Libord Finance Ltd Auditor Reports

To

The Members of Libord Finance Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompany ing Standalone Ind AS financial statements of Libord Finance Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2023 and the Statement of Prof it and Loss (including Other Comprehensiv e Income), the Statement of Changes in Equity and the Statement of Cash Flows for the y ear then ended, and notes to the Standalone Ind AS f i financial statements, including a summary of significantaccounting policies and other explanatory information for the y ear ended o n that date.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS financial statements giv e the information required by the Companies Act, 2013 in the manner so required and giv e a true and fair view in conformity with the accounting principles generally accepted in India, of the state of af f airs of the Company as at March 31, 2023, the prof it and total comprehensiv e loss, changes in equity and its cash f lows for the y ear ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specif ied under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics is sued by the Institute of Chartered Accountants of India together with the ethical requirements that are relev ant to our audit of the Standalone Ind AS financial statements under the prov ision of the Companies Act, 2013 and the Rules thereunder, and we have f ulf illed ou r other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believ e that the audit ev idence we have obtained is suf f icient and appropriate to prov ide a basis for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our prof essional judgment, were of most signif icance in our audit of the standal one financial statements for the y ear ended March 31, 2023. 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 prov ide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters in our audit of the Company for the y ear ended March 31, 2023.

Fair Value of Investment

The Companys investments (other than investment in Associates and Group Companies) are measured at fair value at each reporting date.

Auditors Response

We have assessed the Companys process to compute the fair value of v arious inv estments. For quoted instruments we have independently obtained market quotations and the fair valuation thereof .

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Directors Report (including annexures), but does not include the standalone financial statements and our auditors report thereon.

Our opinion on the standalone financial statements does not cov er the other information and we do not express any form of ass urance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge o btained 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 requir ed to report that f act. We have nothing to report in this regard.

Responsibility of Management and Those Charged with Governance for the Standalone Ind AS Financial Statements

The Companys 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 Ind AS financial statements that giv e a true and fair v iew of the financial position, financial performance, changes in equity and cash f lows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specif ied 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 of the assets of the Company and for prev enting and detecting f rauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal f in ancial controls, that were operating ef f ectively for ensuring the accuracy and completeness of the accounting records, relev ant to the preparation and presentation of the Standalone Ind AS financial statement that giv e a true and fair v iew and are f ree from ma terial misstatement, whether due to f raud or error.

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

Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectiv es are to obtain reasonable assurance about whether the financial statements as a whole are f ree from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high lev el of assurance, but it is not a guarantee that an audit conducted in accordance with SAs will alway s detect a material misstatement when it exists. Misstatements can arise from f raud or error and are considered material if , indiv idually or in the aggregate, they could reasonably be expected to inf luence the economic dec isions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise prof essional judgement and maintain prof essional skepticism throughou t the audit. We also:

Identif y and assess the risks of material misstatement of the financial statements, whether due to f raud or error, design and perform audit procedures responsiv e to those risks, and obtain audit ev idence that is suf f icient and appropriate to prov ide a basis for our opinion. The risk of not detecting a material misstatement resulting from f raud is higher than for one resulting from error, as f raud may inv olv e collusion, forgery , intentional omissions, misrepresentations, or the ov erride of internal control.

Obtain an understanding of internal control relev ant 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 sy stem in place and the operating ef f ectiv eness of such controls.

Ev aluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit ev idence obtained, whether a material uncertainty exists related to ev ents or conditions that may cast significantdoubt on t he 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 inadequa te, to modif y our opinion. Our conclusions are based on the audit ev idence obtained up to the date of our auditors report.

Ev aluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underly ing transactions and ev ents in a manner that achiev es fair presentation.

We communicate with those charged with gov ernance regarding, among other matters, the planned scope and timing of the audit a nd significantaudit f indings, including any significantdef iciencies in internal control that we identif y during our audit.

We also prov ide those charged with gov ernance with a statement that we have complied with relev ant ethical requirements regar ding 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 saf eguards.

From the matters communicated with those charged with gov ernance, we determine those matters that were of most signif icance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe t hese matters in our auditors 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 adv erse consequences of doing so would reason ably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors 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 "Annexure A" a statement on the matters specif ied in paragraphs 3 and 4 of the Order, to the extent applicable.

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 f ar as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Prof it and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specif ied under Section 13 3 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations receiv ed from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualif ied as on March 31, 2023 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 ov er financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditors 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 litigations which would impact its financial position except as stated otherwise.

ii) The Company does not have any long-term contracts including deriv ativ e contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

iii) There has not been an occasion in case of the Company during the y ear under report to transf er any sums to the Inv estor Education and Protection Fund. The question of delay in transf erring such sums does not arise.

iv ) According to the information and explanations given by the management and to the best of our belief we report that:

(a) No funds have been adv anced or loaned or inv ested by the company to or in any other person(s) or entities, including foreign entities ("Intermediaries"), with the understanding that the intermediary shall whether directly or indirectly lend or inv est in other persons or entities identif ied in any manner by or on behalf of the company (Ultimate Benef iciaries) or prov ide any guarantee, security or the like on behalf of ultimate benef iciaries.

(b) No funds have been receiv ed by the company from any person(s) or entities, including foreign entities ("Funding Parties"), with the understanding that the company shall whether, directly or indirectly , lend or inv est in other persons or entities identif ied in any manner whatsoev er by or on behalf of the funding party (Ultimate Benef iciaries) or prov ide guarantee, security or the like on behalf of the Ultimate benef iciaries.

(c) Based on the audit procedure performed, we report that nothing has come to our notice that has caused us to believ e that the representation given under sub-clause (a) & (b) by the management contains any material mis -statement.

v ) The Company has not declared and paid any div idend during the y ear.

	For Mehta Singhv i & Associates
	Chartered Accountants
	Firm Registration No: 122217W
Place: Mumbai	Rajendra C. Singhv i
Date: May 24, 2023	Partner
UDIN: 23016884BGQRML6846	Membership No: 016884

Annexure A referred to in paragraph 1 of the section on "Report on Other Legal and Regulatory Requirements" of our report of even date. To The Members of Libord Finance Limited

(i) (a) (A) The Company has maintained proper records showing f ull particulars, including quantitativ e details and situation of Property , Plant and Equipment. (B) The Company has maintained proper records showing f ull particulars of intangible assets.

(b) As explained to us, the Property , Plant and Equipment have been phy sically v erified by the management at reasonable interv als during the y ear and no material discrepancies were noticed on v erif ication.

(c) According to the records of the company examined by us and as per information and explanations given to us, the Company does not have any immov able property . Thus, paragraph 3(i)(c) of the Order is not applicable to the company .

(d) The company has not revalued its Property , Plant and Equipment (including Right of Use assets) or intangible assets or both during the y ear.

(e) There are no proceedings initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,1988 (45 of 1988) and rules made thereunder. Thus, paragraph 3(i) (e) of the Order is not applicable to the Company .

(ii) (a) The Company is a serv ice company . Accordingly , it does not hold any phy sical inv entories. Thus, paragraph 3(ii) (a) of the Order is not applicable to the Company .

(b) The company has not been sanctioned any working capital limits during the y ear under rev iew. Thus, paragraph 3(ii) (b) of the Order is not applicable to the Company .

(iii) (a) According to the information and explanations given to us, during the y ear the Company is a Non-Banking Finance Company and therefore paragraph 3

(iii) (a) of the Order is not applicable to the Company .

(b) The Company has not made any inv estment or guarantee in the nature of loans in any entity .

(c) The loans and advances in the nature of loans and the schedule of repay ment of Principal and pay ment of interest has been stipulated and repay ments and receipts are regular.

(d) There is no amount ov erdue for more than ninety day s.

(e) The Company has not granted any loan to settle the ov erdues.

(f ) The Company has granted loans repay able on demand.

(iv ) In our opinion and according to the information and explanations given to us, there are no loans, inv estments, guarantees and securities given in respect of provisions of section 185 and 186 of the Companies Act 2013 and the rules f ramed thereunder. Therefore, the prov ision of paragraph 3(iv ) of the Order is not applicable to the Company .

(v ) According to the information and explanations given to us, the Company has not accepted any deposits or amounts which are deemed to be deposits cov ered under directiv es issued by the Reserv e Bank of India and the provisions of section 73 to 76 of the Companies Act, 2013 and the rules f ramed thereunder. Therefore, the prov ision of paragraph 3(v ) of the Order is not applicable to the Company .

(v i) To the best of our knowledge and as explained, the Central Gov ernment has not prescribed the maintenance of cost records under sub-section (1) of Section 148 of the Act, as the Company is a serv ice company . Therefore, the prov ision of paragraph 3(v i) of the Order is not applicable to the Company .

(v ii) (a) According to the records of the Company and the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Goods and Service Tax (GST), Provident Fund, Employees State

Insurance, Income Tax, Sales Tax, Serv ice Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and any other statutory dues to the applicable appropriate authorities.

(b) According to the information and explanations given to us, there are no dues of Goods and Serv ice Tax (GST), Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess which have not been deposited on account of any dispute.

(v iii) There are no transactions which have not been recorded in the books of accounts that are surrendered or disclosed as income during the y ear in the tax assessments under the Income Tax Act, 1961 (43 of 1961). Therefore, the prov ision of paragraph 3(v iii) of the Order is not applicable to the Company .

(ix) (a) According to the information and explanations given by the management, the Company did not have any loans or other borrowings or pay ment of interest thereon to any lender. Hence, reporting requirements under paragraph 3

(ix) (a) of the Order is not applicable to the Company .

(b) According to the information and explanations given by the management, the Company has not been declared as wil lf ul def aulter by any bank or financial institution or other lender. Hence, reporting requirements under paragraph 3

(ix) (b) of t he Order is not applicable to the Company .

(c) According to the information and explanations given by the management, the Company has not applied for any term loan. Hence, reporting requirements under paragraph 3 (ix) (c) of the Order is not applicable to the Company .

(d) According to the information and explanations given by the management, the Company has not raised any f und on short term basis. Hence, reporting requirements under paragraph 3 (ix) (d) of the Order is not applicable to the Company .

(e) According to the information and explanations given by the management, the Company has not taken any funds from any entity or person on account ofor to meet the obligations of its subsidiaries, associates or joint v entures. Hence, reporting requirements under paragraph 3 (ix) (e) of the Order is not applicable to the Company .

(f ) According to the information and explanations given by the management, the Company has not raised loans during the y ear on the pledge of securities held in its subsidiaries, joint v entures or associate companies. Hence, reporting requirements under paragraph 3

(ix) (f ) of the Order is not applicable to the Company .

(x) (a) According to the records of the company examined by us and as per the information and explanations given to us, the Company did not raise any money by way of initial public of f er or f urther public of f er (including debt instruments) during the y ear. Hence, reporting requirements under paragraph 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and on an overall examination of the balance sheet, the Company has not made any pref erential allotment or priv ate placement of shares or conv ertible debentures (fully , partially or optionally conv ertible) during the y ear under review and hence, reporting requirements under paragraph 3(x)(b) are not applicable to the Company .

(xi) (a) According to the information and explanations given to us, no any f raud by the Company or on the Company has been noticed or reported during the y ear.

(b) There are no reports under sub-section (12) of section 143 of the Companies Act f iled by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Gov ernment.

(c) The auditor has not receiv ed any whistle-blower complaints during the y ear by the company .

(xii) In our opinion according to the information and explanations given to us, the company is not a Nidhi Company and hence paragraph 3 (xii) of the Order is not applicable to the Company .

(xiii) In our opinion according to the information and explanations given to us, there are no transactions as cov ered under section 188 of Companies Act and hence paragraph 3 (xiii) of the Order is not applicable to the Company .

(xiv ) (a) The company has an internal audit sy stem commensurate with the size and nature of its business.

(b) The reports of Internal Auditors for the period under audit were considered by the statutory auditor.

(xv ) According to the records of the company examined by us and as per the information and explanations given to us , the company has not entered into any non-cash transactions with directors or persons connected with him and thus provisions of section 192 of Companies Act was not required to comply .

(xv i) (a) In our opinion and as per information and explanation given to us, the Company is required to be registered under section 45-IA of the Reserv e Bank of India Act, 1934 and the registration has been obtained.

(b) In our opinion and as per information and explanation given to us, t he company is a NBFC company and has conducted Non- Banking Financial activ ities.

(c) In our opinion and as per information and explanation given to us, the Company is not a Core Inv estment Company (CIC) as def ined in the regulations made by the Reserv e Bank of India. (d) In our opinion and as per information and explanation given to us, the Company is not belonging to the group having Core Inv estment Company (CIC).

(xv ii) According to the records of the company examined by us and as per the information and explanations given to us, the company has neither incurred cash losses in the current financial y ear nor in the immediately preceding financial y ear.

(xv iii) The statutory auditor has not resigned the company during the y ear under rev iew.

(xix) According to the records of the company examined by us and as per the information and explanations given to us and as part of our opinion that no material uncertainty exists as on the date of audit report and that company is capable of meeting its liabilities existing at the date of balance sheet as and when they f all due within a period of one y ear from the balance sheet date on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and pay ment of financial liabilities, other information accompanying the financial statements, the auditors knowledge of the Board of Directors and management plans.

(xx) According to the records of the company examined by us and as per the information and explanations given to us and as part of our opinion, the company is below the threshold limit prescribed under section 135(1) of Companies Act, 2013 and thus the company is not required to make any CSR expenditure and accordingly paragraph 3 (xx) of the Order is not applicable to the Company .

(xxi) According to the records of the company examined by us and as per the information and explanations given to us , there are no any qualifications or adverse remarks as per Companies (Auditors Report) Order (CARO) report.

	For Mehta Singhv i & Associates
	Chartered Accountants
	Firm Registration No: 122217W
Place: Mumbai	Rajendra C. Singhv i
Date: May 24, 2023	Partner
UDIN: 23016884BGQRML6846	Membership No: 016884

Annexure B referred to in paragraph 2 (f) of the section on "Report on Other Legal and Regulatory Requirements" of our report of even date

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

To

The Members of Libord Finance Limited

We have audited the internal financial controls over financial reporting of Libord Finance Limited ("the Company") as of March 31, 2023 which is based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 f ramework) (the COSO 2013 criteria) in conjunction with our audit of the standalone financial statements of the Company for the y ear ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal co ntrol ov er financial reporting criteria established under the COSO 2013 criteria which considers the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Ov er 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 ef f ectively for ensuring the orderly and ef f icient conduct of its business, including adherence to the Co mpanys policies, the saf eguarding of its assets, the prev ention and detection of f rauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 20 13.

Auditors Responsibility

Our responsibility is to express an opinion on the Company s internal financial controls ov er financial reporting based on ou r audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Ov er Financial Reporting (the "Guidance Note") and the Standards on Auditing as specif ied under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable as surance about whether adequate internal financial controls ov er financial reporting was established and maintained and if such controls operated ef f ectiv ely in all material respects.

Our audit inv olv es performing procedures to obtain audit ev idence about the adequacy of the internal financial controls sy ste m over financial reporting and their operating ef f ectiveness. Our audit of internal financial controls ov er financial reporting included obtaining an understanding of internal financial controls ov er financial reporting, assessing the risk that a material weakness exists, and testing and ev aluating the design and operating ef f ectiveness of internal control based on the assessed risk. The procedures selected dep end on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, wheth er due to f raud or error. We believ e that the audit ev idence we have obtained is suf f icient and appropriate to prov ide a basis for our audit opinion on the internal financial controls sy stem ov er financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company s internal financial control ov er financial reporting is a process designed to prov ide reasonable assurance regardi ng the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company s internal financial control ov er financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, acc urately and f airly reflect the transactions and dispositions of the assets of the company ; (2) prov ide 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 authorizations of management and directors of the company ; and (3) prov ide reasonable assurance regarding prev ention or timely detection of unauthorised acquisition, use, or disposition of the company s assets that could have a material ef f ect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls ov er financial reporting, including the possibility of collusion or improper management ov erride of controls, material misstatements due to error or f raud may occur and not be detected. Also, projections of any evaluation of the internal financial controls ov er financial reporting to f uture periods are subject to the risk that the internal financial control ov er financial reporting may become inadequate because of changes in conditions, or that the degree of compliance wit h the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls sy stem ov er financial repo rting and such internal financial controls ov er financial reporting were operating ef f ectively as at March 31, 2023, based on the internal control ov er financial reporting in COSO 2013, criteria considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Ov er Financial Reporting issued by the Institute of Chartered Accountants of India.

For Mehta Singhv i & Associates Chartered Accountants

Firm Registration No: 122217W

Place : Mumbai	Rajendra C. Singhv i
Date : May 24, 2023	Partner
UDIN : 23016884BGQRML6846	Membership No: 016884