Golden Legand Leasing & Finance Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

We have audited the accompanying
financial statements of Golden Legand
Leasing and Finance Limited ("the
Company”), which comprise the Balance
Sheet as at March 31, 2025 and the
Statement of Profit and Loss (including
statement of Other Comprehensive
Income), the Cash Flow Statement and the
Statement of Changes in Equity for the
year then ended, and notes to the financial
statements, including a summary of
material accounting policies and other
explanatory information (herein after
referred to as "the Financial Statements”).

In our opinion and to the best of our
information and according to the
explanations given to us, except for the
possible effects of the matter described in
the Basis for Qualified Opinion section
below, the aforesaid 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 prescribed under
section 133 of the Act read with the
companies(Indian Accounting Standards)
Rules, 2015, as amended, (''Ind AS'') and
other accounting principles generally
accepted in India, of the state of affairs of
the Company as at March 31, 2025, its
loss, total comprehensive loss, its cash
flows and the changes in equity for the
year ended on that date.

Basis for Qualified Opinion

a) . There was no system of obtaining

periodical confirmation of balances
relating to trade receivables, trade
payables, loans and advances,
borrowings and current liabilities. The
effect of the same on the result for the
period is not ascertainable.

b) . The Company has not done any

retrospective adjustment of prior
period errors and omissions by
restating the comparative amounts
for prior period presented or, where
the errors relate to the period (s)
before the earliest prior period
presented, restating the opening
balance of assets, liabilities and
equity for that period. This is in
contravention to Indian accounting
standard (Ind AS) 8 (Accounting
Policies, Changes in Accounting
Estimates and Errors).

In the absence of information, the effect
of which cannot be quantified, we are
unable to comment on the possible
impact of the items stated in the point
nos. (a) And (b) above on the Ind-AS
financial statements of the Company for
the year ended on March 31, 2025.

We conducted our audit of the financial
statements in accordance with the
Standards on Auditing (SAs) specified
under section 143(10) of the Act (SAs).
Our responsibilities under those
Standards are further described in the
Auditor''s Responsibility for the Audit of
the financial statements section of our
report. We are independent of the
Company in accordance with the Code of
Ethics issued by the Institute of Chartered
Accountants of India together with the
ethical requirements that are relevant to
our audit of the financial statements
under the provisions of the Act and the
Rules there under,

and we have fulfilled our other ethical
responsibilities in accordance with these
requirements and the ICAI''s Code of
Ethics. We believe that the audit evidence
we have obtained is sufficient and
appropriate to provide a basis for our
opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that,
in our professional judgment, were of
most significance in our audit of the
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.

In addition to the matter described in the
"Basis for Qualified Opinion” section, we
have determined the following matter to
be a key audit matter to be communicated
in our report:

Revenue from Operations -First
Year of Operations as a Payment
Gateway and Aggregator

Description of the Key Audit Matter

The Company commenced its operations
as a listed Non-Banking Financial
Company (NBFC) engaged in payment
gateway and payment aggregator services
during the current financial year. Revenue
from operations primarily comprises
transaction processing fees, commission
income, service fees from merchants, and
other digital payment-related income.
Given the nature of the business, revenue
recognition involves high transaction
volumes, and multiple service offerings.
As this is the first year of operations, there
is an inherent risk regarding the
completeness, accuracy, and timing of
revenue recognition in accordance

with Ind AS 115 - Revenue from
Contracts with Customers. These factors
required significant auditor attention and
audit effort.

Our audit procedures include, but were
not limited to

1. Evaluating the appropriateness of the
Company''s revenue recognition
policies and their compliance with Ind
AS 115.

2. Understanding and testing the design
and implementation of key internal
controls over the revenue cycle.

3. Assessing key revenue streams and
reviewing sample contracts with
merchants to evaluate performance
obligations and timing of revenue
recognition.

4. Performing substantive testing on a

sample of transactions to verify
amounts charged, timing of

recognition, and supporting
documentation.

5. Reperforming reconciliations between
bank transaction settlement data, and
accounting records.

6. Reviewing the adequacy of revenue
disclosures in the financial
statements.

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

1. The Company''s Board of Directors is
responsible for the other information.
The other information comprises the
information included in the Board''s
report including Annexures to the Board
report , Management discussion and
Analysis, Business responsibility and
substantiality report and corporate
governance report, but does not include
the financial statements and our
auditor''s report thereon.

2. Our opinion on the financial statements
does not cover the other information
and we do not express any form of
assurance conclusion thereon.

3. In connection with our audit of the
financial statements, our responsibility
is to read the other information
included above when it becomes
available and, in doing so, consider
whether the other information is
materially inconsistent with the
financial statements or our knowledge
obtained in the audit or otherwise
appears to be materially misstated.

4. When we read the above reports, if we
conclude that there is a material
misstatement of this other information,
we are requested to communicate the
matter to these charged with
governance and take necessary action,
as applicable under the relevant laws
and regulation.

5. 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 Financial
Statements

The Company''s Management and Board
of Directors are responsible for the
matters stated in Section 134(5) of the
Companies Act, 2013 (''the Act'') with
respect to the preparation of these
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 in
accordance with the Indian Accounting

Standards prescribed under Section 133
of the Act, read with Companies (Indian
Accounting Standards) Rules 2015, as
amended, and other accounting principles
generally accepted in India. This
responsibility also includes maintenance
of adequate accounting records in
accordance with the provisions of the Act
for safeguarding the assets of the
Company and for preventing and detecting
frauds and other irregularities; selection
and application of appropriate accounting
policies; making judgments and estimates
that are reasonable and prudent; design,
implementation and maintenance of
adequate internal financial controls, that
are 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.

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

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

Auditor''s Responsibilities for the
Audit of Financial Statements

Our objectives are to obtain reasonable
assurance about whether the financial
statements as a whole are free from
material misstatement, whether due to
fraud or error, and to issue an auditor''s

report that includes our opinion.

Reasonable assurance is a high level of
assurance but is not a guarantee that an
audit conducted in accordance with SAs
will always detect a material

misstatement when it exists.
Misstatements can arise from fraud or
error and are considered material if,
individually or in the aggregate, they could
reasonably be expected to influence the
economic decisions of users taken on the
basis of these financial statements.

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

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

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

3. Evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting

estimates and related disclosures
made by management.

4. 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 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.

5. Evaluate the overall presentation,
structure and content of the financial
statements, including the disclosures,
and whether the financial statements
represent the underlying transactions
and events in a manner that achieves
fair presentation.

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 financial statements.

We communicate with those charged with

governance of the Company regarding,
among other matters, the planned scope
and timing of the audit and significant
audit findings, including any significant
d eficiencies 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
determined the matters that were of most
significance in the audit of the financial
statements for the current period. And are
therefore the key audit matters. We
describe these matters in our auditor''s
report unless law or regulation preclude
public disclosure, or 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 section 143(3) of the Act,
based on our audit we report, to the
extent applicable that:

a) We have sought and except for the
matter described in the Basis for
Qualified Opinion section above
obtained all the information and
explanations which to the best of our
knowledge and belief were
necessary for the purposes of our
audit of the aforesaid financial

b) In our opinion, except for the possible
effects of the matters described in the
Basis for Qualified Opinion section
above, proper books of account as
required by law relating to preparation
of the aforesaid financial statements
have been kept by the Company so far
as appears from our examination of
those books, except in relation to
compliance with the requirements of
audit trail, refer paragraph 2.vi below.

c) The Balance Sheet, the Statement of
Profit and Loss including Other
Comprehensive Income, the Cash
Flow Statement and Statement of
Changes in Equity dealt with by this
Report are in agreement with the
books of account.

d) In our opinion, except for the possible
effects of the matters described in the
Basis for Qualified Opinion section
above, the aforesaid financial
statements comply with the
applicable Ind AS specified under
Section 133 of the Act.

e) On the basis of written
representations received from the
directors of the Company as on March
31, 2025 taken on record by the Board
of Directors of the Company, none of
the directors of the Company is
disqualified as on March 31, 2025,
from being appointed as a director in
terms of Section 164 (2) of the Act.

f) The qualification relating to
maintenance of accounts and other
matters connected with the financial
statements are as stated in the Basis
for Qualified Opinion section above.

g) With respect to the adequacy of the
internal financial controls
with reference to financial statements
of the Company and the operating
effectiveness of such controls, refer
to our separate Report in "Annexure
B”. Our report expresses disclaimer of
opinion on the adequacy and
operating effectiveness of the
Company''s internal financial controls
with reference to financial statements
for the reasons stated therein.

h) With respect to the other matters to
be included in the Auditor''s Report in
accordance with the requirements of
Section 197(16) of the Companies
Act, 2013, as amended, in our opinion
and to the best of our information and
according to the explanations given to
us, the remuneration paid by the
Company to its directors is in
accordance with the provisions of
Section 197, read with Schedule V to
the Act and the applicable rules
thereunder.

2. With respect to the other matters
included in the Auditor''s Report in
accordance with Rule 11 of the
Companies (Audit and Auditors) Rules,
2014, as amended, in our opinion and to
the best of our information and
according to the explanations given to
us:

i. The company has disclosed the
impact of pending litigations on its
financial position in its financial
statements refer note 2(U) the
financial statements.

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

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

_{iv. a).} The Management of the Company
has represented that, to the best of
its knowledge and belief, as
disclosed in note 35 to the financial
statements, no funds have been
advanced or loaned or invested
(either from borrowed funds or
share premium or any other
sources or kind of funds) by the
Company to or in any other
person(s) or entity(ies), including
foreign entities ("Intermediaries”),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, 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 of the Company
has represented that, to the best of
its knowledge and belief, as
disclosed in note 35 to the financial
statements, no funds have been
received by the Company from any
person(s) or entity(ies), including
foreign entities ("Funding Parties”),
with the understanding, whether
recorded in writing or otherwise,
that the Company shall, 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.

Based on the audit procedures
performed that have been
considered reasonable

and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
representations under sub-clause (i)
and (ii) of Rule 11(e) of the
Companies (Audit and Auditors)
Rules, 2014, as provided under (a) and
(b) above, contain any material
misstatement.

v. The Company has neither declared
nor paid any dividend during the year.

vi. Based on our examination, the
Company has used an accounting
software for maintaining its books of
account during the year ended March
31, 2025, which has a feature of
recording audit trail (edit log) facility,
the audit trail feature was not enabled
throughout the year ended March 31,
2025, Further, the audit trail feature
was not enabled at the database level
neither the accounting software to log
any direct data charges.

Further to above, and in the absence
of application security logs within the
accounting software, we are unable to
comment whether the audit trail
feature has been operated throughout
the year for all relevant transactions
recorded in the accounting software
during the year ended March 31,2025.
Further, during the course of our
examination, we did not come across
any instance of audit trail feature
being tampered with.

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

3. As required by the Companies
(Auditor''s Report) Order, 2020 ("the
Order”) issued by the Central
Government in terms of Section
143(11) of the Act, we give in
"Annexure A” a statement on the
matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.

For Sunil Vankawala and Associates

Chartered Accountants

Firm Registration No: 110616W

(Sunil T. Vankawala)

Proprietor

Membership No. 033461

UDIN:- 25033461BMNSIB6384

Place: Mumbai

Dated: 27.05.2025

---

Mar 31, 2024

We have audited the accompanying financial statements of M/s. Golden Legand Leasing and Finance Limited
("the Company"), which comprise the Balance Sheet as at March 31, 2024 and the Statement of Profit and Loss
(including statement of Other Comprehensive Income), the Cash Flow Statement and the Statement of
Changes in Equity for the year then ended, and a summary of significant accounting policies and other
explanatory information (herein after referred to as "the Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, except for the
possible effects of the matter described in the Basis for Qualified Opinion section below, the aforesaid 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 prescribed under section 133
of the Act read with thecompanies(lndian Accounting Standards) Rules, 2015, as amended, (''Ind AS'') and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024,
its loss, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Qualified Opinion

(a) As stated in Note No. _2(d)_ of Notes on the Financial Statements, the Company has not conducted
impairment assessment of its non-current assets including in respect of Property, Plant and
Equipment and Software under development and no provision in this respect for impairment loss, if
any, has been made for the period in the financial statements with reference to Indian Accounting
Standard - 36 "Impairment of Assets" prescribed under Section 133 of the Act.

(b) As stated in Note No. 2(m) of the Notes on the Financial Statements, the Company has not filed income
tax return for certain earlier assessment years. Also, there were many cash transactions during the
year which may attract provisions of the Income Tax Act, 1961 and accordingly we are not able to
identify / quantify the amount of under / over provision for income tax or contingent liability, if any,
in this respect.

(c) There was no system of obtaining periodical confirmation of balances relating to trade receivables,
trade payables, loans and advances, borrowings and current liabilities. The effect of the same on
financial statements for the year is not ascertainable. We were unable to obtain direct balance
confirmation from parties in the absence of details of parties made available to us.

(d) The Company has not done any retrospective adjustment of prior period errors and omissions by
restating the comparative amounts for prior period presented or, where the errors relate to the\
period(s) before the earliest prior period presented, restating the opening balance of assets, liabilities

and equity for that period. This is in contravention to Indian accounting standard (Ind AS) 8
(Accounting Policies, Changes in Accounting Estimates and Errors).

(e) We draw attention to the fact that the company has included certain expenses under Intangible Assets
Under Development in the financial statements for the year ended March 31, 2024. However, due to
the lack of sufficient supporting documents, we are unable to comment on these capitalises costs/
expenses. As a result, we are unable to comment on the appropriateness of capialising these expenses
obtain sufficient documentation or supporting evidence to substantiate the nature, allocation, and
recognition of these expenses in and the impact of this on the financial statements.

(f) We were not able to perform audit procedures in respect of subsequent events, if any, in the absence
of requisite necessary information for the substantial period subsequent to the reporting date till the
date of our report. Hence, we are unable to comment on impact of subsequent event(s), if any, on
the financial statements.

(g) We draw attention to the fact that the financial statements of the company have not complied with
the disclosure requirements as specified in Schedule III, Division III of the Companies Act, 2013,
specifically, the disclosures relating to Non-Banking Financial Company.

The non-compliance with these disclosure requirements constitutes a departure from the applicable
financial reporting framework in India. In the absence of these disclosures, we are unable to
determine the impact on the true and fair presentation of the financial statements.

In the absence of information, the effect of which cannot be quantified, we are unable to comment on the
possible impact of the items stated in the point nos. (a) to (g) above on the Ind-AS financial statements of the
Company for the year ended on March 31, 2024.

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

Emphasis of Matter

We draw attention to the Note No. 2(s)(ii) of the Notes on the Financial Statements, the Company did not have
an internal audit during the year ended March 31, 2024. As per Section 138 of the Companies Act, 2013, the
Company is required to have an internal auditor. S''

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the context of our audit of
the 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 that there are no other key audit matters to
communicate in our report beyond matter addressed in the Basis for Qualified Opinion section.

Information Other than the 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 Company''s Annual Report, but does not include the
financial statements and our auditor''s report thereon.

• Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

• In connection with our audit of the financial statements, our responsibility is to read the other
information 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 Financial Statements

The Company''s Management and Board of Directors are responsible for the matters stated in Section 134(5)
of the Companies Act, 2013 (''the Act'') with respect to the preparation of these 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 in accordance with the Indian Accounting Standards
prescribed under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules 2015, as
amended, and other accounting principles generally accepted in India. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; design, implementation and maintenance of adequate internal financial controls, that are
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, which have been used for the purpose of preparation^
of the Financial Statements by the Directors of the Company, as aforesaid. \

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

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

Auditor''s Responsibilities for the Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the Company has adequate internal financial controls 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 financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Company to cease to continue /
as a going concern. \

• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.

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 financial statements.

We communicate with those charged with governance of the Company 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.

Other Matters

The financial statements of the Company for the year ended 31st March 2023 were audited by M/s. Goenka
Mehta and Associates, Chartered Accountants, the predecessor auditor, who expressed a qualified opinion on
those financial statements on 02/09/2023 in respect of the Company not provided for loss allowances in Loans
and Advances amounting to about Rs.13,43,38,350 and trade receivables Rs.1,43,03,729.

Our opinion is not modified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act, we report, to the extent applicable that:

(a) We have sought and except for the matter described in the Basis for Qualified Opinion section
above and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the aforesaid financial statements.

(b) In our opinion, except for the effects / possible effects of the matters described in the Basis for
Qualified Opinion section above, proper books of account as required by law relating to
preparation of the aforesaid financial statements have been kept by the Company so far as
appears from our examination of those books, except in relation to compliance with the
requirements of audit trail, refer paragraph 2.vi below.

(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the

Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in
agreement with the books of account maintained for the purpose of preparation of the financial /
statements. \_s

(d) In our opinion, except for the effects / possible effects of the matters described in the Basis for
Qualified Opinion section above, the aforesaid financial statements comply with the applicable
Ind AS specified under Section 133 of the Act.

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

(f) The qualification relating to maintenance of accounts and other matters connected therewith are
as stated in the Basis for Qualified Opinion section above.

(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". Our report expresses disclaimer of opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls over financial reporting for the reasons
stated therein.

(h) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 197(16) of the Act, as amended. To the best of our information and
according to the explanations given to us, the Company has not paid any remuneration to its
directors during the year.

2. With respect to the other matters included in the Auditor''s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our
information and according to the explanations given to us:

i. The Company does not have pending litigations on its financial position in its financial
statements.

ii. The Company did not have any long-term contracts including derivative contracts; as such
the question of commenting on any material foreseeable losses thereon does not arise.

iii. There were no amounts which were required to be transferred to the investor and Education
and Protection Fund by the Company.

iv.

(a) The Managements of the Company has represented to us that, to the best of their
knowledge and belief, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company
to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), ?
with the understanding, whether recorded in writing or otherwise, that the Intermediary \

shall, 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 Managements of the Company has represented to us that, to the best of their
knowledge and belief, no funds have been received by the Company from any person(s)
or entity(ies), including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company shall, 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 performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us or
the other auditors to believe that the representations under sub-clause (i) and (ii) of Rule
11(e) of the Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b)
above, contain any material misstatement.

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

vi. Based on our examination, the Company has used an accounting software for maintaining its
books of account during the year ended March 31, 2024, which has a feature of recording
audit trail (edit log) facility, except that no audit trail feature was enabled at the database
level throughout the year ended March 31, 2024, to log any direct data changes.

Further to above, and in the absence of application security logs within the accounting
software, we are unable to comment whether the audit trail feature has been operated
throughout the year for all relevant transactions recorded in the accounting software during
the year ended March 31, 2024. Further, during the course of our examination, we did not
come across any instance of audit trail feature being tampered with.

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

3. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the
matters specified in paragraphs 3 and 4 of the Order.

For Sunil

Vankawala and Associates
Chartered Accountants
Firm Registration No: 110616W

Place: Mumbai (Sunil T. Vankawala)

Dated: 05.12.2024 Proprietor

Membership No. 033461
UDIN:- 24033461BKCJWA3276

---

Mar 31, 2014

Report on the Financial Statements

We have audited the accompanying financial statements of GOLDEN LEGAND LEASING & FINANCE LTD (the Company), which comprise the Balance Sheet as at March 31, 2014 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.

Management''s Responsibility 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 flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014;

ii) in the case of the statement of profit and loss, of the profit for the year ended on that date;

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

Report on Other Legal and Regulatory Requirements

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

2. 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 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 comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; and

e. on the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014, 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.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of GOLDEN LEGAND LEASING AND FINANCE LIMITED on the accounts of the company for the year ended 31st March, 2014.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The company does not have any Fixed Assets. Hence, clause (i) (a), (b) & (c) are not applicable to the company.

2. Company does not have inventories during the year hence other sub clause not applicable

3. (a)According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 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 is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The accumulated losses at the end of the financial year are not more than 50% of its net worth and it has incurred cash losses of Rs 88338/- during the financial year under report and it has also incurred cash losses in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, 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 Company is not a chit fund or a Nidhi /Mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For, Y. D. & Co CHARTERED ACCOUNTANTS FRN:018846N

PLACE: LUDHIANA DATE: 23.05.2014

CA RAKESH PURI PARTNER M. No.: 092728

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of GOLDEN LEGAND LEASING AND FINANCE LIMITED which comprise the Balance Sheet as at 31 March 2013, & the Statement of Profit and Loss and for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position & financial performance of the Company in accordance with the Accounting Standards referred to in sub?section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

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 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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2013;

ii) in the case of the statement of profit and loss, of the profit for the year ended on that date;

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

Report on Other Legal and Regulatory Requirements

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

2. 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 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 comply with the Accounting Standards referred to in sub?section (3C) of Section 211 of the Companies Act, 1956; and

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

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The company does not have any Fixed Assets. Hence, clause (i) (a), (b) & (c) are not applicable to the company.

2. (a) company does not have inventories during the year hence other sub clause not applicable

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

8. The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income?tax, Sales?tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 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 is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The accumulated losses at the end of the financial year are not more than 50% of its net worth and it has incurred cash losses of Rs 2,87,859/? during the financial year under report and it has also incurred cash losses in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, 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 Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013, we report that no funds raised on short?term basis have been used for long?term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

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

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For, Y. D. & Co

CHARTERED ACCOUNTANTS

FRN: 018846N

PLACE: LUDHIANA

DATE: 30.08.2013 Sd/-

CA RAKESH PURI

PARTNER

M. No.: 092728

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Mar 31, 2012

We have audited the attached Balance Sheet of M/s GOLDEN LEGAND LEASING AND FINANCE LIMITED as at 31st March 2012 and also the Profit & Loss Account and Cash Flow Statement of the company for the year ended on that date annexed there to. 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.

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

1. As required by the Companies (Auditor''s Report) Order 2003 issued by the Central Government of India in terms of section 227(4A) of the Companies Act 1956,we enclose in Annexure a statement on the matters specified in the paragraph 4 and 5 of the said order.

2. Further to our comments in the Annexure refer to in paragraph 2 above, we report that:

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

b. In our opinion proper books of accounts as required by law has been kept by the company so far as it appears from our examination of the books of accounts.

c. The balance sheet and Profit & Loss account and Cash Flow Statement dealt by this report are in agreement with the books of accounts.

d. In our opinion the Balance Sheet, Profit & Loss Account and cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in Sub-section 3(C) of Section 211 of the Companies Act 1956.

e. In our opinion and on the basis of the information and explanations given to us and on the basis of the written representations received from the Directors and taken on record none of the directors of the company is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the companies Act 1956.

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and notes on the accounts thereon 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.

i. in the case of balance Sheet of the state of affairs of the company as at 31st March 2012

ii. in the case of the Profit & Loss Account of the Loss for the year ended on that date and

iii. in the case of the cash flow statement, of the cash flow for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE

1. The company does not have any Fixed Assets. Hence, clause (i) (a), (b) & (c) are not applicable to the company.

2. As there is no inventory this clause is not applicable to the company.

3. (a) We are informed that the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the companies Act, 1956.

(b) As per information and explanation given to us, the company has not taken loans from parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence, clause (iii) (e), (Hi) (f) and (iii) (g) are not applicable to the company.

4. In our opinion and according 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 and fixed assets and also for the sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weakness in internal controls.

5. As per information & according to explanation given to us, the company has not entered into any transaction that need to be entered into the register maintained under section 301 of the Act.

6. According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the provisions of clause (iv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

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

S. As informed to us the company is not required to maintain cost accounts and records as prescribed by Central Government under section 290 (l)(d) of the Companies Act 1956.

9. (a) 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, custom duty, excise-duty, cess which are outstanding as at 31st March, 2011, for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records examined by us, there is no disputed amounts of sales tax, income tax, custom tax, wealth tax, excise duty, cess and other statutory dues which is not deposited.

10. The Company does not have accumulated losses but company has incurred cash loss of Rs 158009/- during the financial year covered by our audit and also incurred the immediately preceding financial year.

11. The company has not taken any loan from Banks, financial institutions or debenture holders hence this clause of Companies Auditor''s Report Order is not applicable.

12. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore the provisions of clauses (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

14. Based on our examination of the records and the information and explanations given to us, the Company has not dealing or trading in shares, securities, debentures, and other investments. However, the Company has maintained records in respect of its investments.

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

16. The company has not taken any term loans and hence requirement of reporting regarding application of term loans dose not arise.

17. Based on our examination of the record and the information and explanations given to us, the Company has not used the funds raised on short-term basis for long-term investment and vise versa.

18. We are informed that the company has not made any preferential allotment of shares 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 debentures and hence requirement of reporting regarding creation of securities in respect of debentures issued dose not arise.

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

21. As per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For, Y. D. & Co

CHARTERED ACCOUNTANTS

FRN: 018846N

PLACE: LUDHIANA

DATE: 03.08.2012 CA RAKESH PURI

PARTNER

M. No.: 092728

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Mar 31, 2010

We have audited the attached Balance Sheet of GOLDEN LEAGEND LEASING & FINANCE LTD. as at 31st March, 2010 and also the Profit and Loss Account of the Company 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.

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

1. 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.

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

(a) We have obtained all the information and explanations, which to the best of our acknowledge and belief were necessary for the purpose of our audit;

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

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

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

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

(f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with significant accounting policies and notes to accounts attached thereto 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:

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

(ii) In case of the Profit & Loss Account, the Profit of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph 1 of our Report of even date to the Members of GOLDEN LEGEND LEASING & FINANCE LTD. As at and for the year ended 31st March, 2010)

1. (a) The company does not have any Fixed Assets. Hence, clause (i) (a), (b) & (c) are not applicable to the company.

2 As there is no inventory this clause is not applicable to the company.

3 (a) We are informed that the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the companies Act, 1956.

(b) As per information and explanation given to us, the company has not granted loans from parties covered in the register maintained under section 301 of the Companies Act, 1956. hence, clause (iii) (e) , (iii) (f) and (iii) (g) are not applicable to the company.

4. In our opinion, and according 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 and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5. As per information & according to the explanations given to us, the company has not entered into any transaction that needs to be entered into the register maintained under section 301 of the Act.

6. The Company has not accepted any deposits during the year from the public within the meaning of the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made there under. Hence the Clause (vi) of the order is not applicable.

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

8. The Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956.

9. (a) 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, custom duty, excise-duty, cess which are outstanding as at 31st 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 and the records examined by us, there is no disputed amounts of sales tax, income tax, custom tax, wealth tax, excise duty, cess and other statutory dues which is not deposited.

10. The Company does not have accumulated losses but company has incurred cash loss of Rs 64757/- during the financial year covered by our audit but not in the immediately preceding financial year.

11. The company has not taken any loan from Banks, financial institutions or debenture holders hence this clause of Companies Auditors Report Order is not applicable.

12. Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. Based on our examination of the records and the information and explanations given to us, the Company has not dealing or trading in shares, securities, debentures, and other investments. However, the Company has maintained records in respect of its investments.

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 taken any term loans and hence requirement of reporting regarding application of term loans dose not arise.

17. Based on our examination of the record and the information and explanations given to us, the Company has not used the funds raised on short-term basis for long-term investment and vise versa.

18. We are informed that the company has not made any preferential allotment of shares 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 debentures and hence requirement of reporting regarding creation of securities in respect of debentures issued dose not arise.

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

21. As per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For J & K AGRAWAL & CO. CHARTERED ACCOUNTS

Sd/- Jugal B. Agrawal Place : Mumbai Partner

Dated : 04th September, 2010 M.No. 035554