1. We have audited the accompanying Standalone Financial
Statements of EKI Energy Services Limited (hereinafter
referred to as “the Company”) which comprise the
Balance Sheet as at March 31, 2025, the Statement of
Profit and Loss including Other Comprehensive Income,
the Statement of Changes in Equity and the Cash Flow
Statement for the year then ended on that date and
notes to Standalone Financial Statements, including
the summary of material accounting policies and other
explanatory information (hereinafter referred to as
“Standalone Financial Statements”).

2. 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, as amended
(hereinafter referred to as “the Act”) in the manner so
required and give a true and fair view in conformity with
the recognition and measurement principles laid down
in the Indian Accounting Standards (hereinafter referred
to as “the Ind AS”) in accordance with the section 133
of the Act, read together with Rule 3 of the Companies
Ind AS Rules, 2015 (as amended from time to time) and
other accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31,
2025, and its net profit and total comprehensive income
and other financial information of the Company for the
year then ended on that date.

Basis for Opinion

3. We have conducted our audit of the Standalone
Financial Statements in accordance with the Standards
on Auditing (hereinafter referred to as “the SAs”)
specified under sub-section 10 of section 143 of the
Act. Our responsibilities under those standards are
further described in the Auditor's Responsibilities 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
(hereinafter referred to as “the 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 thereunder, and we have
fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI's Code of Ethics.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis of our
opinion on the Standalone Financial Statements.

Emphasis of Matter

4. We draw attention to matter:

(a) The previous auditor has filed the report, under rule
13 of the Companies (Audit & Auditors) Rules, 2014,
during the course of audit of Standalone Financial
Statement for the year ended March 31, 2023. As
informed by the Company, the matter was examined
by independent legal and financial experts and based
on their report, the Company concluded that there
were no matter attracting the said rules. Since this
matter is sub-judice and under consideration with
MCA so, we believe that the matter is of importance
to the users of Standalone Financial Statements.

(b) The Board of Directors of the company at its meeting
held on February 10, 2025 has approved the scheme
of arrangement in the nature of demerger (hereinafter
referred to as “the Scheme”) entered between EKI
Energy Services Limited (hereinafter referred to as
“the Demerged Company / Company”) and EKI One
Community Projects Limited (hereinafter referred to
as “the Transferee Company / Resulting Company”)
with effect from January 1, 2025 or any other date
as may be fixed by National Company Law Tribunal
(hereinafter referred to as “the NCLT”). Approval of
the scheme by NCLT is awaited. Thus, Standalone
Financial Statements for the financial year ended
on March 31, 2025 have been prepared without
considering the effect of the scheme.

Key Audit Matters

5. Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the Standalone Financial Statements
for the financial year ended March 31, 2025. These
matters were addressed in the context of our audit of
the Standalone 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
the matters described below to be the key audit matters
to be communicated in our report.

Information other than the Financial Statement and

Auditor's Report Thereon

6. The Company's Management and Board of Directors

are responsible for the other information. The other
information comprises the information included in the
Company's annual report, but does not include the,
Standalone Financial Statements and our Auditor's
report thereon.

Our opinion on the Standalone Financial Statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other
information 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.

If, based on the work we have performed, we conclude
that there is a material misstatement of this other
information, we are required to report that fact. We
have nothing to report in this regard.

Responsibilities of Management and Board of Directors for

the Standalone Financial Statements

7. The Company's Board of Directors are responsible
for the matters stated in section 134(5) of the Act
with respect to preparation and presentation of the
Standalone Financial Statements that gives a true and
fair view of the financial position, financial performance
including Other comprehensive income, cash flows and
changes in equity of the Company in accordance with
the accounting principles generally accepted in India,
including the Ind AS specified under section 133 of the Act,
read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended. The Board of Directors of the
companies are responsible for 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 the 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 Statements
that gives a true and fair view and are free from
material misstatement, whether due to fraud or error,
which have been used for the purpose of preparation
of the Statement by the Directors of the Company, as
aforesaid.

8. In preparing the Standalone Financial Statements,
Management and Board of Directors are 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 Board of Directors either intends to
liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

9. The Company's Management and Board of Directors are
also responsible for overseeing the financial reporting
process of the Company.

Auditor's Responsibilities for the Audit of the Standalone

Financial Statements

10. 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 auditor's report
that includes our opinion. Reasonable assurance is
a high level of assurance but, it 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 control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under sub-section
(3)(i) of section 143 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 and
Board of Directors .

• Conclude on the appropriateness of the Management
and Board of Directors' 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 result 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.

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the Standalone Financial
Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor's
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare 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 benefits of such communication.

Report on Other Legal and Regulatory Requirements

11. As required by the Companies (Auditor's Report) Order,
2020 (“the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of
the Act, we give in the “Annexure A” a statement on the
matters specified in paragraphs 3 and 4 of the Order.

12. As required by sub-section (3) of Section 143 of the Act ,
based on our audit, 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 purpose of our audit of
the aforesaid Standalone Financial Statements.

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

including Other Comprehensive Income, Statement
of Changes in Equity and the Statement of Cash
Flows dealt with by this Report are in the agreement
with the relevant books of account.

d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified under
Section 133 of the Act, read with Companies (Indian
Accounting Standard) Rules, 2015 (as amended).

e) As informed to us by the Company the Board of
Directors has taken on record written representations
received from the directors as on March 31, 2025.
As per written representation received, none of the
directors is disqualified as on March 31, 2025 from
being appointed as a director in terms of sub-section
2 of Section 164 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”. Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's
internal financial controls over financial reporting.

g) In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions of
section 197 of the Act. The remuneration paid to any
director by the Company is not in excess of the limit
laid down under Section 197 of the Act. The Ministry
of Corporate Affairs has not prescribed other details
under Section 197(16) of the Act which are required to
be commented upon by us.

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
(as amended), in our opinion and to the best of our
information and according to the explanations given
to us:

i. Refer Note 33 of the Standalone Financial
Statements, which discloses the impact of pending
litigations on the Company's financial position as at
March 31, 2025;

ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses during the year
ended March 31, 2025;

iii. As on March 31, 2025 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, as disclosed in Notes
to the Standalone Financial Statements no funds

have been advanced or loaned or invested (either
from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in
any other person(s) or entity(ies), including foreign
entities (Intermediaries), with the understanding,
whether recorded in writing or otherwise, that the
Intermediary shall, 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 it's knowledge and belief, as disclosed in the
Notes to the financial statements, 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,
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.

For Dassani & Associates LLP

Chartered Accountants

Firm Registration No.: 009096C/C400365

CA. Manoj Kumar Rathi

Partner

Membership No.: 411460
UDIN: 25411460BMKWNZ8421

Place: Indore
Date: May 07, 2025

c) Based on such audit procedure performed that
have been considered reasonable and appropriate
in the circumstances by us; nothing has come to
our attention that has caused us to believe that the
representations under sub-clause (a) and (b), contain
any material misstatement.

. The interim dividend declared and paid by the Company
during the year is in accordance with Section 123 of the
Act.

i. Based on our examination which included test checks,
the company has used an accounting software(s) for
maintaining its books of account for the financial year
ended March 31, 2025, 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. 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 statutory
requirement for record retention.