Independent Auditor’s Report

To the Members of Ashiana Housing Limited

Report on the Standalone Financial StatementsOpinion

We have audited the accompanying standalone financial statements
of Ashiana Housing Limited ('the Company'), which comprise the
Balance Sheet as at 31 March 2023, the Statement of Profit and
Loss (including Other Comprehensive Income), Statement of Changes
in Equity and Statement of Cash Flow 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 financial statements give
the information required by the Companies Act, 2013 ('Act') in the
manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India including Indian
Accounting Standards ('Ind AS') specified under section 133 of the
Act, of the state of affairs (financial position) of the Company as at
March 31, 2023, and profit (financial performance 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 in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Act. Our responsibilities
under those Standards are further described in 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 by the Institute of Chartered Accountants
of India ('ICAI') together with the ethical requirements that are

relevant to our audit of the standalone financial statements under the
provisions of the Companies Act, 2013 and the Rules thereunder,
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. For each matter
below, our description of how our audit addressed the matter is
provided in that context.

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 Auditor's responsibilities for the
audit of the standalone Ind AS 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 standalone Ind AS 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 standalone Ind AS financial
statements.

Information other than the Financial Statements and
Auditor's Report thereon

The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Annual Report, but does not include the standalone
financial 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 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 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 Act with respect to the preparation of
these financial statements that give a true and fair view of the state of
affairs (financial position), profit or loss (financial performance including
other comprehensive income), changes in equity and cash flows of
the Company in accordance with the accounting principles generally
accepted in India including the Ind AS specified 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 preventing and
detecting frauds and other irregularities; selection and application of
appropriate implementation and maintenance of 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.

Auditor's Responsibilities for the Audit of Financial
Statements

Our objectives are to obtain reasonable assurance about whether
the standalone 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 Standards on Auditing 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 Standards on Auditing, 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
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 Companies
Act, 2013, we are also responsible for expressing our opinion

on whether the company has internal financial controls with
reference to Financial Statements 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 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 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.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes 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 standalone financial statements of the
current period and are therefore the key audit matters. We describe
these matters in our auditor's 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 outweigh the public interest
benefits of such communication.

Report on Other Legal and Regulatory Requirements

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 Act, we give in the "Annexure A”, a
statement on the matters specified in the paragraph 3 and 4 of the
Order to the extent applicable.

(A) 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
change 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 standalone 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 31 March 2023 taken on record by the
Board of Directors, none of the directors is disqualified as
on 31 March 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 B". Our report expresses

an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls
over financial reporting.

(B) 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, as amended, in our opinion and to the
best of our information and according to the explanations given
to us:

i. The Company has, to the extent ascertainable, disclosed
the impact of pending litigations on its financial position in
its financial statements - Refer clause (d), (e), and (f) of
Note 12 to the financial statements;

ii. The Company does not have any material foreseeable losses
on long term contracts including derivative contracts which
would impact its financial position;

iii. there has been a delay of 3 days in transferring amounts,
required to be transferred, to the Investor Education and
Protection 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 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 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 the audit procedures that have been
considered reasonable and appropriate in the
circumstances, nothing has come to our notice that
has caused us to believe that the representations
under sub-clause (a) and (b) above, contain any
material misstatement.

v. The Company has complied with section 123 of the
Companies Act, 2013 in respect to declaration and
payment of dividend during the year.

vi. As Proviso to rule 3(1) of the Companies (Accounts) Rules,
2014 is applicable for the company w.e.f. April, 2023,
reporting under this clause is not applicable.

(C) With respect to the other matters to be included in the Auditor's
Report in accordance with the requirements of section 197(16)
of the Act, as amended:

In our opinion and to the best of our information and according
to the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with
the provisions of section 197 of the Act

For B.CHHAWCHHARIA & CO.

Chartered Accountants
Firm Registration No. 305123E

Abhishek Gupta

Partner

Membership No. 529082
UDIN- 23529082BGVOMQ3044

Place: New Delhi
Date: 30th May, 2023