Himalayan Solar Ltd Auditor Reports

TO THE MEMBERS OF
HIMALAYAN SOLAR LIMITED

Report on the Audit of Financial Statements

We have audited the standalone financial statements of M/s Himalayan Solar Limited,
which comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss,
and the Cash Flow Statement for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information.

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:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at
31st March, 2025,

b) In the case of Statement of Profit & Loss for the year ended on 31 st March,
2025.

c) In the case of Cash Flow Statement for the year ended on 31^st March, 2025
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 Auditors 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 the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Companies Act, 2013 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.

Responsibilities of Management for the Financial Statements

The Companys 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 of these financial
statements that give a true and fair view of the financial position and financial performance
of the Company in accordance with the accounting principles generally accepted in India,
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 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, management is responsible for assessing the
Companys 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.

Those Board of Directors are also responsible for overseeing the Companys financial
reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objective is 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
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 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:

a) 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.

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

c) Conclude on the appropriateness of managements 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 Companys ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditors 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 auditors report. However, future events or conditions
may cause the Company to cease to continue as a going concern.

d) 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.

e) 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.

f) 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 (Auditors Report) Order, 2020 ("the Order"), issued
by the Central Government of India in 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 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 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, 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, 2025 taken on record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2025 from being appointed as a
director in terms of Section 164 (2) of the Act.

f) With respect to the other matters to be included in the Auditors 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 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.

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

iv. A) The management has represented that, to the best of its knowledge and
belief, 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 kind of funds) by the company to or in any other
person(s) or entity(ies), including foreign entki.es ("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;

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

C) Based on audit procedures which we 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) contain any material mis-
statement.

v. The company has not declared or paid any dividend during the year in
contravention of the provisions of section 123 of the Companies Act, 2013.

Annexure ‘A

The Annexure referred to in paragraph 1 of Our Report on "Other Legal and

Regulatory Requirements".

We report that:

(i) (a) (A) The company has maintained proper records showing full particulars,

including quantitative details and situation of Property, Plant and
Equipment;

(B) The company has maintained proper records showing full particulars of
intangible assets;

(b) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, the Property, Plant and
Equipment have been physically verified by the management at reasonable
intervals; no material discrepancies were noticed on such verification;

(c) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, the title deeds of all the
immovable properties (other than properties where the company is the lessee
and the lease agreements are duly executed in favor of the lessee) disclosed in
the financial statements are held in the name of the company,

(d) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, the company has not revalued
its Property, Plant and Equipment (including Right of Use assets) or intangible
assets during the year.

(ii) (a) As explained to us & on the basis of the records examined by us, in our

opinion, physical verification of inventory has been conducted at reasonable
intervals by the management. In our opinion, the coverage and procedure of
such verification by the management is appropriate. No discrepancy of 10% or
more in the aggregate for each class of inventory were noticed on physical
verification of stocks by the management as compared to book records.

(b) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, the company has not been
sanctioned during any point of time of the year, working capital limits in
excess of five crore rupees, in aggregate, from banks or financial institutions on
the basis of security of current assets.

(iii) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the company has not made investments
in, nor provided any guarantee or security or granted any loans or advances in the
nature of loans, secured or unsecured, to companies, firms, Limited Liability
Partnerships or any other parties during the year. Accordingly, provisions of clause

3(iii)(a), 3(iii)(b), 3(iii)(c), 3(iii)(d), 3(iii)(e) and 3(iii)(f) of the Order are not
applicable to the Company.

(iv) According to the information and explanations given to us and on the basis of our
examination of the records, in respect of loans, investments, guarantees, and
security, provisions of section 185 and 186 of the Companies Act, 2013 have been
complied with.

(v) The company has not accepted any deposits or amounts which are deemed to be
deposits covered under sections 73 to 76 of the Companies Act, 2013. Accordingly,
clause 3(v) of the Order is not applicable.

(vi) As per information & explanation given by the management, maintenance of cost
records has not been specified by the Central Government under sub-section (1) of
section 148 of the Companies Act.

(vii) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the company is regular in depositing
undisputed statutory dues including Goods and Services Tax, provident fund,
employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty
of excise, value added tax, cess and any other statutory dues to the appropriate
authorities. According to the information and explanation given to us there were no
outstanding statutory dues as on 31 st of March, 2025 for a period of more than six
months from the date they became payable.

(viii) According to the information and explanations given to us and on the basis of our
examination of the records of the company, the Company has not surrendered or
disclosed any transactions, previously unrecorded as income in the books of
account, in the tax assessments under the Income Tax Act, 1961 as income during
the year.

(ix) The Company has maintained actuarial records and has provided for the gratuity
liability based on actuarial valuation in accordance with the applicable provisions
of the Companies Act, 2013. The provision for gratuity as at 31st March, 2025
amounts to Rs.5,77,052/-. Further, the Company has maintained secretarial records
as applicable.

(x) (a) According to the information and explanations given to us and on the basis of

our examination of the records of the company, the company has not defaulted
in repayment of loans or other borrowings or in the payment of interest thereon
to any lender

(b) According to the information and explanations given to us and on the basis of
our examination of the records of the company, the company has not been
declared a willful defaulter by any bank or financial institution or other lender;

(c) According to the information and explanations given to us by the management,

the Company has utilized the money obtained by way of term loans during the
year for the purposes for which they were obtained.

(d) According to the information and explanations given to us and on an overall
examination of the balance sheet of the Company, we report that no funds
raised on short term basis have been used for long term purposes by the
company.

(e) In our opinion and according to the information and explanations given by the
management, the company has not taken any funds from any entity or person
on account of or to meet the obligations of its subsidiaries, associates or joint
ventures. Accordingly, clause 3(ix)(e) is not applicable.

(f) In our opinion and according to the information and explanations given by the
management, the company has not raised loans during the year on the pledge of
securities held in its subsidiaries, joint ventures or associate companies.
Accordingly, clause 3(ix)(f) is not applicable.

(xi) (a) The company has not raised any money by way of initial public offer or further
public offer (including debt instruments) during the year. Accordingly, clause
3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and on the basis of
our examination of the records of the Company, the company has not made any
preferential allotment or private placement of shares or convertible debentures
(fully, partially or optionally convertible) during the year. Accordingly, clause
3(x)(b) of the Order is not applicable.

(xii) (a) Based on examination of the books and records of the Company and according

to the information and explanations given to us , no fraud by the company or
any fraud on the company has been noticed or reported during the course of
audit.

(b) According to the information and explanations given to us, no report under
sub-section (12) of section 143 of the Companies Act has been filed by the
auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and
Auditors) Rules, 2014 with the Central Government;

(c) According to the information and explanations given to us by the management,
no whistle-blower complaints had been received by the company

(xiii) The company is not a Nidhi Company. Accordingly, clause 3(xii)(a), 3(xii)(b) and

3(xii)(c) of the Order is not applicable.

(xiv) In our opinion and according to the information and explanations given to us, all
transactions with the related parties are in compliance with sections 177 and 188 of
Companies Act, where applicable and the details have been disclosed in the
financial statements, as required by the applicable accounting standards;

(xv) In our opinion and based on our examination, the company does not require to have
an internal audit system. Accordingly, clause 3(xiv)(a), of the Order is not
applicable

(xvi) In our opinion and according to the information and explanations given to us, the
company has not entered into any non-cash transactions with directors or persons
connected with him and hence, provisions of Section 192 of the Companies Act,
2013 are not applicable to the Company.

(xvii) In our Opinion and based on our examination, the Company is not required to be
registered under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934).
Accordingly, clause 3(xvi)(a) of the Order is not applicable.

(xviii) Based on our examination, the company has not incurred cash losses in the
financial year and in the immediately preceding financial year.

(xix) There has been no resignation of the statutory auditors during the year.
Accordingly, clause 3(xviii) of the Order is not applicable.

(xx) According to the information and explanations given to us and on the basis of the
financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, our knowledge of the Board of Directors and
management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any
material uncertainty exists as on the date of the audit report that company is not
capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date. We, however,
state that this is not an assurance as to the future viability of the company. We
further state that our reporting is based on the facts up to the date of the audit report
and we neither give any guarantee nor any assurance that all liabilities falling due
within a period of one year from the balance sheet date, will get discharged by the
company as and when they fall due.

(xxi) Based on our examination, the provision of section 135 (Corporate Social
Responsibilities) are applicable on the company. The Company has duly complied
with the provisions of this section.

(xxii) On the basis of review of Companies (Auditors Report) Order (CARO) report of
the Subsidiary Company included in the consolidated financial statement, we report
that there are no qualifications or adverse remarks by the Subsidiary Companys
Auditor in his CARO report.

For A A R S H & Associates

Chartered Accountants

FRN: 02#t77N

 

Rachit Goystts^pkc.&^S

Partner

Membership No. 520418

 

Place: Chandigarh

Date: 31st May 2025

UDIN: 25520418BMLLZF2079