Auditor Report of Fujiyama Power Systems Ltd.

Mar 31, 2025

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