We have audited the accompanying standalone financial statements of GOLDSTAR
POWER LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March
2025, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and
a summary of 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 (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 Act and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
31^st March 2025, and its profit 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 ("SA's) 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 ("ICAI") 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 ICAI's Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of 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.

There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.

Information Other than the Standalone Financial Statements and Auditor's 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 Director's
report including Annexures to Board's Report and Corporate Governance Compliances, 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 identified 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 in the 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 those Charged with Governance for 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 principles
generally accepted in India including accounting standards referred to in section 133 of the
Companies Act,2013 ("The Act") as applicable. 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.

Boards 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.

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.

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 section 143(11) of the Act, we give in
"Annexure A", a statement on the matter specified in the paragraph 3 and 4 of the
Order, to the extent applicable.

2. As required under provisions of section 143(3) of the Companies Act, 2013, 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;

b. In our opinion, proper books of account as required by law have been kept by
the Company so far as appears from our examination of those books;

c. The Balance Sheet and Statement of Profit and Loss including Statement of
Cash Flow dealt with this report are in agreement with the books of account;

d. In our opinion, the aforesaid standalone financial statement comply with the
Accounting Standards specified under Section 133 of Act, read with relevant
rule issued thereunder.

e. On the basis of 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. In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at 31^st March,
2025, based on internal control over financial reporting 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. Referred
to our separate report in "Annexure B".

g. With respect to the other matters to be included in the Auditor's Report in
accordance with the requirements of section 197(16) of the Act, as amended:

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.

h. With respect to other matters to be included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit and Auditor) Rules, 2014, in
our opinion and to the best of our knowledge and belief and according to the
information and explanations given to us:

(a) The Company has disclosed the impact of pending litigations as at 31
March 2025 on its financial position in its standalone financial statements -
Refer Note No. '25' to the standalone financial statements.

(b) The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses during the
year ending 31^st March, 2025.

(c) There were no amount which were required to be transferred, the Investor
Education and Protection Fund by the Company during the year ended
March 31, 2025.

(d) (i) The management has further represented that, to the best of its knowledge
and belief, and as disclosed in Note No. 24(d) to the standalone financial
statements, During the year, the Company has invested ?210.35 Lakhs in a firm
Retro EV LLP as part of its business and strategic objectives. Except the said
investment no other funds have been advanced or loaned (whether from
borrowed funds, share premium, or any other sources or kind of funds) to any
other persons or entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that such
Intermediaries shall:

• Directly or indirectly lend or invest in other persons or entities identified
in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the
Company; or

• Provide any guarantee, security, or the like to or on behalf of the Ultimate
Beneficiaries.

(ii). The management has represented, that, to the best of its knowledge and
belief as disclosed in the Note No. 24(e) to the financial statements, no funds
(which are material either individually or in aggregate) have been received by
the Company from any persons or entities, 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 ("Ultimate Beneficiaries")
by or on behalf of the Funding Party or

• provide any guarantee, security or the like from or on behalf of
the Ultimate Beneficiaries; and

Based on such audit procedures as 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 mis-statement.

(e) In respect of Declaration and payment of Dividend:

(i) The company has not declared any dividend during the year; Hence the
said clause is not applicable.

(ii) The Company do not intend to propose dividend for the year; Hence the
said clause is not applicable.

(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for
maintaining books of account using accounting software which has a
feature of recording audit trail (edit log) facility is applicable with effect
from April 1, 2023 to the Company and its subsidiaries, which are
companies incorporated in India, and accordingly, Based on our
examination, which included test check, the Company has used accounting
software 'Tally Prime System' (edit log) for maintaining its books of account
which has a feature of recording audit trail facility and the same has been
operated throughout the period for all relevant transactions recorded in the
software. Further, during the course of our audit we did not come across
any instance of the audit trail feature being tampered with.

FOR D G M S & CO.

Chartered Accountants
Firm Regn. No. 0112187W

Jyoti J Kataria
Partner

Membership No. 116861
UDIN: 25116861BMHVVY2962
Date: 19-05-2025
Place:Jamnagar