Auditor Report of QGO Finance Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of QGO Finance Limited ("the
Company"), which comprise the balance sheet as at March 31, 2025, and the Statement of
Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity
and Statement of Cash Flows for the year then ended, and notes to the financial statements,
including a summary'' of material accounting policies information and other explanatory
information (together referred to as"Ind AS financial statements").

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid hid AS financial statements give the information required by the Companies
Act, 2013, as amended, ("Act") in the manner so required and give a true and fair view in
conformity with the Indian Ao^tmting Standards prescribed under Section 133 of the Act
read with the Companies (Indian Accounting Standards} Rules, 2015 as amended ("Ind AS''¹¹)
and other accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2025, its profit including other comprehensive income, changes in
equity and its cash flow''s for the year then ended.

11, basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance witli the Standards
on Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under
those 5As are further described in the Auditors'' Responsibilities for the Audit of the Ind AS
financial statements'' section of our report. We are independent of the Company in accordance
with the Cotie of Ethics issued by tho Institute of Chartered Accountants of India ("[CAT"}
together with the ethical requirements that are relevant to our audit of the Ind AS financial
statements under the provisions of the Act, and the rules thereunder, and we have fulfilled
our of her ethical responsibilities in accordance with these requirements arid the Code of
Ethics, Wc believe that the audit evidence obtained by us is sufficient and appropriate to
provide a basis for our opinion on Ind AS financial statements.

Ill, Key Audit Matters

Key audit matters are'' those matters that, in our professional judgment, were of most
significance in our audit of the Standalone Ind AS financial statements of the financial vear
ended March 31, 2025. These matters were addressed in the context of ow audit of the
Standalone Ind AS 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
kev audit mailers to be communicated in our report.

IV, Information Other than the Standalone Ind AS Financial Statements and Auditors'' Report
thereon

The Company''s management and Board of Directors is responsible for the preparation of the
other Information, The other information included in the Annual Report which also comprises
the information included in the Company''s Directors'' Report including Ajmexnjtys J» Board-1
Report, Management Discussion and Analysis and Report on Corporate Governance but docs
not include the Standalone Ind AS Financial Statements and our auditors''¹ report thereon. The
Annual Report is expected to be made available to us after the date of this Audit Report.

Our opinion on the Standalone End AS Financial Statements does not cover the other
information and we do not and will not express any form of assurance conclusion thereon.

In connection with our and it of the standalone Ind AS Financial Statements, our responsibility
is to read the other information identified above and, in doing so, consider whether the other
information is materially inconsistent with the Standalone Ind AS Financial Statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the annual report, if based on the work we have performed and if we conclude
that there is a material misstatement of this other information, we are required to report that
fact to those charged with governance and take appropriate actions in accordance with
Standards on Auditing. We have nothing to report in this regard,

V. Management’s responsibility for the Ind AS Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the
Act, with respect to the preparation of these Ind AS Financial Statements thai give a true and
fair view of the financial position, financial performance including other comprehensive
income, changes in equity and cash flows of the Company in accordance with tire accounting
principles generally accepted in India including the Indian Accounting Standards (Ind AS)
specified under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding of
lire assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the
Ind AS Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error,

in preparing the Ind AS Financial Statements, management is responsible for assessing the
Company''s ability to continue as a going concern, disclosing, as applicable, matters relaLed to
going concern and using I ho going concern basis of accounting unless lire 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.

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
auditors'' 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 t>e expected to
influence the economic decisions of users taken on the basis of these Ind AS Financial
Statements,

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

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

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

* Conclude on the appropriateness of the 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 auditors'' report to the related disclosures in the
Ind AS Financial Statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors''
report, I lowever, future events or conditions may cause the Company to cease to continue
as a going concern.

* Evaluate the overall presentation, structure and content of tire Ind AS Financial
Statements, including the disclosures, and whether the ind AS Financial Statements
represent the underlying; transactions and events in a manner that achieves fair
presentation.

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

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

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Financial Statements of the current
year and arc therefore the key audit matters. We describe these matters in our auditors¹'' report
unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstands, we determine;that a matter should not he communicated in our report
because the adverse consequences of doing so w ould reasonably be expected to outweigh the
public interest benefits of such communication.

VII. Other Matter

Tire ind AS financial statements of the Company for the vear ended March 31,2024, included
in these Ind AS financial statements, have been audited by the predecessor auditors, Messrs
Bengali & Co, Chartered Accountants, who expressed an unmodified opinion on those
statements on May 13,2024.

Our Opinion is not modified in respect of these matters.

VI1L Report on Other Legal and Regulatory'' Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order¹"), issued by
tire Central (Government of India in lernvs of sub-section (11) of Section 143 of the Act and
on the basis of such checks of the books arid records of the Company as we considered
appropriate and according to the information and explanations given to us, we give in
the "Anncxure A", a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

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

i) 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,
si) In our opinion, proper books of account as required by law have been kept by Ihe
company so far as it appears from our examination of those books except for the
matters staled in the paragraph 17,6 below on reporting under Rule 11(g).

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

iv) In our opinion, Lhe aforesaid Ind AS Financial Statements comply wiLh the Ind AS
specified under Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended,

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

vi) With respect to the adequacy ot the internal financial controls with reference to Ind
AS Financial Statements oi the Company and the operating effectiveness of such
controls, refer to our separate report in "Annexure B"_

vii) In our opinion, the managerial remuneration for the year ended March 31, 2025
has been paid / provided by the Company to its directors in accordance with the
provisions of Section 197(16) read With Schedule V to the Act,

With respect to the other matters to be included in the Auditors'' Report in accordance with
Rule 11 of Hie 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, we report as
under:

i) The Coi n pany d oes n ot hov e .1 n y pen ding Iiti gation s w hioh w o''uld ha ve an imp at¹1
on its financial position as at March 31, 2025 in its Standalone Ind AS 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 he transferred to the investor
Education and Protection Fund by the Company.

iv) a) The management has represented to us that, to the best of its knowledge and
belief, no funds have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Company to
or in any other per son (s) or entity (ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shah, whether, directly or indirectly lend to 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 lhaL, to Lhe besL of its knowledge and befiet,
no funds have been received by the Company from any person (s) or entity(ies)|
including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, directly or
indirectly, tend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
and

c) Based on such audit procedures that we considered reasonable and appropriate
111 the circumstances; nothing has come to our notice that has caused us to believe
that the representations under sub-clause (a) and (b) contain any material
misstatement.

v) The Board of Directors of the Company have proposed interim dividend for the
quarter ended March 3''!, 2025 and paid interim dividend in past 3 quarters.

vi) Based on our examination which included lest checks, the Company has used
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility except in respect of maintenance of Fixed
Asset records and payroll records which are not maintained in the accounting
software and wherein the accounting software did not have audit trail feature
enabled for the same. The Audit trail facility has been operating throughout the
year for all relevant transactions recorded in the software/application. Further,

during the course of our audit we did not come across any instance of audit trail
feature being tampered with in respect of the accounting sofhvave.

For the previous financial vear (April 1, 2G23 to March 31,2G24), the audit trail has
been preserved by the Company in accordance with statutory record retention
requirements except in respect of the transactions as mentioned above, where the
audit trail is not maintained and hence not retained.

For R. C KESHA MW ALA & CO,
CHARTERED ACCOUNTANTS
FRN: 108B32W

MANJSII R. RESITAMWALA

Mumbai: 26¹¹¹ May. 2025 PARTNER

UDIN: 251065&BMTDVJ6623 MEMBERSHIP NO.lO^eh

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Mar 31, 2024

We have audited the accompanying standalone Ind AS financial statements of QGO FINANCE LIMITED { ‘the Company*), which comprise the Balance Sheet as on 31st March, 2024, the Statement erf Profit and Loss and Cash Flow statement to* the year ended, and a summary of significant accounting policies and other explanatory information

In our opinion and to the best of our information and according to the explanations grven to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the Act'') in the manner so required and guve a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards ( Ind AS'') specified under Section 133 of the Act, of the state of affairs (financial position) of the Company os at 31 March 2024, and its profit and its cash liows toi the year ended on that dale

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under Section 143{ 10) of the AcL

Our lesponsibilities under those standards arc 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 wnh the Code of Ethics issued by the Institute of Chartered Accountants of Inma < ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and I he rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code ot Ethics. We believe that tire audit evidunce we have obtained is sufficient and appropriate to provide a basis for our opinion

Information other than the Financial Statements and Auditor''s Report thereon

The Company''s Board of Directors is responsele tor the preparation at the other information The other information comprises the infoimation included in the Management Discussion and Analysis, Board''s Report inducting Amexures to Board''s Report, Business Responsibility Report. Corporate Governance and Shareholder''s information, but does not Indude the standalone flnan-dai statements and our auditor’s report thereon

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

In connection with our audit of ihe standalone finanoal statements our responsibility is to read the other rnformation and in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained.

during the course of our audit or otherwise appears to be materially misstated If. based on the work we have performed we conclude that there is a materia! misstatement of this other information wa are required to report that fact We have nothing to report in this icgard.

information, we are required to report that tact. We have nothing to report m this regard.

Management''s Responsibility for the Standalone Ind AS Financial Statements

The Management and Board of Directors of the Company are responsible for the matters stated in section 134(5) of the Companies Act. 2013 f 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 and cash flows of the Company in accordance with the accounting pr.nciples generally accepted in India, including the Accounting Standards (Ind AS> specified uncer Section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules 2015 (as amended).

This responsibility also Includes maintenance of adequate accounting records m accoi dance withlhe provisions of the Act for safeguarding the assets of the Company and for preventing arx) detecting frauds and othei irregularities. selection and ap plication of appropnaie accounting policies; making lodgement and estimates that are reasonaoie and prudent, design, implementation and maintenance of adequate internal financial control, that ara operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements Inc AS that give a true and fair view and are free from material misstatement, whether due to fraud or error

In prepanng the financial statements, management is responsible for assessing the Company''s ability to continue us 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.

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

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor''s report that includes our opinion Reasonable assurance is a high levef 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 ane consid ered material if, individually or in the aggregate, they oould reasonably be expected to nftuence the economic decisions of users taken on the basis of these financial statements

As part of an audll 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 Dne result-

vide a basis for our opinion The nsk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may invoke collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made hy 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 01 conditions that may cast significant doubt on the Company''s ability to oominue as a going conoern if we conclude that a material uncertainty exists, we are required to draw attention In our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate to modify our opinion Our conclusions are based on the a ud.1 evidence obtained up to the date of our auditor s report However future events or conditions may cause the Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements m 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 nfiuenced. We consider quantitative materiality & qualitative factors in;

Planning the scope of our audit work and in evaluating the results of our work and

To evaluate the effect of any identified misstatements in the 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 n internal control that we identity during our audit

We also provide those charged w.tn governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate wdh them all relationships and other matters that may reasonably tie 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 auefrt of the standalone financial statements of the current penod 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

As required by the Companies (Auditor''s Report) Order. 2020 (the ''Order'') issued by the Central Government of India in terms of Section 143(11) of the Companies Act. 2013, we give In the Annexure "A” statement on the matters specified in paragraphs 3 and 4 of the Order.

Further to our comments m Annexure A, as required by section 143<3> of the Act, we further report that:

1 We have sought and obtained a!! the Information and explanations which lo the best of our knowledge and belief were necessary for the purpose of our audit

2 In our opinion proper books of account as required by taw have been kept by the Company so far as appears from our examination of those Cooks.

3 The Balance Sheet Statement of Profit and Loss, and cash flow statement dealt with by this Report are in agreement with the booits of account.

4 in our opoion tne aforesaid standalone financial statement comply with the applicable Accounting Stancards specified under section 133 of the Act, read with the rule 7 of the Companies (Accounts) Rules 2015 (as amended)

5 On the basis ot wntten representations received from the directors as on 31st March, 2024, and taken on record by the Board of Directors, none of the directors is disqualified as 31st March. 2024, from being appointed as a director in terms of section 164(2) of the Act.

6. We have atso audited the Internal financial controls over financial reporting (IFCOFR) ol the Company as on 31st March 2024 in conjunction with our audit of the standalone financial statements of the Company tor the year ended on that date and our report as per Annexure B’ expressed an unmodified opinion.

7. In our opinion and to the best of our information and according to the explanations given to us. we report as urKler with respect to other matters to be included in the Auditor s Report in accordance with the Rule 11 d the Companies (Audit and Auditors) Rules, 2D15 (as amended|

i. The Company does not have any pending litigations which would impact on its financial position in its standalone Ind AS financial statements.

ii The Company did not have any long-term contracts including denvative contracts, as such toe question of commenting on any material foreseeable losses thereon does nol arise.

iii There tras not been an occasion in case of the Company dunng the year under the report to transfer any sums to toe Investor Education and Protection Fund The Question of delay in transferring such sums does not arise

tv (a) The management has represented that, to the best of It''s knowledge and belief other than as disclosed in the notes to the accounts, no funds have been advanced oi loaned or to the accounts, 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 enbties (''intermediaries’) with the understanding, whether recorded in writing or other/nse. that the intermediary shall, whether, directly or indirectly lend or Invest m other persons or entities identified m any manner whatsoever by or on behatf of the company (‘Ultimate Beneficiaries ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The management has represented that, to the best of it''s knowledge and belief other than as disclosed m the notes

to the accounts, no funds have boon received by the company from any persons) or entlty(ies). including foieign entitles (‘Funding Parties''), with the understanding, whether recorded in writing on otherwise, that die company shall, whether, directly or mdl-icctly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Finding Party (''Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. and

(c) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their notice thai has caused them to betieve that the representations under sub-clause (a) and (b) contain any matehal mis statement

(d) The company has declared and paid dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013

(e) Based on our examination, which includes test checks, the company has used accounting software’s for maintaining its books of account for the financial year ended March 31. 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for ail relevant transaction recorded in the software''s. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3( 1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023. reporting under Rule 11(g) of the Companies (Audit and Auditois) Rules. 2014 on pieservation of audit tiail as per the statutoiy requirement for record retention is not applicable for tbc financial year ended Match 31.2024.

8 As required by Section 197(16) of the Act. we report that the Company has paic remuneration to its directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act

For Subramaniam Bengali & Associates Chartered Accountant FRN 127499W

CA - P. Subramaniam Partner

Place : Mumbai

Date: 13.05.2024 Mem No. 43163 UDIN NO : 24043163BKFAYF2124

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Mar 31, 2015

We have audited the accompanying standalone financial statements of PARNAMI CREDITS LIMITED ("the Company"), which comprise the Balance Sheet, as at March 31, 2015 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant account policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Management and Board of Directors of the company is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards referred specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgment and estimates that are reasonable and prudent, and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation of the financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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:

a) in the case of the Balance Sheet, of state of affairs of the Company as at 31st March, 2015,

b) In the case of the Statement of Profit and Loss for the period ended on that date

c) In the case of the Statement of Cash Flow for the year ended on that date.

Report on other legal and Regulatory Requirements

1) The Companies (Auditors Report) Order, 2015 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

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

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

(d) in our opinion, the aforesaid financial Statement comply with the applicable Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164(2) of the Act.

(f) in our opinion and to the best of information and according to the explanation given to us we report as under with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 :

i. the Company does not have any pending litigations which on its financial position in its 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 has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

The Annexure to Independent Auditors Report

Referred to in our Report of even date to the members of PARNAMI CREDITS LIMITED on the Standalone Financial statement as of and for the year ended 31st March, 2015

As required by Companies (Auditors Report) Order, 2015 issued by the Ministry of Corporate Affairs, on the basis of checks of the books and records as we considered appropriate and according to the information and explanations given to us during the course of audit, we state as under:-

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

(b) The fixed assets has been physically verified by the management during the year. The discrepancies noticed, if any on such verification were not material and have been properly with in the books of account.

ii. The Company is engaged in the business of financial services and does not hold any inventory. Accordingly, the provisions of clause 3(ii) (a), (b) and (c) of said order will not be applicable.

iii. The Company has granted unsecured loans to one parties covered in the register maintained under section 189 of the Act.

(a) The Company is receiving the principal amount and interest of such loan regularly wherever stipulated.

(b) There is no overdue amount of loan outstanding which requires action from the Company to recover principal and interest.

iv. In our opinion and according to the information and the explanations given to us, The Company is having an adequate internal control system commensurate with the size of the company and nature of its business. The activities of the company do not involve purchase of inventory and sale of goods. On the basis of our examination of the books and records of the companies and according to the information and explanations given to us ,we have neither come across, nor have we been informed of ,any continuing failure to correct any major weaknesses in the aforesaid internal control system.

v. The Company has not accepted any deposits and hence directives of the Reserve Bank of India and the provisions of the Act and the Rules framed there under are not applicable.

i. The Central Government of India has not prescribed the maintained of cost records under sub-section (1) of Section 148 of the Act for any of the products or services of the Company.

vii. (a) According to the information and explanations given to us, no undisputed amounts payable in respect of applicable statutory dues were in arrears for a period exceeding six months as at the end of the financial year from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty, service tax and cess not been deposited on account of any dispute.

(c) The Company is not required to transfer any fund to the Investor Education and Protection Fund in accordance with provisions of Companies Act, 1956.

viii. The Company has neither accumulated losses as at the end of the current financial year nor have they incurred cash losses, in the current financial year and in the immediately preceding financial year.

ix. According to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture.

x. 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 during the year. Accordingly, the provisions of clause 3(x) of the Order are not applicable to the Company.

xi. According to the information and explanation given to us, the company has not taken any term loan during the year.

xii. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing standards in India and according to the information and explanation given to us, we have neither come across any instance of material fraud on or by the company,noticed or reported during the year nor have we have been informed of any such instance by the Management.

For Subramianiam Bengali & Associates Chartered Accountants Firm's Registration No.: 123868W

Sd/- CA . Rajiv Bengali Partner Membership Number: 043998

Place : Mumbai Date : 29.05.2015