ఆడిటర్ నివేదిక Fujiyama Power Systems Ltd.

We have audited the financial statements of Fujiyama Power
Systems Limited ("the Company"), which comprise the
Balance Sheet as at 31 March 2026, Statement of Profit and
Loss (including other comprehensive income), Statement of
Changes in Equity and Statement of Cash Flows for the year
then ended, and notes to the financial statements, including a
summary of material accounting policy and other explanatory
information.

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid financial
statements give the information required by the Companies
Act, 2013 ("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 state of affairs of the Company as at 31 March
2026, and its profit and total comprehensive income (including
other comprehensive income), changes in equity and its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in
accordance with the Standards on Auditing (SAs) 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 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 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 ICAI''s Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the financial
statements.

Emphasis of Matter

We draw attention to note no. 49 of the accompanying financial
statements which states that a major fire broke out on 06 May
2026 in one of the Company''s production facilities located in
Bawal, District Rewari, Haryana. The incident resulted in damage
to building structures, plant and machinery, and inventories
having an estimated carrying value of Rs. 1,576.30 million. This
incidence has been considered a non-adjusting event occurring
after the reporting period in accordance with IND AS 10- ''Event
after the reporting period'' and, accordingly, no adjustment

has been made in this regard to the accompanying financial
statements for the reasons stated in aforesaid note.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period. We have determined that
there are no key audit matters to communicate in our report.

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 Board''s Report, Business Responsibility and
Sustainability Report, Corporate Governance and Shareholder''s
Information but does not include the financial statements and
our auditor''s report thereon. The Director''s report is expected
to be made available to us after the date of this auditor''s report.

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

In connection with our audit of the 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
financial statements, or our knowledge obtained in the audit or
otherwise appears to be materially misstated.

The Director''s report is not made available to us as at the date
of this auditor''s report. We have nothing to report in this regard.

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

The Company''s Management and Board of Directors are
responsible for the matters stated in Section 134(5) of the Act
with respect to the preparation of these financial statements
that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity
and cash flows 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.

This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the
Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;

making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to
fraud or error.

In preparing the financial statements, the Management and
Board of Directors are 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 the 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.

Auditor''s Responsibilities for the Audit of the
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the 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 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 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 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 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 Management and
Board of Directors 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 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.

• Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures, and
whether the 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.

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 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 to the
extent applicable that:

(a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss
(including Other Comprehensive Income), Statement
of Changes in Equity and the Statement of Cash Flow
dealt with by this Report are in agreement with the
books of account.

(d) In our opinion, the aforesaid financial statements

comply with the Indian Accounting Standards
specified under Section 133 of the Act.

(e) On the basis of the written representations received
from the directors as on 31 March 2026 taken
on record by the Board of Directors, none of the
directors is disqualified as on 31 March 2026 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 financial statements of the
Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B".

(g) With respect to the other matters to be included
in the Auditor''s 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 of 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 has disclosed the impact of
pending litigations on its financial position in
its financial statements - Refer Note 34 to the
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 it''s 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, 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 it''s 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 (i)
and (ii) of Rule 11(e), as provided under (a) and
(b) above, contain any material misstatement.

(v) The Company has not declared or paid any
dividend during the year and has not proposed
final dividend during the year.

(vi) Based on our examination which included test
checks, the Company has used an accounting
software for maintaining its books of account for
the financial year ended 31 March 2026, which
has a feature of recording audit trail (edit log)
facility and the same has operated throughout
the year for all relevant transactions recorded in
the software. Further, during the course of our
audit we did not come across any instance of
audit trail feature being tampered with.

Additionally, the audit trail has been preserved
by the Company as per the statutory
requirements for record retention.

For S N Dhawan & CO LLP

Chartered Accountants
Firm Registration No.: 000050N/N500045

(Rahul Singhal)

Partner

Membership No.: 096570
UDIN No.:

1. Weha ve a udited theacoompanying stands lone fi na ncia Istatementsof Cs pilla ry Technolog ies I ndia Li mited (''the
Company''), which comprise the Standalone Balance Sheet as at 31 March 2025, the Standalone Statement of
Profit and Less (including other Comprehensive Income), the standalone Statement of Cash Flow, the
Standalone Statement of Changes in Equity for the year then ended and notes to the standalone financial
statements including material accounting policy information and other explanatory information.

2. 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 ( the Act ) in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards (Ind AS )
specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and
other accounting principles generally accepted in India, of the state of affairs of the Company as at
31 March 2025, its profit (including other comprehensive income), its cash flows and the changes in equity for
the year ended on that date.

Basis for Opinion

3. Wb conducted our audit in accordance with the Standards on Auditing 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. Wb are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India (‘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 Code of Ethics We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

4. The Company''s Board of Directors are responsible for the other information. Other information does not include
the 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 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 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.

The Annual Report is not made available to us at the date of this auditor s report. We have nothing to report in
this regard.

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

5. The accompanying standalone financial statements have been approved by the Company’s Board of Directors.
The Company ''s Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect
to the preparation and presentation ot 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 specified under Section 133 of the Act and other accounting
principles generally accepted in India. 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 ot 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 tree From material misstatement, whether due to fraud or error.

6. In preparing the standalone financial statements, the 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 the Board Of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.

7. The Board of Directors are also responsible for overseeing the Company’s financial reporting process
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

8. Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthestandalonefinancialstatementsasawhole
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 Standards on Auditing will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material it, 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.

9. As part of an audit in accordance with Standards on Auditing, specified under Section 143(10) of the Act we
exercise professional judgment and maintain professional skepticism throughout the audit. Wfe 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 I43(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 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 management;

* Conclude on the appropriateness of Board of Directors'' 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 auditors report.
However, future events or conditions may cause the Company to cease to continue as a going concern;
and

* 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; and

10. WO 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

Report on Other Legal and Regulatory Requirements

11 As required by Section 197(16) of the Act, based on our audit; we report that the Company has paid remuneration
to its directors during the year in accordance with the provisions of and limits laid down under Section 197 read
with Schedule V to the Act

12. As required by the Companies (Auditor’s Report) Order, 2020 (''the Order¹) issued by the Central Government of
India in terms of Section 143(11) of the Act we give in the Annexure I a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

13. Further to our comments in Annexure I, as required by Section 143(3) of the Act based on our audit, we report,
to the extent applicable, that:

a) WO 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 of the accompanying standalone financial statements;

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, except for the matters stated in paragraph I3(h)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules 2014 (as amended). Further, the
back-up of the books of accounts and other books and papers of the Company maintained in electronic
mode has not been maintained on servers physically located in India, on a daily basis;

c) The standalone financial statements dealt with by this report are in agreement with the books of account;

d) in our opinion, the aforesaid standalone financial statements comply with Ind AS specified under Section
133 of the Act;

e) On the basis of the written representations received from the directors and taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2025 from being appointed as a director in
terms of Section 164(2) of the Act;

f) The qualification relating to the maintenance of accounts and other matters connected therewith are as
stated in paragraph 13(b) of above on reporting under Section I43(3)(b) of the Act and paragraph 24(j)(vi)
below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

g) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company as on 31 March 2025 and the operating effectiveness of such controls, refer to
our separate report in Annexure II wherein we have expressed an unmodified opinion; and

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 which would impact its financial position as at
31 March 2025;

ii. the Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses as at 31 March 2025;

¦¦I. There were no amounts which were required to be transferred to the Investor Education and Protection

Fund by the Company during the year ended 31 March 2025

iv.

a. The management has represented that, to the best of its knowledge and belief, other than as
disclosed in note 38 to the standalone financial statements, no funds have been advanced or
loaned or invested (either from borrowed funds or securities premium or any other sources or
kind of funds) by the Company to or in any person(s) or entity (ies), including foreign entities ( the
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 ( the Ultimate Beneficiaries’)
or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, other than as
disclosed in note 38 to the standalone financial statements, no funds have been received by the
Company from any person(s) or entity(ies), including foreign entities (''the 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; and

c. Based on such audit procedures performed as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
management representations under sub-clauses (a) and (b) above contain any material
misstatement.

v. The Company has not declared or paid any dividend during the year ended 31 March 2025.

vi. Based on our examination which included tost chocks, except for instance mentioned below, the
Company, in respect of financial year commencing on or after 1 April, 2023, has used accounting
software for maintaining its books of accounts which have a feature Of recording audit trail (edit log)
facility and the same have been operated throughout the year for all relevant transactions recorded in
the software. Further, during the course of our audit we did not come across any instance of audit trail
feature being tampered with, other than the consequential impact of the exceptions given below and
furthermore, except for matters mentioned below, the audit trail has been preserved by the Company
as per the statutory requirements for record retention.

The Company has used an accounting software operated by a third-party service provider for
maintenance of accounting records In the absence of any information on existence of audit trail (edit
logs) for any direct changes made at the database level in the ‘Independent Service Auditor''s
Assurance Reports on the Description of Controls, their Design and Operating Effectiveness'' [Type 2
report''] issued in accordance with ISAE 3000 (Revised), Assurance Engagements Other than Audits or
Reviews of Historical Financial Information) and ISAE 3402, Assurance Reports on Controls at a

service Organization], we are unable to comment on whether the audit trail feature with respect to the
database of this software was enabled! and! operated throughout the year.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm’s Registration No.: 001076NrN500013

Aasheesh Arjun Singh

Partner

Membership No.: 210122
UDIN: 25210122BMONBG9525

Bengaluru
30 April 2025

1. We have audited the accompanying standalone financial statements of Capillary Technologies India
Limited (‘the Company’), which comprise the Standalone Balance Sheet as at March 31, 2024,
the Standalone Statement of Profit and Loss (including Other Comprehensive Loss), the Standalone
Statement of Cash Flows, the Standalone Statement of Changes in Equity for the year then ended, and
notes to the standalone financial statements, including material accounting policy information and other
explanatory information.

2. 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
(‘the Act’) in the manner so required and give a true and fair view in conformity with the Indian
Accounting Standards (‘Ind AS’) specified under Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31,2024, its loss (including other comprehensive loss), its
cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing 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 (‘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 Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.

4. The Company’s Board of Directors are responsible for the other information. The other information
comprises the information included in the Director’s report, but does not include the 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 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 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. If based on the work we have performed on the other information, we conclude
that there is a material misstatement on this other information, we are required to report that fact. We
have nothing to report in this regard.

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

5. The accompanying standalone financial statements have been approved by the Company’s Board of
Directors. The Company’s Board of Directors are responsible for the matters stated in Section 134(5)
of the Act with respect to the preparation and presentation 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 specified under Section 133 of the Act and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of
the financial statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.

6. In preparing the standalone financial statements, the 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 the Board of Directors either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

7. The Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

8. 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 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.

9. As part of an audit in accordance with Standards on Auditing, specified under Section 143(10) of the
Act 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 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 management;

• Conclude on the appropriateness of Board of Directors’ 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; and

• 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.

10. 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.

Report on Other Legal and Regulatory Requirements

11. As required by Section 197(16) of the Act based on our audit, we report that the Company has paid
remuneration to its directors, during the year, in accordance with the provisions of and limits laid down
under Section 197 read with Schedule V to the Act.

12. As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central
Government of India in terms of Section 143(11) of the Act we give in the Annexure I a statement on
the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

13. Further to our comments in Annexure I, as required by Section 143(3) of the Act based on our audit,
we report, to the extent applicable, 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 of the accompanying standalone
financial statements;

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, except for the matters stated in
paragraph 13(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 (as amended). Further, the back-up of the books of accounts and other books and
papers of the Company maintained in electronic mode has not been maintained on servers
physically located in India, on a daily basis;

c) The standalone financial statements dealt with by this report are in agreement with the books of
account;

d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under
Section 133 of the Act;

e) On the basis of the written representations received from the directors and taken on record by the
Board of Directors, none of the directors is disqualified as on March 31,2024 from being appointed
as a director in terms of Section 164(2) of the Act;

f) The qualification relating to the maintenance of accounts and other matters connected therewith
are as stated in paragraph 13(b) above on reporting under section 143(3)(b) of the Act and
paragraph 13(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 (as amended);

g) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company as on March 31, 2024 and the operating effectiveness of such
controls, refer to our separate report in Annexure II wherein we have expressed an unmodified
opinion; and

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 which would impact its financial position
as at March 31,2024;

ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses as at March 31,2024;

iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company during the year ended March 31,2024;

iv.

a. The management has represented that, to the best of its knowledge and belief, other
than as disclosed in Note 40 to the standalone financial statements, no funds have
been advanced or loaned or invested (either from borrowed funds or securities
premium or any other sources or kind of funds) by the Company to or in any person(s)
or entity(ies), including foreign entities (‘the 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 (‘the Ultimate Beneficiaries’) or provide
any guarantee, security or the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, other
than as disclosed in Note 40 to the standalone financial statements, no funds have
been received by the Company from any person(s) or entity(ies), including foreign
entities (‘the 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; and

c. Based on such audit procedures performed as considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe
that the management representations under sub-clauses (a) and (b) above contain any
material misstatement.

v. The Company has not declared or paid any dividend during the year ended March 31,2024.

vi. As stated in Note 39 to the standalone financial statements and based on our examination
which included test checks, except for the instance mentioned below, the Company, in
respect of financial year commencing on 01 April, 2023, has used accounting software for
maintaining its book of account which have feature of recording audit trail (edit log) facility
and the same have been operated throughout the year for all relevant transactions recorded
in the software. Further, during the course of our audit we did not come across any instance
of audit trail feature being tampered with, other than the consequential impact of the
exception given below:

The Company has used accounting software operated by third-party service providers for the
maintenance of accounting and payroll records. In the absence of any information on the
existence of audit trail (edit logs) for any direct changes made at the database level in the
‘Independent Service Auditor’s Assurance Reports on the Description of Controls, their
Design and Operating Effectiveness’ [‘Type 2 report’] issued in accordance with ISAE 3000
(Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial
Information) and ISAE 3402, Assurance Reports on Controls at a Service Organization],
we are unable to comment on whether the audit trail feature with respect to the database of
the these software were enabled and operated throughout the year.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm’s Registration No.: 001076N/N500013

Aasheesh Arjun Singh

Partner

Membership No.: 210122

UDIN: 24210122BKEWLK7959

Bengaluru

June 14, 2024