Indiabulls Housing Finance Ltd Auditor Reports

To the Members of Sammaan Capital Limited

(Formerly known as Indiabulls Housing Finance Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of Sammaan Capital Limited (Formerly known as Indiabulls Housing Finance Limited) ("the Company"), which comprise the Standalone Balance Sheet as at March 31, 2025 and the Standalone Statement of Profit and Loss (including other comprehensive income), Standalone Statement of Cash Flows and Standalone Statement of Changes in Equity for the year then ended, and notes to the Standalone Financial Statements, including a summary of material accounting policy information and other explanatory information ("the Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone 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 Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, of the standalone state of affairs of the Company as at March 31, 2025, and its standalone profit (including other comprehensive income), its standalone cash flows and the standalone changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors

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 ("the ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAls Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

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 for the financial year ended March 31, 2025. 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 Auditors responsibilities for the audit of the Standalone 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 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 Financial Statements.

Key audit matters	How our audit addressed the key audit matters
Impairment of Loans (As described in Note 8 of the Standalone Financial Statements)
Loans (net of impairment provision) outstanding as on March 31, 2025 are Rs. 42,932.18 crores.	• Our audit procedures included considering the companys accounting policies for impairment of loans and assessing compliance with the policies in terms of Ind AS 109 and with the governance framework approved by Board of Directors pursuant to Reserve Bank of India guidelines issued on March 13, 2020.
Ind AS 109 - Financial Instruments requires the Company to provide for impairment of its financial assets using the expected credit loss (ECL) approach involving an estimation of probability of loss on the financial assets over their life, considering reasonable and supportable information about past events, current conditions and forecasts of future economic conditions which could impact the credit quality of the Companys loans and advances. In the process, a significant degree of judgement has been applied by the management in respect of following matters:
	• We understood the process of ECL estimation and tested the design and operating effectiveness of key controls around data extraction and validation.
	• Assessed the criteria and tested sample for staging of loans based on their past-due status and to evaluate compliance with requirement of Ind AS 109.
• The Company has various loan products divided into Corporate loan portfolio and Retail loan portfolio. Retail loans are grouped into different categories on the basis of homogeneity and thereby expected to demonstrate similar credit characteristics. Corporate loan portfolio is assessed on a case-to-case basis.	• Tested the ECL model, including assumptions and underlying computation. Tested the input data used for determining the probability of default and loss given default rates and agreed the data with the underlying books of account and records.
• Estimation of losses in respect of loans or groups of loans which had no/ minimal defaults in the past.	• Tested the arithmetical accuracy of computation of ECL provision performed by the Company in spreadsheets.
• Staging of loans and estimation of behavioural life.	• We assessed the disclosures included in the Standalone Financial Statements in respect of ECL with the requirements of Ind AS 109 and Ind AS 107 Financial Instruments: Disclosures.
• Management overlay for macro-economic factors and estimation of their impact on the credit quality.
• The Company has developed models that derive key assumption used within the provision calculation such as probability of default (PD).
• The company has used the loss given default (LGD) rates based on past experience and industry practice.
• The output of these models is then applied to the provision calculation with other information including the exposure at default (EAD).
Given the complexity, significant judgement involved in the estimation of impairment of financial instruments, we have considered this area as a key audit matter.
Key audit matters	How our audit addressed the key audit matters
Investments in subsidiaries and debt instruments (As described in Note 9 of the Standalone Financial Statements)
Total investments as at March 31, 2025 amounting to Rs. 16,752.03 crores (net off impairment allowance of Rs. 208.39 crores) include investments in subsidiaries amounting to Rs. 3,757.53 (net off impairment allowance of Rs. 5.05 crores) and debt instruments amounting to Rs. 8,797.45 crores (net off impairment allowance of Rs. 129.35 crores).	In view of the significance of the matter we applied the following audit procedures in this area, to obtain sufficient and appropriate audit evidence:
	• Obtained an understanding of the Companys process for accounting/recognition of investments and assessing the indicators of impairment of investments, and for the estimation of the recoverable value, as considered necessary.
The estimation of the recoverable amount and carrying amount of such investments in subsidiaries and debt securities is based on complex assumptions and management estimates.
	• We evaluated the design, implementation and operating
The Company periodically assesses if there are any impairment indicators for recognising impairment loss in respect of these investments.	effectiveness of key internal controls over initial recognition, valuation and impairment assessment of such investments.
Considering that significant judgment is required and the underlying complexity of the assumptions used and managements estimates, this is considered as a key audit matter.	• Obtained the impairment analysis carried out by the management and calculation of fair value of such investments based on reports of external independent valuation experts engaged by the Company.
	• Noted that the valuation report has been obtained from external registered valuation experts.
	• Assessed the methodology used by the management to estimate the fair value/ recoverable value of such investments.
	• Assessed appropriateness of the valuation methodology used by the management and reasonableness of the valuation assumptions and estimates used in the fair valuation of investment in subsidiaries.
	• Assessed the appropriateness of disclosures made in the Standalone Financial Statements in accordance with the requirements of Indian Accounting Standards and RBI Guidelines, as applicable.
IT systems and controls
Key audit matters	How our audit addressed the key audit matters
The financial accounting and reporting systems of the Company are fundamentally reliant on IT systems and IT controls to process significant transaction volumes. Automated accounting procedures and IT environment controls, which include IT governance, general IT controls over program development and changes, access to programs and data and IT operations, are required to be designed and to operate effectively to ensure appropriate financial reporting.	Our audit procedures, with support from IT specialists include the following:
	• Tested the design and operating effectiveness of the Companys IT access controls over the information systems that are critical to financial reporting.
	• Tested IT general controls (logical access, changes management and aspects of IT operational controls). This included testing requests for access to systems were reviewed and authorized.
Therefore, due to the pervasive nature and complexity of the IT environment, the assessment of the general IT controls and the application controls specific to the accounting and preparation of the financial information is considered to be a key audit matter.	• Tested the Companys periodic review of access rights. Also tested requests of changes to systems for approval and authorization.
	• In addition to the above, tested the design and operating effectiveness of certain automated controls that were considered as key internal controls over financial reporting.
	• Tested the design and operating effectiveness of compensating controls in case deficiencies were identified and where necessary, extended the scope of our substantive audit procedures.
	• Obtained appropriate audit evidence regarding the reliability of system generated data and reports relevant to our audit.

Information Other than the Standalone 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 and Annual Report, but does not include the Standalone Financial Statements and our auditors report thereon. The Boards report and Annual Report are expected to be made available to us after the date of this auditors report.

Our opinion on the Standalone 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 identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity 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 the Companies (Indian Accounting Standards) Rules 2015, as amended. 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 Standalone Financial

Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the 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 the 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.

Auditors Responsibilities for the Audit of the Standalone 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 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 Standalone 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 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 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 with reference to Standalone 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 the management.

• Conclude on the appropriateness of managements 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 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 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 auditors 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.

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 financial year ended March 31, 2025 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.

Other Matter

The comparative financial information of the Company for the year ended March 31, 2024, were audited by the predecessor joint statutory auditors of the Company, who expressed an unmodified opinion on those Standalone Financial Statements dated May 24, 2024. Accordingly, we do not express any opinion, as the case may be, on the figures reported in the Standalone Financial Statements for the year ended March 31, 2024. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. 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 Act, we give in the "Annexure 1" 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, 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flows and Standalone Statement of Changes in Equity 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, read with Companies (Indian Accounting Standards) rules, 2025, as amended;

(e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors of the Company 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 with reference to these standalone financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2".

(g) With respect to the other matters to be included in the Auditors 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 read with Schedule V of 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, as amended 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 Standalone Financial Statements - (Refer Note 33 to the Standalone Financial Statements.)

ii. The Company has made provision, as required under the applicable law or Indian Accounting Standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - (Refer Note 6 and 27 to the Standalone Financial Statements).

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 38 to the Standalone Financial Statements).

iv. (a) The management has represented that, to

the best of its knowledge and belief that, 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, 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, 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, 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 performed 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) contain any material misstatement.

v. The final dividend paid by the Company during the year in respect of the same declared for the previous year is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.

vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account for

the financial year ended March 31, 2025, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in such software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For Nangia & Co LLP	For M Verma & Associates
Chartered Accountants	Chartered Accountants
FRN:-002391C/N500069	FRN:-501433C
Jaspreet Singh Bedi	Mohender Gandhi
Partner	Partner
Membership No.: 601788	Membership No.: 088396
UDIN: 25601788BMKSDH5092	UDIN: 25088396BMLKNI6297
Place: New Delhi	Place: New Delhi
Date: May 16, 2025	Date: May 16, 2025

"Annexure 1" referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of our Report of Even Date

Re: Sammaan Capital Limited (Formerly known as Indiabulls Housing Finance Limited)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(i) (a) (A) The Company has maintained proper records

showing full particulars, including quantitative details and situation of Property, Plant and Equipment (including right of use assets) and assets held for sale.

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

(b) The Property, Plant and Equipment (including right of use assets) and assets held for sale have been physically verified by the management in the year in accordance with a planned phased programme of verifying them over a period of three years and no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and based on the test check examination of the registered sale deed / transfer deed / conveyance deed / property tax receipts and such other documents provided to us, we report that, the title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company, except for the following:-

Description of property	Gross carrying value	Held in name of	Whether promoter, director or their relative or employee	Period held	Reason for not being held in name of Company
Freehold Land located at Lal Dora village of Bijwasan, New Delhi	Rs 0.11 crores	Indiabulls Financial Services Limited	Erstwhile Holding Company	Since June 30, 2009	Merged with the Company under Section 391 and 394 of the Companies Act, 1956 in terms of the approval of the Honorable High Court of Judicature.
Freehold Land located at District Mehsana, Ahmedabad	Rs 0.09 crores	Indiabulls Financial Services Limited	RIGHT>Erstwhile Holding Company	Since June 24, 2011	Merged with the Company under Section 391 and 394 of the Companies Act, 1956 in terms of the approval of the Honorable High Court of Judicature.

Further, based on the information and explanation given to us, immovable property consisting of a freehold land and a flat (building) whose title deeds have been mortgaged as security towards Secured Non-Convertible Debentures issued by the Company and are held in the name of the Company.

(d) The Company has not revalued its Property, Plant and Equipment including Right of Use assets and intangible assets during the year. Accordingly, the provisions of clause 3(i)(d) of the Order are not applicable.

(e) According to information and explanations given to us, there are no proceedings initiated during the year which are pending against the Company as at March 31, 2025 for holding benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

(ii) (a) The Company is engaged in the business of providing loans and consequently does not hold any physical inventories. Accordingly, the provisions of clause 3(ii)

(a) of the Order is not applicable to the Company.

(b) During the year, as disclosed in Note 48 to the Standalone Financial Statements, the Company has been sanctioned working capital limits in excess of Rs. five crores, in aggregate, from banks and financial institutions on the basis of security of current assets (loan receivables, other financial assets, and cash and cash equivalents (including bank balances and investments). In our opinion and according to the information and explanations given to us, the quarterly returns or statements filed by the Company with such banks or financial institutions are in agreement with the unaudited books of account of the Company for the respective quarters.

(iii) (a) The Company is engaged in the business of providing loans. Accordingly, the provisions of clause 3(iii)(a) of the Order is not applicable to the Company.

(b) During the year the investments made, guarantees provided, security given and the terms and conditions of grant of all loans and advances in the nature of loans and guarantees provided, to the extent applicable are not, prejudicial to the Companys interest.

(c) In respect of loans and advances in the nature of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayment or receipts are regular except in the following cases:

Name/Type of the Entity	Amount (In Rs. crores)	Due date	Extent of delay (In days)	Remarks, If any
Various Borrowers	7,043.99	Various due dates	More than one day from the due date	-

(d) The following amounts are overdue for more than ninety days from customers to whom loans have been granted, and reasonable steps have been taken by the Company for recovery of the overdue amount of principal and interest.

Loan Given to	No. of loan accounts	Total Overdue (Rs. in Crores)	Remarks, If any
Various Borrowers	2,722	789.83	-

(e) The Company is engaged in the business of providing loans. Accordingly, the provisions of clause 3(iii)(e) of the Order is not applicable to the Company.

(f) According to information and explanation given to us, the Company has not granted any loans or advances in the nature of loans which are either repayable on demand or without specifying any terms or period of repayment.

(iv) The Company has not granted any loans or provided any guarantee or security in connection with any loan taken by parties covered under section 185. Therefore, the provision of section 185 are not applicable to the Company. The Company is registered as Non- Banking Financial Company with the Reserve Bank of India. Therefore, the provision of section 186, except subsection (1) of section 186, of the Act are not applicable to the Company. Further the Company has not made any investment to the parties covered under section 186(1) of the Companies Act 2013.

(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of Sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company.

(vi) The Central Government has not specified maintenance of cost records under Section 148 (1) of the Act, in respect of Companys products/ services, accordingly, the provisions of clause 3(vi) of the Order are not applicable to the Company.

(vii) (a) According to information and explanation given to us, the Company is generally regular in depositing with appropriate

authorities undisputed statutory dues including goods and services tax, provident fund, employees state insurance, income tax, sales tax, service tax, value added tax, cess and other material statutory dues applicable to the Company. The provisions relating to duty of customs and duty of excise are currently not applicable to the Company. According to the information and explanation given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were outstanding, at the year end March 31, 2025, for a period of more than six months from the date they became payable.

(b) According to records of the Company, the dues of goods and services tax, provident fund, employees state insurance, income-tax, sales tax, service tax, value added tax, cess and other statutory dues have not been deposited on account of any dispute, are as follows:

Name of the statute	Nature of dues	Amount (In Rs crores)*	Period to which the amount relates	Forum where dispute is pending
Income Tax Act, 1961	Income Tax	1.23	2008-09	Honble Supreme Court
Income Tax Act, 1961	Income Tax	1.13	2011-12	Honble High Court of Mumbai
Income Tax Act, 1961	Income Tax	0.11	2012-13	Honble High Court of Mumbai
Income Tax Act, 1961	Income Tax	0.67	2013-14	Honble High Court of Mumbai
Income Tax Act, 1961	Income Tax	0.92	2014-15	Honble High Court of Mumbai
Income Tax Act, 1961	Income Tax	1.44	2015-16	Honble High Court of Mumbai
Income Tax Act, 1961	Income Tax	48.58	2016-17	Honble High Court of Mumbai
Income Tax Act, 1961	Income Tax	109.24	2016-17	CIT (A)
Income Tax Act, 1961	Income Tax	166.75	2017-18	Honble High Court of Mumbai
Income Tax Act, 1961	Income Tax	0.59	2017-18	CIT (A)
Income Tax Act, 1961	Income Tax	30.44	2018-19	Honble High Court of Mumbai
Income Tax Act, 1961	Income Tax	11.37	2019-20	Honble High Court of Mumbai
Income Tax Act, 1961	Income Tax	0.23	2021-22	CIT (A)
Income Tax Act, 1961	Income Tax	0.02	2021-22	CIT (A)
Goods and Services Tax Act, 2017	Central Goods & Services Tax	0.40	2017-18 to 2019-20	Commissioner Appeals, Jaipur
Goods and Services Tax Act, 2017	Central Goods & Services Tax	0.46	2018-19	Commissioner Appeals, Jaipur
Goods and Services Tax Act, 2017	Central Goods & Services Tax	0.07	2018-19	Commissioner Appeals, Raipur
Goods and Services Tax Act, 2017	Central Goods & Services Tax	1.06	2018-19	Commissioner Appeals, Visakhapatnam (AP)
Goods and Services Tax Act, 2017	Central Goods & Services Tax	0.00#	2019-20	Jurisdictional Officer West Bengal
Goods and Services Tax Act, 2017	Central Goods & Services Tax	0.01	2019-20	Jurisdictional Officer Delhi
Goods and Services Tax Act, 2017	Central Goods & Services Tax	0.01	2019-20	Jurisdictional Officer Tamil Nadu
Goods and Services Tax Act, 2017	Central Goods & Services Tax	0.63	2019-20	Commissioner Appeals Surat, Gujarat
Goods and Services Tax Act, 2017	Central Goods & Services Tax	0.05	2019-20	Jurisdictional Officer Haryana
Goods and Services Tax Act, 2017	Central Goods & Services Tax	12.56	2017-18 to 2019-20	Commissioner Appeals Jaipur
Goods and Services Tax Act, 2017	Central Goods & Services Tax	7.75	2020-21 to 2022-23	Commissioner Appeals Jaipur
Goods and Services Tax Act, 2017	Central Goods & Services Tax	2.91	2020-21	Commissioner Appeals Delhi
Finance Act, 1994	Service Tax	0.47	October 2016 to June 2017	Commissioner (Appeals Il), Delhi

(*These amounts are net of amount paid / adjusted under protest) (# Amount below Rs. one lakh)

(viii) According to the information and explanations given to us, the Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.

(ix) (a) According to the information and explanation given

to us, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) The Company has not been declared wilful defaulter by any bank or financial institution or any other lender during the year.

(c) According to the information and explanations given to us, the term loans were applied for the purposes for which the loans were obtained other than temporary deployment pending application of proceeds.

(d) According to the information and explanation given to us and on an overall examination of the Standalone Financial Statements of the Company, no funds raised on short-term basis have been used for long-term purposes by the Company.

(e) According to the information and explanation given to us and on the basis of our examination of the records of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

(f) According to the information and explanations given to us, the Company has not raised loans during the year on the pledge of securities held in its subsidiaries.

(x) (a) According to the information and explanations given

to us, monies raised during the year by way of public offer (including debt instruments) were applied by the Company for the purpose for which those funds were raised, though idle/surplus funds which were not required for immediate utilization were gainfully invested in liquid investments payable on demand.

(b) According to the information and explanations given to us and on the basis of our examination of records of the Company, the Company has complied with the provisions of sections 42 and 62 of the Companies Act, 2013 in respect of Qualified Institutions Placement of equity shares during the year. The amount raised, have been used for the purposes for which the funds were raised except for idle/surplus funds amounting to Rs 34.42 crores which is pending for utilization. The Company has not made any private placement of shares or fully, partially or optionally convertible debentures during the year.

(xi) (a) According to the information and explanations given

to us, no material fraud by the Company or on the Company has been noticed or reported during the year ended March 31, 2025, other than the instances of fraud aggregating to Rs. 2.67 crores comprising of 11 instances noticed and reported by the management in terms of the regulatory provisions applicable to the Company, as mentioned in Note 39 (2) (xxvii) of Standalone Financial Statements.

(b) During the year and upto the date of this report, no report under sub-section (12) of Section 143 of the Act has been filed by secretarial auditor or by us in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 (as amended) with the Central Government.

(c) As represented to us by the management, there were no whistle blower complaints received by the Company during the year.

(xii) The Company is not a Nidhi Company as per the provision of the Act. Therefore, the requirement to report on clauses 3(xii)(a), (b) and (c) of the Order are not applicable to the Company.

(xiii) According to the information and explanation given to us, transactions with the related parties are in compliance with Sections 177 and 188 of the Act, where applicable, and the details have been disclosed in the notes to the Standalone Financial Statements, as required by the applicable accounting standards.

(xiv) (a) According to the information and explanation given

to us, the Company has an internal audit system commensurate with the size and nature of the Companys business.

(b) The internal audit is performed as per a planned program approved by the Audit Committee of the Board of Directors of the Company. We have considered, the internal audit reports for the year under audit.

(xv) According to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.

(xvi) (a) According to the information and explanations given

to us, the Company is required to be registered under section 45-1A of the Reserve Bank of India , 1934. During the year ended March 31, 2025, the Company has received an approval from the Reserve Bank of India for conversion to Non-Banking Finance Company - Investment and Credit Companies (NBFC-

ICC) from Non-Banking Finance Company - Housing Finance Companies (NBFC-HFC) vide certificate of registration (CoR) N-14.03624 dated June 28, 2024.

(b) During the year, the Company has not conducted any non-banking financial activities or housing finance activities without a valid Certificate of Registration (CoR) from the RBI as per the RBI Act, 1934.

(c) The Company is not a Core Investment Company as defined in the regulations made by the Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi) (c) of the Order is not applicable to the Company.

(d) According to information and explanation provided to us, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable to the Company.

(xvii) The Company has not incurred any cash losses in the current year and in the immediately preceding financial year respectively.

(xviii) There has been no resignation of joint statutory auditors during the year and accordingly, requirement to report on clause 3 (xviii) of the Order is not applicable to the Company. The previous joint auditors have completed their term during the year.

(xix) On the basis of the financial ratios disclosed in Note 39 (1) (i) and Note 39 (2) (xxi) to the Standalone Financial

Statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the Standalone 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 one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of Section 135 of the Act. This matter has been disclosed in Note 30 (2) to the Standalone Financial Statements.

(b) There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account in compliance of provision of sub section 6 of Section 135 of Companies Act. This matter has been disclosed in Note 30 (2) to the standalone financial statements.

For Nangia & Co LLP	For M Verma & Associates
Chartered Accountants	Chartered Accountants
FRN:-002391C/N500069	FRN:-501433C
Jaspreet Singh Bedi	Mohender Gandhi
Partner	Partner
Membership No.: 601788	Membership No.: 088396
UDIN: 25601788BMKSDH5092	UDIN: 25088396BMLKNI6297
Place: New Delhi	Place: New Delhi
Date: May 16, 2025	Date: May 16, 2025

"Annexure 2" to the Independent Auditors Report of even date of Standalone Financial Statements of Sammaan Capital Limited (Formerly known as Indiabulls Housing Finance Limited)

(Referred to in paragraph 2(g) under Report on Other Legal and Regulatory Requirements section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of sub- section 3 of Section 143 of the Companies Act, 2013 (the "Act")

We have audited the internal financial controls with reference to the Standalone Financial Statements of Sammaan Capital Limited (Formerly known as Indiabulls Housing Finance Limited) ("the Company") as at March 31, 2025 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal financial control with reference to 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 the Companys 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to Standalone Financial Statements 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, issued by the Institute of Chartered Accountants of India ("the ICAI") and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. 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 with reference to Standalone Financial Statements were established and maintained and if such controls operated effectively in all material respects.

Annual Report 2024-25

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to standalone financial statements, 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 judgement, including the assessment of the risks of material misstatement of the Standalone 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 with reference to the Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A companys internal financial controls with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial controls with reference to Standalone Financial Statements 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 financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to Standalone Financial Statements, 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 with reference to Standalone Financial Statements to future periods are subject to the risk that the internal financial controls with reference to Standalone Financial Statements 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, and to the best of our information and according to the explanations given to us the Company has, in all material respects, adequate internal financial controls system with reference to Standalone Financial Statements and

h such internal financial controls with reference to Standalone Financial Statements were operating effectively as at March 31, 2025, based on the internal financial control with reference to financial reporting criteria established by the Company d considering the essential components of internal control stated , in the Guidance Note on Audit of Internal Financial Controls

s over Financial Reporting issued by the Institute of Chartered d Accountants of India.

For Nangia & Co LLP	For M Verma & Associates
Chartered Accountants	Chartered Accountants
FRN:-002391C/N500069	FRN:-501433C
Jaspreet Singh Bedi	Mohender Gandhi
Partner	Partner
Membership No.: 601788	Membership No.: 088396
UDIN: 25601788BMKSDH5092	UDIN: 25088396BMLKNI6297
Place: New Delhi	Place: New Delhi
Date: May 16, 2025	Date: May 16, 2025