We have audited the accompanying Standalone Financial Statements of S&S Power Switchgear Limited (“the
Company”) which comprise the Balance Sheet as at March 31,2025 the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the
year then ended 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 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 31st March, 2025, its Loss and total comprehensive income, changes in equity and its cash flows 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 Companies Act, 2013, as amended (“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 Stand¬
alone financial statements under the provisions of the Acts and the Rules 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 opinion
on the Standalone Financial Statements.

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 Thereon

The Company’s Management and the Board of Directors is responsible for the preparation of the other infor¬
mation. The other information comprises the information included in the Board’s Report including Annexures
to that Board’s report, Corporate Governance Report and Shareholder’s information but does not include the
Standalone Financial Statements and our Auditor’s report thereon. The other information as above is expected
to be made available to us after the date of this audit 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 infor¬
mation identified above when it becomes available 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.

When we read the other information, 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

The Company’s management and the 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 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 accounting principles gen¬
erally 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 safe¬
guarding 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 operat¬
ing 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 Statement, the Management and 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 intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Management and the Board of Directors are also responsible for overseeing the Company’s financial report¬
ing process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statement 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 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 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 control system 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 in the Standalone Financial statement made by the Management and the Board
of Directors.

• Conclude on the appropriateness of the Management’s and Board of Director’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 statement 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 Statement, including
the disclosures, and whether the Standalone Financial Statement represent the underlying transactions
and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably knowledgeable user of the 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 Statement of our work; and

(ii) to evaluate the effect of any identified misstatements in the 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 I”
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 Companies Act, 2013, 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 Balance sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Change in Equity and the Cash Flow Statement dealt with by this Report are in agreement
with the relevant books of accounts;

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

(e) On the basis of written representations received from the directors as on 31st March 2025 taken on
record by the Board of Directors, none of the directors are disqualified as on 31st March 2025 from
being appointed as a director in terms of Section 164(2) of the Companies Act, 2013.

(f) 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 II”. Our
report expresses an unmodified opinion on the adequacy and operating effectiveness of the company’s
internal financial controls with reference to the 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 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.

(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 has disclosed the impact of pending litigations on its financial position in the
Standalone Financial Statements - Refer note 42 to the 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 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 it’s 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;

b) The management has represented, that, to the best of it’s 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

c) Based on such audit procedures that we have considered reasonable and appropriate in the
circumstances; nothing has come to our notice that has caused them to believe that the repre¬
sentations 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 under review.

(vi) Based on our examination, which included test checks, the Company has used accounting
software for maintaining its books of account which has the feature of recording audit trail (edit
logs) facility and the same has operated throughout the year for all relevant transactions recorded
in the respective software. Further, during the course of our audit we did not come across any
instances of audit trail feature being tampered with and the same has been preserved as per
statutory requirement of record retention.

For CNK & Associates LLP
Chartered Accountants
Firm Registration No. 101961W/W100036

Uttamchand Jain
Partner

Membership Number: 205976
UDIN: 25205976BMILMV7912

Place: Chennai
Date: 23^rd May 2025