Oswal Leasing Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

We have audited the accompanying Standalone IND AS financial statements of Oswal Leasing Limited
(‘the Company''), which comprise the balance sheet as at 31st March 2025, 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 ended, and a summary of the significant accounting policies and other explanatory information
(hereinafter referred to as “standalone Ind AS financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the 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 31 March, 2025, and its Profit and Loss (including other
comprehensive income), Cash Flow Statement and its statement of changes in equity for the year ended.

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 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 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 financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.

We have not come with any key audit matter during the audit.

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 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.

Responsibility Management and Those Charged with Governance’s for the Standalone Ind AS
financial statements

The management and company''s board of directors is responsible for the matters specified in section 134(5)
ofthe Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone IND 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 in accordance with the accounting
principles generally accepted in India, including the Indian accounting standards [Ind AS] prescribed under
section 133 of the Act, read with companies ( Indian Accounting Standards ) rules 2015.

This responsibility also includes the 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 the 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 control, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

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

Auditor’s Responsibility

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 Standards on Auditing 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 Standards on Auditing, 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 explaining our opinion on whether the Company has an adequate financial controls system in
place and theoperating 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 disclosuresin 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 orconditions 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 standalone financial statements.

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

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

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are therefore the
key auditmatters. 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 exercise of powers conferred by sub section (11) of section 143 of the act, we
give in annexure A, a statement on the matters specified in paragraph 3 & 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, the statement of profit and loss [including other comprehensive income],
the cash flow statement and the statement of changes in equity dealt with by this report are in
agreement with the relevant books of account;

(d) In our opinion, the aforesaid standalone IND AS financial statements comply with the Indian
AccountingStandards specified under section 133 of the Act, read with the relevant rules there
under;

(e) On the basis of the written representations received from the directors as on 31^stMarch 2025
and takenon record by the board of directors, none of the directors is disqualified as on March
31,2025, from being appointed as a director in terms of Section 164 (2) of the Act; and

(f) With respect to the adequacy of the internal financial controls over financial reporting of the
company and the operating effectiveness of such controls, refer to our separate report in
“Annexure B”. Our report expresses an unmodified opinion on the adequacy and the operating
effectiveness of the company''s internal financial controls over financial reporting; and

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirement of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanation given to us,
the remuneration paid by the company to its directors during the year is in accordance with the

provision of the Section 197 of the Act.

(h) In our opinion and to the best of our information and according to the explanations given to us, we

report as under with respect to other matters to be included in the Auditor''s Report in accordance

with Rule 11 of the Companies (Audit and Auditors) Rules, 2014.

i. Company does not have any pending litigations which would impact its financial position.

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

iii. There has not been an occasion in case of the Company during the year under report to
transfer any sums to the Investor Education and Protection Fund. The question of delay in
transferring such sums does not arise.

iv. (a) The Management has represented that, 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, 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 and (a) and
(b) above, contain any material misstatement.

v. In our opinion & according to the information provided to us, the Company has not paid
any Dividend during the year. Hence this clause is not applicable to the Company.

vi. Based on our examination which included test checks, the Regional Office 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 audit trail feature being tampered with.

For V.V. Bhalla & Co.

Chartered Accountants

FRN: 002928N

Pankaj Bhalla

[Partner]

Membership No. 534281 Place : New Delhi

UDIN: 25534281BMISOA9163 Dated: 22.05.2025

---

Mar 31, 2024

We have audited the accompanying standalone IND AS financial statements of Oswal Leasing Limited
(‘the Company''), which comprise the balance sheet as at 31st March 2024, 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 ended, and a summary of the significant accounting policies and other explanatory
information (hereinafter referred to as “standalone Ind AS financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the
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 31 March, 2024, and its Profit and Loss
(including other comprehensive income), Cash Flow Statement and its statement of changes in equity for
the year ended.

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 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 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 financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

We have not come with any key audit matter during the audit.

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 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.

Responsibility Management and Those Charged with Governance’s for the Standalone Ind AS financial
statements

The management and company''s board of directors is responsible for the matters specified in section 134(5)
of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone IND 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 in accordance with the accounting
principles generally accepted in India, including the Indian accounting standards [Ind AS] prescribed under
section 133 of the Act, read with companies ( Indian Accounting Standards ) rules 2015.

This responsibility also includes the 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 the
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 control, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

Auditor’s Responsibility

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 Standards on Auditing 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 Standards on Auditing, 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
explaining 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 standalone financial statements.

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”) issued by the Central
Government of India in exercise of powers conferred by sub section (11) of section 143 of the act, we
give in annexure A, a statement on the matters specified in paragraph 3 & 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, the statement of profit and loss [including other comprehensive income],
the cash flow statement and the statement of changes in equity dealt with by this report are in
agreement with the relevant books of account;

(d) In our opinion, the aforesaid standalone IND AS financial statements comply with the Indian
Accounting Standards specified under section 133 of the Act, read with the relevant rules there
under;

(e) On the basis of the written representations received from the directors as on 31stMarch 2024 and
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; and

(f) With respect to the adequacy of the internal financial controls over financial reporting of the company
and the operating effectiveness of such controls, refer to our separate report in “Annexure B”. Our
report expresses an unmodified opinion on the adequacy and the operating effectiveness of the
company''s internal financial controls over financial reporting; and

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirement of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanation given to us,
the remuneration paid by the company to its directors during the year is in accordance with the

provision of the Section 197 of the Act

(h) In our opinion and to the best of our information and according to the explanations given to us, we

report as under with respect to other matters to be included in the Auditor''s Report in accordance

with Rule 11 of the Companies (Audit and Auditors) Rules, 2014.

i. Company does not have any pending litigations which would impact its financial position.

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

iii. There has not been an occasion in case of the Company during the year under report to
transfer any sums to the Investor Education and Protection Fund. The question of delay in
transferring such sums does not arise.

iv. (a) The Management has represented that, 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, 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 and (a) and
(b) above, contain any material misstatement.

v. In our opinion & according to the information provided to us, the Company has not paid any
Dividend during the year. Hence this clause is not applicable to the Company.

vi. Based on our examination which included test checks, the Regional Office 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 audit trail feature being tampered with.

For V.V. Bhalla & Co.

Chartered Accountants

FRN:002928N

Pankaj Bhalla

[Partner]

Membership No. 534281 Place : New Delhi

UDIN: 24534281BKBUQM2057 Dated: 22.05.2024

---

Mar 31, 2014

We have audited the accompanying financial statements of OSWAL LEASING LIMITED the Company"), which comprise the Balance Sheet as at 311'' March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the 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 and cash flow 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'') read with the General Circular 15/2013 dated 13th September 2013 of Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 311'' March, 2014;

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

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we 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 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, 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 Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to M sub-section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 16/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013.

(e) On the basis of the written representations received from the directors as on 31k'' March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31 Et March, 2014 from being appointed as a director in terms of section 274 (1) (g) of the Companies Act, 1956.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

Referred to in Paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements".

(i) The Company does not have any fixed assets. As such, provisions of dause (1)-(a), (b) and (c) are not applicable.

(ii) The Company does not have any inventory. Hence clause (ii)-(a), (b) and (c) are not applicable.

(iii) According to the information and explanations given to us, the company has neither granted nor taken any loans to/from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Hence clause (iii)-(a), (b), (c), (d), (e), (f) and (g) are not applicable.

(iv) in our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business. The company has not made any purchase of inventory or fixed assets and sale of goods or services during the year. We have not observed any continuing failure to correct major weaknesses in internal control system.

(v) According to the information and explanations given to us, we are of the opinion that all the particulars of contracts or arrangements required to be made in the Register maintained under section 301 of the Companies Act, 1956 have been so entered.

(vi) The company has not accepted any deposits from public.

(vii) In our opinion and according to the information and explanations given to us the company has an Internal Audit system commensurate with the size and nature of its business.

(viii) The maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act in the case of the company.

(ix) There are no undisputed amounts payable in respect of Income, Wealth Tax , Sales Tax wealth tax, customs duty, excise duty, and Service Tax outstanding for a period of more than six months as at 312'' March, 2014 from the date they became payable.

(x) There are no accumulated losses at the end of the financial year. The company has not suffered any loss during the financial year covered by our audit and in the immediate proceeding year.

(xi) In our opinion and according to the information and explanations given to us, the company has not availed any loans from financial institution or banks.

(xii) As explained 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.

(xiii) In our opinion, the company is not a Chit Fund or a nidhi, mutual benefit fund and Society. Therefore, the provisions of clause (xiii) are not applicable to the company.

(xiv) In our opinion, the company has not engaged in dealing or trading in shares, securities, debentures and other investments during the year. Accordingly, the provisions of clause (xiv) are not applicable to the company,

(xv) 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.

(xvi) in our opinion and according to the information and explanations given to us, no term loans have been availed by the company.

(xvii) The Company has not raised any funds on short-term basis during the year.

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

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

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

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

For RAJ GUPTA& CO. Chartered Accountants

Sd/- (R. K. GUPTA) PARTNER Membership No. : 017039 FRN: 000203N

Place: New Delhi

Dated: 30.05.2014

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of OSWAL LEASING LIMITED, as at 31st March 2012, the Statement of Profit and Loss and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors' Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. 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 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 Cash Flow Statement dealt with by this report are in agreement with the books of account;

(d) in our opinion, the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956;

(e) on the basis of written representations received from the directors as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors 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 financial statements read together with the significant accounting policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in confirmity 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 Statement of Profit and Loss, of the Profit for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS' REPORT RE : OSWAL LEASING LIMITED (REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE)

(i) The Company does not have any fixed assets. Accordingly, the provisions of clause 4(i) are not applicable to the company.

(ii) There are no Inventories in the company. Accordingly, the provisions of clause 4 (ii) are not applicable to the company.

(iii) According to the information and explanations given to us, the company has neither granted nor taken any loans, secured or unsecured, to / from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Hence clause (iii)-(a), (b), (c), (d), (e), (f) and (g) are not applicable.

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

(v)a) In our opinion and according to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, during the year there are no transactions made in pursuance of contract or arrangements required to be entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) The company has not accepted any deposits from the public.

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

(viii) The maintenance of cost records have not been prescribed by the Central Government under clause (d) of Sub Section (1) of section 209 of the Act in the case of the company.

(ix) According to the information and explanations given to us, there are no disputed dues outstanding on account of sales tax, income tax, custom duty, wealth tax, service tax, excise duty and cess for more than six months.

(x) There are no accumulated losses at the end of the financial year. The company has not incurred cash losses in the financial year covered by our audit and in the immediately preceding financial year.

(xi) The company has not borrowed money from financial institutions or banks or debenture holders.

(xii) As explained 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.

(xiii) In our opinion, the company is not a chit fund or a nidhi, mutual benefit fund and Society. Therefore, the provisions of clause 4(xiii) are not applicable to the company.

(xiv) During the year, the company has not engaged in dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of this clause are not applicable.

(xv) 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.

(xvi) The company has not taken any term loan during the year.

(xvii) The company has not raised funds on short term basis during the year.

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

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

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

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

For RAJ GUPTA & CO.

CHARTERED ACCOUNTANTS

Sd/-

(R. K. GUPTA)

PLACE : NEW DELHI PARTNER

DATED : 23.08.2012 Membership No. : 017039

FRN : 000203N

---

Mar 31, 2011

1. We have audited the attached Balance Sheet of OSWAL LEASING LIMITED, as at 31st March 2011, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors' Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. 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 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(d) in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956;

(e) on the basis of written representations received from the directors as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 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 financial statements read together with the significant accounting policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in confirmity 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, 2011;

(ii) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and

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

ANNEXURE TO THE AUDITORS' REPORT RE : OSWAL LEASING LIMITED

(REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE)

(i) The Company does not have any fixed assets. Accordingly, the provisions of clause 4(i) are not applicable to the company.

(ii) There are no Inventories in the company. Accordingly, the provisions of clause 4 (ii) are not applicable to the company.

(iii) According to the information and explanations given to us, the company has neither granted nor taken any loans, secured or unsecured, to / from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Hence clause (iii)-(a), (b), (c), (d), (e), (f) and (g) are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control system commensurate with the size of the company and the nature of its business. The company has not made any purchase of inventory and sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system.

(v)a) In our opinion and according to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, during the year there are no transactions made in pursuance of contract or arrangements required to be entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) The company has not accepted any deposits from the public.

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

(viii) The maintenance of cost records have not been prescribed by the Central Government under clause (d) of Sub Section (1) of section 209 of the Act.

(ix) According to the information and explanations given to us, there are no disputed dues outstanding on account of sales tax, income tax, custom duty, wealth tax, service tax, excise duty and cess for more than six months.

(x) There are no accumulated losses at the end of the financial year. The company has not incurred cash losses in the financial year covered by our audit and in the immediately preceding financial year.

(xi) The company has not borrowed money from financial institutions or banks or debenture holders.

(xii) As explained 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.

(xiii) In our opinion, the company is not a chit fund or a nidhi, mutual benefit fund and society. Therefore, the provisions of clause 4(xiii) are not applicable to the company.

(xiv) During the year, the company has not engaged in dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of this clause are not applicable.

(xv) 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.

(xvi) The company has not taken any term loan during the year.

(xvii) The company has not raised funds on short term basis during the year.

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

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

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

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

For RAJ GUPTA & CO. CHARTERED ACCOUNTANTS Sd/- (R. K. GUPTA) PARTNER Membership No.: 17039 FRN : 000203N

PLACE : NEW DELHI DATED : 30.07.2011

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of OSWAL LEASING LIMITED, as at 31st March 2010, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. 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 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, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(d) in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956;

(e) on the basis of written representations received from the directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as 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 financial statements read together with the significant accounting policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in confirmity 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, 2010;

(ii) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and

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





ANNEXURE TO THE AUDITORSREPORT





RE : OSWAL LEASING LIMITED

(REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE) *

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

b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals. No material discrepancy were noticed on such verification.

c) The company has not disposed off substantial part of fixed assets during the year.

(ii) There are no Inventories in the company. Accordingly, the provisions of clause 4 (ii) are not applicable to the company.

(iii) According to the information and explanations given to us, the company has neither granted nor taken any loans, secured or unsecured, to / from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956, Hence clause (iii)-(a), (b), (c), (d), (e), (f) and (g) are not applicable.

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

(v)a) In our opinion and according to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, during the year there are no transactions made in pursuance of contract or arrangements required to be entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) The company has not accepted any deposits from the public.

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

(viii) The Maintenance of cost records have not been prescribed by the Central Government under clause (d) of Sub Section (1) of section 209 of the Act.

(ix) According to the information and explanations given to us, there are no disputed dues outstanding on account of sales tax, income tax, custom duty, wealth tax, service tax, excise duty and cess for more than six months.

(x) There are no accumulated losses at the end of the financial year. The company has not incurred cash losses in the financial year covered by our audit and in the immediately preceding financial year.

(xi) The company has not borrowed money from financial institutions or banks or debenture holders.

(xii) As explained 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.

(xiii) In our opinion, the company is not a chit fund or a nidhi, mutual benefit fund and society. Therefore, the provisions of clause 4(xiii) are not applicable to the company.

(xiv) During the year, the company has not engaged in dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of this clause are not applicable.

(xv) 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.

(xvi) The company has not taken any term loan during the year.

(xvii) The company has not raised funds on short term basis during the year.

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

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

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

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

For RAJ GUPTA & CO.

CHARTERED ACCOUNTANTS

Sd/-

(R. K. GUPTA)

PLACE : NEW DELHI PARTNER

DATED : 28.06.2010 Membership No.: 17039

FRN : 000203N