We have audited the accompanying standalone financial
statements of Alpex Solar Limited ("the Company"), which
comprise standalone Balance Sheet as at 31^st March 2025; the
standalone Statement of Profit and Loss, including the statement
of Other Comprehensive Income, the standalone Cash Flow
Statement, the standalone statement of Changes in Equity
for the year then ended; and notes to the standalone financial
statements, including a summary of material accounting policies
and other explanatory information.

In our opinion and to the best of our information and according
to explanations given to us, the aforesaid standalone financial
statements give the information required by Companies Act,
2013, as amended ("the 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 31^st March 2025, its profit including other comprehensive
income, its cash flows and the changes in equity for the year
ended on that date.

Basis for Opinion

We conducted our audit 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

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 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
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. For each matter below, our description
of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key
audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor's responsibilities
for the audit of the standalone financial statements section of
our report, including in relation to these matters. Accordingly,
our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement
of the standalone financial statements. The results of our audit
procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the
accompanying financial statements.

Information other than the Standalone Financial
Statements and Auditors' 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 including Annexures to Annual
Report but does not include the Standalone Financial Statements
and our auditors' report thereon. The Annual Report including
Annexures to Annual Report is expected to be made available to
us after the date of this auditor's report.

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 such 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 to those charged
with governance. Accordingly, we have nothing to report, as of
now, 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 Indian Accounting
Standards (Ind AS) specified under Section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015,
as amended. 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 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 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.

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 Act, 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 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 it
appears from our examination of those books, except
for certain matters in respect of audit trail as stated in
paragraph 2(h)(vi) below.

c) The standalone Balance Sheet, the standalone
Statement of Profit and Loss including Other
Comprehensive Income, standalone Cash Flow
Statement, and the statement of changes in equity
dealt with by this Report are in agreement with the
books of accounts.

d) In our opinion, the aforesaid standalone financial
statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 4
of the Companies (Accounts) Rules, 2015 as amended;

e) On the basis of written representations received from
the directors as on 31^st March, 2025 taken on record
by the Board of Directors, we report that none of the
director is disqualified as on 31^st March, 2025 from
being appointed as a director in terms of section 164(2)
of the Act;

f) The modifications relating to the maintenance of
accounts and other matters connected therewith in
respect of audit trail are as stated in the paragraph
2(b) above on reporting under section 143(3)(b) of the
Act and paragraph 2(h)(vi) below on reporting under
rule 11(g) of the Companies (Audit and Auditors) Rules,
2014.

g) With respect to the adequacy of the internal financial
controls over financials reporting of the company and
the operating effectiveness of such control, refer to our
separate Report in 'Annexure B'; and

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 does not have any pending
litigations which would impact its financial
position - Refer Note No.41(13) "Pending
Litigations".

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

iii. There is no amount which is required to be
transferred, to the Investor Education and
Protection Fund by the Company.

iv. (i) 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
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 its 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; and

(iii) Based upon the audit procedures, that we have
considered reasonable and appropriate, carried
out in accordance with the generally accepted
audit practices in India, and as per the information
and explanations given to us, nothing has come
to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii)
contains any material misstatement.

v. During the year, the company has not declared or paid
any dividend.

vi. Based on our examination, which included test
checks, except for the instances mentioned below,
the Company has used accounting softwares 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 softwares. Further, during the course
of our audit we did not come across any instance of
the audit trail feature being tampered with respect to
the accounting software where audit trail has been
enabled.

i. The feature of recording audit trail (edit log)
facility was not enabled at the database level to
log any direct data changes for the accounting
softwares used for maintaining the books of
account.

ii. The company is also using application softwares
for maintaining records, which did not have a
feature of recording audit trail (edit log) facility
throughout the year for all relevant transactions
recorded in the respective application softwares,
hence we are unable to comment on audit trail
feature of the said software.

Further, the audit trail has been preserved by the
Company as per the statutory requirements for
record retention.

vii. With respect to the 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. The remuneration paid to any
director 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.

For Seth & Seth

Chartered Accountants
Firm's Registration No. 014842N

Sumit Seth

Partner

Place: New Delhi Membership No. 093161

Date: 21/05/2025 UDIN: