Spectrum Electrical Industries Ltd Auditor Reports

To, The Members, SPECTRUM ELECTRICAL INDUSTRIES LIMITED, Gat No. 139/1 & 139/2, Ajanta Road, Jalgaon, Maharashtra 425003, India.

Opinion

We have audited standalone financial statements comprising Balance Sheet as at March 31, 2026, Statement of Profit and Loss (including other comprehensive income), Statement of Changes in Equity and Cash Flow Statement for year ended, and summary of material accounting policies and other explanatory information.

In our opinion, standalone financial statements give true and fair view in conformity with Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended (Ind AS), of state of affairs as at March 31, 2026, its profit and total comprehensive income, changes in equity and its cash flows for year ended.

Basis for Opinion

Audit conducted in accordance with Standards on Auditing (SAs) specified under Section 143(10) of the Act. We are independent of Company in accordance with Code of Ethics issued by ICAI.

Key Audit Matters

Matters of most significance in audit of standalone financial statements for current period.

Managements Responsibility for Standalone Financial Statements

Board of Directors responsible for matters stated in Section 134(5) of Companies Act, 2013. Responsibility includes maintenance of adequate accounting records, selection and application of appropriate accounting policies, making judgments and estimates, design, implementation and maintenance of adequate internal financial controls.

Auditors Responsibility

Our objectives are to obtain reasonable assurance about whether financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue auditors report that includes our opinion.

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) Order, 2020 (the Order), we give in Annexure A statement on matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report that: a. We have sought and obtained all information and explanations necessary for purpose of audit. b. Proper books of account as required by law have been kept. c. Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement are in agreement with books of account. d. Standalone financial statements comply with Ind AS specified under Section 133 of the Act. e. None of directors is disqualified as on March 31, 2026 from being appointed as director in terms of Section 164(2) of Act. f. Internal financial controls with reference to Standalone Financial Statements are adequate and operating effectively (unmodified opinion). g. Remuneration paid to directors during year is in accordance with provisions of Section 197 of Act. h. With respect to other matters: i. No pending litigations as at March 31, 2026 that has impact on financial position. ii. No long-term contracts including derivative contracts for which there were material foreseeable losses. iii. No amounts required to be transferred to Investor Education and Protection Fund. iv. a. No funds advanced or loaned or invested to Intermediaries with understanding that they shall lend or invest in Ultimate Beneficiaries. b. No funds received from Funding Parties with understanding that Company shall lend or invest in Ultimate Beneficiaries. c. Nothing has come to our notice that representations contain any material misstatement. v. Company has not declared or paid any dividend during year; Section 123 not applicable. vi. Company has used accounting software with audit trail (edit log) facility operating throughout year. No instance of tampering. Audit trail preserved as per statutory requirements.

For SHARPAARTH & CO LLP Chartered Accountants FRN: 132748W/W100823 CA Harshal Jethale, Partner M.No. 141162 UDIN: 26141162HKGLFF4328 Date: 26th May, 2026 Place: Jalgaon

Annexure A to Independent Auditors Report

i. a. A. Proper records maintained showing full particulars, including quantitative details and situation of Property, Plant and Equipment. B. Proper records maintained showing full particulars of intangible assets. b. Physical verification of property, plant, and equipment conducted at reasonable intervals. No material discrepancies noticed. c. Title deeds of all immovable property held as Property, Plant and Equipment are held in name of Company. d. Company has not revalued its property, plant and equipment or intangible assets during year. e. No proceedings initiated or pending against Company for holding any benami property under Benami Transaction (Prohibition) Act, 1988.

II. a. Physical verification of inventory conducted at reasonable intervals. Procedures reasonable and adequate. Proper records maintained. No material discrepancies noticed. b. Company has taken working capital loans in excess of five crores rupees from banks. Quarterly returns and statements filed with lender Banks are in agreement with books of account.

III. a. During year, Company made investments and provided loans and guarantees to companies and other parties:

Particulars	Guarantee	Loans	Investments
Aggregate amount granted/provided during year	-	-	-
- Subsidiaries	3510.00	331.16	00
- Other	00	-	-
Balance outstanding as at balance sheet date
- Subsidiaries	3510.00	2781.83	00
- Other	-	-	-

b. Investments made, guarantees provided and terms and conditions of grant of all loans and guarantees are not prejudicial to Companys interest. c. Loans and advances in nature of loans granted are repayable on demand. Company has not demanded repayment. Question of regular repayment does not arise. d. No overdue amount remaining outstanding as at balance sheet date. e. No loan or advance in nature of loan granted which has fallen due during year has been renewed or extended or fresh loans granted to settle overdue. f. Company has granted Loans or advances in nature of loans repayable on demand or without specifying terms or period of repayment:

Particulars	Other Parties	Promoters	Related parties
Aggregate amount of loan/advance in nature of loans	-	-	-
- Repayable on demand	00	331.16	-
- Without specify terms or period of repayment	00	0	-
Percentage of loans/advance in nature of loan to total loans	0	0	100%

IV. Company has complied with provisions of Section 185 and Section 186 of Act in respect of loans and investments made, and guarantees and security provided.

V. Company has not accepted any deposits or amounts deemed to be deposits from public.

VI. Central Government has prescribed maintenance of cost records under Section 148(1) of Act. Books of account maintained and prescribed accounts and records made and maintained. No detailed examination conducted.

VII. a. Company is generally regular in depositing undisputed statutory dues with appropriate authorities. No arrears as at March 31, 2026 due for more than six months from date they became payable. b. Company has disputed statutory dues as at March 31, 2026, which have not been deposited with appropriate authorities.

VIII. No transactions relating to previously unrecorded income surrendered or disclosed as income in tax assessments under Income Tax Act, 1961 during year.

IX. a. Company has not defaulted in repayment of loans or other borrowings or payment of interest to any lender during year. b. Company has not been declared willful defaulter by any bank or financial institution or government or government authority. c. Term loans taken have been applied for purpose for which they were raised. d. Short term loans have not been utilized for long term purposes. e. Company has not taken any funds from any entity or person to meet obligations of its subsidiaries, associates, or joint ventures. f. Company has not pledged securities held in its subsidiaries, joint ventures, or associates companies.

X. a. Company has not raised moneys by way of Initial Public Offer (IPO) or further public offer (including debt instruments) during year. b. Company has complied with requirements of Section 42 and 62 of Companies Act, 2013, and Listing Regulations. Funds raised have been applied for purposes for which funds were raised. No preferential allotment or private placement of convertible debentures during year.

Share Warrants Conversion:

Name of Allottee	Date of Issue of Share Warrants	No. of Warrants Issued	Date of Conversion	Issue Price per Share (Rs.)	Amount Received at Issue (Rs.)	Amount Received on Conversion (Rs.)
Mr. Deepak Suresh Chaudhari	25/01/2024	89,375	24/07/2025	1,120	2,50,25,000	7,50,75,000
Mrs. Bharti Deepak Chaudhari	25/01/2024	17,875	24/07/2025	1,120	50,05,000	1,50,15,000
Total		1,07,250			3,00,30,000	9,00,90,000

Company received balance amount of Rs. 9,00,90,000 (75% of issue price) in respect of 1,07,250 share warrants issued to Promoters and Promoter Group upon conversion.

XI. a. No material fraud by Company or on Company has been noticed or reported during year. b. Report under Section 143(12) of Act, in Form ADT-4 not required to be filed with Central Government. c. No whistle-blower complaints received by Company during year.

XVI. a. Company not required to be registered under Section 45-IA of Reserve Bank of India Act, 1934. b. Company not engaged in any Non-Banking Financial or Housing Finance activities. c. Company not a Core Investment Company (CIC) as defined in regulations made by RBI. d. Group does not have any Core Investment Company as part of its group.

XVII. Company has not incurred cash loss during current financial year and immediately preceding financial year.

XVIII. No resignation of statutory auditors during year.

XIX. No material uncertainty exists as on date of audit report that Company is not capable of meeting its liabilities existing at date of balance sheet as and when they fall due within period of one year from balance sheet date. This is not assurance as to future viability.

XX. Company has fully spent required amount towards Corporate Social Responsibility. No unspent CSR amount requiring transfer to Fund specified in Schedule VII or special account under Section 135(6).

For SHARPAARTH & CO LLP Chartered Accountants FRN: 132748W/W100823 Sd/ CA Harshal Jethale, Partner M. No. 141162 UDIN: 26141162HKGLEF4328 Date: 26th May, 2026 Place: Jalgaon

Annexure B to Independent Auditors Report

Report on Internal Financial Controls with reference to Standalone Financial Statements under Section 143(3)(i) of the Act.

Opinion

We have audited internal financial controls with reference to standalone financial statements as on March 31, 2026. In our opinion, Company has, in all material respects, adequate internal financial controls system with reference to financial statements and such controls were operating effectively as at March 31, 2026.

Managements Responsibility

Management responsible for establishing and maintaining internal financial controls based on criteria established by Company considering essential components of internal control stated in Guidance Note issued by ICAI.

Auditors Responsibility

Our responsibility is to express opinion on Companys internal financial controls with reference to financial statements based on our audit. Audit conducted in accordance with Guidance Note and Standards on Auditing specified under Section 143(10) of Act.

Meaning of Internal Financial Controls

A companys internal financial control with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Includes policies and procedures that:

1. Pertain to maintenance of records that accurately and fairly reflect transactions and dispositions of assets.

2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with generally accepted accounting principles.

3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of companys assets.

Inherent Limitations

Because of inherent limitations, material misstatements due to error or fraud may occur and not be detected. Projections subject to risk that controls may become inadequate.

For SHARPAARTH & CO LLP Chartered Accountants FRN: 132748W/W100823 Sd/ CA Harshal Jethale, Partner M. No. 141162 UDIN: 26141162HKGLEFF4328 Date: 26th May, 2026 Place: Jalgaon