Anupam Finserv Ltd Auditor Reports

3.1 Opinion (Page 16)

To the members of Anupam Finserv Limited

Report on the Audit of the Financial Statements

We have audited accompanying financial statements of Anupam Finserv Limited which comprise Balance Sheet as at 31st March 2026, Statement of Profit and Loss [including other comprehensive income], Cash Flow Statement and statement of changes in equity for year then ended and notes to financial statements, including summary of material accounting policies and other explanatory information.

In our opinion and to best of our information and according to explanations given, aforesaid financial statements give information required by Companies Act, 2013 in manner so required and give true and fair view in conformity with accounting principles [Indian Accounting Standards (Ind AS) specified under section 133 of Act read with Companies (Ind AS) Rules, 2015] and other accounting principles generally accepted in India of state of affairs as at 31st March 2026 and its profit [including other comprehensive income], cash flows and changes in equity for year ended on that date.

Basis for Opinion: Conducted audit in accordance with Standards on Auditing specified under section 143(10) of Act (SAs). Responsibilities under those Standards described in Auditors Responsibilities section. Independent of Company in accordance with Code of Ethics issued by ICAI together with ethical requirements relevant under provisions of Act and Rules. Fulfilled other ethical responsibilities. Audit evidence obtained sufficient and appropriate to provide basis for opinion.

3.2 Key Audit Matters (Pages 17-18)

Key audit matters are those matters that, in professional judgement, were of most significance in audit of financial statements of current period. Addressed in context of audit as a whole and in forming opinion; not provide separate opinion.

Key audit matter	How our audit addressed
Allowances for Expected Credit Losses (ECL): Gross Loans 3,51,470.91; Less: Provision for ECL (3,023.43); Net Loans 3,48,477.48. These loans 87% of Companys total assets. Significant judgment in classifying loan assets and applying measurement principles. Elements of estimating ECL involving increased audit focus: Reasonable and appropriate policies in bucketing loans into appropriate stages for ECL calculation; Basis for calculation of Probability of Default (PD) based on past trends; Policy implemented in calculation of Loss Given Default (LGD) at product level.	Our procedures included, but not limited to: Review of completeness and accuracy of Exposure at Default (EAD) and classification into stages consistent with definitions applied in accordance with policy approved by Board including appropriateness of qualitative factors; Completeness, accuracy and appropriateness of information used in estimation of PD and LGD for different stages depending on nature of loan; Accuracy and completeness of input data such as period of default and other related information used in estimating PD.
Compliance and Disclosures: Compliance and disclosure requirements under applicable Indian Accounting Standards (Ind AS), RBI guidelines and other applicable statutory, regulatory and financial reporting framework.	Assessed systems and processes laid down by Company to ensure appropriate compliance with applicable Ind AS and relevant RBI provisions and applicable statutory, regulatory and financial reporting framework. Examined relevant forms and filings by Company with ROC, RBI, SEBI and other authorities including Corporate Actions during year.
Related Party Transactions: Identified as key audit matter due to significance of related party transactions, regulatory compliance and risk of such transactions remaining undisclosed in financial statements.	Evaluated Companys policies, processes and procedures in respect of identifying and disclosing related party transactions. Assessed compliance with Act, including authorization and approvals as specified in sections 177 and 188 of Act and Rules thereon and SEBI regulations w.r.t. related party transactions. Ensured appropriate disclosures w.r.t. related party transactions.

3.3 Information other than Financial Statements and Auditors Report Thereon (Pages 18-19)

Companys Board of Directors responsible for other information. Other information comprises information included in Management Discussion and Analysis on Corporate Governance, Directors Report, but does not include financial statements and auditors report thereon.

Opinion on financial statements does not cover other information; we do not and will not express any form of assurance conclusion thereon. In connection with audit, responsibility is to read other information and consider whether materially inconsistent with financial statements or knowledge obtained during audit or otherwise appears materially misstated. If conclude material misstatement, required to report. We have nothing to report in this regard.

3.4 Responsibilities of Management and Those Charged with Governance for Financial Statements (Page 19)

Financial statements approved by Companys Board of Directors. Board responsible for matters stated in Section 134(5) of Companies Act, 2013 w.r.t. preparation and presentation of financial statements that give true and fair view of financial position, financial performance including other comprehensive income, changes in equity and cash flows in accordance with accounting principles generally accepted in India, including Ind AS specified under Section 133 read with Rule 7 of Companies (Accounts) Rules, 2014. Responsibility includes maintenance of adequate accounting records in accordance with provisions of Act for safeguarding assets and preventing/detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates reasonable and prudent; design, implementation and maintenance of adequate internal financial controls operating effectively for ensuring accuracy and completeness of accounting records, relevant to preparation and presentation of financial statements that give true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing financial statements, Board responsible for assessing Companys ability to continue as going concern, disclosing matters related to going concern and using going concern basis unless Board intends to liquidate or cease operations or has no realistic alternative. Board also responsible for overseeing Companys financial reporting process.

3.5 Auditors Responsibility for the Audit of Financial Statements (Pages 19-21)

Objectives: obtain reasonable assurance about whether financial statements as a whole are free from material misstatement, whether due to fraud or error, and issue auditors report including opinion. Reasonable assurance high level but not guarantee that audit conducted in accordance with SAs will always detect material misstatement. Misstatements can arise from fraud or error and considered material if individually or in aggregate could reasonably be expected to influence economic decisions of users taken on basis of financial statements.

As part of audit in accordance with SAs specified under section 143(10) of Act, exercise professional judgment and maintain professional skepticism throughout audit. Also:

a. Identify and assess risks of material misstatement, whether due to fraud or error, design and perform audit procedures responsive to those risks, obtain audit evidence sufficient and appropriate. Risk of not detecting material misstatement resulting from fraud higher than for error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or override of internal control.

b. Obtain understanding of internal control relevant to audit to design audit procedures appropriate. Under section 143(3)(i) of Companies Act, 2013, also responsible for expressing opinion on whether company has adequate internal financial controls system in place and operating effectiveness.

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

d. Conclude on appropriateness of Boards use of going concern basis of accounting and, based on audit evidence, whether material uncertainty exists related to events or conditions that may cast significant doubt on Companys ability to continue as going concern. If conclude material uncertainty exists, required to draw attention in auditors report to related disclosures or, if inadequate, modify opinion. Conclusions based on audit evidence obtained up to date of auditors report. Future events or conditions may cause Company to cease to continue as going concern.

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

Communicate with those charged with governance regarding, among other matters, planned scope and timing of audit and significant audit findings, including significant deficiencies in internal control identified during audit.

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

From matters communicated with those charged with governance, determine those matters of most significance in audit of financial statements of current period and therefore key audit matters. Describe these matters in auditors report unless law or regulation precludes public disclosure or, in extremely rare circumstances, determine matter should not be communicated because adverse consequences reasonably expected to outweigh public interest benefits.

3.6 Report on Other Legal and Regulatory Requirements (Pages 21-23)

1. (A) As required by Section 143(3) of Act, based on audit, report to extent applicable:

(a) Sought and obtained all information and explanations necessary for purposes of audit;

(b) Proper books of account as required by law kept by Company so far as appears from examination;

(c) Financial statements dealt with by report are in agreement with books of account;

(d) Financial statements comply with Ind AS specified under Section 133 read with Rule 7 of Companies (Accounts) Rules, 2014;

(e) On basis of written representations received from directors and taken on record by Board, none of directors disqualified as on 31st March 2026 from being appointed as director in terms of Section 164(2) of Act;

(f) With respect to adequacy of internal financial controls with reference to financial statements as on 31st March 2026 and operating effectiveness, refer to separate report in Annexure A. Report expresses unmodified opinion;

(g) With respect to other matters to be included in Auditors Report in accordance with Rule 11 of Companies (Audit and Auditors) Rules, 2014, in our opinion and to best of information and according to explanations:

i. Company does not have any pending litigations as at 31st March, 2026. ii. Company has made provision as at 31st March 2026, as required under applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts. iii. Company was not liable to transfer any amounts to Investor Education and Protection Fund during year ended 31st March 2026;

iv. a. Management represented no funds advanced/loaned/invested by Company to any person(s)/entity(ies), including foreign entities, with understanding that intermediary shall lend/invest in other persons/entities identified by/on behalf of Company (Ultimate Beneficiaries) or provide guarantee/security on behalf;

b. Management represented funds received by Company from any person(s)/entity(ies), including foreign entities (Funding Parties), with understanding that Company shall lend/invest in other persons/entities identified by/on behalf of Funding Party (Ultimate Beneficiaries) but not provide guarantee/security on behalf;

c. Based on audit procedures, nothing came to notice causing belief that management representations under sub-clauses (a) and (b) contain material misstatement. v. Company has not declared or paid any dividend during year.

vi. Based on examination including test checks, Company has used accounting softwares for maintaining books of accounts for FY ended 31st March, 2026 which has feature of recording audit trail (edit log) facility and same operated throughout year for all relevant transactions. During audit, did not come across any instance of audit trail feature being tampered with. Audit trail of prior year preserved as per statutory requirements for record retention, to extent enabled and recorded in prior year.

2. As required by Companies (Auditors Report) Order, 2020 (the Order) issued by Central Government in terms of sub-section (11) of section 143 of Act, give in Annexure B statement on matters specified in paragraphs 3 and 4 of Order, to extent applicable.

For CGCA Associates LLP, Chartered Accountants, Firm Regn No: 123393W / W100755 Place: Mumbai, Date: May 29, 2026, UDIN: 26101769TFJSLQ1735 Champak K. Dedhia, Partner, Membership No. 101769

3.7 Annexure A - Internal Financial Controls (Pages 24-26)

Independent Auditors Report on the Internal Financial Controls with reference to the financial statements under Clause (i) of Sub-section 3 of Section 143 of Companies Act, 2013

In conjunction with audit of financial statements of Anupam Finserv Limited as at and for year ended 31st March, 2026, audited internal financial controls with reference to financial statements as at that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls: Board responsible for establishing and maintaining internal financial controls based on criteria established by Company considering essential components of internal control stated in Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by ICAI. Responsibilities include design, implementation and maintenance of adequate internal financial controls operating effectively for ensuring orderly and efficient conduct of business, including adherence to companys policies, safeguarding assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information, as required under Companies Act, 2013.

Auditors Responsibility: Express opinion on Companys internal financial controls with reference to financial statements based on audit. Conducted audit in accordance with Standards on Auditing issued by ICAI prescribed under section 143(10) of Act, to extent applicable, and Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by ICAI. Comply with ethical requirements and plan and perform audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Audit involves performing procedures to obtain audit evidence about adequacy of internal financial controls and operating effectiveness. Includes obtaining understanding, assessing risk that material weakness exists, and testing and evaluating design and operating effectiveness based on assessed risk. Procedures selected depend on auditors judgment, including assessment of risks of material misstatement, whether due to fraud or error. Believe audit evidence obtained sufficient and appropriate to provide basis for opinion.

Meaning of Internal Financial Controls with reference to Financial Statements: Process designed to provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Includes policies and procedures that (1) pertain to maintenance of records that accurately and fairly reflect transactions and dispositions of assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and receipts and expenditures made only in accordance with authorisations of management and directors; (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of assets that could have material effect on financial statements.

Inherent Limitations: Because of inherent limitations, including possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Projections of any evaluation to future periods subject to risk that internal financial control may become inadequate because of changes in conditions, or degree of compliance with policies or procedures may deteriorate.

Opinion: In our opinion, to best of information and according to explanations given, Company has, in all material respects, adequate internal financial controls with reference to financial statements and such controls were operating effectively as at 31st March 2026, based on internal control with reference to financial statements criteria established by Company considering essential components of internal control stated in Guidance Note issued by ICAI.

For CGCA Associates LLP, Chartered Accountants, Firm Regn No: 123393W/ W100755 Place: Mumbai, Date: May 29, 2026, UDIN: 26101769TFJSLQ1735 Champak K. Dedhia, Partner, Membership No. 101769

3.8 Annexure B - CARO 2020 (Pages 27-32)

Annexure - B referred to in paragraph 3 of Independent Auditors Report of even date to members of Anupam Finserv Limited on financial statements for year ended 31st March 2026.

In terms of information and explanations sought and given and books of account and records examined in normal course of audit, and to best of knowledge and belief, report that:

(i) Property, Plant and Equipment:

a) (A) Maintained proper records showing full particulars, including quantitative details and situations of PPE. (B) Maintained proper records showing full particulars.

b) Regular programme of physical verification of PPE, assets physically verified in phased manner over period of 3 years, reasonable having regards to size and nature. Certain PPE verified during year; no material discrepancies noticed.

c) Title deeds of all immovable properties classified as PPE held in name of Company (other than properties where Company is lessee and lease agreements duly executed in favour of lessee).

d) Company has not revalued its PPE during year.

e) No proceedings initiated or pending against Company for holding any benami property under Benami Transactions (Prohibition) Act, 1988 and rules. Reporting under clause 3(i)(e) not applicable.

(ii) Inventory:

a) Company engaged primarily in investing activities and consequently does not hold any physical inventories. Clause 3(ii)(a) not applicable.

b) Company has not been sanctioned working capital limits in excess of ?5 crore, in aggregate, at any points of time during year, from banks or financial institutions on basis of security of current assets. Clause 3(ii)(b) not applicable.

(iii) Loans and Advances:

a) Companys principal business is to give loans. Clause 3(iii)(a) not applicable. b) Company is NBFC registered under RBI Act, 1934. In our opinion, having regards to nature of business, investments made, guarantees provided, security given and terms and conditions of grant of all loans and advances in nature of loans and guarantees provided are not prejudicial to Companys interest.

c) In respect of loans/advances in nature of loan, schedule of repayment of principal and payment of interest stipulated by Company. Considering Company is NBFC engaged in business of granting loans, entity-wise details of amount, due date for payment and extent of delay (suggested in Guidance Note on CARO 2020) not reported because not practicable to furnish owing to voluminous nature of data. Except for instances where delays or defaults in repayment of principal and/or interest and in respect of which Company has recognised necessary provisions in accordance with Ind AS and RBI guidelines for Income Recognition and Asset Classification (disclosed in Note 6 and 43), parties repaying principal amounts as stipulated and regular in payment of interest, as applicable.

d) In respect of loans/advances in nature of loans, total amount overdue for more than ninety days as at 31st March, 2026 is Rs. 2,491.84 thousands. In such instances, in our opinion, based on information and explanations, reasonable steps taken by Company for recovery of principal amounts and interest thereon. e) Companys principal business is to give Loans. Clause 3(iii)(e) not applicable.

6. Company has not granted any loans or advances in nature of loans either repayable on demand or without specifying any terms or period of repayment. Reporting under this Clause not applicable.

(iv) In our opinion and according to information and explanations, Company has complied with provisions of section 185 and 186 of Act, with respect to loans and investment made by it. No guarantee or security provided by Company to parties covered under section 185 and 186.

(v) In our opinion, Company has not accepted any deposits or there is no amount considered as deemed deposit within meaning of Sections 73 to 76 of Act and Companies (Acceptance of Deposits) Rules, 2014 (as amended). Clause 3(v) not applicable.

(vi) To best of knowledge and as explained, central government has not specified maintenance of cost records under section 148(1) of Companies Act, 2013 in regard to activities of Company.

(vii) Statutory dues:

a) Company regular in depositing undisputed statutory dues including GST, provident fund, employees state insurance, income tax, custom duty, cess and other material statutory dues to appropriate authorities. No undisputed amounts payable outstanding at year end for period of more than six months from date they became payable.

b) There are no statutory dues mentioned in sub-clause (a) above which have not been deposited with appropriate authorities on account of any dispute.

(viii) According to information and explanations, no transactions were surrendered or disclosed as income during year in tax assessments under Income Tax Act, 1961 which have not been recorded in books of account.

(ix) Loans or borrowings: a) Company has not defaulted in repayment of its loans or borrowings or in payment of interest thereon to any lender. b) Company has not been declared a wilful defaulter by any bank or financials institution or other government or any government authority.

3. Company has not obtained any term loans during year. Clause 3(ix)(c) not applicable.

4. Funds raised by Company on short term basis have not been utilised for long term purposes.

5. Company does not have any Subsidiaries, Associates and Joint Ventures. Clause 3(ix)(e) not applicable.

6. Company does not have any Subsidiaries, Associates and Joint Ventures. Clause 3(ix)(f) not applicable.

(x) Initial public offer / further public offer / preferential allotment:

a) Company has not raised any money by way of initial public offer or further public offer (including debt instruments) during year. Clause 3(x)(a) not applicable.

b) No preferential allotment or private placement of shares or (fully, partially or optionally) convertible debentures during year. Clause 3(x)(b) not applicable.

(xi) Fraud:

a) To best of knowledge and according to information and explanations, no fraud by Company or no material fraud on Company noticed or reported during period covered by audit.

b) No report under sub-section 12 of section 143 of Act filed by cost auditor/secretarial auditor or by us in Form ADT-4, as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with Central Government for period covered by audit.

c) There are no whistle blower complaints received by company during year.

(xii) Company is not a Nidhi Company and Nidhi Rules, 2014 not applicable. Clause 3(xii) not applicable.

(xiii) In our opinion and according to information and explanations, all transactions entered into by company with related parties are in compliance with sections 177 and 188 of Act wherever applicable. Details disclosed in financial statements as required under Ind AS 24, Related Party Disclosures specified in Companies (Indian Accounting Standards) Rules, 2015 as prescribed under Section 133 of Act.

(xiv) In our opinion and according to information and explanations:

a) Company has an internal audit system as per provisions of Section 138 of Act which is commensurate with size and nature of business. b) We have considered reports issued by Internal Auditors of Company till date for period under audit.

(xv) According to information and explanations, Company has not entered into non-cash transactions with directors or persons connected with its directors. Reporting under clause 3(xv) w.r.t. compliance with provisions of sec 192 of Act not applicable.

(xvi) Registration under RBI Act:

a. Company required to be registered under section 45-IA of RBI Act, 1934. Company has obtained appropriate registration.

b. Company has valid Certificate of Registration from RBI Act, 1934. Clause 3(xvi)(b) not applicable.

c. Company is not a Core Investment Company as defined under regulations of RBI. Clause 3(xvi)(c) not applicable.

d. According to information and explanations, Group does not have more than one CIC as part of Group. Clause 3(xvi)(d) not applicable.

(xvii) Company has not incurred any cash losses in current financial year as well as immediately preceding financial year.

(xviii) There was no resignation by statutory auditor during year. Reporting under this Clause not applicable.

(xix) According to information and explanations, on basis of financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying financial statements, knowledge of plans of Board and management and based on examination of evidence supporting assumptions, nothing came to attention causing belief that any material uncertainty exists as on date of audit report that Company is not capable of meeting its liabilities existing at date of balance sheet as and when they fall due within period of one year from balance sheet date. However, state that this is not assurance as to future viability. Reporting based on facts up to date of audit report; neither give guarantee nor assurance that all liabilities falling due within one year from balance sheet date will get discharged as and when they fall due.

(xx) According to information and explanations, Company does not fulfil criteria specified under Section 135(1) of Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014 for year under consideration. Clause 3(xx) not applicable.

(xxi) Preparation of Consolidated Financial Statements not applicable since Company does not have any Subsidiary or Holding Company. Clause 3(xxi) not applicable.

For CGCA Associates LLP, Chartered Accountants, Firm Regn no. 123393W/W100755 Place: Mumbai, Date: May 29, 2026, UDIN: 26101769TFJSLQ1735 Champak K. Dedhia, Partner, Membership No. 101769