We have audited the accompanying Financial Statements of ONIX SOLAR ENERGY
LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow
Statement and the Statement of Changes in Equity for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies and other
explanatory information (hereinafter referred to as "the standalone financial statements")

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 Indian Accounting Standards prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other
accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31,2025, and its profit, total comprehensive income, its cash flows and changes in equity
for the year ended on that date.

Basis for Opinion

We conducted our audit of Standalone Financial Statements in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our
responsibilities under those SAs 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 die provisions of the Act and die 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 audit opinion on the standalone financial statements.

Emphasis of Matter

We draw attention to the following matters: .

a) Non-compliance of fallowing statutory requirements:

i. As per the records available in ROC, the company had not appointed managing director or
Chief Executive Officer or manager or a whole-time director as required under section 203 of
the companies act, 2013.

ii. The company had not appointed Chief Financial Officer from March 3, 2025 onwards as
required under section 203 of the companies act, 2013.

In respect of above non-compliances, the regulatory authorities may impose late fee or penalty,
however the same is indeterminate as on the date of this report.

Our opinion is not modified in respect of these above matters.

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. In our opinion, there is no Key Audit matter to be communicated in our report.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other
information comprises the information in the Management Discussion and Analysis, Board's
Report including Annexure to the Board's Report and Corporate Governance 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 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 the Standalone
Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of 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 including other comprehensive
income, cash flows and changes in equity of the Company in accordance with tire 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 of the assets of the

Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgements 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 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.

Auditors' 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 financial 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 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 the 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 die 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.

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• 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 sub-section (11) of section

143 of the Companies Act, 2013, we give in the "Annexure A" a statement on tire

matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. (A) 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 Company does not have any branch. Hence, the provisions of section
143(3)(c) is not applicable.

d) The Balance Sheet, the Statement of Profit and Loss including the Statement of
Other Comprehensive Income, the Cash Flow Statement and Statement of
Changes in Equity dealt with by this Report are in agreement with the books of
account;

e) In our opinion, the aforesaid Standalone Financial Statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules, 2015, as amended;

f) 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

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is disqualified as on March 31, 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 over financial
reporting of the Company and the operating effectiveness of such controls,
refer to our separate Report in " Annexure B".

(B) 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 has disclosed the impact of pending litigations on its
financial position in its standalone financial statements;

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

iii. There has been no delay in transferring the amount, 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, no funds (which are material either individually or in
the aggregate) 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 or entity,
including foreign entity ("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;

(b) The Management has represented that, to the best of its knowledge
and belief no funds (which are material either individually or in
the aggregate) have been received by the Company from any
person or entity, including foreign entity ("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 my 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;

(c) Based on the audit procedures that have been 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 misstatement.

v. The company has not declared or paid any dividend during the year
ended March 31,2025.

vi. Based on our examination, which included test checks, the Company
has used accounting software 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 tire 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 the audit trail feature being tampered with.

(C) 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 according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act.

For Jhunjhunwala Jain & Associates LLP

Chartered Accountants

Firm's Registration No: 113675W/W100361

1 I(fRN : H3675WJ H
(CAPriteesh Jitendra Jain) Jpi

Ay

Partner Xggg

Membership No. : 164931

UDIN : 25164931BMIFHM1284

Place : Mumbai

Date : May 19,2025