We have audited the accompanying financial
statements of Danish Power Limited (Formerly
known as Danish Power Private Limited) (Initially
known as Danish Private Limited) (“the Company”),
which comprise the Balance Sheet as at March 31,
2025, the Statement of Profit and Loss, the Cash
Flow Statement for the year ending March 31, 2025
and notes to the financial statements including a
summary of the significant accounting policies and
other explanatory information (hereinafter referred to
as the “Standalone Financial Statement”).

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone financial statements give the information
required by the Companies Act, 2013 (“the Act”) in the
manner so required and give a true and fair view in
conformity with the Accounting Standards prescribed
under Section 133 of the Companies Act, 2013 read
with the Companies (Accounting Standards) Rules,
2021 (“AS”) and other accounting principles generally
accepted in India of the state of affairs of the Company
as at March 31,2025, its Profits, and its Cash Flows for
the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial
Statements 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
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 Standalone 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.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgement, were of the 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 key audit matters
to communicate in our report.

Information other than the Financial
Statements and 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. The Annual Report
is expected to be made available to us after the date of
this auditor’s report.

Our opinion on the financial statements does not cover
the other information and we will not express any form
of assurance conclusion thereon.

In connection with our audit of the financial statements,
our responsibility is to read the other information
identified above when it becomes available 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.

When we read the Annual Report, if we conclude
that there is a material misstatement therein, we are
required to report the fact.

On the auditor's report date, we have nothing to report
in this regard, as the Annual Report expected to be made
available to us after the date of this auditor's report.

Responsibilities of Management and
Those Charged with Governance for the
Standalone 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
of these Standalone 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 Standards (AS) as
prescribed under Section 133 of the Act read with
the Companies (Accounting Standards) Rules, 2021,
and other accounting principles generally accepted in
India. This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application 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 Standalone Financial Statement
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 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 are also responsible for
overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the Audit of
the Financial Statements

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 on the basis of these
Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism 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 ofinternal 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 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 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 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.

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually
or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
Standalone 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 Standalone Financial Statements.

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 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. Further, the backup of the books
of accounts of the Company maintained in

electronic mode has been maintained on the
system physically located in India. However,
it was not possible for us to verify the same
on daily basis.

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 Companies (Accounting
Standards) Rules, 2021.

e) On the basis of the written representations
received from the directors as on March
31, 2025 taken on record by the Board of
Directors, none of the directors is disqualified
as on March 31, 2025 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 over financial reporting of
the company and the operating effectiveness
of such controls, refer to our separate Report
in “Annexure B”.

g) In our opinion and to the best of our
information and according to the explanation
given to us the remuneration paid by the
Company to its directors during the year is in
accordance with the provisions of Section 197
read with Schedule V to the Act.

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 has disclosed the impact
of pending litigations on its financial
position in its financial statements - Refer
Note No-28 to the financial statements.

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

iii. The Company does not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses.

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 (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(s) or entity(ies), including
foreign entities (“Intermediaries”),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, 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 accounts, no funds (which
are material either individually
or in the aggregate) 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, 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.

(c) Based on the audit procedures that
has 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
proposed final dividend for the year.

(vi) The reporting under Rule 11 (g) of the
Companies (Audit and Auditors) Rules,
2014 is applicable from 1 April 2023.

Based on our examination which included
test checks, the company has used an
accounting software for maintaining its
books of account which has a feature of
recording audit trail (edit log) facility and
the same has operated throughout the year
for all relevant transactions recorded in the
software except the inventory management
software through which the entity is
maintaining its day-to-day stock records.

Further, during the course of our audit
we did not come across any instance of
audit trail feature being tampered with
and the audit trail has been preserved
by the company as per the statutory
requirements for record retention.

For H C Bothra & Associates

Chartered Accountants
FRN: 008950C

(Abhishek Jain)

Partner

Place: Jaipur Membership No.: 401501

Date: 09-05-2025 UDIN: 25401501BMJKRX5892