We have audited the accompanying Financial
Statements of SRG Housing Finance Limited (“the
Company”) which comprise the Balance Sheet as at
March 31, 2025, the Statement of Profit and Loss,
Cash Flow Statement and Statement of Changes in
Equity for the year then ended, and the notes to the
standalone financial statements, including a summary
of the 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 Indian Accounting Standards
prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules,
2015, as amended (“Ind AS”) and the accounting
principles generally accepted in India,

a) I n the case of the Balance Sheet, of the state of
affairs of the Company as at March 31, 2025.

b) I n the case of the Statement of Profit and Loss,
of the profit including comprehensive income for
the year ended on that date; and

c) I n the case of the Cash Flow Statement, of the
cash flows for the year ended on that date.

d) I n the case of Statement of Changes in Equity,
change in equity 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
specified under section 143(10) of the Act (SAs).
Our responsibilities under those Standards are further

described in the Auditor's Responsibility 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 financial statements under the provisions of
the Act and the Rules made 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 financial statements.

INFORMATION OTHER THAN THE FINANCIAL
STATEMENTS AND AUDITOR’S REPORT
THEREON

The Company's management and Board of Directors
are responsible for the preparation of the other
information. The other information comprises the
information included in the Management Discussion
and Analysis, Director's report including the Annexures
to Director's report, Corporate Governance and
Shareholder's Information, but does not include the
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 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 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 therein, we
are required to communicate the matter to those
charged with governance as required under SA 720
'The Auditor's responsibilities Relating to Other
Information'. We have nothing to report in this regard.

MANAGEMENT’S RESPONSIBILITY FOR THE
FINANCIAL STATEMENTS

The Company's management and Board of Directors
are responsible for the matters stated in Section 134(5)
of the Companies Act, 2013 (“the Act”) with respect to

the preparation of the Financial Statements that give
a true and fair view of the financial position, financial
performance including other comprehensive income,
and cash flows of the Company in accordance with
the accounting principles generally accepted in India,
including the Indian Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of The
Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting
records in accordance with the provisions of the
Act for safeguarding the assets of the Company and
for preventing and detecting the 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 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, management
and Board of Directors are 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.

The Board of Directors is also responsible for
overseeing the Company's financial reporting process.

AUDITOR’S RESPONSIBILITY

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 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 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
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 financial
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 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 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 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 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

1. As required by the Companies (Auditors' Report)
Order, 2020 (the “Order”) issued by the Central
Government in terms of Section 143(11) of
the Act, we hereby give in the “Annexure A” a
statement on the matters specified in paragraphs
3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act, based
on our audit 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 of
the financial statements;

b. In our opinion, proper books of accounts
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, the Statement of Changes in Equity
and the Cash Flow Statement dealt with by
this Report are in agreement with the books
of accounts maintained for the purpose or
preparation of the financial statements;

d. In our opinion, the aforesaid financial
statements comply with the Indian
Accounting Standards referred to in Section
133 of the Act read with Rule 7 of the
Companies (Accounts) Rules, 2014.

e. On the basis of written representations
received from the Directors and taken on
record by the Board of Directors, none of
the Directors is disqualified as on March 31,
2025, 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.

g. 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
its directors during the year is in accordance
with the provisions of section 197 of the Act.

h. 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 does not have any
pending litigations which would impact
its financial position;

ii. The Company did not have any long-term
contracts including derivatives contracts
for which there were any material
foreseeable losses;

iii. There has been no delay in transferring
amounts, required to be transferred, to
the Investor Education and Protection
Fund by the Company. (refer note 13.1)

iv. (a) The Management has represented

that, to the best of its knowledge
and belief, as disclosed in the notes
to the accounts, 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(s) or entity(ies), including
foreign entities (“Intermediaries”),
with the understanding, whether
recorded in writing or otherwise
that the Intermediary shall, 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
notes to accounts, no funds (which
are material either individually
or in the aggregate) have been
received by the Company from any
person(s) or entity(ies), including
foreign entities (“Funding Parties”),
with the understanding, whether
recorded in writing or otherwise,
that the Company shall, 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
has been consider reasonable and
appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
representations under sub clause (i)
and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain
any material mis-statement.

v. The company has not declared or paid
any dividend during the year and has not
proposed final dividend for the year.

vi. Based on our examination which included
test checks, the company has used
accounting software for maintaining its
books of account which have feature of
recording audit trail (edit log) facility,
and the same has operated throughout
the year for all relevant transactions
recorded in the software. Further, during
the course of our audit we did not come
across any instance of audit trail feature
being tampered with. Additionally,
the audit trail has been preserved by
the Company as per the statutory
requirements for record retention.

For M/s Valawat & Associates,

Chartered Accountants,
(FRN: 003623C)

Sd/-

Jinendra Jain

Partner

Date: 30-04-2025 M. No. 072995

Place: Udaipur UDIN: 25072995BMNAUN1615