We have audited the standalone financial statements
of INSOLATION ENERGY LIMITED ("the Company"),
which comprise the Balance Sheet as at 31st March,
2025, the Statement of Profit & Loss and Statement of
Cash Flow for the year then ended, and notes to the
standalone financial statements including a summary
of the significant accounting policies and other
explanatory information.

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 ('Act')
in the manner so required and give a true and fair view
in conformity with the accounting principles generally
accepted in India, of the state of affairs of the
Company as at March 31, 2025, its profit and cash flows
for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the
standards on auditing 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 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 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 there under, 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 judgment, were of most significance in
our audit of the standalone financial statements of the
current period. 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 not observed anything which
falls under this.

Information other than the standalone financial
statements and auditors' report thereon

The Company's board of directors is responsible for the
preparation of the other information. The other
information comprises the information included in the
Board's Report including Annexure to Board's Report,
Business Responsibility Report but does not include,
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.

Management's Responsibility 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 and
presentation 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 principles generally accepted in India,
including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding 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 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 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 responsibilities 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 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 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 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.

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

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;

(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 standalone
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 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". Our report expresses an
unmodified opinion on the adequacy and
operating effectiveness of the Company's
internal financial controls over financial
reporting;

(g) 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;

a. The Company does not have any pending
litigations which would impact its financial
position

b. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses; and

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

d. (i) The management has represented that,
to the best of it's knowledge and belief, other
than as disclosed in the notes to the
accounts, no funds have been advanced or

loaned or invested (either from borrowed
funds or share premium or any other
sources or 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, 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.

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

(iii) Based on such audit procedures which
we have 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.

e. The company has not declared or paid any
dividend during the year is in accordance
with section 123 of the Companies Act 2013,
Hence clause not applicable.

f. The company has used such accounting
software for maintaining its books of
account which has a feature of recording
audit trail (edit log) facility and the same has
been operated throughout the year for all
transactions recorded in the software and
the audit trail feature has not been
tampered with and the audit trail has been
preserved by the company as per the
statutory requirements for record retention.

For BADAYA & CO

Chartered Accountants
Firm Registration No. 006395C

ROHIT BADAYA

Partner

Date: 26th May 2025 M No.-078599

Place: Jaipur UDIN: 25078599BMGIKU9688