We have audited the accompanying Ind AS financial statements of NPR Finance Limited
which comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), the Cash Flow Statement and the Statement of
Changes in Equity for the year then ended, and notes to the Financial Statements, including,
a summary of the significant accounting policies and other explanatory information
(hereinafter referred to as “the financial statements”).

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid Ind AS financial statements give the information required by the
Companies Act 2013 (“The Act”) in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India including the Ind AS,
of the state of affairs of the company as at 31st March, 2025, and its profit (including Other
Comprehensive profit), its cash flows and Changes in Equity for the year ended on that
date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Act. 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 (ICAI) together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules made thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained us
sufficient and appropriate to provide a basis for our audit opinion on the financial
statements.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgment, were of most
significance in our audit of the 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 determined the matters described below to be the key audit matters to be
communicated in our report. We have fulfilled the responsibilities described in the Auditors'
responsibilities for the audit of the Financial Statements section of our report, including in
relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the
Financial Statements. The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis for our audit opinion on the
accompanying Financial Statements:

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

The Company's Management and Board of Directors are responsible for the preparation of
the other information. The other information comprises the information included in the
Management Discussion and Analysis, Board's Report including Annexures to Board's
Report, Corporate Governance and Shareholder's Information, 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 identified above, when it becomes available and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or
our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.

When we read the Company's Annual Report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with

governance and take necessary actions, as applicable under the relevant laws and
regulations. We have nothing to report on in this regard.

Management and Board of Director's Responsibilities of the Financial Statements

The Company's Management and Board of Directors are responsible for the matters stated
in Section 134(5) of the Act with respect to the preparation of these Ind AS financial
statement that give a true and fair view of the state of affairs (financial position), profit or
loss (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) specified under
Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the company and
for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the Ind AS financial
statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.

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

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

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

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

• Obtain an understanding of internal financial controls relevant to the audit in Order to
design audit procedures that are appropriate in the circumstances. Under section 143(3) (i)

of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system with reference to financial statements 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 and Board of
Directors.

• Conclude on the appropriateness of management and Board of Director's use of the going
concern basis of accounting in preparation of financial statements 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.

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2020 (“The Order”) issued by the
Government of India in terms of sub section (11) of sec 143 of the Companies' Act, 2013,
we give in “Annexure A” on statement on the matters specified in paragraph 3 & 4 of the
Order to the extent applicable.

2.

A. 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, the Cash Flow Statement and
statement of changes in equity dealt with by this Report are in agreement with the
books of account.

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

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

f. With respect to the adequacy of the internal financial controls with reference to
Financial Statements of the Company and the operating effectiveness of such controls,
refer to our separate report in “Annexure B"; and

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

a) The company has disclosed the impact of pending litigations as at 31^st March, 2025 on
its financial position in its Financial Statements - Refer note no 31 to financial
statements.

b) The company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

c) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the company at the end of the year.

d) (i)The Management has represented that, to the best of its knowledge and belief no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the company to or in any other
person(s) or entity(ies), including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(ii) The Management has represented that, to the best of its knowledge and belief no
funds have been received by the company from any person(s) or entity(ies), including
foreign entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the company shall, whether, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures as 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 sub-clause
d(i) and d(ii) above contain any material misstatement.

e) No dividend has been declared or paid during the year by the company.

f) Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year ended
March 31, 2025, 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 the audit trail feature being tampered with and the audit trail has been preserved by
the Company as per the statutory requirements for record retention.

C. With respect to the matter to be included in the Auditor's Report under section 197(16) of
the Act - In our opinion and according to the information and explanations given to us,
the remuneration paid by the company to its directors during the current year is in
accordance with the provisions of section 197 of the Act. The remuneration paid to any
director is not in excess of the limit let down under section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under section 197(16) of the Act which
are required to be commented upon by us.

For Deoki Bijay & Co.
Chartered Accountants
Firm Regn No. 313105E

(CA D N Agrawal)

Place: Kolkata Partner

Date the 30th day of May 2025 Membership No. 051157

UDIN: 25051157BMTCMV2723