Coral India Finance & Housing Ltd Auditor Reports

To the Members of

Coral Report on the Audit of the Standalone Financial Statements India Finance and Housing Limited endedStandaloneMarchfinancial31, 2024.statementsThese mattersfor thewerefinancialaddressedyear instatements as a whole, and in forming our opinion thereon,the context of our audit of the standalone financial and we do not provide a separate opinion on these matters.

Information Other than the Financial Statements and Auditors The CompanysReport ManagementThereon and Board of Directors isinformationresponsiblecomprisesfor the Boardsother information.Report and TheReportotheron financial statements and our auditors report thereon.Corporate governance but does not include the standalone not cover the other information and we do not express anyOur opinion on the Standalone financial statements does form of assurance conclusion thereon. statements,In connectionourwithresponsibilityour audit of theis tostandaloneread thefinancialother information is materially inconsistent with the standaloneinformation and, in doing so, consider whether the other course of our audit or otherwise appears to be materiallyfinancial statements or our knowledge obtained during the misstated. there is a material misstatement of this other information,If, based on the work we have performed, we conclude that wereport in this regard. are required to report that fact. We have nothing to

Managements Responsibility for the Standalone Financial The CompanysStatements Board of Directors is responsible for Act,the matters2013 ("thestatedAct")in withsectionrespect134(5)to theof thepreparationCompaniesof theseand fair view of the state of affairs, profit/loss and otherstandalone financial statements that give a true of the Company in accordance with the Ind AS and othercomprehensive income, changes in equity, and cash flows accounting principles generally accepted in in India. accountingThis responsibility also includes maintenance of adequaterecords in accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities;accounting policies; making judgments and estimates thatselection and application of appropriate andare reasonable and prudent; and design, implementationmaintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracyand completeness of the accounting records, relevant to that give a true and fair view and are free from materialthe preparation and presentation of the financial statement misstatement, whether due to fraud or error. managementIn preparingis responsiblethe standalonefor assessingfinancialthe statements,Companys applicable,ability to continuematters relatedas a goingto goingconcern,concerndisclosing,and usingas eitherthe going concern basis of accounting unless managementintends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. the Companys financial reporting process. The Board of Directors are also responsible for overseeing

Auditors Responsibilities for the Audit of the

OurStandalone objectivesFinancial are to obtainStatements reasonable assurance about whetherare free from material misstatement, whether due to fraudthe standalone financial statements as a whole orourerror,opinion.and Reasonableto issue an auditorsassurancereportis a highthat includeslevel of inassurance, but is not a guarantee that an audit conductedaccordance with SAs will always detect a material fraud or error and are considered material if, individuallymisstatement when it exists. Misstatements can arise from influenceor in the aggregate, they could reasonably be expected tothe economic decisions of users taken on the basis of these standalone financial statements. professionalAs part of an auditjudgmentin accordanceand maintainwith SAs, professionalwe exercise skepticism throughout the audit. We also:

• ^{Identify and assess the risks of material misstatement}of the standalone Ind AS financial statements, whether dueprocedures responsive to those risks, and obtain auditto fraud or error, design and perform audit aevidence that is sufficient and appropriate to providebasis for our opinion. The risk of not detecting ahighermaterialthan misstatementfor one resultingresultingfrom error,from asfraudfraudis misrepresentations, or the override of internal control. may involve collusion, forgery, intentional omissions,

• to the audit in order to design audit procedures thatObtain an understanding of internal control relevant are143(3)(i)appropriateof theinAct,the wecircumstances.are also responsibleUnder section for adequateexpressing our opinion on whether the Company hasinternal financial controls system in place and the operating effectiveness of such controls. • used and the reasonableness of accounting estimatesEvaluate the appropriateness of accounting policies and related disclosures made by management. • ofConclude on the appropriateness of managements usethe going concern basis of accounting and, based uncertaintyon the auditexistsevidencerelatedobtained,to eventswhetheror conditionsa material ability to continue as a going concern. If we concludethat may cast significant doubt on the Companys draw attention in our auditors report to the relatedthat a material uncertainty exists, we are required to disclosures are inadequate, to modify our opinion. Ourdisclosures in the financial statements or, if such up to the date of our auditors report. However, futureconclusions are based on the audit evidence obtained to continue as a going concern. events or conditions may cause the Company to cease

• Evaluatecontent ofthe theoverallstandalonepresentation,financialstructurestatements,and financialincluding the disclosures, and whether the standalonestatements represent the underlying presentation. transactions and events in a manner that achieves fair standaloneMateriality financialis the magnitudestatementsof that,misstatementsindividuallyinorthein ofaggregate, makes it probable that the economic decisionsa reasonably knowledgeable user of the standalone financialquantitativestatementsmaterialitymayandbe qualitativeinfluenced. factorsWe considerin (i) Planningthe results of our work; and (ii) to evaluate the effect ofthe scope of our audit work and in evaluating statements any identified misstatements in the standalone financial regarding,We communicateamong otherwith thosematters,chargedthe plannedwith governancescope and timing of the audit and significant audit findings, includingany significant deficiencies in internal control that we identify during our audit. aWestatementalso providethatthosewe chargedhave compliedwith governancewith relevantwith communicateethical requirementswith themregardingall relationshipsindependence,andandotherto mattersindependence, and where applicable, related safeguards.that may reasonably be thought to bear on our governance,From the matters communicated with those charged withwe determine those matters that were of statements of the current period and are therefore the keymost significance in the audit of the standalone financial report unless law or regulation precludes public disclosureaudit matters. We describe these matters in our auditors we determine that a matter should not be communicatedabout the matter or when, in extremely rare circumstances, so would reasonably be expected to outweigh the publicin our report because the adverse consequences of doing interest benefits of such communication.

Report onOther Legal 1. As required by theandRegulatory Companies (AuditorsRequirements Report) GovernmentOrder, 2020 of("theIndiaOrder"),in termsissuedof sub-sectionby the Central(11) of statement on the matters specified in paragraphs 3andsection 143 of the Act, we give in the "Annexure 1" a 4 of the Order.

2. ^{(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 knowledgepurposes of our audit.and belief were necessary for the b) Inrequired by law have been kept by the Companyour opinion, proper books of account as books. so far as it appears from our examination of those c) TheProfitStandaloneand Loss BalanceincludingSheet,otherthecomprehensiveStatement of Statement of Changes in Equity dealt with by thisincome, the Cash Flow Statement and the Report are in agreement with the books of account d) ^{In our opinion, the aforesaid standalone financial}statements comply with the Ind AS specified under Section 133 of the Act. e) Onreceivedthe basisfrom theof thedirectorswrittenas onrepresentations31st March, none2024 taken on record by the Board of Directors,of the directors is disqualified as on 31st terms of Section 164 (2) of the Act.March, 2024 from being appointed as a director in f) Withfinancialrespectcontrolsto theover adequacyfinancial reportingof the internalof the controls, refer to our separate Report in "AnnexureCompany and the operating effectiveness of such 2"to this report.

(B) Withthethe CompaniesAuditorsrespect toReport(Auditthe otherinandaccordancemattersAuditors)towithRules,be includedRule2014,11 ininof ouraccording to the explanations given to us:opinion and to the best of our information and a. litigationsThe Companyas at does31 Marchnot have2024 anywhichpendingwould impact its financial position b. contracts including derivative contracts for whichThe Company did not have any long-term there were any material foreseeable losses. c. ^{There has been no delay in transferring amounts,}required to be transferred, to the Investor Education and Protection Fund by the Company. d. (i)bestTheofmanagementits knowledgehasandrepresentedbelief, no that,fundstohavethe frombeen borrowedadvanced fundsor loanedor shareor premiuminvested (eitheror any toother sources or kind of funds) by the Companyor in any other persons or entities, including understanding,foreign entitieswhether("Intermediaries"),recorded in writingwith theor •otherwise, that the Intermediary shall: directly or indirectly lend or invest in other whatsoeverpersons or entities identified in any manner("Ultimate Beneficiaries") by or ^{on behalf of the Company} or • ^{provide any guarantee, security or the like to}or on behalf of the Ultimate Beneficiaries.

(ii) bestThe managementof its knowledgehas andrepresented,belief, no that,fundstohavethe orbeen received by the Company from any personsentities, including foreign entities ("Funding recordedParties"), inwithwritingthe understanding,or otherwise, thatwhetherthe •Company shall: directly or indirectly lend or invest in other whatsoeverpersons or entities identified in any manner("Ultimate Beneficiaries") by or ^{on behalf of the Funding Party} or • providefrom or on behalf of the Ultimate Beneficiaries;any guarantee, security or the like and (iii) reasonable and appropriate in the circumstances,Based on such audit procedures as considered nothingus to believe that the representations under sub- has come to our notice that has caused statement clause (d) (i) and (d) (ii) contain any material mise. ^{The dividend declared or paid during the year by}the Company is in compliance with Section 123 of the Act. f. Basedtest checks,on ourthe Companyexamination,has usedwhichaccountingincluded thesoftware for maintaining its books of account forfinancial year ended March 31, 2024 which hasfacility and the same has operated throughout thea feature of recording audit trail (edit log) software. Further, during the course of our audityear for all relevant transactions recorded in the trail feature being tampered with. The features ofwe did not come across any instance of the audit April 27, 2023. recording audit trail (edit log) facility was enabled ^{Proviso to Rule 3(1) of the Companies (Accounts)}Rules, 2014 for maintaining books of account recording audit trail (edit log) facility is applicableusing accounting software which has a feature of toandtheaccordingly,Company withreportingeffectunderfrom AprilRule 11(g)1, 2023,of

31, 2024. not applicable for the financial year ended March (C) Auditors Report under Section 197(16) of the Act: With respect to the matter to be included in the explanations given to us, the remuneration paid byIn our opinion and according to the information and is in accordance with the provisions of Section 197the Company to its directors during the current year notof the Act. The remuneration paid to any director isin excess of the limit laid down under Section not prescribed other details under Section 197(16)197 of the Act. The Ministry of Corporate Affairs has by us.

interest have been regular as per stipulations. repayments or receipts of principal amounts and (c) outstanding as at the year-end There is no overdue amount remaining ^{(iv) In our opinion and according to the information and}with the provisions of section 185 and 186 of the Act,explanations given to us, the Company has complied (v) Inwith respect to the loans and investments made.our opinion and according to the information andacceptedexplanationsany depositsgiven fromto us, thethe publicCompanywithinhas notthe framed there under. Accordingly, paragraph 3(v) of themeaning of Sections 73 to 76 of the Act and the Rules Order is not applicable to the Company. ^{(vi) According to the information and explanations given}theto us,maintenancethe Central ofGovernmentcost recordshas notunderprescribedSection 148(1)manufacturedof the Companiesby it and/ orAct,services2013 forprovidedthe productsby it. Accordingly, clause 3(vi) of the Order is not applicable. ^{(vii)According to the information and explanations given}to us, in respect of statutory dues: (a) depositingThe Companyundisputedhas generallystatutorybeendues,regularincludingin Income Tax, Goods and Service Tax, Customs Duty,Provident Fund, Employees State Insurance, to it with the appropriate authorities.Cess and other material statutory dues applicable (b) Therein respectwereof noProvidentundisputedFund, amountsEmployeespayableState Customs Duty, Cess and other material statutoryInsurance, Income Tax, Goods and Service Tax, more than six months from the date they becamedues in arrears as at March 31, 2024 for a period of payable. (c) been deposited as at March 31, 2024 on account ofDetails of dues of Value Added Tax which have not dispute are given below.

Annexure The Annexure referred to in Independent Auditors Report1 to the Auditors Report statements for the year ended 31st March 2024, we reportto the members of the Company on the standalone financial that: (i) (a) TheshowingCompanyfull particulars,has maintainedincludingproperquantitativerecords details and situation of fixed assets.

(b) TheverificationCompanyof hasits afixedregularassetsprogramby whichof physicalfixed assetsopinion,arethisverifiedperiodicityin a phasedof physicalmanner.verificationIn our isCompany and the nature of its assets. No materialreasonable having regard to the size of the discrepancies were noticed on such verification. (c) Accordinggiven to us toandtheoninformationthe basis ofandour explanationsexamination immovable properties are held in the name of theof the records of the Company, the title deeds of Company.

(d) Accordinggiven to us,to thethe companyinformationhas andnot explanationsrevalued its of both during the year. Property plant and equipment or intangible asset (e) givenAccordingto us toandtheoninformationthe basis ofandour explanationsexamination ofproceedingsthe recordsinitiatedof the orCompany,pendingthereagainstare theno the Prohibition of Benami Property TransactionsCompany for holding any benami property under Act, 1988 and rules made thereunder.

(ii) (a) verifiedAs explained to us, the inventories were physicallyduring the year by the Management at were noticed on physical verification.reasonable intervals and no material discrepancies (b) givenAccordingto us toandtheoninformationthe basis ofandour explanationsexamination notof the records of the Company, the Company hasobtained working capital loan in excess of basis of security of current assets and hence thisfive crore rupees, in aggregate, from banks on the sub-clause is not applicable ^{(iii) According to the information and explanations given}tobodies corporate, covered in the register maintainedus, the Company has granted unsecured loans to underrespect of which : section 189 of the Companies Act, 2013, in ^{(a) The terms and conditions of the grant of such loans}are, in our opinion, prima facie, not prejudicial to the Companys interest.

(b) Thepaymentscheduleof interestof repaymenthas beenof stipulatedprincipal andand of the Company, the Company has not surrendered orto us and on the basis of our examination of the records income in the books of account, in the tax assessmentsdisclosed any transactions, previously unrecorded as year. under the Income-tax Act, 1961 as income during the

(ix) (a) givenAccordingto us toandtheoninformationthe basis of andour explanationsexamination not have any loans or borrowings from any lenderof the records of the Company, the Company did Order is not applicable. during the year. Accordingly, clause 3(ix)(a) of the (b) given to us and on the basis of our examination ofAccording to the information and explanations been declared a willful defaulter by any bank orthe records of the Company, the Company has not authority. financial institution or government or government (c) given to us by the management, the Company hasAccording to the information and explanations 3(ix)(c) of the Order is not applicable. not obtained any term loans. Accordingly, clause (d) given to us and on an overall examination of theAccording to the information and explanations funds have been raised on short-term basis by thebalance sheet of the Company, we report that no is not applicable. Company. Accordingly, clause 3(ix)(d) of the Order (e) given to us and on an overall examination of theAccording to the information and explanations thatfinancialthe CompanystatementshasofnotthetakenCompany,any fundswe reportfrom obligations of its subsidiaries as defined under theany entity or person on account of or to meet the of the Order is not applicable. Companies Act, 2013. Accordingly, clause 3(ix)(e) (f) given to us and procedures performed by us, weAccording to the information and explanations reportduring the year on the pledge of securities held inthat the Company has not raised loans Act, 2013. Accordingly, clause 3(ix)(f) of the Orderits subsidiaries as defined under the Companies is not applicable.

(x) ^{(a) The Company did not raise any money by way of}initial public offer or further public offer (including Accordingly, paragraph 3 (ix) of the Order is notdebt instruments) and term loans during the year. applicable (b) givenAccordingto us toandtheoninformationthe basis of andour explanationsexamination notof the records of the Company, the Company hasmade any preferential allotment or private debenturesplacement of shares or fully or partly convertibleduring the year. Accordingly, clause 3(x)(b) of the Order is not applicable.