Midwest Energy Ltd Auditor Reports

To The Members of

Midwest Energy Limited (Formerly known as Midwest Gold Limited)

Report on the Audit of the StandaloneFinancial Statements Qualified Opinion

We have audited the accompanying standalone financial statements of Midwest Energy Limited (Formerly known as Midwest Gold Limited) (the Company), which comprise the Balance Sheet as at 31st March 2026,and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that date, and notes to the financial statements, includinga summary of material accounting policies and other explanatory information In our opinion and to the best of our information and according to the explanations given to us, except for the possible effectsof the matter described in the Basis for Qualified Opinion section below, 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 prescribed under section 133 of the Act, (Ind AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2026, its profit and other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Qualified Opinion

We draw attention to Note no: 4 to the Standalone Financial Statements regarding expenditure amounting to Rs. 2,558.10 Lakhs as at March 31, 2026 (March 31, 2025: Rs. 1,746.28 Lakhs), classified under Intangible Assets Under Development. The said balance represents cumulative expenditure incurred by the Company since FY 2022-23 and carried forward as at the reporting date.However, the Company has not provided sufficient appropriate audit evidence to demonstrate that the recognition criteria set out in Paragraph 57 of Ind AS 38 – Intangible Assets have been met for such carry forward of balance. In the absence of such evidence, we are unable to determine whether any adjustments to these amounts are necessary.

We conducted our audit of the standalone financial statementsin 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 Auditors Responsibility 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 made thereunderand we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our qualified opinion on the standalone financial statements.

Emphasis of Matter

We draw attention to Note 39 to the standalone financial statements regarding the Scheme of Amalgamation of Midwest Energy Limited (Formerly known as Midwest Gold Limited)with the wholly owned subsidiary Company, accounted for in accordance with Appendix C of Ind AS 103 – Business Combinations relating to entities under common control. Pursuant to the said scheme, the financial statements of the Company for the previous year / comparative periods have been restated to give effect to the amalgamation in accordance with the requirements of Ind AS 103. 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 standalone financial statements of the current period.Except for the matter described in the Basis for Qualified Opinion section, we have determined that there are no other Key Audit Matters to communicate in our report.

Information Other than the Financial Statements and Auditors Report Thereon

• The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Corporate Governance and Shareholders Information, but does not include the consolidated financial statements, standalone financial statements and our auditors report thereon. These reportsis expected to be made available to us after the date of this auditors report.

• Our opinion on the standalone financial statements does not cover the other informationand will 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 informationidentified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

• When we read the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Corporate Governance, and Shareholders Information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance as required under SA 720 The Auditors responsibilities Relating to Other Information.

Responsibilities of Management and Board of Directorsfor the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equityof the Company in accordance with the accounting principles generally accepted in India,including Ind AS 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 the assets of the Companyand 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 standalone financial statements, management and Board of Directors are 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 the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Companys Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Financial Statements

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 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 standalone 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 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 financial controls 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 the management.

• 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 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.

• 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.

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 financial controls 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.

Other Matters

As referred to in Note 39 to the accompanying standalone financial statements, during the year the Company has given effect to the merger of Midwest energy private limited with the Company in accordance with the approved Scheme of Arrangement. The financial statements of the said entity for the year ended March 31, 2025, which were considered in giving effect to the merger in the accompanying standalone financial statements, were audited by the predecessor auditor, who had expressed an unmodified opinion on those financial statements vide report dated 28th May, 2025.

Our opinion on the accompanying standalone financial statements is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1 . As required by Section 143(3) of the Act, based on our audit we report that:

a) We have sought and except for the matter described in the Basis for Qualified Opinion section above, 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, except for (a) the possible effects of the matter described in the Basis for Qualified Opinion section above,and

(b) not complying with the requirements of audit trail as stated in (i)(vi) below, 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, the Statement of Cash Flowsand Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account. d) Except for the possible effects of the matterdescribed in the Basis for Qualified Opinion section above, in our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act. e) The matter described in the Basis for Qualified Opinion section above, in our opinion, will not materially impair or impede the day-to-day functioning of the Company.

f) On the basis of the written representations received from the directors as on 31st March2026taken on record by the Board of Directors, none of the directors is disqualified as on 31st March2026from being appointed as a director in terms of Section 164 (2) of the Act.

g) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure A. Our report thereon expresses a qualified opinion on the operating effectiveness of the Companys internal financial controls in respect of controls relating to the recognition and continued capitalization of expenditure presented under Intangible Assets Under Development with reference to standalone financial statements.

h) With respect to the other matter to be included in the Auditors Report in accordance with the requirements of Section 197(16) of the Act, as amended, in our opinion and according to the information and explanations given to us, no remuneration has been paid by the Company to its directors during the year.

i) 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, 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. 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 during the Year ended March 31, 2026.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) 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 or entity, including foreign entity (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, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (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 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 for the year.

vi. Based on our examination carried which included test checks in accordance with the Implementation Guidance on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules,2014 issued by the Institute of Chartered Accountants of India, we report that the Company has maintaining its book of accounts which has a feature of recording Audit trail for the year for all relevant transactions recorded in the software.

The feature of recording audit trail (edit log) was not available for the systems/applications used to maintain the Fixed Asset Register, Payroll, Purchase Orders and Work Orders. Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not come across any instance of the audit trail feature being tampered with.

2 . As required by the Companies (Auditors Report) Order, 2020 (the Order) issued by the Central Government in terms of Section 143(11) of the Act, we give in Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.

For MAJETI & CO
Firm Registration Number: 015975S
Chartered Accountants

Kiran Kumar Majeti
Partner
Membership Number 220354
UDIN No.: 26220354XLICBA1036

Place: Hyderabad
Date:May 29, 2026

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1(g) under Report on Other Legal and Regulatory Requirements of our report of even date) Report on the Internal Financial Controls with reference to standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)

We have audited the internal financial controls with reference to standalone financial statements of Midwest Energy Limited (Formerly known as Midwest Gold Limited) (the Company) as at March 31, 2026, in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys management and Board of Directors are responsible for establishing and maintaining internal financial controls with reference to standalone financial statements based on the internal control with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the internal financial controls with reference to standalone financial statements of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the Companys internal financial controls with reference to standalone financial statements .

Meaning of Internal Financial Controls with reference to standalone financial statements

A companys internal financial control with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to standalone financial statements

Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statements to future periods are subject to the risk that the internal financial control with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Basis for Qualified Opinion

As described in Note 4 to the standalone financial statements, the Company has incurred expenditure aggregating to Rs. 2,558.10 Lakhs as at March 31, 2026, under Intangible Assets Under Development. The said balance represents cumulative expenditure carry forward since FY 2022-23. we observed that the Company had not established adequately designed and operating controls to assess, document, review and conclude, on a timely basis, whether expenditure incurred under Intangible Assets Under Development satisfied the recognition criteria prescribed under Paragraph 57 of Ind AS 38 – Intangible Assets. Consequently, the evaluation and documentation supporting the assessment of the relevant recognition criteria were not subject to sufficiently robust review and control procedures.

Accordingly, the Companys internal financial controls with reference to standalone financial statements were not operating effectively to provide reasonable assurance that expenditure incurred as Intangible Assets Under Development was recognised, measured and presented in accordance with the applicable financial reporting framework. This deficiency creates a reasonable possibility that a material misstatement in the carrying value of Intangible Assets Under Development and related elements of the standalone financial statements may not be prevented, or detected and corrected, on a timely basis. We consider the aforesaid deficiency to constitute a material weakness in the Companys internal financial controls with reference to standalone financial statements.

A material weakness is a deficiency, or a combination of deficiencies, in internal financial control with reference to standalone financial statements, such that there is a reasonable possibility that a material misstatement of the companys annual or interim financial statements will not be prevented or detected on a timely basis.

Qualified Opinion

In our opinion, to the best of our information and according to the explanations given to us, except for the possible effects of the material weakness described in Basis for Qualified Opinion paragraph above on the achievement of the objectives of the control criteria, the Company has maintained, in all material respects, adequate internal financial controls with reference to standalone financial statements and such internal financial controls with reference to standalone financial statements were operating effectively as at March 31, 2026, based on the internal control with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

We have considered the material weakness identified and reported above in determining the nature, timing, and extent of audit tests applied in our audit of the standalone Ind AS financial statements of the Company for the year ended March 31, 2026, and the material weakness has affected our opinion on the said standalone Ind AS financial statements of the Company and we have issued a qualified opinion on the standalone Ind AS financial statements of the Company.

For MAJETI & CO
Firm Registration Number: 015975S
Chartered Accountants

Kiran Kumar Majeti
Partner
Membership Number 220354
UDIN No.: 26220354XLICBA1036

Place : Hyderabad
Date : May 29, 2026

Annexure B to Independent Auditors Report

(Referred to in paragraph 2 under Report on Other Legal and Regulatory Requirements section of our report of even date) I In Respect of the Companys Property Plant and Equipment and Intangible Assets: a) A) We report that the Company has maintained proper records showing full particulars including quantitative details and situation of property, plant and equipment. And has no investment property and relevant details of right-of-use assets.

B) The Company does not have any capitalised intangible assets as at the reporting date.

Accordingly, reporting under clause 3(i)(a)(B) of the Order is not applicable. The Company has recognised expenditure under Intangible Assets Under Development, which has been considered separately in the main audit report.

b) The Property Plant and Equipment of the Company have been physically verified by the Management during the year and no material discrepancies have been noticed on such verification. In our opinion, the frequency of verification is reasonable.

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 immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) as disclosed in the standalone financial statements, are held in the name of the Company

d) According to the information and explanations given to us, the Company has not revalued its property, plant and Equipment and intangible assets during the year. Accordingly, the provisions stated under clause 3(i)(d) of the Order are not applicable to the Company.

e) According to the information and explanations given to us, no proceeding has been initiated or pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988, as amended and rules made thereunder. Accordingly, the provisions stated under clause 3(i)(e) of the Order are not applicable to the Company.

ii a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification, coverage and procedure of such verification is reasonable and appropriate., having regard to the size of the Company and the nature of its operations. The discrepancies noticed on physical verification of inventory as compared to book records were not 10% or more in aggregate for each class of inventory.

b) The Company has not been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at any point of time during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable. iii a) According to the information and explanations given to us and based on our examination of the records of the Company, during the year the Company has made investments in subsidiaries, granted loans to subsidiaries and provided corporate guarantees in respect of subsidiaries. The aggregate amounts involved during the year and the balances outstanding as at the balance sheet date are set out below:

Aggregate amount granted / provided / assigned during the year (Amount in Lakhs)	Investment	Loans*	Guarantees
Subsidiaries	3076.45	5,216.88	4,829.14
Balance outstanding as year end
Subsidiaries	6,123.21	10,261.77	4,829.14

*Loans include Interest accrued.

Based on our examination of the records of the Company and according to the information and explanations given to us, the Company has not provided any security and has not granted any advances in the nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any other parties during the year.

b) According to the information and explanations given to us and the records of the Company examined by us, in our opinion loan, investment made and guarantee provided, the terms and conditions under which such Loan, investment made, and guarantee provided are not prejudicial to the Companys interest. c) In respect of the loans granted, the repayment of principal is contractually stipulated within two years from the date of first drawal. However, the loan agreements do not prescribe a fixed schedule for repayment of principal during the tenure of the loans. Interest is stipulated at the rate of 8.50% per annum and is payable in accordance with the terms of the respective loan agreements. In view of the absence of a stipulated repayment schedule during the tenure of the loans, we are unable to comment on the regularity of repayment of principal.

Based on our examination, there were no amounts overdue in respect of interest as at the balance sheet date.

d) There are no amounts overdue for more than ninety days in respect of the aforesaid loans.

Accordingly, the reporting requirements under clause 3(iii)(d) of the Order are not applicable. e) In our opinion and according to information and explanation given and records examined by us, there is no loans granted or advance in nature of loans granted which have fallen due during the year, that have been renewed or extended or fresh loans granted to settle the over dues of existing loans given to the same parties.

f) According to the information and explanations provided to us, the Company has not any granted loans or advances in the nature of loans, including to promoters or related parties as defined in clause (76) of section 2 of the Companies Act, 2013 either repayable on demand or without specifying any terms or period of repayment during the year.

iv In our opinion, and according to the information and explanations given to us and on the basis of our examination of the records, the Company has complied with the provisions of section 185 and 186 of the companies Act, 2013 in respect of investment made, loans given and guarantees provided by it.

v The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company

vi Since the Company has not commenced commercial production during the year, maintenance of cost records under Section 148(1) of the Companies Act, 2013 is not applicable to the Company. Accordingly, reporting under clause 3(vi) is not applicable. vii a) According to the records of the Company examined by us, undisputed statutory dues including Income Tax, Goods and Service Tax, Cess and other material statutory dues, whichever is applicable, have been regularly deposited with the appropriate authorities.

According to the information and explanations given to us, no undisputed statutory dues outstanding for more than six months as at March 31, 2026 from the date of becoming payable.

As confirmed by the management sales tax, service tax, duty of excise, and value-added tax are not applicable to the company. b) According to the records of the Company and as per the information and explanations given to us, there are no dues of income tax, sales tax, service tax, goods and service tax, duty of customs, duty of excise, and value-added tax which have not been deposited on account of any dispute as on 31st March 2026.

viii According to the information and explanations given to us and the records of the companyexamined by us, there are no transactions in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, thathas not been recorded in the books of account.

ix 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 borrowings from any lender during the year.

b) According to the information and explanations given to us and on the basis of our audit procedures, we report that the company has not been declared a willful Defaulter by any bank or financial institution or government or any government authority.

c) According to the records of the Company examined by us and the information and explanations given to us, the Company has obtained a vehicle loan amounting to ?18.45 lakhs during the year. In our opinion, the said term loan has been applied for the purpose for which it was obtained.

d) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the financial statements of the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the Company.

e) According to the information and explanations given to us and based on our examination of the financial statements of the Company, the Company has received funds from persons as detailed below and has utilized such funds for providing loans to and making investments in its subsidiaries. The details of the funds received, the entities from whom such funds were received, and the nature of utilization thereof by the respective subsidiaries are set out below. The Company did not have any associate company or joint venture during the year.

Nature of Fund taken	Name of lender	Amount involved	Name of the Subsidiary	Relation	Nature of Transaction for which funds Utilized
Unsecured Loan	Soumya Kukreti	625.00	Midwest Advanced Materials Pvt Ltd	Wholly Owned Subsidiary	For funding capital work-in-progress and project development activities
Unsecured Loan	Soumya Kukreti	560.00	Midwest Energy Devices Pvt Ltd	Wholly Owned Subsidiary	For funding capital work-in-progress and project development activities
Unsecured Loan	K Rama Raghava Reddy	20.00	Midwest Energy Devices Pvt Ltd	Wholly Owned Subsidiary	For funding capital work-in-progress and project development activities
Unsecured Loan	Soumya Kukreti	105.00	Christian Michelsen Energy Pvt Ltd	Wholly Owned Subsidiary	Payment of Salaries and for purchase of software
Investment	Soumya Kukreti	875.89	Good Energy (Pvt) Ltd - Sri Lanka	Wholly Owned Subsidiary	Incorporation of a Wholly Owned Subsidiary by subscription to initial share capital

f) According to the information and explanations given to us and procedures performed by us, we report that the company has not raised loans during the year on the pledge of securities held in its subsidiaries.

x 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, the reporting under clause 3(x)(a) of the Order is not applicable to the Company.

b) During the year, the Company has made preferential allotment of equity shares in compliance with the requirements of Section 42 and Section 62(1)(c) of the Companies Act, 2013 and the rules framed thereunder.

The Company allotted:

(i) 10,00,000 equity shares of face value of 10 each at a premium of 1,490 per share (issue price 1,500 per share) pursuant to the Board resolution dated December 31, 2025;

(ii) 4,50,750 equity shares of face value of 10 each at a premium of 1,990 per share (issue price 2,000 per share) pursuant to the Board resolution dated March 29, 2026; and (iii) 4,00,000 equity shares of face value of 10 each at a premium of 1,990 per share (issue price 2,000 per share) pursuant to the Board resolution dated March 30, 2026.

In our opinion and according to the information and explanations given to us, the requirements of Section 42 and Section 62(1)(c) of the Companies Act, 2013 have been complied with in respect of the aforesaid preferential allotments and the funds raised have been utilised for the purposes for which they were raised. The Company has not made any private placement of shares or fully or partly or optionally convertible debentures during the year.

xi a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

b) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, a report under Section 143(12) of the Act, in Form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be filed with the Central Government. Accordingly, the reporting under clause 3(xi)(b) of the Order is not applicable to the Company.

c) During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, and as represented to us by the management, no whistle-blower complaints have been received during the year by the Company.

Accordingly, the reporting under clause 3(xi)(c) of the Order is not applicable to the Company. xii As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to the Company. Hence reporting under clause 3(xii)(a), (b), (c) are not applicable.

xiii The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required under Indian Accounting Standard (IND AS) 24, Related Party Disclosures specified under Section 133 of the Act.

xiv a) In our opinion and according to the information and explanation given to us, the Company has an internal audit system commensurate with the size and nature of its business.

b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us. xv According to the information and explanations given to us, in our opinion during the year the company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the company.

xvi a) The Company is not required to be registered under Section 45-lA of the Reserve Bank of India Act, 1934. Accordingly, the reporting under clause 3(xvi)(a) of the Order is not applicable to the Company.

b) The Company has not conducted any non-banking financial / housing finance activities during the year. Accordingly, the reporting under clause 3(xvi)(b) of the Order is not applicable to the Company

c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, the reporting under clause 3(xvi)(c) of the Order is not applicable to the Company.

d) According to the information and explanations provided to us during the course of audit, the Group does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not applicable.

xvii The company has incurred cash losses of Rs. Nil and Rs. 204.36 Lakhs (Restated) during the current financial year and the immediately preceding financial year respectively.

xviii There has been no resignation of the statutory auditors during the year and accordingly, the reporting under clause (xviii) is not applicable.

xix According to the information and explanation given to us and on the basis of the financial Ratios (Also Refer Note 46 and 49 to the Ind AS Standalone Financial Statements), ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, 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.

xx The provisions relating to Corporate Social Responsibility under Section 135 of the Act are not applicable to the Company. Accordingly, reporting under clause 3(xx) of the Order is not applicable to the Company.

For MAJETI & CO
Firm Registration Number: 015975S
Chartered Accountants

Kiran Kumar Majeti
Partner
Membership Number 220354
UDIN No.: 26220354XLICBA1036

Place : Hyderabad
Date : May 29, 2026