KAY CEE ENERGY & INFRA PRIVATE LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the financial statements of KAY CEE ENERGY & INFRA PRIVATE LIMITED ("the Company”), which comprise the balance sheet as at 31st March 2023. and the statement of Profit and Los3 and statement of cash flows for the year then ended, and notes to the financial statements. Including a summary of significant accounting policies and other explanatory information.

In our opinion and to tne 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 31st March. 2023. >ts profit/loss and its cash flows for the year ended on that date

Basis for Opmicn

We conducted our audit in accordance with the Standards on Auditing (SAs) specified unde’ section 143(10) of the Companies Act. 2013. Our responsibilities under those Standards are fjrther 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 together with tne ethica requirements that are relevant to our audit of the financid statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethica: responsibilities in accordance with these requirements and the Cede of Ethics. We believe that the audit evidence we have obtained s sufficient and appropriate to provide a basis for our opinion.

Information other than the financial statements and auditors' report thereon

The Company's boara of directors is responsible for the preparation of the other information The other information composes the information included in the Board's Report including Annexures to Board's 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 no! express any form of assuranco conclusion thereon

In connection with our aud-t of the financia statements our responsibility is to read the other information and in doing so. consider whether the other nformation s materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated

If based cn 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.

Emphasis of Matter

We draw attention to Note X of the financial statements which describes the ejects of a ...............In the Company's facilities Our opinion is not modified in respect of this matter.

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

The Company's Board of Directors is responsible for the matters stated in section 134(5] o' the Companes Act 2013 ("the Act’) with respect to the preparation 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 Ind a. including the accounting Standards specified under section 133 of the Act This responsibility also includes maintenance of adequate accounting records in accordance with the provisions o’ 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, relovant to the preparation and presentation of the fmanc-al statements that give a true and fair view and are free from material misstatement, whether due to fraud or erro-

In prepa'ing 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 out to do so

These Board of Directors are also responsible for overseeing the Company's f nanesa reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the f nancial 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 leve 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 erro^- a^d arc-considered material if. Irdlvidually or In tho 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 maintair professional skepticism throughout the audit We also:

•    Identify and assess the risks of material misstatement of the financial statements, whether cue to fraud or error, design and perform audit procedures responsive to those risks, and cbtam audit evidence that is sufficient and appropnate to provide a basis for our opnion. The risk of not detecting a materia! 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 wo conclude that a material uncertainty exists we arc 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 tne financial statements, including the disclosures, and whether the financial statements represent trie underlying transactions and events in a manner that achieves fa r presentation

We communicate with those charged witn governance regarding, among other matters, the planned scope and timing of the auat ar»d 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 detormine those matters that were of most significance n the audit of the financial statements of the current penod and are therefore the key audit matters We describe these matters in our auditor's report unless law or regulation precludes public discosure about the matter or when, in extremely ra-e 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 beneHts of such communication.

Report on Other Leoal anc Reculatory Requirements

1. As required by the Companies (Auditor's Report) Oder. 2020 (“the Order'), issued by the Central Government of India n terms of sub-section (11) of section 143 of the Companies Act, 2013 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 that

a)    We have sought and obtained all the information and explanations which to the best of our knowledge and beLef wore 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 frem our examination of those books

c)    The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by the Report are in agreement with the books of account.

d)    In our opnion. the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014

e)    On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the Board of Directors none of the directors s

disqualified as on 31st March, 2023 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 out separate Report in 'Annexure B\

g)    With respect to the other matters to be included in the Auditor's report m accordance with the requirements of Sec 197(16) cf the Act as amended we report that Section *97 is not applicable to a private company Hence reportng as per Section 197(16) is not required.

h)    With respect to the other matters to be included in the Auditor s Report n 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 pending litigations 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

hi There were no amounts whch were required to be transferred to the Investor Education and Protect-on Fund by the Company

iv. (i) The management has represented that, to the best of it’s knowledge and belief, other than as disclosed In the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kird of funds) by the company to or in any other person(s) or entity(<e3), 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 entires identified in any manner whatsoever by cr on behalf of the company (“Ultimate Beneficiaries’) or

•    provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

v    (ii) The management has represented, that to the best of it's knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been receded 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 m 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

vi    (iii) Based on audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to the-r notice that has caused them to believe that the representations under sub-clause (i) and (ii) contain any material misstatement.

vii    The company has not declared or paid any dividend diring the year in contravention of the provisions of section 123 of the Compan es Act. 2013

viii. With respect to the matter to be included in tne Auditors' Report under Section 197(16) of the Act. In our opinion and according to the information and exp anations given to us the I m.t prescribed by section 197 for maximum permissible managerial remuneration is not applicable tD a private limited company.

Fur M/S. K J N & CO.

Chartered Accountants 0020692C

Place:- KOTA    ^pmS^RMENDRA KUMAR JAIN

Date: 02/09/2023    (PARTNER)

UDIN:    Membership No. 423786

23423786BGSJRG7056