We have audited the accompanying financial statements of Ushakiran Finance
Limited (“the Company”), which comprise the Balance Sheet as at 31^st March,
2024, 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
material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the
explanations given to us, 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 (Indian
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 31^st March, 2024 and its profit and total comprehensive income, changes in
equity and its cash flows 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
Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor's Responsibilities for the Audit of the financial
statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (ICAI) together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the
Companies Act, 2013 and the Rules made 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 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.

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

The Company's Board of Directors is responsible for other information. The
other information comprises the information included in the Directors' report
and Management Discussion and Analysis Report but does not include the
Ind AS financial statements and our auditor's report thereon.

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

In connection with our audit of the financial statements, our responsibility is to
read the other information and, in doing so, consider whether such 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.

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 board of directors for the financial
statements

The Company's Board of Directors is 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 Ind AS and other accounting principles generally accepted in India, including
the accounting Standards specified in the Companies (Indian Accounting
Standards) Rules, 2015 (as amended) 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 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.

Those Board of Directors are also 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:

a) 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.

b) Obtain an understanding of internal financial control relevant to the audit in
order to design audit procedures that are appropriate in the circumstances.
Under section 143(3)(i) of the Companies Act, 2013, 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.

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

d) Conclude on the appropriateness of management's use of the going
concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may
cause the Company to cease to continue as a going concern.

e) 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 (Auditor's Report) Order, 2020, (“the Order”)
issued by the Central Government of India in terms of sub-section (11) of
section 143 of the Companies Act, 2013, we give in “Annexure A”, to this
Report, a statement on the matters specified in paragraphs 3 and 4 of the
said Order, to the extent applicable.

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

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

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

c) The Balance Sheet, the Statement of Profit and Loss including other
comprehensive income, the Cash Flow Statement and the Statement of
Changes in Equity dealt with by this report are in agreement with the
books of account.

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

e) On the basis of the written representations received from the directors
as on 31^st March, 2024 taken on record by the Board of Directors, none
of the directors is disqualified as on 31^st March, 2024 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 over
financial reporting of the Company and the operating effectiveness of
such controls, refer to our separate Report in “Annexure B”. Our report
expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls with reference
to financial reporting.

g) With respect to the other matters to be included in the Auditor's Report in
accordance with the requirements of section 197(16) of the Act, 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/Manager during the year is in accordance with the
provisions of section 197 of the Act.

h) 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 information and explanations given to us:

(i) The Company do not have pending litigations which would impact
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 are no funds, required to be transferred, to the Investor
Education and Protection Fund by the Company.

(iv) (a) The Management has represented that, to the best of its
knowledge and belief, no funds (which are material either individually
or in the aggregate) have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person(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.
(b) The Management has represented, that, to the best of its
knowledge and belief, no funds (which are material either

individually or in the aggregate) 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.

(c) 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), as provided under (a) and (b) above, contain any material
misstatement.

(v) The company hasn't declared any dividend and hence the provisions

of the section 123 of the Companies Act is not applicable.

(vi) Based on our examination which included test checks, the Company
has used accounting software for maintaining its books of account
which has a feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions
recorded in the software. Further, during the course of our audit we
did not come across any instance of audit trail feature being
tampered with.

For NSVR & ASSOCIATES LLP
Chartered Accountants
Firm Regn No: 008801S/S200060

(V Gangadhara Rao N)
Partner

Place : Hyderabad Membership No:219486

D_at_e : 25 ^th M_ay, 2024 UDIN: 24219486BKFBAI16854