.

The above clause of (a),(b) and (c) is not applicable.

2. (a) The management has been conducting physical verification of inventory at reasonable intervals.

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

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

The above clause of (a),(b) and (c) is not applicable.

3. (a) During the year, the Company has given loan to Three parties covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.4,71,44,060.00 and the year end balance of loans given to such parties was Rs. 4,61,83,108.94.00.

(b) There is no overdue amount of loans granted to companies, firms and other parties listed in the register maintained u/s 301 of the Companies Act, 1956.

(cy The company has no taken loans from the parties covered in the register maintained u/s 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal procedures commensurate with the size of the Company and nature of its business for the purchases of inventory and fixed assets and for the sale of goods. During the course of our audit no major weaknesses were found in internal control.

5. In our opinion and according to the information and explanations given to us, we are of the opinion that there have been no transaction that need to be entered into register maintained under Section 301 of the Companies Act, 1956, and hence Clause 4(v)(b)is not applicable.

6. In our opinion and according to the information and explanations given to us the company has not accepted any Deposits from the public within the meaning of section 58A of the Companies Act, 1956, and the Companies (Acceptance of Deposit) Rules, 1975.

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

8. We are informed that the maintenance of cost records has not been prescribed by the Central Government Under Section 209(1 Xd of the Companies Act, 1956.

9. (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues with the appropriate authorities. According to the information and explanation given to us, there are outstanding arrears as mentioned above as at 31 * March, 2013 for a period of more than six months from the date they became payable.

(b) There are no dues outstanding of Sales Tax, Income Tax, Custom Tax, Wealth Tax, Excise Duty and Cess on account of any dispute.

10. The Company has accumulated losses of Rs. 21,15,320.78 at the end of the financial year and it has incurred cash loss of Rs. 2,63,116.00 in the current and no cash loss of in immediately preceding financial year.

11. According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution, and bank.

12. According to the information and explanations given to us, the company has not granted any 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 paragraph (xiii) of the Order are not applicable to the company.

14. In our opinion and according to the information and explanations given to us, theCompany is trader in securities.

15. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us, the Company has not token term loans during the year.

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

18. 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 during the year.

19. The Company has not issued any debentures.

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 on or by the company has been noticed or reported.

For M. C. JAIN & CO.

Chartered Accountants

FRN364012E ,

(VikashAgrawftr)

Partner

M. No.525179

Place:-New Delhi

Date:-29.05.2013

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Mar 31, 2012

I. We have audited the attached Balance Sheet of PASUPATI FINCAP LTD as at.31st March, 2012 and also the Profit and Loss Account 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 have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Ah audit includes, examining, on a lest basis, evidence supporting the amounts and disclosure in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides us 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 a Statement on the mailers specified in paragraph 4 and 5 of the said order to the extent applicable to the company.

4.' Further to our comments in the Annexure referred to above, we report that:

(i) 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.

(ii) 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 these books.

(iii) The Balance Sheet and the Profit and Loss Account dealt with by the report are in agreement with the Books of Account of the company.

(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards as referred to in Sub-Section (3c) of the Section 211 of the Companies Act, 1956 subject to the following:-

a) Attention is drawn to Note on Accounts regarding non confirmation and ' reconciliation of amounts receivable and payable including Loan & Advances.

b) Balances of Unsecured loans are subject to confirmation.

(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 is disqualified as on 3lslMarch 2012 from being appointed as a director in terms of clause (g) of Sub-section (i) of Section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations

given to us, they said financial statement with the notes thereon, given the information required by the Companies Act,1956, in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In case of the Balance Sheet, of the state of the affairs of the Company as at 31s'March, 2012 and;

(b) In case of the Profit and Loss Account, of the Profit for the year ended oh that date.

ANNEXURE REFERRED TO IN PARAGRAH 3 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF M/S PASUPATI FINCAP LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31,2012

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

(b) Fixed assets have been physically verified by the management of the company during the year which is in our opinion is reasonable having regards to the size of the company and nature of its fixed assets.

(c) There was no disposal of fixed assets during the year, which would affect the going concern of the company.

The above clause is not applicable to the company.

2. (a) The management has been conducting physical verification of inventory at reasonable intervals.

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

(c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. (a) During the year, the Company has given loan to Three, parties covered in the register maintained u/s 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 4,72,16,925.00 and the yearend balance of loans given to such parties was Rs. 86,52,560.00

(b)-There is no overdue amount of loans granted to companies, firms and other parties; listed in the register maintained u/s 301 of the Companies Act, 1956. (c) The company has taken loans from One party covered in the register maintained , |u/s 301 of the Companies Act/1956; The maximum amount involved during the year was Rs; 8,97,400.00 and the yearend balance of loans taken from such parties was Rs. 8,97,400.00

4. In our opinion and according to the information and explanations given to us, there are adequate internal procedures commensurate With the size of the Company and nature of its business for the purchases of inventory and fixed assets and for the sale of goods. During the course of our audit no major weaknesses were found in internal

5. In our opinion and according to the information and explanations given to us, we are of the opinion that there have been no transaction that need to be entered into register maintained under Section 301 of the Companies Act, 1956, and hence Clause 4{v)(b) is not applicable.

6. In our opinion. and according to the information and explanations given to us the company has not accepted any Deposits from the public within the meaning of section 58A of the Companies Act, 1956, and the Companies (Acceptance of Deposit) Rules, 1975.

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

8. We are informed that the maintenance of cost records has not been prescribed by the Central Government Under Section 209(l)(d) of the Companies Act, 1956.

9. (a) According to the information and explanations given to us and according to the books and records as, produced and examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues with the appropriate authorities. According to the information and explanation given to us, there are outstanding arrears as mentioned above as at 31st March, 2012 for a period of more than six months from the date they became payable.

(b) There are no dues outstanding of Sales Tax, Income Tax, Custom Tax, Wealth Tax, Excise Duty and Cess on account of any dispute.

10. The Company has accumulated losses of Rs. 20,14,294.72 at the end of the financial year and it has not incurred cash loss in the current and in immediately preceding financial year.

11. According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution, and bank.

12. According to the information and explanations given to us, the company has not granted any 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 paragraph (xiii) of the Order are not applicable to the company.

14. In our opinion and according to the information and explanations given to us, the Company is trader in securities.

15. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained.

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. 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 during the year.

19. The Company has not issued any debentures.

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 on or by the company has been noticed or reported.



For M. C JAIN & CO

Chartered Accountants

F.R.N: 304012E

Place: New Delhi

Date: 3rd September, 2012 (VIKASH AGRAWAL)

PARTNER

M.No :525179

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of M/S PASUPATI FINCAP LTD. as at 31st March, 2010 and also the Profit and Loss Account 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 have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining, on a test basis, evidence supporting the amounts and disclosure in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides us 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 a Statement on the matters specified in paragraph 4 and 5 of the said order to the extent applicable to the company.

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

(i) We have obtained all the information and explanation which, to the best of our knowiedge and beiief 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 appears from our examination of those books.

(iii) The Balance Sheet and the Profit and Loss Account dealt with by the report are in agreement with the Books of Account of the company.

(iv) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards as referred to in Sub-Section (3c) of the Section 211 of the Companies Act, 1956 except liabilities for Gratuity and Leave Encashment on retirement and no reporting of related party disclosure as required by AS-18.

(v) On the basis of written representations received from the Directors as on 31.03.2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31stMarch 2010 from being appointed as ; director in terms of clause (g) of Sub-section (i) of Section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said financial statement with the notes thereon, given the information required by the Companies Act, 1956, in the manner so required and present a true and fair view in conformity with the accounting principles generally accepted in India.

(a) In case of the Balance Sheet, of the state of the affairs of the Company as at 31st March, 2010 and;

(b) In case of the Profit and Loss Account, of the Profit for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAH 1 & 2 OF THE AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF M/S PASUPAT1 FINCAP LTD. ON THE ACCOUNTS FOR THE YEAR ENDED MARCH 31.2010

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

(b) According to the information and explanations given to us, Fixed assets have been physically verified by the management of the company during the year which is in our opinion is reasonable having regards to the size of the company and nature of its fixed assets. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us, the company has not disposed off substantial part of fixed assets, hence reporting on the going concern - status in this regard does not rise.

2. (a; Physical verification of the inventory excluding materials in transit has been conducted at reasonable intervals by the management during the year.

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

(c) In our opinion, the Company is maintaining proper records of inventory, and there no material discrepancies were noticed on physical verification by the management as inform to us.

3. (a) As informed to us, the Company has not granted interest free loans, secured or unsecured to companies , firms or other parties covered in the register maintained U/S 301 of the companies Act 1956 and the Company has not taken any loans, secured or unsecured to companies , firms or other parties covered in the register maintained U/S 301 of the companies Act 1956. Consequently, the report requirements of paragraph (iii) (a) to (g) are not applicable and hence not reported accordingly.

4. In our opinion and accuiuing to the 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 for the purchase of inventory, fixed assets & sale of goods.

5. According to the information and explanations given to us, the Company has entered the transactions that need to be entered into the register in pursuance of Section 301 of the Act. Consequently, the report requirements of paragraph 4 v (a) & (b) are not applicable and hence not reported accordingly.

6. In our opinion and according to the information and explanations given to us, the company has noi. accented any Deposirs from the public within the meaning of section 58A of the Companies Act. 1956. and the Companies (Acceptance of Deposit) Rules, 1975.

8. We are informed that the Central Government under Section 209(1) (d) of the Companies Act, 1956, has not prescribed the maintenance of cost records.

9. (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues with the appropriate authorities. According to the information and explanation given to us, there are no arrears of outstanding statutory dues as mentioned above as at 3!st March, 2010 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues outstanding of sales tax, income tax, custom tax, wealth tax, excise duty and cess on account of any dispute.

10. According to the information and explanations given to us there are accumulated losses of the company at the end of the financial year.

11. According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution, and bank.

12. According to the information and explanations given to us, the company has not granted any loans and advances on the bast. of security by way of pledge of shares. debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the Company is dealing or trading in shares securities, debenture and other investment and in our opinion, proper records have been maintained for such transactions, timely entries have been made therein and the shares and securities are held in the companys name.

14. According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

15. In our opinion and according to the information and explanations given to us, the company not obtained any term loans during the year

16. According to 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.

17. 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 during the year.

18. According to the information and explanations given to us The Company has not issued any debentures during the year.

19. The Company has not raised any money by pubiic issue during the year.

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

4701/21A, Ansari Road For M. C. JAIN & CO.

Darya Ganj, New Delhi - 02 Chartered Accountants

Place: New Delhi

Dated: 4th September, 2010

(Manoj K. Patawari)

Partner