We have audited the accompanying Standalone Financial Statements of Shubhshree Biofuels Energy
Limited ("the Company"), (Erstwhile known as Shubhshree Bricks Private Limited) which com¬
prise the Balance Sheet as at 31^st March, 2025, and the Statement of Profit and Loss, the Statement of
Cash Flow for the year the ending 31^st March, 2025 and notes to the Standalone Financial Statements
including 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 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 Companies Act, 2013 read with the companies (Accounting Standards) , Rules, 2021
and other accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2025, and the profit, and its cash flows 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 re¬
port. 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 require¬
ments 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 determined the matters described below to be the Key Audit Matters to be communicated in
our report.

Information Other than the Standalone Financial Statements and Auditor's Report There¬
on

The Company’s Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board’s
Report including Annexure to Board’s Report, but does not include the Consolidated Financial State¬
ments, 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 oth¬
er 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 Com¬
panies Act, 2013 (“the Act”) with respect to the preparation and presentation of these annual financial
results that give a true and fair view of the financial position, financial performance and other financial
information in accordance with the Accounting Standards prescribed 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 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 Com¬
pany’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 Company uses an accounting software for maintaining its books of account 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 accounting software.

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 guaran¬
tee 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
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these annual Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain profession¬
al 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, misrepresen¬
tations, or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design au¬
dit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Compa¬
nies 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 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 account¬
ing 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 atten¬
tion 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 un¬
derlying 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 qual¬
itative 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 in¬
ternal control with reference to financial statements 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 oth¬
er 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 reg¬
ulation precludes public disclosure about the matter or when, in extremely rare circumstances, we de¬
termine 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.

Other Matters

1. Share capital amounting to Rs. One Lac is not paid by the shareholders of ECODENSIFY SOLUTIONS

PRIVATE LIMITED (Subsidiary) due to banking difficulties.

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" 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 knowl¬
edge 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 Stan¬
dards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounting stan¬
dard) Rules, 2021.

e) On the basis of the written representations received from the directors as on 31st March ,2025 taken
on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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 Standalone Financial Statements
and the operating effectiveness of such controls, refer to our separate Report in "Annexure B" to this
report; 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.

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 infor¬
mation 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 read with Schedule V
of the Act.

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:

a) The company does not have any pending litigations as on 31 March 2025.

b) The Company does not have any long-term contracts including Derivative Contracts for which
there is any material foreseeable losses.

c) There is no amount which is required to be transferred to the Investor Education and Protection
Fund by the company.

d)

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 premi¬
um 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 Bene¬
ficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficia¬
ries; 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 mis¬
statement.

e) The Company has not declared or paid any dividend during the year and has not proposed final
dividend for the year. In our opinion and according to the information and explanation given to
us, the provision of section 123 of the Act is not applicable to the company. Hence reporting un¬
der this clause is not required.

f) Based on our examination which included test checks, the Company has used accounting soft¬
ware for maintaining its books of account for the year ended 31st March, 2025 which has a fea¬
ture of recording audit trail (edit log) facility and the 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.

For Khandelwal Badaya & Co.

Chartered Accountants
FRN:016506C

Sd/-

CA Deepak Khandelwal

Partner

M. No. 414157

UDIN: 25414157BMLBFT2301
Place: Jaipur
Date: 27-05-2025