I've found on the Internet that NEC4WIN95VM's latest version was 3.2. There hasn't been another release past this version which means it's the latest one. However, NEC4WIN95VM might also be discontinued because on the website of the developers, there is nothing about the availability or status of the product and the only way to obtain a download or info about it is through email contact.
Use the following email to reach the developers of the application: support@orionmicroapps.com