Golden Legand Leasing & Finance Ltd Auditor Reports

To The Members of Golden Legand Leasing and Finance Limited

Report on the Audit of the Financial Statements

Qualified

Opinion

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

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matter described in the Basis for Qualified Opinion section below, the aforesaid Financial Statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the companies(lndian Accounting Standards) Rules, 2015, as amended, (‘Ind AS’) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its loss, total comprehensive loss, its cash flows and the changes in equity for the year ended on that date.

Basis for Qualified Opinion

a) . There was no system of obtaining periodical confirmation of balances relating to trade receivables, trade payables, loans and advances, borrowings and current liabilities. The effect of the same on the result for the period is not ascertainable.

b) . The Company has not done any retrospective adjustment of prior period errors and omissions by restating the comparative amounts for prior period presented or, where the errors relate to the period (s) before the earliest prior period presented, restating the opening balance of assets, liabilities and equity for that period. This is in contravention to Indian accounting standard (Ind AS) 8 (Accounting Policies, Changes in Accounting Estimates and Errors).

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

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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

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

Description of the Key Audit Matter

The Company commenced its operations as a listed Non-Banking Financial Company (NBFC) engaged in payment gateway and payment aggregator services during the current financial year. Revenue from operations primarily comprises transaction processing fees, commission income, service fees from merchants, and other digital payment-related income. Given the nature of the business, revenue recognition involves high transaction volumes, and multiple service offerings. As this is the first year of operations, there is an inherent risk regarding the completeness, accuracy, and timing of revenue recognition in accordance with Ind AS 115 - Revenue from Contracts with Customers. These factors required significant auditor attention and audit effort.

Our audit procedures include, but were not limited to

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

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

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

4. Performing substantive testing on a sample of transactions to verify amounts charged, timing of recognition, and supporting documentation.

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

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

Information Other than the Financial Statements and Auditors Report Thereon

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

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

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

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

5. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Company’s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act’) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, Cash Flows and changes in equity of the Company in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

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

Auditors Responsibilities for the Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

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

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

4. Conclude on the appropriateness of managements 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 Companys 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 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. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant 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 determined the matters that were of most significance in the audit of the financial statements for the current period. And are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation preclude public disclosure, or in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

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

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

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

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

i. The company has disclosed the impact of pending litigations on its financial position in its financial statements refer note 2(11) the financial statements.

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

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

j_v. a). The Management of the Company has represented that, to the best of its knowledge and belief, as disclosed in note 35 to the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b). The Management of the Company has represented that, to the best of its knowledge and belief, as disclosed in note 35 to the financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

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

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

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

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

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

For Sunil Vankawala and Associates

Chartered Accountants Firm Registration No: 110616W

(Sunil T. Vankawala)

Proprietor

Membership No. 033461 UDIN:- 25033461 BMNSIB6384 Place: Mumbai Dated: 27.05.2025

ANNEXURE-A

To the Independent Auditors Report on the financialstatements of Golden Legand Leasing and Finance Limited for the year ended 31 st March 2025.

(Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our Report of even date)

In terms of the information and explanations given to us by the Company and the bokks of account and record examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

i. a) The Company is in the process of compiling its fixed asset register to maintain proper records showing full particulars, including quantitative details and situation of property, plant and equipment. Accordingly, the fixed asset register is currently under compilation. However, partial records are available, and the management is taking steps to complete the compilation and ensure the records are accurate and up to date.

The Company has conducted physical verification of a portion of its property, plant and equipment during the year, and no material discrepancies were noted based on the available records. In respect of intangible assets, the Company has maintained proper records showing full particulars.

b) The Company has a program of physical verification of property, plant and equipment so to cover all the assets once every three years, which in our opinion, is reasonable having regard to the since of the company and the nature of its assets.

Pursuant to the program, certain property, plant and equipment were verified during the year. According to information and explanation given to us, no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us, and the records examined by us, we report that since the Company does not own any Immovable Property, the requirement under paragraph 3(i)(c) of the Order is not applicable to the Company.

d) According to the information and explanations provided to us, the Company has not revalued its property, plant and equipment or intangible assets or both during the year. Accordingly, paragraph 3 (i) (d) of the Order is not applicable to the Company.

e) According to information & explanations and representation given to us by the management, no proceedings have been initiated or are pending against the Company as at 31st march 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder. Accordingly, the provision stated in paragraph 3 (i) (e) of the Order is not applicable to the Company.

ii. a) The company does not have any inventory.

b) As per the information and explanations given to us and based on our examination of the books of account and other relevant records produced before us, in our opinion, the Company was not sanctioned any working capital facility from banks or financial institutions during the year, on the basis of security of current assets. Hence, clause (ii)(b) of Paragraph 3 of the Order is not applicable.

iii- a) According to the information and explanations given to us, the Company has not made any investment in, or provided any guarantee or security, or granted any advances in the nature of loans (except loans to employees),whether secured or unsecured to companies, firms, limited liability partnerships, or any other parties during the year.

Based on the audit procedures carried out by us and as per the information and explanations provided, the Company has granted unsecured loans to companies and other parties, in respect of which the requisite information is provided below:

Name of the Party	Aggregate amount of Loans/Advances Given During the Year (Rs. in Lakhs) the Party	Outstanding as at the Balance sheet date (Rs. in Lakhs)
Aesthetic Decor	2.00	0.20
Aggarwal Impex	Nil	5.00
Global Payment	Nil	2.95
Davinder Singh Sidhu	0.25	0.25
Niraj Variava	0.85	1.21
Sunil Kumar Singh	1.00	6.46
Rakesh Sharma	14.00	17.23
Sanskrut Jewel Resi	0.00	6.23
Sunil Kumar Singh	1.00	6.46
Shrinivas Kanukuri	1.77	1.77
Synergy Cosmetics (Exim) Ltd.	0.00	1124.93

b) According to the information and explanations given to us and based on the audit procedures, conducted by us, the terms and conditions of the loans and advances in the nature of loans granted during the year are, prima facie, not prejudicial to the interest of the Company.

c) Accordingly to the information and explanation given to us and on the basis of our examination of the records of the Company, in respect of loans granted by the Company, the schedule for repayment of principal and payment of interest has been stipulated and the repayments or receipts are generally regular, except in the following cases:

i. A loan of Rs. 1,124.93 lakhs granted in an earlier year to Synergy Cosmetics (Exim) Ltd. is repayable on demand. As informed to us, the Company has demanded repayment of the loan; however, the amount has not been received till the balance sheet date. Accordingly, there has been a default in repayment by the said party.

ii. Similarly, the Company has demanded repayment of advances in the nature of loans from the following parties, which remain unpaid as of the balance sheet date:

? Bahar Traders - Rs. 69.55 lakhs

? Manoj B. Punamiya Rs. 102.50 lakhs

? Sanskrut Jewel Resi - Rs. 6.23 lakhs

In our opinion, the non-receipt of these amounts despite demand indicates delays in repayment. For the remaining parties, the repayments are generally regular and in accordance with the terms stipulated.

Further, the Company has not given any advances in the nature of loan to any party during the year.

d) According to the information and explanations given to us, and based on our audit procedures, the following loans, though repayable on demand, were outstanding as at the balance sheet date despite demands having been made by the Company. Hence, these amounts are considered overdue:

i. Synergy Cosmetics (Exim) Ltd. - Rs. 1,124.93 lakh

ii. Bahar Traders - Rs. 69.55 lakhs

iii. Manoj B. Punamiya - Rs. 102.50 lakhs

iv. Sanskrut Jewel Resi - f6.23 lakhs

The delays in receipt of these amounts indicate defaults in repayment.

e) According to the information and explanations given to us, and based on our audit procedures, the Company has not renewed or extended any loan or advance in the nature of loan or granted fresh loans to settle the overdue of existing loans given to the same parties. Accordingly, the question of ever greening of loans does not arise.

f) According to the information and explanations given to us, and based on our audit procedures, in our opinion the Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment except for the loans referred in clause 3(c) above.

iv. According to the information and explanations given to us and on the basis of our examination of the records, the Company has not given loans, made investments nor provided any guarantee or security that are covered under provisions of Section 185 and 186 of the Companies Act, 2013. Hance, clause 3 (iv) of the Order is not applicable.

v. The Company has not accepted any deposits or amounts which are deemed to be deposits. Accordingly, the provision stated in clause 3 (v) of the Order is not applicable to the Company.

vi. According to the information and explanations given to us, the Central Government has not specified maintenance of cost records under sub-section (1) of section 148 of the Act, in respect of activities of the Company. Accordingly, reporting under clause 3 (vi) of the Order is not applicable.

vii. In respect of Statutory dues:

a) Accordingly, to the information and explanation given to us and on the basis of our examination of the records of the company, no undisputed amounts payable in respect of goods and service tax, provided fund, employees state insurance, income tax, duty of customs or cess or other statutory dues were in arrears as at 31st March 2025 for a period of more than six months from the date they become payable. Except Provision for Income Tax for F.Y 21-22 Amounting to Rs.12,00,000/-.

b) According to the information and explanations given to us, there are no dues of Income Tax, Goods and Services Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited with appropriate authorities on account of any dispute except the following.

Name of the Statue	Nature of the Dues	Amount (Rs. Lakhs)	Period to which the amount relates	Forum where the dispute is pending
Income Tax Act, 1961	Income Tax	14.09	FY13-14	Appeal Pending before Commissioner of Income Tax (A)

viii. According to the information and explanations given to us, no transactions that were not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. Accordingly, there were no transactions relating to previously unrecorded income that were disclosed or surrendered as income during the year under the said Act.

ix. a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not defaulted in repayment of loans or borrowings or in payment of interest thereon to any lender.

b) According to the information and explanations given to us and on the basis of our examination of the records of the Company,the Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

c) In our opinion, and according to the information and explanations given and records examined by us, the Company has not taken any term loans during the year and there are no outstanding term loans at the beginning of the year and hence, reporting under this clause is not applicable.

d) According to the information and explanations given to us, and on an overall examination of the financial statements of the Company, funds raised by the Company on short term basis have not been utilized for long term purposes.

e) According to the information explanation given to us the Company does not have any subsidiary, associates or joint venture. Accordingly reporting under clause 3 (ix)(e) of the order is not applicable to the company.

f) According to the information explanation given to us the Company does not have any subsidiary, associates or joint venture. Accordingly reporting under clause 3 (ix)(f) of the order is not applicable to the company.

x. a) According to the information and explanations given to us, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, the provisions stated in paragraph 3 (x) (a) of the Order is not applicable to the Company.

b) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully, partly or optionally convertible debentures during the year. Accordingly, the provisions stated in paragraph 3 (x) (b) of the Order is not applicable to the Company.

xi. a) Based upon the audit procedures performed for the purpose of expressing an opinion on the true and fair view of the financial statements, and according to the information and explanations given by the management, no fraud by the Company or no material fraud on the Company has been noticed or reported during the year.

b) According to the information and explanations given to us, and to the best of our knowledge no report under section 143(12) of the Act has been filed in form ADT-4 as prescribed under Rule 13 of the companies (Audit and Auditors) Rules, 2014 with the Central Government for the period covered by our audit.

c) According to the information and explanations given to us, as represented to us by the management, there are no whistle-blower complaints received by the Company during the year.

xii. According to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, the provisions stated in paragraph 3(xii) (a) to (c) of the Order are not applicable to the Company.

xiii. According to the information and explanations given to us, in our opinion and on the basis of management representation, all transactions with the related parties are in compliance with the provisions of section 177 and 188 of the Companies Act, 2013 where applicable and the details of all such transactions have been disclosed in financial statements, as required by the applicable Accounting Standards. Identification of related parties were made and provided by the management of the company.

xiv. In our opinion and based on our examination, the Company does not have an internal audit in place. Therefore, we are unable to comment on the adequacy of the internal audit system.

xv. According to the information and explanations given to us and based on our audit procedures, we report that the company has not entered into any non-cash transactions with its directors or persons connected with them. Accordingly, the provisions of clause 3(xv) of the Order are not applicable to the company.

xvi. a) In our opinion, and based on our examination, the Company is registered as nondeposit taking NBFC under Section 45-IA of the Reserve Bank of India Act, 1934. The registration has been obtained, and the registration number issued to the Company is 13.01171.

b) The Company is not a core investment company (CIC) as defined in the regulation made by the reserve bank of India. Accordingly, the provision stated in paragraph 3(xviib) of the Order is not applicable.

c) There are no other companys part of the Group. Accordingly, the provision stated in paragraph 3(xviic) of the Order is not applicable.

xvii. The Company has incurred cash losses of Rs. 219.95 lakhs in the current financial year and Rs. 147.82 Lakhs during the Previous Financial year. The possible effect of unquantified qualifications in our audit report has not been taken into considered for the purpose of making comments in respect of clause 3(xviii) of the Order.

xviii. There has been no resignation of the statutory auditors during the year, Accordingly, clause 3 (xviii) of the Order is not applicable.

xix. According to the information and explanations given to us and on the basis of the our examination financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report, that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company.

We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

xx. According to the information and explanations given to us, in our opinion the provisions of section 135 of the Act are not applicable to the Company. Hence, the provisions of paragraph (xxi) of the Order are not applicable to the Company.

xxi. Reporting under clause xxii of the Order is not applicable at the standalone level of reporting.

ANNEXURE "B"

TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in (g) of paragraph 1 under Report on Other Legal and Regulatory Requirements’ of our report of even date to the members of Golden Legand Leasing and Finance Limited)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Golden Legand Leasing and Finance Limited ("the Company") as of March 31, 2025 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.

We have considered the disclaimer reported above in determining the nature, timing, and extent of audit tests applied in our audit of the Ind AS financial statements of the Company for the year ended March 31, 2025, and the disclaimer has affected our opinion on the said Ind AS financial statements of the Company and we have issued a qualified opinion on the Ind AS financial statements of the Company.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company abased on our audit conducted in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the 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.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

Basis for Qualified Opinion

According to the information and explanations given to us and based on our audit, the following material weakness/es has / have been identified in the Companys internal financial controls over financial reporting as at March 31, 2025:

a) The Company did not have an appropriate internal control system for obtaining periodical confirmation of balances relating to trade receivables, trade payables, loans and advances, borrowings and current liabilities.

b) The Company did not have an appropriate internal control system for retrospective adjustment of prior period errors and omissions by restating the comparative amounts for prior period presented or, where the errors relate to the period (s) before the earliest prior period presented, restating the opening balance of assets, liabilities and equity for that period.

Qualified Opinion

In our opinion, to the best of our information and according to the explanations given to us, except for the possible effects of the material weaknesses described in Basis for Qualified Opinion paragraph above on the achievement of the objectives of the control criteria, the Company has maintained, in all material respects, adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as of March 31, 2025, based on the internal control over financial reporting criteria established by the Company considering the essential

A material weakness is a deficiency, or a combination of deficiencies, in internal financial control over financial reporting, such that there is a reasonable possibility that a material misstatement of the companys annual or interim financial statements will not be prevented or detected on a timely basis.omponents of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

We have considered the disclaimer reported above in determining the nature, timing, and extent of audit tests applied in our audit of the Ind AS financial statements of the Company for the year ended March 31, 2025, and the disclaimer has affected our opinion on the said Ind AS financial statements of the Company and we have issued a qualified opinion on the Ind AS financial statements of the Company.

Place: Mumbai	For Sunil Vankawala and Associates
Dated: 27.05.2025	Chartered Accountants
	Firm Registration No: 110616W
	(Sunil T. Vankawala)
	Proprietor
	Membership No. 033461
	UDIN:- 25033461BMNSIB6384