We have audited the standalone financial statements of Classic Leasing & Finance Limited ('the Company') which
comprise the Balance Sheet as at 31* March, 2024, the Statement of Profit and Loss for the year ended or, that date, the
Cash I low statement for the year ended on that date, the Statement of Changes in Equity and Notes to the Financial
Statements including a summary of significant accounting policies and other explanatory information.

In oar opinion and to the best of our information and according to the explanations given to us, except for effects of
the matters described in the Basic for Qualified C pinion paragraph, the aforesaid standalone financial statements give the
information required by the Companies Act, 2013 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
(Ind an Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally
accented in .ndia of the state of affairs of the Company as at 31* March, 2024, its Profit for the year ended on tnat date
ami its cash flows for the year ended on that da:e.

Basis for Opinion

. '^Ve conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(lt) of the
Compcnies Act, 2013. Our responsibilities under those Standards are further described ir 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 oy 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 Companies
Act, 2013 .ind the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance wi-Ji these
requirements and the Code of Ethics. We balieve that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

Basic for Qualified Opinion

I The company has prepared accounts under 'Ind AS ’ during the year under audit but in absence of relevant infatuation
oj the Investee Company uv arc unable to quantify the figures so ns to measure the fair value of investments.

2. 1 he company has not provided for the cont ngent liability to the tune of Rs.245.32 cr. for corporate guarantee given for

. M/$ Kohinoor Steel Private Limited which is Under CIRP process.

c. In respect of matters specified in sub pare graph above, from the available information we arc uinble to express our
opinion as to extend of their effect on the prefit for the year ended and net assets as at 31.03.2024.

*

Key Audit Matters

Key audit nutters are those matters that, in out 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 standalone
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these natteis. Apart from the matters described in the Basis for Qualified Opinion paragraph and Material
Uncertainty related to going concern section, we have also determined the matters described bebw to be -lie key
others rudit matters to be communicated in our report.

Reporting of divestment at Fair Value as per IND AS- the Company could not determine the fair value of invest mods as

required under IND AS in absence of the complete dr ta of the investee company.

.m)330054c|^*\

. Information other than the Standalone Financial Statements and Auditors' Report thereon

The Company s Board of Directors is responsible for the other information. The other information comprises the
.. information included in the Board's Report including the Annexures to the Board's Report, but does not include the
* fnancial 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 standalone 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 in the audit, or otherwise appears to be
materially misstated.

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

Responsibilities of Management and Those Charged with Governance for the Standalone 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 standalone financial statements that give a true and fair view of
the financial position, financial performance, and cash flows of the Company in accordance with the Ind AS and other
amounting principles generally accepted in India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of tire Act for safeguarding of 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, the Board of Directors 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 the Board of Directors 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.

- A uditor's Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
materia] 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 pail 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 resullingJjOjJj*^,
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis^^s.^AcA
misrepresentations, or the override of internal control. t '

v£\ n*** /&

• Obtain an understanding of internal control rdevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under iectior 143(3)(i) of the Companies Act, 2013, we are also responsible for

- expressing c*ur opinion on whether the cc-mpar y has adequate internal financial controls system in place and the

- operating effectiveness of such controls.

• Evaluate tire appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management

• Conclude on the appropriateness of manageir.e t'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 cond tions that may cast
significant doubt on the Company's ab lity t continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw addition in our auditor's report to the related disclosures in the
financial statements or, it such disclosures are ladequate, to modify our opinion. Our conc.usions are based on
the audit evidence obtained up to the date of nur 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 ard content of the financial statements, including the disclosures, and
whether the financial statements represert the nderlying transactions and events in a manrer that achieves fair
presentation.

We communicate with those charged with governance regarding, among other matters, the r>lanr*?d scope and timing
of the audit and significant audit findings, inducin' any significant deficiencies in internal con.rol that we identify

• during our audit

We also provide those charged with governance with a statement that we have complied with lelevant ethical

• requirements regarding independence, and to com nunicate with them all relationships anti other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those c largec with governance, we determine those matter s 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 anless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we defcermir*? 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 o- the Act, and on the basis of such checks of the books and records
of the Company as we considered appropiiate a id according ^fo the information and explanations given to us, we
give, in the A nnexure A, a statement on the matters specified in paragraph 3 and 4 of the Order.

2. As required by section 143 (3) of the Act, W2 repet that:

a. We have sought and obtained all the inforr ation and explanations, which to the best of our knowledge and
belief were necessary for the purposes of cu* audit;

b. In our opinion, proper books of account ar- 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 and the Cash Flow Statement dealt wi h by this Ro₍^rrt are

. in agreement with the books of accour ts; ^

the Ind AS specified

' record"b^e^dTff °" ³¹" ^March' ²⁰²⁴' ^{and ta}^n on

appointed as a director in terms of section 164(2) of the Act; * ** °ⁿ M" ^{March/ 2024/ from} **'"8

‘ S5“^-“-^^^s=rs^

" The Company doe, no, have any pending litigation, which would impact it, financial statements;

^ ^SyTa"^!lo^,^^r^g'^{,Crm C}°^n,,aC,S '"^dUdi"⁸ * ^f“ •» «Ý»

bythe'onnpcny."" ^,eqUircd '° ** ^,r*"^Sf™^d *° «» <*-« Eduction and

®^cor Aganval Khetan & Co.

Chartered Accountants
FRN: 3300ME

(Ritesh Aganval)
Partner

nace :Kol<ata Membership No. 311866

Dated : The 28^,h day of May, 2024.

UDIN ; 24311866BKEXVU1543