1. We have audited the accompanying standalone financial statements of Confidence
Petroleum India Limited (‘the Company'), which comprise the Balance Sheet as at 31
March 2025, the Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Cash Flow and the Statement of Changes in Equity for the year then
ended, and notes to the standalone financial statements, including a summary of the
material accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations
given to us, except for the possible effects of the matters described in the Basis for
Qualified Opinion section of our report, 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 Indian Accounting
Standards (‘Ind AS') specified under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and other accounting principles generally
accepted in India, of the state of affairs of the Company as at 31 March 2025, and its
profit (including other comprehensive income), its cash flows and the changes in equity
for the year ended on that date.

Basis for Qualified Opinion

3. a) Refer Note no. 34 to the accompanying standalone financial statements related to
non- recognition of additional provident fund liability on revised basic wages.

The practice followed by the Company is not in compliance with ruling of Honourable
Supreme Court dated 28th February 2019 wherein definition of “wages” was clarified to
be inclusive of “Other allowances”. As the Company has not determined this liability
from date of ruling up to 31st March 2025, we are unable to ascertain the impact of the
same on profit for the year and earlier period and its consequential impact on retained
earnings and liabilities.

b) As explained in Note no. 51 of the accompanying financial statement, there is a
difference in value of Input tax credit of Goods and Services Tax (GST) as per the Books
of accounts of the Company and the amount reflected in GST Network Portal. We are
unable to ascertain the impact of the same on profit for the year and earlier period and
its consequential impact on retained earnings and assets.

4. We conducted our audit in accordance with the Standards on Auditing specified under
section 143(10) 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 (‘ICAI')
together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act 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 qualified opinion.

Key Audit Matter

5. 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.

6. We have determined the matter described below to be the key audit matters to be
communicated in our report.

Information other than the Financial Statements and Auditor's Report thereon

7. The Company's Board of Directors are responsible for the other information. The other
information comprises the information included in the 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 will 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 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.
However, such other information has not been provided to us for review.

When we read the Annual Report, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the
Standalone Financial Statements

8. The accompanying standalone financial statements have been approved by the
Company's Board of Directors. The Company's Board of Directors are responsible for the
matters stated in section 134(5) of 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 including other comprehensive income,
changes in equity and cash flows of the Company in accordance with the Ind AS
specified under section 133 of the Act 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 statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

9. In preparing the standalone financial statements, the 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 the Board of Directors either intend to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

10. Those 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

11. 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 Standards on Auditing 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.

12. As part of an audit in accordance with Standards on Auditing, specified under section
143(10) of the Act 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 section 143(3)(i) 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 management;

• Conclude on the appropriateness of 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.

13. 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 (i) in 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.

14. 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.

15. 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.

16. 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

17. 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 the
“Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

18. As required by section 143(3) of the Act based on our audit, we report, to the extent
applicable, that:

a) We have sought and except for the matters described in the Basis for Qualified Opinion
section, 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 accompanying
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, except for the matter
stated in paragraph j (vi) below;

c) The standalone financial statements dealt with by this report are in agreement with the
books of account;

d) Except for the possible effects of the matters described in the Basis for Qualified
Opinion section, in our opinion, the aforesaid standalone financial statements comply
with Ind AS specified under section 133 of the Act;

e) The matters described in paragraph 3 under the Basis for Qualified Opinion section, in
our opinion, may have an adverse effect on the functioning of the Company;

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

g) With respect to the adequacy of the internal financial controls with reference to
Standalone Financial Statements 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 with reference to Standalone Financial Statements;

h) As required by section 197(16) of the Act based on our audit, we report that the
Company has paid remuneration to its directors during the year in accordance with the
provisions of and limits laid down under section 197 read with Schedule V to the Act.

i) 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. The Company, as detailed in note no. 37 to the standalone financial statements, has
disclosed the impact of pending litigations on its financial position as at 31 March
2025;

ii. The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses as at 31 March 2025;

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company during the year ended 31 March
2025.

iv. a. The management has represented that, to the best of its knowledge and belief,
no funds have been advanced or loaned or invested (either from borrowed funds
or securities premium or any other sources or kind of funds) by the Company to or
in any persons or entities, including foreign entities (‘the 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 (‘the
Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf the
Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief,
no funds have been received by the Company from any persons or entities,
including foreign entities (‘the 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

c. Based on such audit procedures performed as considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused
us to believe that the management representations under sub-clauses (a) and (b)
above contain any material misstatement.

v. The final dividend paid by the Company during the year ended 31 March 2025 in
respect of such dividend declared for the previous year is in accordance with
section 123 of the Act to the extent it applies to payment of dividend.

As stated in Note no. 16 (4) to the accompanying standalone financial statements,
the Board of Directors of the Company have proposed final dividend for the year
ended 31 March 2025 which is subject to the approval of the members at the
ensuing Annual General Meeting. The dividend declared is in accordance with
section 123 of the Act to the extent it applies to declaration of dividend.

vi. Based on our examination which included test checks, the Company has used an
accounting software for maintaining its books of account which has an audit trail
feature enabled. While the audit trail at the application level is non-editable, we
noted that at the database level it has been enabled through triggers which remain
editable. Accordingly, we are unable to comment on whether the audit trail feature
has been tampered with at the database level. The audit trail has been preserved by
the Company as per the statutory requirements for record retention.

For L NJ & Associates For Singhi & Co.

Chartered Accountants Chartered Accountants

Firm Reg. No. 135772W Firm Reg no. 302049E

Sumit V Lahoti Sameer Mahajan

Partner Partner

Membership no: 138908 Membership no: 123266

Date: 29 May 2025 Date: 29 May 2025

Place: Nagpur Place: Mumbai

UDIN: 25138908BMKXAW6957 UDIN: 25123266BMJDNE2223