India Home Loans Ltd Auditor Reports

To

The Members of

INDIA HOME LOAN LIMITED

[CIN: L65910MH1990PLC059499]

Mumbai

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying Financial Statements of INDIA HOME LOAN LIMITED (the "Company"), which comprise the Balance Sheet as at March 31, 2023, 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 (hereinafter referred to as the "Financial Statements").

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 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 March 31, 2023, the 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), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors 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 together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and ICAIs 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.

Emphasis of Matter

1. In light of the non-availability of the comfort given to HFCs during COVID times and the backlash thereof, in the form of the underlying securities, in our opinion, we state that due to non-implementation of Omnifin, the classification of advances into NPA category is not clearly defined, due to which provisioning may not be accurate. To that extent, the companys income may be overstated (loss may be understated) and the NPAs as well as the provisions may be understated. We are not in a position to quantify the same in light of the above.

Our opinion is not modified in respect of this matter.

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 for the financial year ended March 31,2023. 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.

We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the Financial Statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Financial Statements.

Sr. No.	Key Audit Matter	Auditors Response
1	Recognition and measurement of Assets Held for Sale:	We have evaluated managements process and control around identification and measurement of underlying securities eligible for legal repossession.
	To mitigate the credit risk on financial assets, the Company seeks to use collateral, where possible as per the powers conferred on the HFC under SARFAESI act.	We have test checked the same with orders issued by appropriate authority under the SARFESI Act.
	In its normal course of business, the company does not physically repossess properties or other assets in its retail portfolio, but generally engages external or internal agents to recover funds generally at auctions to settle outstanding debt.	We have test checked the valuation reports of the underlying securities of the repossessed securities so as to verify whether assets held for sale has been measured at valued at lower of (i) fair value less cost to sell or (ii) principal outstanding, whichever is less, at the repossession date.
	Any surplus funds are returned to the customers/obligors. As a result of this practice, the residential properties under legal repossession processes are not recorded on the balance sheet and are treated as assets held for sale at (i) fair value less cost to sell or (ii) principal outstanding, whichever is less, at the repossession date.	We have verified the appropriateness of disclosure made by the company in relation with regards to Assets held for Sale.
2	Impact of COVID 19	The appropriateness of managements judgement was also independently reconsidered in respect of moratorium offered on the payment of instalments falling due between March 1,2020 and August 31,2020 to eligible borrowers.
	Novel Corona Virus (Covid -19) -A Pandemic as declared by WHO, has disrupted the social & economic structure and continues to affect people and businesses world-wide, causing various Governments to impose restrictions. Given the unique nature of the pandemic and the extent of its economic impact which depends on future developments including governmental and regulatory measures and the Companys responses thereto, the actual credit loss can be different than that being estimated.	Test checked the basis of historical loss rates used and moratorium as well as forecasts of future economic conditions.
	We have identified that the impact and uncertainty related to the Covid-19 pandemic as a key element and consideration for recognition and measurement of impairment of loans and advances on account of:	Read and assessed the specific disclosures made in the financial statements with regards to managements evaluation of the uncertainties arising from COVID-19 and its impact on ECL.
	- Application of RBI guidelines relating to COVID-19 Regulatory Package dated March 27, 2020, April 17, 2020 and May 23, 2020, on asset classification and provisioning;
	- Application of RBI Notification relating to Resolution Framework 2.0 for MSME resolution of Covid-19 related stress of MSMEs dated 5th May 2021.
	- Impact of the pandemic on the borrowers and their ability to repay their dues.
	- Short and Long-term macroeconomic effect on businesses and employment generation opportunities.
	Management, while calculating ECL that affects financial results, has taken into account its historical experience of losses, updated to reflect current conditions of pandemic and moratorium as well as forecasts of future economic conditions.

Other Matters

1. This report is to be read alongwith our Limited Review report dated 10th August, 2023.

2. The process of removing name of banks, of which the loans were repaid, from MCA Portal is pending as informed to us.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys management and Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the Financial Statements and our auditors 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 the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the 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 Companys Management and Board of Directors are responsible for the matters stated in section 134(5) of 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 the accounting principles generally accepted in India. 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 the 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 Management and Board of Directors are responsible for assessing the Companys 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.

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

Auditors 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 auditors 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 scepticism 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 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 section 143(3)(i) of the Act, 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 managements 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 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 inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors 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.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, make it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work: and (ii) to evaluate the effect of any identified misstatements in the financial statements.

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 for the financial year ended March 31, 2023, and are therefore the key audit matters. We describe these 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 adverse consequences of doing so would reasonably be expected to outwehigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. 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 companys balance sheet and the statement of profit and loss account 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 Ind AS specified under Section 133 of the Act, read with relevant rules issued there under;

e) On the basis of the written representations received from the directors taken on record by the Board of Directors, none of the directors is disqualified 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 over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A".

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.

ii. The Company does not have any long-term contracts, including derivative contracts having any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2023.

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 or entity, including foreign entity ("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 or entity, including foreign entity ("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 such audit procedures that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under both subclauses mentioned above contain any material mis-statement.

iv. The company has not proposed or declared any dividend during the year.

h) In our opinion, the remuneration paid / provided by the Company for its directors and manager for the year ended March 31, 2023 is in accordance with provision of section 197 read with Schedule V to the Act.

2. 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 Act, we give in the "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

For H K Shah Co.,

Chartered Accountants

FRN.: 109583W

K M Shah Partner

M.No.: 014711

Place: Ahmedabad

Date: 29^th May 2023

UDIN: 23014711BGXGVJ4690

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

Referred to in paragraph 1(f) under Report on other legal and regulatory requirements section of our modified report of even date to the members of INDIA HOME LOAN LIMITED

Report On The Internal Financial Controls With Reference To The Standalone Financial Statements Under Section 143(3)

(i) Of The Act

We have audited the internal financial controls over financial reporting of the Company as of March 31, 2023 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Qualified Opinion

In our opinion, to the best of our information and according to the explanations given to us, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the Company has, in all material respects, an adequate internal financial controls system over financial reporting with reference to the standalone financial statements and such internal financial controls over financial reporting were operating effectively as at March 31, 2023, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICA.

Basis for Qualified Opinion

1. The company is in the process of implementation of an NBFC industry-specific ERP software which is yet to be implemented for strengthening the internal controls.

Managements Responsibility For Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over 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 effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning Of Internal Financial Controls Over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide 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) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the financial statements.

Inherent Limitations Of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For H K Shah Co.,

Chartered Accountants

FRN.: 109583W

K M Shah Partner

M.No.: 014711

UDIN: 23014711BGXGVJ4690

Place: Ahmedabad

Date: 29^th May 2023

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 on Report on Other Legal and Regulatory Requirements of our report of even date)

(i) (a) A) The Company has maintained proper records showing full particulars, including quantitative details and situation

of property, plant and equipment and relevant details of right-of -use assets.

B) The Company has maintained proper records showing full particulars of intangible assets.

(b) Property Plant and Equipment have been physically verified by the management during the year and according to the information and explanation given to us, no material discrepancies were identified on such verification.

(c) According to the information and explanation given to us and on the basis of our examination of the records of the Company does not hold any immovable property in its own name. However, the company holds non-current asset held for sale which is acquired by the company through order of concerned court or taken peaceful possession from borrower for purpose of recovery of outstanding amount from concerned borrower.

( In Thousands)

Description of Property	Gross carrying value (?)	Held in name of	Whether promoter, Director or their relative or employee	Period held - Indicate range, where Appropriate	Reason for not being held in name of the company
Underlying securities (Assets held for sale)	3,66,430.49	Respective Borrowers	No	Various periods from the date of possession or symbolic possession under SARFAESI i.e. Since December 2021	Disclosures pursuant to RBI Notification - RBI/DOR/2021-22/86 DOR.SRT.REC.51/12 .04.048/2021-22 dated 24 September 2021.

(d) According to the information and explanation given to us, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets during the year and accordingly reporting under Clause 3 (i)(d) of the order is not applicable.

(e) According to the information and explanation given to us and on the basis of our examination of the records of the Company, no proceedings have been 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.

(ii) (a) The nature of the Companys business is such that it is not required to hold any inventories, accordingly, the reporting under clause 3 (ii) of the Order are not applicable.

(b) Since the sanctioned limits of Drop Line Overdraft Facility during the tenure of FY 2022-23 are not in excess of five crore rupees, the management of the company is of the opinion that the reporting under this clause is not applicable. Hence, we are unable to comment upon the same.

(iii) (a) The Companys principal business is to give loans. Therefore, reporting under Clause 3(iii)(a) of the order is not applicable.

(b) According to the information and explanations given to us, the Company has not provided any guarantees or given any security or advances in the nature of loan during the year.

(c) In respect of loans assets, the schedule of repayment of principal and payment of interest has been stipulated. The repayments or receipts are regular in most of the cases. However, please refer to Note Nos 2.12.5, 4, 32.6, 32.7 and 44 for additional information reported by the company. Having regard to the nature of the Companys business and the voluminous nature of loan transactions involved, it is not practicable to furnish entity wise list of loan assets where delinquencies in the repayment of principal and interest have been identified.

(d) The total amount overdue for more than ninety days, in respect of loans and advances in nature of loans including interest thereon, as at 315t March, 2023 is Rs. 24,682.19 /- thousands (excluding amounts corresponding to Assets Held for Sale). As explained and informed to us, reasonable steps have been taken by the company for recovery of principal and interest as stated in the applicable regulation and loan agreements.

(e) The Companys principal business is to give loans. Therefore, reporting under Clause 3(iii)(e) of the order is not applicable.

(f) According to the records of the Company examined by us, the Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year.

(iv) In our opinion and according to the information and explanations given to us, the company has not granted any loans, made investments or provided guarantee or securities that are covered under the provision of section 185 or 186 of the Act during the year. Accordingly reporting under Clause 3 (iv) of the order is not applicable.

(v) The Company has not accepted any deposits or amounts which are deemed deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under. And also, provision of section 73 to 76 and rules made there under are not applicable to the companies. According to the information and explanations given to us, no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.

(vi) According to information and explanation given to us and on the basis of examination of books of accounts, The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Companies Act, 2013 read with relevant rules thereunder. Accordingly, reporting under clause 3(vi) is not applicable.

(vii) According to the information and explanations given to us and on the basis of examination of books of account of the Company, in our opinion:

(a) Undisputed statutory dues including Goods and Services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, cess have generally been regularly deposited by the company.

Except those disclosed below, there are no undisputed amounts payable in respect of aforesaid statutory dues outstanding as at 31 March 2023 for a period of more than six months from the date they became payable.

( In Thousands)

Sr. No.	Name of the Statute	Nature of the Dues	Amount ()	Period to which the amount relates	Due Date	Date of Payment
1	Income Tax	Income Tax	8,805.82	AY 2022-23	31/10/2022	Unpaid

(b) There are no any statutory dues, as referred above, which have not been deposited on account of any dispute.

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income-tax Act, 1961 as income during the year.

(ix) According to the information and explanations given to us:

(a) The company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender, except as mentioned below -

( In Thousands)

Sr No	Nature of borrowing, including debt borrowing	Name of Lender*	Amount not paid on due date	Whether principal or interest	No of days delay or unpaid
1	Term Loan	Andhra Bank Loan Account	312.90	Interest	31.00
2	Term Loan	Bank Of Maharashtra Loan A/c	628.38	Interest	59.00
3	Term Loan	Bank Of Maharashtra Loan A/c	552.20	Interest	31.00
4	Term Loan	Canara Bank Loan Account	652.88	Interest	63.00
5	Term Loan	Canara Bank Loan Account	631.13	Interest	32.00
6	Term Loan	Canara Bank Loan Account	590.06	Interest	4.00
7	Term Loan	Canara Bank Loan Account	3,750.00	Principle	4.00
8	Term Loan	Hinduja Housing Finance	218.83	Interest	59.00
9	Term Loan	Hinduja Housing Finance	1,111.11	Principle	59.00
10	Term Loan	Hinduja Housing Finance	189.38	Interest	31.00
11	Term Loan	Hinduja Housing Finance	1,111.11	Principle	31.00
12	Term Loan	Hinduja Housing Finance 1	235.73	Interest	59.00
13	Term Loan	Hinduja Housing Finance 1	972.22	Principle	59.00
14	Term Loan	Hinduja Housing Finance 1	205.54	Interest	31.00
15	Term Loan	Hinduja Housing Finance 1	972.22	Principle	31.00
16	Term Loan	IDFC First Bank Limited 11%	238.95	Interest	59.00
17	Term Loan	IDFC First Bank Limited 11%	1,388.89	Principle	59.00
18	Term Loan	IDFC First Bank Limited 11%	219.29	Interest	31.00
19	Term Loan	IDFC First Bank Limited 11%	1,388.89	Principle	31.00
20	Term Loan	IDFC First Bank Limited 14%	1,828.55	Interest	59.00
21	Term Loan	IDFC First Bank Limited 14%	1,657.46	Interest	31.00
22	Term Loan	Mas Financial Services Ltd TL - 4A	74.87	Interest	70.00
23	Term Loan	Mas Financial Services Ltd TL - 4A	833.33	Principle	70.00
24	Term Loan	Mas Financial Services Ltd TL- 4A	67.38	Interest	39.00
25	Term Loan	Mas Financial Services Ltd TL - 4A	833.33	Principle	39.00
26	Term Loan	Mas Financial Services Ltd TL - 4A	103.59	Interest	11.00
27	Term Loan	Mas Financial Services Ltd TL - 4A	833.33	Principle	11.00
28	Term Loan	Mas Financial Services Ltd TL - 4B	74.87	Interest	70.00
29	Term Loan	Mas Financial Services Ltd TL - 4B	833.33	Principle	70.00
30	Term Loan	Mas Financial Services Ltd TL - 4B	67.38	Interest	39.00
31	Term Loan	Mas Financial Services Ltd TL - 4B	833.33	Principle	39.00
32	Term Loan	Mas Financial Services Ltd TL - 4B	84.02	Interest	11.00
33	Term Loan	Mas Financial Services Ltd TL - 4B	833.33	Principle	11.00
34	Term Loan	Mas Financial Services Ltd TL - 4C	77.28	Interest	65.00
35	Term Loan	Mas Financial Services Ltd TL - 4C	833.33	Principle	65.00
36	Term Loan	Mas Financial Services Ltd TL - 4C	67.38	Interest	35.00
37	Term Loan	Mas Financial Services Ltd TL - 4C	833.33	Principle	35.00
38	Term Loan	Mas Financial Services Ltd TL - 4C	149.38	Interest	6.00
39	Term Loan	Mas Financial Services Ltd TL - 4C	833.33	Principle	6.00
40	Term Loan	Mas Financial Services Ltd TL - 4D	77.28	Interest	65.00
41	Term Loan	Mas Financial Services Ltd TL - 4D	833.33	Principle	65.00
42	Term Loan	Mas Financial Services Ltd TL - 4D	67.38	Interest	35.00
43	Term Loan	Mas Financial Services Ltd TL - 4D	833.33	Principle	35.00
44	Term Loan	Mas Financial Services Ltd TL - 4D	100.46	Interest	6.00
45	Term Loan	Mas Financial Services Ltd TL - 4D	833.33	Principle	6.00
46	Term Loan	Mas Financial Services Ltd TL - 4E	74.47	Interest	49.00
47	Term Loan	Mas Financial Services Ltd TL - 4E	833.33	Principle	49.00
48	Term Loan	Mas Financial Services Ltd TL - 4E	60.50	Interest	21.00
49	Term Loan	Mas Financial Services Ltd TL - 4E	833.33	Principle	21.00
45	Term Loan	Mas Financial Services Ltd TL - 4D	833.33	Principle	6.00
50	Term Loan	Mas Financial Services Ltd TL - 5A	1.44	Interest	65.00
51	Term Loan	Mas Financial Services Ltd TL - 5A	333.33	Principle	65.00
52	Term Loan	Mas Financial Services Ltd TL - 5A	34.78	Interest	35.00
53	Term Loan	Mas Financial Services Ltd TL - 5A	333.33	Principle	35.00
54	Term Loan	Mas Financial Services Ltd TL - 5A	29.75	Interest	7.00
55	Term Loan	Mas Financial Services Ltd TL - 5A	333.33	Principle	7.00
56	Term Loan	Mas Financial Services Ltd TL - 5B	209.62	Interest	70.00
57	Term Loan	Mas Financial Services Ltd TL - 5B	1,666.67	Principle	70.00
58	Term Loan	Mas Financial Services Ltd TL - 5B	194.65	Interest	39.00
59	Term Loan	Mas Financial Services Ltd TL - 5B	1,666.67	Principle	39.00
60	Term Loan	Mas Financial Services Ltd TL - 5B	263.45	Interest	11.00
61	Term Loan	Mas Financial Services Ltd TL - 5B	1,666.67	Principle	11.00
62	Term Loan	Mas Financial Services Ltd TL - 5C	143.44	Interest	65.00
63	Term Loan	Mas Financial Services Ltd TL -5C	833.33	Principle	65.00
64	Term Loan	Mas Financial Services Ltd TL - 5C	123.16	Interest	34.00
65	Term Loan	Mas Financial Services Ltd TL - 5C	833.33	Principle	34.00
66	Term Loan	Mas Financial Services Ltd TL - 5C	108.26	Interest	7.00
67	Term Loan	Mas Financial Services Ltd TL - 5C	833.33	Principle	7.00
68	Term Loan	Mas Financial Services Ltd IL - 6A	1,000.00	Principle	65.00
69	Term Loan	Mas Financial Services Ltd IL - 6A	114.76	Interest	65.00
70	Term Loan	Mas Financial Services Ltd IL - 6A	1,000.00	Principle	34.00
71	Term Loan	Mas Financial Services Ltd IL - 6A	95.64	Interest	34.00
72	Term Loan	Mas Financial Services Ltd IL - 6A	1,000.00	Principle	7.00
73	Term Loan	Mas Financial Services Ltd IL - 6A	137.32	Interest	7.00
74	Term Loan	SBI Loan A/c	2,118.92	Principle	2.00
75	Term Loan	South Indian Bank Loan Account	749.47	Principle	59.00
76	Term Loan	South Indian Bank Loan Account	16.39	Interest	59.00
77	Term Loan	South Indian Bank Loan Account	707.65	Principle	31.00
78	Term Loan	South Indian Bank Loan Account	12.55	Interest	31.00
79	Term Loan	South Indian Bank Loan Account	15.23	Interest	3.00
80	Term Loan	UCO Bank Loan	1,666.67	Principle	59.00
81	Term Loan	UCO Bank Loan	113.72	Interest	59.00
82	Term Loan	UCO Bank Loan	1,764.36	Principle	31.00
83	Term Loan	UCO Bank Loan	102.79	Interest	31.00
84	Term Loan	UCO Bank Loan	1,666.67	Principle	3.00
85	Term Loan	UCO Bank Loan	109.89	Interest	3.00

(b) The company has not declared willful defaulter by the bank or financial institution or other Lender.

(c) The company had applied term loans for the purpose for which the loans were obtained.

(d) The company has not utilized the funds raised for short term basis for long term purpose.

(e) The company does not have any subsidiary, associate or joint venture and accordingly reporting under clause 3(ix)(e) is not applicable.

(f) The company does not have any subsidiary, associate or joint venture and accordingly reporting under clause 3(ix)(e) is not applicable.

(x) (a) The company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, reporting under clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, reporting under clause 3(x)(b) of the Order is not applicable.

(xi) (a) According to the information and explanations given to us, no fraud by the company or any fraud on the company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle blower complaints received by the company during the year.

(xii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company is not a Nidhi Company. Accordingly, reporting under clause 3 (xii) of the Order is not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act where applicable and the details have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) In our opinion:

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

(b) We have considered the internal audit reports of the company issued for the period under audit.

(xv) In our opinion and according to the information and explanations given to us, the company has not entered into any noncash trans-actions with directors or persons connected with him.

(xvi) In our opinion,

(a) The Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

(b) According to information and explanation given to us, the company has conducted Housing Finance activities with a valid Certificate of Registration (CoR) from National Housing Bank/the Reserve Bank of India as per the Reserve Bank of India Act, 1934.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.

(d) The Group does not have not more than one CIC as part of the Group. Accordingly, the requirements of clause 3(xvi)

(d) are not applicable.

(xvii) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company, The Company has not incurred cash losses in current financial year or in immediately preceding financial year.

(xviii) According to the information and explanations given to us and on the basis of our examination of records of the Company, there has been no resignation of statutory auditor during the year.

(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that the Company is not capable of meeting its liabilities, except the non-redemption of NCD having principal amount of Rs. 20 crores which was due on 31st June, 2023, existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) In our opinion and according to the information and explanations given to us, the Company is not required to spent any amount towards the Corporate Social Responsibility as per Section 135 of the Companies Act, 2013. Accordingly, clause 3(xx) of the Order is not applicable.

(xxi) The company is not required to prepare consolidated financial statement. Accordingly, clause 3(xxi) of the order is not applicable.

For H K Shah Co.,

Chartered Accountants

FRN.: 109583W

K M Shah Partner

M.No.: 014711

UDIN: 23014711BGXGVJ4690

Place: Ahmedabad

Date: 29^th May 2023