ind bank housing ltd share price Auditors report

TO THE MEMBERS OF IND BANK HOUSING LIMITED Report on the Audit of the Ind AS Financial Statements

1. Opinion

We have audited the Ind AS Financial Statements of Ind Bank Housing Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2023 and the Statement of Profit and Loss, Statement of Changes in Equity and Statement of Cash Flows for the period then ended, and notes to the Ind AS 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 Ind AS Financial Statements give the information required by the Companies Act, 2013 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 31st March, 2023, and loss, changes in equity and its cash flows for the year ended on that date.

2. Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in the Auditors Responsibilities forthe Audit of the Ind AS 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 Ind AS 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.

3. Emphasis of Matter

Without modifying our report, attention is drawn to the following notes:

i. Note No. 21 (q) (xii) regarding compliance with capital adequacy ratios.

ii. Note No. 21 (b) and (g) regarding compliance with Net Owned Funds and Principal Business Criteria, and the action plan for revival of the Company submitted to the Reserve Bank of India.

iii. Note No. 21 (c) regarding the ability of the Company to continue as a Going Concern based on the mitigating factors mentioned in the said note.

4. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Ind AS Financial Statements of the current period. These matters were addressed in the context of our audit of the Ind AS 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.

SI. No	Key Matters	Auditors Response
1	Compliance with the applicable Capital Adequacy Ratios	• We understood the regulatory requirements with regard to the minimum capital adequacy ratios to be maintained by the Company;
		• We examined the records maintained, to verify actual ratios maintained, and discussed with the management regarding the reasons for non-compliance and the proposed corrective action; and
		• We ensured that the disclosure for the same in the Ind AS Financial Statements was sufficient and appropriate
2	Satisfying the Net Owned Funds requirements and fulfilling the Principal Business Criteria	• We took cognizance of the changes in the regulatory environment of the Company, being a Housing Finance Company, and the necessity to maintain at least minimum Net Owned Funds as prescribed and also the Principal Business Criteria to be fulfilled;
		• We scrutinized the correspondences undertaken between the Company and the Reserve Bank of India (RBI) in this regard; and
		• We discussed with the management about their stance on the matter and the work done on developing a road map as directed by the RBI; and
		• We checked the corresponding disclosure provided in this regard in the Ind AS Financial Statements.

5. Information otherthan Ind AS Financial Statements and Auditors Report thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Boards report, including Annexure to Boards Report, but does not include the Ind AS Financial Statements and our auditors report thereon. Our opinion on the 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 Ind AS Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Ind AS Financial Statements or our knowledge obtained in the course of ouraudit 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.

6. Responsibilities of Management for Standalone Ind AS Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Ind AS Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards 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 financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the Ind AS Financial Statements, management is 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 management 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 companys financial reporting process.

7. Auditors Responsibility forthe Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assu ranee about whether the Ind AS 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 I nd AS 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 Ind AS 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 orderto 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 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 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 Ind AS 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. Flowever, 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 Ind AS Financial Statements, including the disclosures, and whether the Ind AS Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Ind AS Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Ind AS 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 Standalone Ind AS 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 Ind AS Financial Statements of the current period 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 outweigh the public interest benefits of such communication.

8. Report on other Legal and Regulatory Requirements

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

II. As required by section 143(5), a statement on the matters specified in the Directions have been furnished vide Annexure-B.

III. 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, and the Statement of Cash Flows 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 Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) 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.

(f) With respect to the adequacy of Internal Financial Control over Financial Reporting of the Company and operating effectiveness of such controls, refer to our separate report in "Annexure - C".

(g) With respect to the matter to be included in the Auditors Report in accordance with the requirements of Section 197(16) of the Act, in our opinion and according to the information and 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, read with the provisions of Schedule V to the Act.

(h) 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 has disclosed the impact of pending litigations on its financial position in its Ind AS Financial Statements- Refer Note No.21 (m) to the Ind AS Financial Statements.

ii. The Company has made provisions as required under the applicable law or accounting standards for material foreseeable losses, if any, on long-term contracts including derivative contracts — Refer Note No.21 (a) to the Ind AS Financial Statements.

iii. There are no amounts which are required to be transferred to the Investor Education and Protection Fund by the Company. Also refer Note No. 21 (I) to the Ind AS Financial Statements.

iv. (a) The management has represented that, to the best of its knowledge and belief, as disclosed in note 21 (q)(xiv) to the accounts, 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(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, as on the date of this Audit Report, 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 orthe like on behalf of the Ultimate Beneficiaries;

(b) The management has represented that, to the best of its knowledge and belief, as disclosed in note 21 (q)(xiv) to the accounts, no funds 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, 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 orthe like on behalf of the Ultimate Beneficiaries; and

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to my notice that has caused me to believe that the representations under subclauses (i) and (ii) of Rule 11(e) of the Companies (Audit and Auditors) Rules, 2014 contain any material misstatement.

v. No dividend has been declared or paid during the year by the Company.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from 151 April, 2023, and hence our reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 as to whether the Company has used such accounting software is not furnished.

	For N.C. Rajagopal & Co.,
	Chartered Accountants
	Firm Reg. No. 003398S
	Arjun S
	(Partner)
Place: Chennai	Membership No. 230448
Date: 21.04.2023	UDIN:23230448BGTWBN706

ANNEXURE - A TO THE INDEPENDENT AUDITORS REPORT

[Referred to in Para 8(1) 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.

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

(b) These Property, Plant and Equipment have been physically verified by the management during the year at reasonable intervals, and no material discrepancies were noticed on such physical verification.

? The Company does not own any immovable property and hence, reporting under Clause (i) (c) of the Companies (Auditors Report) Order, 2020 does notarise.

(d) The Company has not revalued its Property, Plant and Equipment or intangible assets during the year.

(e) Based on the information and explanations given to us, there have been no proceedings initiated 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 Company does not hold any inventory. Hence, reporting under Clause (ii) (a) of the Companies (Auditors Report)

Order, 2020 does notarise.

(b) The Company has not been sanctioned working capital limits at any point of time of the year. Hence, reporting under Clause (ii) (b) of the Companies (Auditors Report) Order, 2020 does notarise.

iii. Based on the information and explanations given to us, during the year, the company has not made any investment in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured to companies, firms, Limited Liability Partnerships or any other parties. Hence, reporting under clause (iii) (a) to (f) of the Companies (Auditors Report) Order, 2020 does not arise.

iv. There are no loans, investments, guarantees, or security given by the Company under the provisions of Section 185 and 186 of Companies Act, 2013. Hence, reporting under Clause (iv) of the Companies (Auditors Report) Order, 2020 does notarise.

v. In our opinion and based on the documents verified by us, the Company has repaid all the deposits accepted in compliance with the provisions of the Companies Act, 2013 and the rules framed there under, and directions issued by the National Housing Bank (NHB), except Rs. 6.33 Lakhs. This amount represents the deposit matured but withheld as Central Bureau of Investigation, Anti-Corruption Branch, Shastri Bhavan, Chennai, has given direction not to release till the disposal of the pending cases, as referred to in Note No. 21 (I) of the Ind AS Financial Statements. The Company has also not accepted any further deposits from the public within the meaning of Section 73 to 76 of the Companies Act, 2013 and the rules framed there under or under the directives of the Reserve Bank of India. Hence, reporting under clause (v) of the Companies (Auditors Report) Order, 2020 does notarise.

vi. The Central Government has not prescribed for maintenance of cost record under Section 148(1) of the Companies Act, 2013.

vii. a. Based on our verification of the records of the Company, in our opinion, the company is generally regular in depositing undisputed statutory dues including Goods and Services Tax, Employees Provident Fund, Professional Tax, Income Tax and other statutory dues applicable to it and there are no statutory dues outstanding for a period of more than six months from the date they become payable as on the last day of the financial year.

b. According to the information and explanation given to us and in our opinion, there are no dues on account including Income Tax, Goods and Service Tax, Duty of Customs, Duty of Excise and other Statutory dues applicable to the Company which have not been deposited on account of any dispute.

viii. Based on our examination of the books and records of the Company, there have been no transactions not recorded in the books of account which have been surrendered or disclosed as income during the year and no tax assessments under the Income Tax Act, 1961 (43 of 1961) have been received during the year.

ix. (a) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings or in the payment of interest thereon, except in the case of the Term Loans from Indian Bank including interest accumulated thereon outstanding as on 31.03.2017, which has been maintained in the books of accounts at the same value, pending the decision of the Reserve Bank of India on the revival plan submitted by the Company, as referred to in Note No. 21 (g) of the Ind AS Financial Statements.

(b) The Company has not been declared as a wilful defaulter by any bank orfinancial institution or other lender.

(c) The Company has not availed term loans during the year. Hence, reporting under clause (ix) (c) of the Companies (Auditors Report) Order, 2020 does not arise.

(d) The Company has not raised any funds on a short-term basis. Hence, reporting under clause (ix) (d) of the Companies (Auditors Report) Order, 2020 does not arise.

(e) The Company does not have any subsidiaries, associates or joint ventures. Hence, reporting under clauses (ix) (e) and

(f) of the Companies (Auditors Report) Order, 2020 does not arise.

x. (a) The Company has not raised moneys by way of Initial Public Offer or Further Public Offer (including debt instruments) during the year. Hence, reporting under clause (x) (a) of the Companies (Auditors Report) Order, 2020 does notarise.

(b) The Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Hence, reporting under clause (x) (b) of the Companies (Auditors Report) Order, 2020 does not arise.

xi. (a) Based on our examination of the books and records of the Company, no fraud on or by the company has been noticed or reported during theyear;

(b) No report under section 143 (12) of the Companies Act, 2013 has been filed by us in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government;

(c) According to the information and explanations provided to us, there have been no whistle blower complaints received by the Company during the year. Hence, reporting under clause (xi) (c) of the Companies (Auditors Report) Order, 2020 does notarise.

xii. The Company is not a Nidhi Company. Hence, reporting under clauses (xii) (a) to (c) of the Companies (Auditors Report) Order, 2020 does not arise.

xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the Ind AS Financial Statements etc., as required by the applicable accounting standard.

xiv. (a) In our opinion and based on our examination, though the company is required to have an internal audit system under section 138 of the Act, it does not have the same established for the year.

(b) The company did not have an internal audit system for the period under audit.

xv. Based on our examination of the books and records, the Company has not entered into any non-cash transactions with the directors or persons connected with them. Hence, reporting under Clause (xv) of the Companies (Auditors Report) Order, 2020 does not arise.

xvi. (a) Based on our examination of the books and records, the Company is not required to be registered under Section 45-IA of the Reserve Bankof India Act, 1934.

(b) Based on our examination of the books and records of the Company, the Company has not conducted any Non-Banking Financial or Housing Finance Activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as perthe Reserve Bankof India Act, 1934.

(c) In our opinion, the Company is not a Core Investment Company (CIC) and hence, reporting under Clause (xvi) (c) of the Companies (Auditors Report) Order, 2020 does not arise.

(d) Based on the documents verified by us, the Group does not have more than one CIC as part of the Group.

xvii. The company has incurred cash losses of Rs. 55,733.87 hundreds in the financial year and Rs. 12,849.36 hundreds in the immediately preceding financial year.

xviii. There has been no resignation of the statutory auditors during the year. Hence, reporting under Clause (xviii) of the Companies (Auditors Report) Order, 2020 does not arise.

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 company is not capable of meeting its liabilities 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 oneyear from the balance sheet date, will get discharged by the company as and when they fall due. In respect of the loan taken from the parent Bank and the proposed revival plan, refer Note No. 21 (g) of the Ind AS Financial Statements.

xx. According to the information and explanations given to us and based on our examination of the records of the Company, the provisions of section 135 (5) of the Companies Act, 2013 are not applicable to the Company. Hence, reporting under Clause (xx) of the Companies (Auditors Report) Order, 2020 does not arise.

In our opinion, the company does not have to prepare consolidated Ind AS Financial Statements. Hence, reporting under Clause (xxi) of the Companies (Auditors Report) Order, 2020 does not arise.

	For N.C. Rajagopal & Co.,
	Chartered Accountants
	Firm Reg. No. 003398S
	Arjun S
Place: Chennai	(Partner)
Date:21.04.2023	Membership No. 230448
	UDIN:23230448BGTWBN7067

ANNEXURE - B TO THE INDEPENDENT AUDITORS REPORT [Referred to in Para 8(H) of our Report ot Even Date]

On the statement of the matters specified in the directions of Comptroller and Auditing General of India.

S.No	Concerns	Remarks
1)	Whether the company has system in place to process all the accounting transactions through IT system? If yes, the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financials implications, if any, may be stated.	Yes, according to the information and explanations given to us, has a system in place to process all the accounting transactions through IT system, and no accounting transactions are processed outside the IT system.
2)	Whether there is any restructuring of an existing loan or cases of waiver/write off of debts/loans /interest etc. made by a lender to the company due to the companys inability to repay the loan? If yes, the financial impact may be stated. (In case, lender is a government company, then this direction is also applicable for statutory auditor of lender company)	As detailed in Note no. 21 (b) read with Note no. 21 (g), the Company has approached the Reserve Bank of India with a revival plan. The entire Term Loan of Rs 129 crores from Indian Bank has been maintained in the books of accounts at the same value, pending outcome of the decision of the Reserve bank of India in this matter.
3)	Whether fund received/receivable for specific scheme from Central/State agencies were properly accounted for and utilized as per its term and conditions? List the case of deviation.	No, according to the information and explanations given to us, no funds have been received/ receivable for specific scheme from Central/State agencies.

 

	For N.C. Rajagopal & Co.,
	Chartered Accountants
	Firm Reg. No. 003398S
	Arjun S
	(Partner)
Place: Chennai	Membership No. 230448
Date: 21.04.2023	UDIN:23230448BGTWBN7067

ANNEXURE - C TO THE INDEPENDENT AUDITORS REPORT

[Referred to in Para 8(111) (f) of our Report of Even Date]

Report on the Internal Financial Controls under Clause (I) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act").

We have audited the internal financial controls overfinancial reporting of Ind Bank Housing Limited ("the Company") as of 31SI March 2023 in conjunction with ourauditofthe Ind AS Financial Statements of the Company forthe year ended on that date.

Managements Responsibility forthe Ind AS Financial Statements

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 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 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") and the Standards on Auditing, to the extent applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of India. 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 overfinancial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about 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 judgment, including the assessment of the risks of material misstatement of the Ind AS 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 overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control overfinancial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Ind AS Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control overfinancial 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 Ind AS 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

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could haveamaterial effect onthe Ind AS Financial Statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls overfinancial 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.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 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 on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

	For N.C. Rajagopal & Co.,
	Chartered Accountants
	Firm Reg. No. 003398S
	Arjun S
Place: Chennai	(Partner)
Date:21.04.2023	Membership No. 230448
	UDIN:23230448BGTWBN7067

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6) (B) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF IND BANK HOUSING LIMITED, CHENNAI FOR THE YEAR ENDED 31 MARCH 2023.

The preparation of financial statements of Ind Bank housing Limited for the year ended 31 March 2023 in accordance with the financial reporting frame work prescribed under the Companies Act, 2013(Act) is the responsibility of the management of the company. The Statutory Auditors appointed by the Comptroller and Auditor General of India under Section 139(5) of the Act are responsible for expressing opinion on the financial statements under Section 143 of the Act based on independent audit in accordance with the Standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 21.04.2023.

I, on behalf of the Comptroller and Auditor General of India, have decided not to conduct the supplementary audit of the financial statements of Ind Bank Housing Limited forthe year ended 31 March 2023 under section 143 (6) (a) of the Act.

	For and on behalf of ther
	Comptroller & Auditor General of India
	(S.VELLIANGIRI)
	PRINCIPAL DIRECTOR OF COMMERCIAL AUDIT
Place: Chennai
Date : 29.05.2023