We have audited the accompanying Standalone Financial
Statements of CLEAN MAX ENVIRO ENERGY SOLUTIONS
PRIVATE LIMITED (the "Company") which comprise the
Balance Sheet as at March 31, 2024, and the Statement of
Profit and Loss (including Other Comprehensive Income), the
Statement of Cash Flows and the Statement of Changes in
Equity for the year ended on that date, and notes to the
Standalone Financial Statements, including a summary of
material 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 ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs of
the Company as at March 31, 2024, and its profit, total
comprehensive income, its cash flows and the changes in
equity 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
("SAs") specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described

in the Auditor's Responsibility 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 Act and the Rules made
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
obtained by us is sufficient and appropriate to provide a basis
for our audit opinion on the Standalone Financial Statements.

Key Audit Matter

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 matter described
below to be the key audit matter to be communicated in our
report.

Information Other than the 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 included in the Board of Director's Report
including the Annexures thereto but does not include the
Consolidated Financial Statements, Standalone Financial
Statements and our auditor's reports 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 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 the accounting principles generally accepted in India
including Ind AS specified under section 133 of the Act. 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 statement 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 and 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.

The Company's Board of Directors are also responsible for
overseeing the Company's financial reporting process.

Auditor's Responsibility 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 controls
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 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 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 financial controls 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 Section 143(3) of the Act, based on our
audit 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, except that the requirement of
audit trail was not complied with as stated in (i) (vi) below.

c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flows 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 Ind AS specified under Section
133 of the Act.

e) On the basis of the written representations received from
the directors as on March 31, 2024 taken on record by the
Board of Directors, none of the directors is disqualified as on
March 31, 2024 from being appointed as a director in terms
of Section 164(2) of the Act.

f) The modification relating to the maintenance of accounts
and other matters connected therewith, is as stated in
paragraph (b) above.

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 A". 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) 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 Company being a private company, section
197 of the Act related to the managerial remuneration is not
applicable.

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 has disclosed the impact of pending
litigations on its financial position in its Standalone
Financial Statements;

ii) The Company has made provision, as required under the
applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts
including derivative contracts;

iii) There were no amounts which were 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, as disclosed in note 51(b) to the
Standalone Financial Statements, 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, 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, as disclosed in note 51(c) to the
Standalone Financial Statements, 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, 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.

(c) Based on the audit procedures performed 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 and has not proposed final dividend for the
year.

vi) The Company upgraded their accounting software on
June 24, 2023.

Based on our examination which included test checks, the
Company has used accounting software for maintaining its
books of account for the year ended March 31, 2024 which
has a feature of recording audit trail (edit log) facility and the
same has operated for all relevant transactions recorded in
the software except for the period from April 1, 2023 to June
23, 2023 where the earlier version of the accounting software
was used which did not have the audit trail feature.

Further, during the course of our audit, we did not come
across any instance of the audit trail feature being tampered
with, in respect of the accounting software for the period for

which the audit trail feature was operating.

As proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014 is applicable from April 1,2023, reporting under Rule 11
(g) of the Companies (Audit and Auditors) Rules, 2014 on
preservation of audit trail as per the statutory requirements
for record retention is not applicable for the year ended
March 31,2024

2. As required by the Companies (Auditor's Report) Order,
2020 (the "Order") issued by the Central Government in terms
of Section 143(11) of the Act, we give in "Annexure B", a
Statement on the matters specified in paragraphs 3 and 4 of
the Order.

For Deloitte Haskins & Sells LLP

Chartered Accountants
Firm Registration No. 117366W/W-100018

Mehul Parekh

Partner

Membership No : 121513
UDIN: 24121513BKEPGW6939

Place: Mumbai
Date: May 27, 2024