We have audited the accompanying Ind AS financial statements of Helpage Finlease Limited
(“the Company”), which comprise the Balance Sheet as at March 31, 2025, and the Statement of
Profit and Loss, including the 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 significant 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 Ind AS financial statements give the information required by the Companies Act,
2013 (“the Act") in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2025, its loss including other comprehensive income, its cash flows and the changes
in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS financial statements in accordance with the Standards on
Auditing (SAs) specified under section 43 of the Companies Act, 2013. Our responsibilities order
those Standards are further described in the Auditor’s Responsibilities for the Audit of the Ind
AS 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 Companies Act, 2013 and the Rules there under, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.

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. Based
on our checks and on the basis of information and explanation from the management we have
determined that there are no key audit matters to be communicated in our report.

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

Our opinion on the Ind AS 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 Ind AS 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 Ind AS financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.

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

Responsibilities of Management for the Ind AS 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 Ind AS financial
statements that give a true and fair view of the financial position, financial performance
including comprehensive income, and cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards {Ind AS} specified under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended.

This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the 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 IND AS financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

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

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

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
mis statement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

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

• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion There is kofnot
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section143(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.

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

• 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 disclose in the standalone financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.

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

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant

deficiencies in internal control that we identify during our audit.

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

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 the Annexure1 a statement on the matters specified in paragraphs 3 and
4 of the 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, Statement of Changes in equity and the Cash Flow Statement dealt with by this
report are in agreement with the books of account.

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

e. On the basis of the written representations received from the directors as on 31st March,
2024 taken on record by the Board of Directors, none of the directors is disqualified as on
31st March, 2025 from being appointed as a director in terms of Section 164 (2) of the
Act.

f. With respect to the adequacy of internal financial controls over financial reporting of the
company and the operating effectiveness of such controls, refer to our separate Reporting
Annexure2. Our report expresses an unmodified opinion on the adequacy and
effectiveness of the Company’s internal financial controls over financial reporting.

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

i. The Company does not have any pending litigation which would impact its financial
position.

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
Education and Fund by the Company.

iv. (a) The management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loan or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to any persons or
entities, 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 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 have been received by the Company from any persons or entities, including
foreign entities (“intermediaries"), 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 Beneficiary.

(c) Based on such audit procedures that we have considered appropriate in the
circumstances nothing has come to our notice that has caused us to believe that the
representations under paragraphs (iv)(a) and (b) above contain any material miss-
statement.

v. The Company has not declared or paid dividend during the year.

vi. Proviso to Rule 3(1) of the companies (Accounts) Rules, 2014 for maintaining books
of accounts using accounting software which has a feature of recording of Audit trail
(edit log) facility is applicable to the company with effect from April 1, 2024, and
accordingly, reporting under rule 11(g) of companies (Audit and Auditors) Rules,
2014 is not applicable for the financial year ended March 31,2025.

For R C Agarwal & Co.

Chartered Accountants

FRN: 003175N

Sd/-

Pravin Kumar Jha

(Partner)

Membership No.: 506375

Place: New Delhi

Date: 26/05/2025

UDIN: 25506375BMJJOD4150