We have audited the accompanying Standalone Financial
Statements of Capital India Finance Limited (hereinafter
referred as "the Company"), which comprise the Balance
Sheet as at March 31,2025, the Statement of Profit and Loss
including Other Comprehensive Income, the Statement of
Changes in Equity and the Statement of Cash Flows for the
year then ended, and notes to the Standalone Financial
Statements, including a summary of material accounting
policies and other explanatory information (hereinafter
referred to as 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, ('Ind As') and other accounting principles
generally accepted in India, of the state of affairs of
the Company as at March 31, 2025, its profit, total
comprehensive income, its cash flows and the statement
of 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 "Auditor's 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 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 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
Standalone Financial Statements.

3. Key Audit Matter

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 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
Auditor's 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.

4. Information other than the Financial Statements
and Auditor's report thereon

The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual report, but does
not include the Consolidated Financial Statements,
Standalone Financial Statements, and our auditor's
report thereon.

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

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other
information and, in doing so, consider whether such other
information is materially inconsistent with the Financial
Statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on
the work we have performed, we conclude that there is a
material misstatement of this other information, we are
required to report that fact.

We have nothing to report in this regard.

5. Responsibilities of Management and Those Charged
with Governance for the Standalone Financial
Statements

The Company's 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, changes in equity and cash flows of the Company
in accordance with the Ind AS and other accounting
principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) 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 the 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,
Company's Board of Directors is responsible for assessing
the Company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless
management either intends to liquidate the Company
or to cease operations, or has no realistic alternative
but to do so.

The Board of Directors are also responsible for overseeing
the Company's financial reporting process.

6. 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 auditor's 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 Standards on Auditing
(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 Standards on
auditing, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

i. 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.

ii. Obtain an understanding of internal financial
controls 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 with reference to the financial
statements in place and the operating effectiveness
of such controls.

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

iv. Conclude on the appropriateness of management's
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
Company's ability to continue as a going concern.
If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor's
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 auditor's report. However, future events
or conditions may cause the Company to cease to
continue as a going concern.

v. 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.

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the Financial
Statements may be influenced. We consider quantitative
materiality and qualitative factors in; (i) planning the
scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified
misstatements in the Financial Statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and to
communicate with them all relationships and other
matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged
with governance, we determine those matters that were
of most significance in the audit of Standalone Financial
Statements for the year ended March 31, 2025 and are
therefore the key audit matters. We describe these
matters in our auditor's 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.

7. Report on Other Legal and Regulatory Requirements

i. 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 the matters specified in paragraphs 3
and 4 of the Order.

ii. 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 best
of our knowledge and belief were necessary for
the purpose 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, Standalone
Statement of Profit and Loss including Other
Comprehensive Income, the Standalone
Statement of Cash Flow and the Standalone
Statement of Changes in Equity dealt with by
this Report are in agreement with the relevant
books of account.

d. In our opinion, the aforesaid Standalone
Financial Statements comply with the Ind AS
specified under section 133 of the Act, read
with Companies (Indian Accounting Standards)
Rules, 2015, as amended.

e. On the basis of written representations received
from the directors as on March 31,2025, taken
on record by the Board of Directors, none of the
directors 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 with reference to the
Standalone Financial Statements of the
Company and the operating effectiveness of
such controls, we request you to refer to our
separate Report in "Annexure B" to this report.

g. With respect to the matter to be included in
the Auditor's Report in accordance with the
requirements of section 197(16) of the Act, in
our opinion, and to the best of our information
and according to the explanations given to
us, the managerial remuneration for the year
ended March 31,2025 has been paid / provided
by the Company to its directors in accordance
of provisions of Section 197 read with Schedule
V to the Act.

h. With respect to the other matters to be included
in the Auditor's 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 does not have any
pending litigations as at 31 March 2025
on its financial position in its standalone
financial statements

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

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

iv. (a) The Management has represented that,

to the best of its knowledge and belief,
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, whether, directly or indirectly lend
or invest in other persons or entities
identified in any manner whatsoever by
or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee,
security or the like on behalf of the
Ultimate Beneficiaries [Refer Note 50 (a)]
to Standalone Financial Statements);

(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, whether, directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever by or
on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee,
security or the like on behalf of the
Ultimate Beneficiaries [Refer Note 50 (b)]
to Standalone Financial Statements); and

(c) Based on such audit procedures 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 (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain
any material misstatement.

v. As stated in Note 30 to the Standalone
Financial Statements, the Board of Directors
of the Company has proposed final dividend

for the year which is subject to the approval
of the members at the ensuing Annual
General Meeting. The dividend declared is in
accordance with section 123 of the Act to the
extent it applies to declaration of dividend.

vi. Based on our examination which include test
checks, the Company has used accounting
software for maintaining its books of account
which has a feature of recording audit trail