To the Members of

CREST VENTURES LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying Standalone Financial Statements of CRESTVENTURES LIMITED ("the Company") which comprise the Balance Sheet asat 31st March 2022 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and a summary of significant accounting policies and otherexplanatory information (hereinafter referred to as "Standalone FinancialStatements"). In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 (" the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under Section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31st March2022 its Loss including Other Comprehensive Income its Cash Flows and the Statement ofChanges in Equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing("SA") specified under Section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Standalone Financial Statements section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India ("ICAI") together with the ethical requirements that arerelevant to our audit of the Standalone Financial Statements under the provisions of theAct and the Rules made thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI‘s Code of Ethics.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone Financial Statements of thecurrent period. These matters were addressed in the context of our audit of the StandaloneFinancial Statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined that there are no key auditmatters to communicate in our report for the year ended 31st March 2022.

Information Other than the Standalone Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the Standalone Financial Statements and our auditor's reportthereon.

Our opinion on the Standalone Financial Statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed on the other information that weobtained prior to the date of this auditor's report we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of the Management for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Act with respect to the preparation of these StandaloneFinancial Statements that give a true and fair view of the Financial Position FinancialPerformance including Other Comprehensive Income Cash Flows and the Statement of Changesin Equity of the Company in accordance with the Ind AS and other accounting principlesgenerally accepted in India.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of the appropriate accounting policies; making judgements and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and fair presentationof the Standalone Financial Statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the Standalone Financial Statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether theStandalone Financial Statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic 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 maintainprofessional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to the auditin order to design audit procedures that are appropriate in the circumstances. UnderSection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Standalone Financial Statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of theStandalone Financial Statements including the disclosures and whether the StandaloneFinancial Statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the StandaloneFinancial Statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the Standalone FinancialStatements may be influenced. We consider quantitative materiality and qualitative factorsin (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 FinancialStatements.

We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards. From the matters communicatedwith those charged with governance we determine those matters that were of mostsignificance in the audit of the Standalone Financial Statements of the current period andare therefore the key audit matters. We describe these matters in our auditor's reportunless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government of India in terms of sub-section(11) of Section 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that: a) We havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit; b) In our opinionproper books of account as required by law have been kept by the Company so far as appearsfrom our examination of those books; c) The Balance Sheet Statement of Profit and Lossincluding Other Comprehensive Income the Cash Flow Statement and Statement of Changes inEquity dealt with by this report are in agreement with the books of account; d) In ouropinion the aforesaid Standalone Financial Statements comply with the Ind AS specifiedunder Section 133 of the Act; e) On the basis of written representations received from thedirectors as on 31st March 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2022 from being appointed as a director interms of Section 164(2) of the Act; f) With respect to the adequacy of the internalfinancial controls over financial reporting of the Company with reference to theseStandalone Financial Statements and the operating effectiveness of such controls refer toour separate Report in "Annexure B". Our report expresses an unmodified opinionon the adequacy and operating effectiveness of the Company's internal financial controlsover financial reporting with reference to these Standalone Financial Statements; g) Withrespect to the other matters to be included in the Auditor's Report in accordance with therequirements of Section 197(16) of the Act as amended in our opinion and to the best ofour information and according to the explanations given to us the remuneration paid bythe Company to its directors during the year is in accordance with the provisions ofSection 197 of the Act; h) With respect to the other matters to be included in theAuditor's Report in accordance with Rules 11 of the Companies (Audit and Auditors) Rules2014 as amended in our opinion and to the best of our information and according to theexplanations given to us: i. The Company has disclosed the impact of pending litigationson its financial position in its Standalone Financial Statements - refer note 42 to thestandalone financial statements; ii. The Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses; iii.There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company. iv. (a) Management hasrepresented to us that to the best of it's knowledge and belief other than as disclosedin the notes to the accounts no funds have been advanced or loaned or invested (eitherfrom borrowed funds or share premium or any other sources or kind of funds) by the Companyto or in any other persons or entities including foreign entities("Intermediaries") with the understanding whether recorded in writing orotherwise that the Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries; (b) Management has represented to us thatto the best of it's knowledge and belief other than as disclosed in the notes to theaccounts no funds have been received by the Company from any person(s) or entity(ies)including foreign entities ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall whether directly or indirectlylend or invest in other persons or entities identified in any manner whatsoever by or onbehalf of the Funding Party ("Ultimate Beneficiaries") or provide any guaranteesecurity or the like on behalf of the Ultimate Beneficiaries (c) based on our auditprocedure conducted that are considered reasonable and appropriate in the circumstancesnothing has come to our attention that cause us to believe that the representation givenby the management under paragraph (2)(h)(iv)(a)&(b) contain any material misstatement.v. The dividend declared or paid during the year by the Company is in accordancewith Section 123 of the Companies Act 2013.

"ANNEXURE A" TO THE INDEPENDENT AUDITORS' REPORT ON THESTANDALONE FINANCIAL STATEMENTS OF CREST VENTURES LIMITED

(Referred to in Paragraph 1 under the heading of "Report on otherlegal and regulatory requirements" of our report of even date) i) In respect ofits Property Plant and Equipment : a) (A) The Company has maintained proper recordsshowing full particulars including quantitative details and situation of Property Plantand Equipment on the basis of available information.

(B) The Company has maintained proper records showing full particularsof intangible assets on the basis of available information. b) As explained to usProperty Plant and Equipment have been physically verified by the management in a phasedperiodical manner which in our opinion is reasonable having regard to the size of theCompany and nature of its assets. No material discrepancies were noticed on such physicalverification. c) According to the information and explanations given to us and the recordsexamined by us in respect of immovable properties disclosed as Property Plant andEquipment (other than properties where the Company is the lessee and the lease agreementsare duly executed in favour of the lessee) in the financial statements are in the name ofthe Company. d) According to information and explanations given to us and books ofaccounts and records examined by us Company has not revalued its Property Plant andEquipment (including Right of Use assets) or intangible assets or both during the year. e)According to information and explanations given to us and as represented by themanagement no proceedings have been initiated or are pending against the Company forholding any benami property under the Benami Transactions (Prohibition) Act 1988 andRules made thereunder. ii) (a) As explained to us inventories consist of realty work inprogress representing properties under construction. According to the information andexplanations given to us physical verification of inventories have been conducted atreasonable intervals by the management and having regard to the size and nature ofbusiness of the Company and nature of its inventory the coverage and procedures of suchverification by the management is appropriate. As explained to us and on the basis of therecords examined by us the value of the discrepancies noticed on physical verification bymanagement did not exceed 10% or more in aggregate of each class of inventory.

(b) The Company has not availed any working capital limits from banks orfinancial institutions during the year on the basis of security of current assets.Consequently the requirement of clause (ii) (b) of paragraph 3 of the Order is notapplicable to the Company. iii) With respect to investments made in or any guarantee orsecurity provided or any loans or advances in the nature of loans secured or unsecuredgranted during the year by the Company to companies firms Limited Liability Partnershipsor any other parties:-a) Company being a Non-Banking Finance Company the requirement ofclause (iii) (a) of paragraph 3 of the Order is not applicable to the Company. b) In ouropinion and according to information and explanations given us and on the basis of ouraudit procedures the investments made and the terms and conditions of all loans made bythe Company are not prejudicial to the Company's interest. Company has not provided anyguarantees or given security and has not granted any advances in the nature of loansduring the year. c) According to the books of accounts and records examined by us inrespect of the loans where the schedule of repayment of principal and payment of interesthas been stipulated the repayments or receipts are regular except few cases as disclosedbelow:-

d) In respect of the said loans and interest thereon there are nooverdue amounts. e) Company being a Non-Banking Finance Company the requirement of clause(iii) (e) of paragraph 3 of the Order is not applicable to the Company.

f) In our opinion and according to information and explanationgiven and records examined by us the Company has not granted any loans either repayableon demand or without specifying any terms or period of repayment. iv) In our opinion andaccording to the information and explanations given to us the Company has complied withthe provisions of Section 185 and Section 186 of the Act.

v) According to the information and explanations given to us theCompany has not accepted any deposits and there are no amounts which are deemed to bedeposit within the meaning of provisions of Section 73 to 76 or any other relevantprovisions of the Act and the Rules framed there under. Therefore the clause (v) ofparagraph 3 of the Order is not applicable to the Company.

vi) To the best of our knowledge and explanations given to us theCentral Government has not prescribed the maintenance of cost records under sub-section(1) of Section 148 of the Act in respect of the activities undertaken by the Company. vii)In respect of Statutory dues :

a) According to the records of the Company undisputed statutorydues including goods and service tax provident fund employees' state insurance incometax sales tax service tax duty of customs duty of excise value added tax cess andany other statutory dues as applicable to it have been regularly deposited withappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the aforesaid dues were outstanding as at 31stMarch 2022 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to usthere are no dues of goods and service tax provident fund employees' state insuranceincome tax sales tax service tax duty of customs duty of excise value added tax cessand any other statutory dues as applicable to it which have not been deposited as on 31stMarch 2022 on account of any dispute. viii) According to the information and explanationsgiven to us there are no transactions which have been surrendered or disclosed as incomeduring the year in the tax assessments under the Income Tax Act 1961(43 of 1961).Consequently the requirement of clause (viii) of paragraph 3 of the Order is notapplicable to the Company.

ix) (a) In our opinion and according to the information and explanationsgiven and books of accounts and records examined by us the Company has not defaulted inrepayment of loans or other borrowings or in the payment of interest thereon to anylender.

(b) According to the information and explanations given to us and on thebasis of our audit procedures we report that the Company has not been declared wilfuldefaulter by any bank or financial institution or government or any government authority.

(c) In our opinion and according to the information and explanationsgiven and records examined by us the money raised by way of term loans have been appliedprima facie for the purpose for which they were obtained.

(d) According to the information and explanations given to us and theprocedures performed by us and on an overall examination of the Standalone FinancialStatements of the Company we report that no funds raised on short-term basis have beenused for long-term purposes by the Company.

(e) In our opinion and according to the information and explanationsgiven to us the Company has not taken any funds from any entity or person on account ofor to meet the obligations of its subsidiaries associates or joint ventures.

(f) According to the information and explanations given to us andprocedures performed by us we report that the Company has raised loans during the year onthe pledge of securities held in its subsidiaries joint ventures or associate companiesas per details below. Further the Company has not defaulted in repayment of such loansraised.

x) (a) The Company has not raised money by way of initial public offeror further public offer (including debt instruments) and hence clause (x) (a) of paragraph3 of the Order is not applicable to the Company.

(b) In our opinion and according to the information and explanationsgiven to us the Company has not made any preferential allotment or private placement ofshares or convertible debentures (fully partially or optionally convertible) during theyear.

xi) (a) Based on the audit procedures performed for the purpose ofreporting the true and fair view of the Standalone Financial Statements and as perinformation and explanations given to us no fraud by the Company or on the Company hasbeen noticed or reported during the year.

(b) In our opinion and according to the information and explanationsgiven to us and as represented to us by the Management there are no reports undersub-section (12) of Section 143 of the Companies Act 2013 has been filed by the auditorsin Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules2014 with the Central Government.

(c) As represented to us by the Management there are no whistle blowercomplaints received by the Company during the year. xii) In our opinion Company is not anidhi Company. Therefore the provisions of clause (xii) of paragraph 3 of the Order arenot applicable to the Company.

xiii) In our opinion and according to the information and explanationsgiven to us all transactions with related parties are in compliance with Sections 177 and188 of the Act and their details have been disclosed in the Standalone FinancialStatements etc. as required by the applicable Accounting Standards.

xiv) (a) In our opinion and based on our examination the Company has aninternal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the company issuedtill date for the period under audit. xv) In our opinion and according to the informationand explanations given to us the Company has not entered into any non-cash transactionwith the directors or persons connected with him and covered under Section 192 of the Act.Hence clause (xv) of the paragraph 3 of the Order is not applicable to the Company. xvi)(a) Based on information and explanation given to us the Company is required to beregistered under Section 45-IA of the Reserve Bank of India Act 1934 and necessaryregistration has been obtained by the Company.

(b) In our opinion and according to the information andexplanations provided to us and on the basis of our audit procedures the Company hasconducted Non-Banking Financial activities after holding a Certificate of Registrationfrom the Reserve Bank of India as per the Reserve Bank of India Act 1934.

(c) In our opinion and according to the information andexplanations provided to us the Company is not a Core Investment Company (CIC) as definedin the regulations made by the Reserve Bank of India.

(d) The Group does not have any Core Investment Company (CIC) aspart of the Group as per the definition of Group contained in the Core InvestmentCompanies (Reserve Bank) Directions 2016 and hence the reporting under clause (xvi)(d) ofthe Order is not applicable.

xvii) The Company has not incurred cash losses during the financial yearcovered by the audit and in the immediately preceding financial year.

xviii)There has been no resignation of the statutory auditors during theyear and accordingly this clause is not applicable.

xix) According to the information and explanations given to us and onthe basis of the financial ratios ageing and expected dates of realization of financialassets and payment of financial liabilities other information accompanying the StandaloneFinancial Statements our knowledge of the Board of Directors and management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report that Company is not capable of meeting its liabilities existingat the date of balance sheet as and when they fall due within a period of one year fromthe balance sheet date. We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due. xx) In our opinion and according tothe information and explanations given to us there are no unspent amounts in compliancewith provisions of Section 135 of the Act; hence this clause is not applicable to theCompany.

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT ON THESTANDALONE FINANCIAL STATEMENTS OF CREST VENTURES LIMITED

(Referred to in paragraph 2 (f) under ‘Report on Other Legal andRegulatory Requirements' of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reportingof CREST VENTURES LIMITED ("the Company") as of 31st March 2022 inconjunction with our audit of the Standalone Financial Statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India ("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting with reference to these Standalone FinancialStatements based on our audit. We conducted our audit in accordance with the Guidance Noteissued by ICAI and the Standards on Auditing prescribed under Section 143(10) of the Actto the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting with reference to these Standalone Financial Statementswas established and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting with referenceto these Standalone Financial Statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these StandaloneFinancial Statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the Standalone Financial Statementswhether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting with reference to these Standalone FinancialStatements.

Meaning of Internal Financial Controls Over Financial Reporting WithReference To These Standalone Financial Statements

A Company's internal financial control over financial reporting withreference to these Standalone Financial Statements is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof Standalone Financial Statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting with reference to these Standalone Financial Statements includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of Standalone Financial Statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorisations of management and directors of theCompany and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting with Reference to these Standalone Financial Statements

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to these Standalone Financial Statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these Standalone Financial Statements to future periods are subject to the risk thatthe internal financial control over financial reporting with reference to these StandaloneFinancial Statements may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls over financial reporting with reference to these StandaloneFinancial Statements and such internal financial controls over financial reporting withreference to these Standalone Financial Statements were operating effectively as at 31stMarch 2022 based on the internal control over financial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note issued by ICAI.