TO THE MEMBERS OF HOME FIRST FINANCE COMPANY INDIA LIMITED

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of Home First Finance CompanyIndia Limited (the “Company”) which comprise the Balance Sheet as at March 312022 and the Statement of Pro t and Loss including Other Comprehensive Income theStatement of Cash Flows and the Statement of Changes in Equity for the year then endedand a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 (the “Act”) in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended(“Ind AS”) and other accounting principles generally accepted in India of thestate of a airs of the Company as at March 31 2022 and its profit total comprehensiveincome its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the Auditor's Responsibility for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence obtained by us issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

Key Audit Matter

Key audit matter is the matter that in our professional judgment was of mostsignificance in our audit of the financial statements of the current period. The matterwas addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on the matter. Wehave determined the matter described below to be the key audit matter to be communicatedin our report.

Information Other than the Financial Statements and Auditors' Report Thereon

? The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and Analysisand Directors' Report (the ”Reports”) but does not include financial statementsand our auditors' report thereon. The reports are expected to be made available to usafter the date of this auditors' report.

? Our opinion on the financial statements does not cover the other information and wedo not express any form of assurance conclusion thereon.

? In connection with our audit of the financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. When we read theOther Information if we conclude that there is a material misstatement therein we arerequired to communicate the matter to those charged with governance as required under SA720 (Revised) 'The Auditor's responsibilities Relating to Other Information'.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror. In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditors' Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements. As part of an audit in accordance with SAs weexercise professional judgment and maintain professional skepticism throughout the audit.We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial control relevant to the audit in order todesign 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 hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be in uenced. We considerquantitative 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 financialstatements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Other Matter

The financial statements as at and for the year ended March 31 2021 have been auditedby the predecessor auditor. The report of the predecessor auditor on the comparativefinancial statements dated May 03 2021 expressed an unmodi ed opinion. Our opinion on thefinancial statements and our report on Other Legal and Regulatory Requirements below isnot modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit we report that :

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Pro t and Loss including Other ComprehensiveIncome the Statement of Cash Flows and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act.

e) On the basis of the written representations received from the directors as and takenon record by the Board of Directors none of the directors is disqualified as on March 312022 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 financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in “Annexure A”. Our report expresses an unmodi ed opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us theremuneration has been paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous: The Company does not have any pending litigations as at year-end which would impactits financial position.

ii. The Company did not have any long-term contracts including derivative contracts asat the year-end for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. (a) The Management has represented that to the best of it's knowledge and beliefas disclosed in the notes to the accounts no funds (which are material eitherindividually or in the aggregate) have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other person(s) or entity(ies) including foreign entities(“Intermediaries”) with the understanding whether recorded in writing orotherwise that the Intermediary shall directly or indirectly lend or invest in otherpersons or entities identified in any manner whatsoever by or on behalf of the Company(“Ultimate Bene ciaries”) or provide any guarantee security or the like onbehalf of the Ultimate Bene ciaries. Refer note 53 to the financial statements.

(b) The Management has represented that to the best of it's knowledge and belief asdisclosed in the notes to accounts no funds (which are material either individually or inthe aggregate) 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 directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party (“Ultimate Bene ciaries”) or provide any guarantee securityor the like on behalf of the Ultimate Bene ciaries. Refer note 53 to the financialstatements.

(c) Based on the audit procedures that has been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under subclause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material mis-statement v. The company has not declared or paid anydividend during the year and has not proposed nal dividend for the year.

2. As required by the Companies (Auditors' Report) Order 2020 (the “Order”)issued by the Central Government in terms of Section 143(11) of the Act we give in“Annexure B” a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For Deloitte Haskins & Sells

Chartered Accountants

(Firm's Registration No. 117365W)

G. K. Subramaniam

(Partner)

(Membership No. 109839)

(UDIN: 22109839AIIAML9409)

Place: Mumbai

Date: May 3 2022

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (the “Act”)

We have audited the internal financial controls over financial reporting of HOMEFIRST FINANCE COMPANY INDIA LIMITED (the “Company”) as of March 31 2022 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (the “Guidance Note”).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to the company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing prescribed under Section 143(10) ofthe Act to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; 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 financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2022 based on the criteria forinternal financial control over financial reporting established by the Company consideringthe essential components of internal control stated in the Guidance Note.

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

( ) According to the information and explanations given to us in respect of PropertyPlant and Equipment & Intangible Assets.

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment. The Company hasmaintained proper records showing full particulars of intangible assets.

b) The Company has a program of veri cation of Property Plant and Equipment so tocover all the items once every three years which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. Pursuant to the programcertain Property Plant and Equipment were due for veri cation during the year and werephysically veri ed by the Management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such veri cation.

c) The Company does not have any immovable properties and hence reporting under clause3(i)(c) of the Order is not applicable.

d) The Company has not revalued any of its Property Plant and Equipment includingRight of Use Assets and intangible assets during the year.

e) No proceedings have been initiated during the year or are pending against theCompany as at March 31 2022 for holding any benami property under the Benami Transactions(Prohibition) Act 1988 (as amended in 2016) and rules made thereunder.

(ii) a) The Company does not have any inventory and hence reporting under clause 3(ii)(a) of the Order is not applicable.

b) According to the information and explanations given to us the Company has beensanctioned working capital limits in excess of Rs. 5 crores in aggregate at points oftime during the year from banks on the basis of security of current assets. In ouropinion and according to the information and explanations given to us the quarterlyreturns or statements comprising book debts statement led by the Company with such banksare in agreement with the unaudited books of account of the Company of the respectivequarters and no material discrepancies have been observed.

(iii) During the year the Company has made investments in and granted loans oradvances in the nature of loans secured or unsecured to companies rms limitedliability partnerships or any other parties. The Company has not provided any guarantee orsecurity to any other entity during the year. With respect to such investments and loansand advances:

a) The Company's principal business is to give loans and hence reporting under clause3(iii)(a) of the Order is not applicable.

b) The investments made and the terms and conditions of the grant of all the loans andadvances in the nature of loans during the year are in our opinion prima facie notprejudicial to the Company's interest.

c) In respect of loans and advances in the nature of loans (together referred to as“loan assets”) the schedule of repayment of principal and payment of interesthas been stipulated. Note 1.3 to the Financial Statements explains the Company'saccounting policy relating to impairment of financial assets which include loans assets.In accordance with that policy loan assets with balances as at March 31 2022aggregating Rs.1026.13 million were categorised as credit impaired (“Stage 3”)and Rs.718.44 million were categorised as those where the credit risk has increasedsignificantly since initial recognition (“Stage 2”). Disclosures in respect ofsuch loans have been provided in Note 4.1 to the Financial Statements. Additionally outof loans and advances in the nature of loans with balances as at the year-end aggregatingRs.42321.03 million where credit risk has not significantly increased since initialrecognition (categorised as “Stage 1”) overdues in the repayment interestand/or principal aggregating Rs.779.61 million were also identified. In all other casesthe repayment of principal and interest is regular. Having regard to the nature of theCompany's business and the volume of information involved it is not practicable toprovide an itemised list of loan assets where delinquencies in the repayment of principaland interest have been identified.

d) The total amount overdue for more than ninety days in respect of loans and advancesin the nature of loans as at the year-end is Rs.577.25 million. Reasonable steps are beentaken by the Company for recovery of the principal and interest as stated in theapplicable Regulations and Loan agreements.

e) The Company's principal business is to give loans and hence reporting under clause3(iii)(e) of the Order is not applicable. f) According to information and explanationsgiven to us and based on the audit procedures performed the Company has not granted anyloans or advances in the nature of loans either repayable on demand or without specifyingany terms or period of repayment during the year. Hence reporting under clause 3(iii)(f)is not applicable.

(iv) According to information and explanation given to us the Company has not advancedloans or made investments in or provided guarantees or security to parties covered bysection 185 and 186 of the Act. Hence reporting under paragraph 3(iv) of the Order is notapplicable.

(v) According to the information and explanations given to us the Company has notaccepted any deposits or amounts which are deemed to be deposits during the year and noorder in this respect has been passed by the Company Law Board or National Company LawTribunal or the Reserve Bank of India or any Court or any other Tribunals in regard to theCompany. Hence reporting under clause 3(v) of the Order is not applicable.

(vi) According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under section 148(1) of the Act inrespect of the services rendered by the Company. Hence reporting under clause 3(vi) ofthe Order is not applicable.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

a) Undisputed statutory dues including Goods and Service tax (GST) Provident FundEmployees' State Insurance Income-tax cess and other material statutory dues applicableto the Company have generally been regularly deposited by it with the appropriateauthorities.

b) There were no undisputed amounts payable in respect of GST Provident FundEmployees' State Insurance Income-tax cess and other material statutory dues in arrearsas at March 31 2022 for a period of more than six months from the date they becamepayable.

c) There were no dues referred in sub clause (a) above which have not been deposited onaccount of disputes as at March 31 2022.

(viii) According to the information and explanations given to us no transactionsrelating to previously unrecorded income were surrendered or disclosed as income in thetax assessments under the Income Tax Act 1961 during the year.

(ix) According to the information and explanations given to us in respect ofborrowings:

a) The Company has not defaulted in the repayment of loans or other borrowings or inthe payment of interest thereon to any lender during the year.

b) The Company has not been declared wilful defaulter by any bank or financialinstitution or government or any government authority.

c) In our opinion term loans availed by the Company were applied by the Companyduring the year for the purposes for which the loans were obtained other than temporarydeployment pending application in respect of term loans raised towards the end of theyear.

d) On an overall examination of the financial statements of the Company funds raisedon short term basis have prima facie not been used during the year for long-termpurposes by the Company.

e) The Company did not have any subsidiary or associate or joint venture during theyear and hence reporting under clause 3(ix)(e) of the Order is not applicable.

f) The Company does not have any subsidiary or associate or joint venture and hencereporting on clause 3(ix)(f) of the Order is not applicable.

(x) a) The Company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence reporting under clause3(x)(a) of the Order is not applicable.

b) According to the information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or convertible debentures (fullyor partly or optionally) during the year and hence reporting under clause 3(x)(b) of theOrder is not applicable.

(xi) a) According to the information and explanations given to us no fraud by theCompany and no material fraud on the Company has been noticed or reported during the year.

b) No report under section 143(12) of the Act has been led in Form ADT-4 as prescribedunder rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Governmentduring the year and upto the date of this report.

c) As represented to us by the Management there were no whistle blower complaintsreceived by the Company during the year.

(xii) The Company is not a Nidhi Company and hence reporting under clause 3(xii) ofthe Order is not applicable.

(xiii) According to the information and explanations given to us the Company is incompliance with Section 188 and 177 of the Act where applicable for all transactionswith the related parties and the details of related party transactions have been disclosedin the financial statements etc. as required by the applicable accounting standards.

(xiv) a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business. b) We have considered the internal auditreports issued to the Company during the year and covering the period upto March 31 2022.

(xv) According to the information and explanations given to us during the year theCompany has not entered into any non-cash transactions with its directors or personsconnected with him and hence provisions of section 192 of the Act are not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Hence reporting under clauses 3(xvi) a b and c of the Order isnot applicable.

The Group does not have any CIC as part of the group and accordingly reporting underclause (xvi) (d) of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financial year covered byour audit and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company. Hencereporting under clause 3(xviii) of the Order is not applicable.

(xix) On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities Asset Liability Maturity (ALM)pattern other information accompanying the financial statements and our knowledge of theBoard of Directors and Management plans and based on our examination of the evidencesupporting the assumptions nothing has come to our attention which causes us to believethat any material uncertainty exists as on the date of the audit report indicating thatthe Company is not capable of meeting its liabilities existing at the date of balancesheet 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 theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

(xx) The Company has fully spent the required amount towards Corporate SocialResponsibility (CSR) and there is no unspent CSR amount for the year requiring a transferto a Fund specified in Schedule VII to the Act or special account in compliance with theprovision of section 135(6) of the said Act. Accordingly reporting under clause 3(xx) ofthe Order is not applicable.

(xxi) According to the information and explanations given to us the Company does nothave subsidiary associate and joint venture. Accordingly reporting under clause 3(xxi)of the Order is not applicable.