INDEPENDENT AUDITOR'S REPORT

Report on the Audit of the Standalone Financial Statements of Ladam Affordable

Housing Limited

Opinion

1. We have audited the accompanying standalone financial statements of LADAM
AFFORDABLE HOUSING LIMITED (“the Company”), which comprise the Balance
Sheet as at 31/03/2023, the Statement of Profit and Loss (including Other
Comprehensive Income), the statement of changes in equity and the statement of
cash flows ended on that date, and notes to standalone Ind AS financial statements,
including a summary of significant accounting policies and other explanatory
information.

2. 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 give the information
required by the Companies Act, 2013, as amended (“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, 2023, its profit
including other comprehensive income, its cash flows and the changes in equity for the
year ended on that date.

Basis for Opinion

3. We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing (“SA”s) specified under section 143(10) of the Companies Act,
2013. Our responsibilities under those Standards are further described in the
Auditor's Responsibilities for the Audit of the Standalone 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 ICAI's Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis for our audit opinion on
the standalone financial statements.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of
most significance in our audit of the standalone financial statements for the

financial year 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 provide a separate opinion on these matters.

Information Other Than the Financial Statements and Auditor's Report Thereon

5. 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 Ind AS financial statements and our auditor's report thereon.
Our opinion on the standalone 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 standalone Ind AS financial statements, our
responsibility is to read the other information and, in doing so, consider whether such
other information is materially inconsistent with the standalone Ind AS 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.

Responsibility of management for the standalone financial statements

6. This Statement has been prepared on the basis of the standalone annual financial
statements and has been approved by the Company's Board of Directors. The
Company's Board of Directors is responsible for the preparation and presentation of the
Statement that gives a true and fair view of the net profit and other comprehensive
income and other financial information of the Company in accordance with 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 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 Statement that gives a true
and fair view and is free from material misstatement, whether due to fraud or error.

7. In preparing the standalone 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.

8. The Board of Directors are responsible for overseeing the company's financial
reporting process.

Auditor's Responsibility

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 SAs, specified under Section 143(10) , 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 standalone
financial statements.

9. As part of an audit in accordance with SAs, specified under Section 143(10) of the
Act, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone 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 financial controls 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 the 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 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 standalone
financial statements, including the disclosures, and whether the standalone
financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

10. 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

• planning the scope of our audit work and in evaluating the results of our
work; and

• to evaluate the effect of any identified misstatements in the financial
statements.

11. 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.

12. 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.

13. 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 ofsuch 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
Companies Act, 2013, we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Act, we report that:

We have sought and obtained all the information and explanations which to the best
of ourknowledge and belief were necessary for the purposes of our audit.

1. 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;

2. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow
Statement dealt withby this Report are in agreement with the books of account;

3. In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.

4. On the basis of the written representations received from the directors as on 31st
March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2023 from being appointed as a director in terms of
Section 164 (2) of the Act.

5. 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”.

6. 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, 2 021, 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 did not have any long-term contracts including derivative
contracts; as such the question of commenting on any material foreseeable
losses thereon does not arise.

iii) There has been no delay 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 the knowledge and
belief, as disclosed in the note 35E(b)(i) to the financial statements 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 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 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, as disclosed in the note 35E(b)(ii) to financial statements no funds have
been received by the company from any persons or entities, including
foreign entities (“funding Parties”), with the understanding, whether recorded
in writing or otherwise, that the division 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; and

(c) Based on such audit procedures we have considered reasonable and
appropriate in the circumstances, nothing has come to the notice that has
caused us to believe that the representations under sub-clause (i) and (ii) of
Rule 11 (e) contain any material mis-statement.

For D P Sarda & Co
Chartered Accountants
FRN 117227W

Date : 29.05.2023 Sd/-

Place : Nagpur CA Mukund D Sarda

Partner
MRN149588
UDIN: 23149588BGWHRA7758