Auditor Report of Sahaj Solar Ltd.

Mar 31, 2025

We have audited the accompanying financial
statements of Sahaj Solar Limited (''the
Company''), which comprise the balance sheet
as at 31^st March 2025, the statement of profit
and the cash flow statement for the year then
ended, and a summary of significant
accounting policies and other explanatory
information.

Auditor''s Opinion

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 Act in the
manner so required and give a true and fair
view in conformity with the accounting
principles generally accepted in India, of the
state of affairs of the Company as at 31^st
March 2025 and its profit and its cash flows for
the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with
the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act,
2013. Our responsibilities under those
Standards are further described in the
Auditor''s Responsibilities for the audit of the
financial statement 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 financial
statements under the provisions of the
Companies Act, 2013 and the Rules there
under, 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.

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. These
matters were addressed in the context of our
audit of the financial statements as a whole,
and in forming our opinion thereon, and we
do not provide a separate opinion on these
matters. We have determined that there are
no significant matters that are required to be
disclosed here.

Information other than Financial
Statements and the 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 financial statements and our
auditor''s report thereon

Our opinion on the 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
financial statements, our responsibility is to
read the other information 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. 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 the
fact. We have nothing to report in this regard.

Management''s Responsibility for the
Financial Statements
The Company''s Board of Directors is
responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("the Act")
with respect to the preparation and
presentation of these financial statements
that give a true and fair view of the financial
position, financial performance and cash
flows of the Company in accordance with the
accounting principles generally accepted in
India, including the Accounting Standards
specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts)
Rules, 2014.

This responsibility also includes maintenance
of adequate accounting records in accordance
with the provisions of the Act for safeguarding
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, management 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 is also responsible for
overseeing the Company''s financial reporting
process.

Auditor''s Responsibility
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 based on
financial statements.

As part of an audit in accordance with SAs, we
exercise professional judgment and maintain
professional scepticism 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 Companies Act, 2013, we are also
responsible for expressing our opinion on
whether the company has adequate internal
financial controls system 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
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 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.

An audit involves performing procedures to
obtain audit evidence about the amounts and
the disclosures in the financial statements.
The procedures selected depend on the
auditor''s judgment, including the assessment
of the risks of material misstatement of the
financial statements, whether due to fraud or
error. In making those risk assessments, the
auditor considers internal financial control
relevant to the Company''s preparation of the
financial statements that give a true and fair
view in order to design audit procedures that
are appropriate in the circumstances, but not
for the purpose of expressing an opinion on
Whether the Company has in place an
adequate internal financial controls system
over financial reporting and the operating
effectiveness of such controls. An audit also
includes evaluating the appropriateness of the
accounting policies used and the
reasonableness of the accounting estimates
made by the Company''s Directors, as well as
evaluating the overall presentation of the
financial statements.

We believe that the audit evidence we have
obtained is sufficient and appropriate to
provide a basis for our audit opinion on the
financial statements.

• Materiality_

Materiality is the magnitude of misstatements
in the 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.

• Communication with
Management

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"
statement on the matters specified in
paragraph 3 and 4 of the Order, to the
extent applicable.

2. As required by Section 143 (3) of the Act,
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 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 the cash flow statement dealt
with by this Report are in agreement
with the books of account;

d) In our opinion, the aforesaid financial
statements comply with the Accounting
Standards specified under Section 133 of
the Act,

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

f) With respect to the adequacy of the
internal financial controls over financial
reporting of the Company and the
operating effectiveness of such controls,
refer to our separate Report in
"Annexure B". Our report expresses an
unmodified opinion on the adequacy
and operating effectiveness of the
Company''s internal financial controls
over financial reporting.

g) The Company being a public limited
company, 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 respect of whether the remuneration
paid by the Company to its directors
during the year is in accordance with the
provisions of section 197 of the Act is
applicable; 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, 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 litigation which would
impact its financial position.

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 that
were required to be
transferred to the Investor
Education and Protection Fund
by the Company during the
year 2024-25.

IV. The management has represented that,
to the best of its knowledge and belief,
other than as disclosed in the notes to
the accounts,

i. ) 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; and

ii. ) 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.

iii. ) Based on audit procedures carried out

by us, that we have considered

reasonable and appropriate in the

circumstances, nothing has come to
our notice that has caused us believe
that the representations under sub¬
clause (i) and (ii) contain any material
misstatement.

V. The Company declared or paid interim
dividend during the year in the
compliance with section 123 of the
Companies Act, 2013.

VI. Such Other matters as may be
prescribed. During the year, the
company had employed the
accounting software that maintains
audit trail which is prescribed under
Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

For, Mistry& Shah LLP
Chartered Accountants

F.R.N:- W100683

CA Krunal Shah

Partner

M.No.144596

UDIN: 25144596BMGYQS8504
Place: Ahmedabad
Date: 24th April, 2025

---

Mar 31, 2024

To the members of SAHAJ SOLAR LIMITED

Report on the Financial Statements We have audited the accompanying financial statements of Sahaj Solar Limited (''the Company''), which comprise the balance sheet as at 31^st March 2024, the statement of profit and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Auditor''s Opinion

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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March 2024 and its profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the audit of the financial statement 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 financial statements under the provisions of the Companies Act, 2013 and the Rules there under, 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.

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. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Reporting of Key Audit Matters as per SA 701 is not applicable to the Company as it is an unlisted company.

Information other than Financial Statements and the 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 financial statements and our auditor''s report thereon.

Our opinion on the financial statements doe: not cover the other information and we do no express any form of assurance conclusior thereon. In connection with our audit o financial statements, our responsibility is tc read the other information and in doing so consider whether the other information is materially inconsistent with the financia statements or our knowledge obtained in the audit or otherwise appears to be materiallv 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 the fact. We have nothing to report in this regard.

Management’s Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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, management 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 is also responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibility_

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 based on financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system 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 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 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.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on Whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

• Materiality

Materiality is the magnitude of misstatements in the 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.

• Communication with Management

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" statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143 (3) of the Act, 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 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 the cash flow statement dealt with by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act,

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

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.

g) The Company being a public limited company, 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 respect of whether the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act is applicable; 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, 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 litigation which would impact its financial position.

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 that were required to be transferred to the Investor Education and Protection Fund by the Company.

IV. The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts,

i. ) 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; and

ii. ) 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.

i.} Based on audit procedures carried out by us, that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us believe that the representations under subclause (i) and (ii) contain any material misstatement.

V. The Company has not declared or paid any dividends during the year and accordingly reporting on the compliance with section 123 of the Companies Act, 2013 is not applicable for the year under consideration.

VI. Such Other matters as may be prescribed. During the year, the company had employed the accounting software that maintains audit trail which is prescribed under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

For, Mistry & Shah LLP Chartered Accountants

F.R.N:- W100683 ---_

» _y -try & sh^77>^

CA Krunal Shah

Partner

M.No.144596

UDIN: 24144596BKFRJH8785 Place: Ahmedabad Date: 11* May, 2024.