Yash Highvoltage Ltd Auditor Reports

Independent Auditors Report on Financial Statement of Yash Highvoltage Limited

To,

The Members of

Yash Highvoltage Limited

Report on the audit of the Financial Statements

Opinion

We have audited the accompanying financial statement of Yash Highvoltage Limited (hereinafter referred to as the ‘Company), which comprises the balance sheet as of March 31^st, 2025, the statement of profit & loss and a statement of cash flow for the year then ended and notes to the financial statements, including 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 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 principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its Profit, and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under Section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the 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 financial statements under the provisions of the Act, and the 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 opinion on the 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 financial statements of the current period.

These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to be communicated in our report.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Boards Report including annexures to Boards Report and shareholders information but does not include the financial statements and our auditors report thereon. The above-referred information is expected to be made available to us after the date of this audit report.

Our opinion on the 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 financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the 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.

When we read the information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate actions necessitated by the circumstances & the applicable laws and regulations.

Managements and Those Charge with Governances Responsibilities for the Financial Statements

The Companys 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 financial statements that give a true and fair view of the financial position, financial performance, and cash flows of the Company in accordance

with the accounting principles generally accepted in India, including the accounting Standards 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 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 operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys 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 companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statement as a whole are free from material misstatement, whether due to fraud or error and to issue an auditors 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 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 annual financial statement, 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 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 through a separate report on the complete set of financial statements on whether the Company has adequate internal financial controls with reference to 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 financial statement made by the Management.

• Conclude on the appropriateness of the Management and Board of Directors 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 appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the annual 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 auditors 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 annual financial statement, including the disclosures, and whether the annual 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 results 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.

Other Matters

Attention is drawn to the fact that the audited financial statements of the Company for the year ended 31 March 2024 were audited by erstwhile auditors whose report dated 29^th June 2024, expressed an unmodified opinion on those audited financial statements. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors 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 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 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 and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act,

(e) On the basis of the written representations received from the directors as on March 31^st, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on March 31^st, 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 financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

(g) 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(16) of the Act, as amended.

(h) With respect to the other matters to be included in the Auditors 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 no pending litigations except as shown in note no. 28 to the financial statements.

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

iii As per information and explanation given to us, there is no amount that required to be transferred to Investor Education and Protection Fund by the Company.

iv a) The Management has represented, to the best of its knowledge and belief that, 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, to the best of its knowledge and belief that, 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 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 subclause (i) and (ii) of Rule 11(e) as provided contain any material misstatement.

v There is no dividend declared or paid during the year by the Company and hence provisions of section 123 of the companies Act, 2013 are not applicable.

vi Based on our examination, which included test checks, the company has used accounting software for maintaining its books of accounts 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 software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with. Further, the audit trail has been preserved by the Company as per the statutory requirements for record retention to the extent it was enabled and recorded in the previous year.

	For Shah Mehta & Bakshi
	Chartered Accountants
	FRN:103824W
	Daxal Pandya
	Partner
Place: Vadodara	Membership No.: 177345
Date: May 20th, 2025	UDIN: 25177345BMHACH5547

Annexure-A to the independent Auditors Report

The Annexure-A, referred to in our Independent Auditors Report to the members of the Company on the financial statements for the year ended 31^st March 2025, we report that,

i (a)(A) According to the information and explanation given to us, the Company has maintained proper records showing full particulars including the quantitative details and situation of Property, Plant & Equipment (PPE).

i (a)(B) The company maintains proper records showing full particulars of intangible assets.

i (b) The company has a regular program of physical verification of the PPE by which PPE are verified in phased manned over the period of time. In accordance with the program certain items were verified during the year and as informed to us, no material discrepancies were noticed on such verification. In our opinion, the regular program of physical verification, is reasonable having regard to the size of the company and nature of its assets.

i (c) According to the information and the explanations given to us & on the basis of the examination of the records of the company, we report that the title deeds of all immovable properties of land and buildings which are free hold (other than property on the lease, for which lease agreement has been entered into) are held in the name of the Company as at balance sheet date.

i (d) The company has not revalued its Property, Plant and Equipment or intangible assets or both during the year during the year therefore reporting under this clause is not applicable.

i (e) No proceedings have been initiated or are pending against the company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder;

ii (a) The company has at reasonable intervals physically verified the inventory during the year. In our opinion, the procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records were not material; and have been properly dealt with in the books of accounts.

ii (b) The company has been sanctioned working capital limits in excess of five crore rupees on the basis of current assets. The stock, receivables and payables at particulars quarters submitted with the bank is matching with the books of account except in the case as reported in the note no. 38 to the financial statements;

iii The Company has made investments in, provided guarantee to if any, and granted unsecured loans to companies, firms, Limited Liability Partnerships, to other parties, if any during the year, in respect of which:

a) The Company has provided unsecured loan to Employees with aggregate amount granted/provided during the year is Rs. 5.26 lakhs during the year and where balance outstanding as at Balance Sheet date is Rs. 1.71 lakhs.

b) In our opinion, the investments made and the terms and conditions of the grant of loans & advances in nature of loan, during the year are, prima facie, not prejudicial to the Companys interest;

c) The repayment of principal and payment of interest if any, is as stipulated and the same are regular;

d) In respect of the aforesaid loan, there is no amount which is overdue for more than ninety days;

e) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties;

f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) is not applicable;

Moreover, the company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to any other companies, firms, Limited Liability Partnership or other parties.

iv Based on our verification of the documents provided to us and according to the information and explanations given to us, in respect of loans, investments, guarantees, and security if any, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013.

v In our opinion and according to information and explanation given to us, the Company has not accepted any deposits or the amounts which are deemed to be deposits within the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under, therefore, reporting under this clause is not required;

vi We have broadly reviewed the Books of Accounts maintained by the Company pursuant to the rules prescribed by the Central Government for maintenance of cost records under section 148(1) of the act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made detailed examination of the cost records with a view to determine whether they are accurate or complete.

vii (a) In our opinion, the company has generally regular in depositing undisputed statutory dues including Good and Service Tax, Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess, Professional tax, ESIC and any other statutory dues applicable to it. According to the information & explanation given to us, no undisputed amounts payable in respect of Income tax, Goods & services tax, Custom Duty, Cess & other material statutory dues applicable to the company were outstanding as at 31^st March 2025 for a period of more than six months from the date they become payable.

vii (b) There are statutory dues referred to in sub-clause (a) that have not been deposited on account of dispute are as follows:

Financial Year	Type	Name of the opposing party	Date of initiation of the litigation / dispute	Status of the litigation / dispute as per last disclosure	Current status of the litigation/ dispute	Amt (K in Lakh)
2017-18 to 2021-22	gst	Additional / Joint Commissioner of Central Tax (Appeals), CGST & Central Excise, Vadodara	26/11/2024	Preferred an appeal	Appeal Admitted. Hearing is pending.	40.82
2015-16	CST	GVAT Tribunal at Ahmedabad	07/07/2023	Filed second Appeal	Appeal Admitted. Hearing is pending.	4.22
2015-16	vat	GVAT Tribunal at Ahmedabad	07/07/2023	Filed second Appeal	Appeal Admitted. Hearing is pending.	4.76

[Pre- Deposit against the above cases is in total C 10.81 Lakhs]

viii In our opinion, and according to the information & explanation given to us, there are no transactions not recorded in the books of accounts that have been surrendered or disclosed as income during the income tax assessments under the Income tax act. Therefore, reporting under this clause is not required.

ix (a) In our opinion and according to the information & the explanation given to us, the company has not defaulted in repayment of loans or borrowing and accordingly the reporting under this clause is not required.

ix (b) In our opinion and according to the information & the explanation given to us, the company has not been declared as willful defaulter by any bank or financial institution or other lender.

ix (c) In our opinion and according to the information & the explanation given to us, the term loan taken by the company has been applied for the purpose for which it has obtained.

ix (d) In our opinion and according to the information & the explanation given to us, on the basis of utilization of the funds, which is based on an overall examination of the financial statement of the company, related information as made available to us and as represented to us, we report that no funds raised on short-term purposes that have been used for long-term purposes by the Company.

ix (e) In our opinion and according to the information & the explanation given to us, the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries. Moreover, the company does not have any joint venture & associates.

ix (f) In our opinion and according to the information & the explanation given to us, the Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures, or associate companies. Accordingly, the reporting under this clause is not required.

x (a) In our opinion, and according to information and explanations given to us, the company has raised money from Initial Public Offer (IPO) during the year and proceeds that have been utilized during the year, are utilized for the purposes for which they were raised. The details of the same is provided in the note 1.4 to the financial statements.

x (b) In our opinion, the company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year and hence the requirements of section 42 and section 62 of the Companies Act, 2013 are not applicable. Accordingly, the reporting under this clause is not required.

xi (a) During the course of our examination of the books of account and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither came across any incidence of fraud on or by the Company noticed or reported during the year, nor we have been informed of any such case by the management;

xi (b) To the best of our knowledge, no report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

xi (c) As per the information and explanation given to us, no whistle-blower complaints were received by the company during the year.

xii In our opinion and according to the information and the explanation given to us, the Company is not a Nidhi company and accordingly the reporting under clause xii (a) to (c) of the order is not applicable to the Company.

xiii In our opinion, and according to information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

xiv (a) In our opinion and according to the information & the explanations given to us, the company has an internal audit system commensurate with size and nature of its business.

xiv (b) The reports of Internal Auditor for the period under Audit were considered by us.

xv In our opinion and according to the information given to us, the company has not entered any non-cash transactions with directors or persons connected with them during the year.

xvi (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 and therefore, the provisions of paragraph 3(xvi) (a), (b) and (c) of the Order are not applicable. (b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable;

xvii The Company has not incurred cash losses during the financial year and in the immediately preceding financial year.

xviii There is no resignation of Statutory Auditor during the year.

xix On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date; We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due;

xx The company is not required to transfer the unspent amount to fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the companies act, 2013 in respect of projects other than ongoing. In addition, there is no amount unspent which required to be transferred to special account in compliance with the provisions of subsection (6) of Section 135 of the act. In this regard, the relevant details regarding CSR is provided in the note no 29 to the financial statement.

	For Shah Mehta & Bakshi
	Chartered Accountants
	FRN: 103824W
	Daxal Pandya
	Partner
Place: Vadodara	Membership No.: 177345
Date: May 20th, 2025	UDIN: 25177345BMHACH5547

Annexure-B:

Report on the Internal Financial Controls under Clause (i) of sub section 3 of section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Yash Highvoltage Limited (“the Company”) as of March 31^st, 2025, in conjunction with our audit of the financial statements of the company for the year ended on that date.

Managements Responsibility for internal Financial Controls

The companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the guidance note on audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

inherent Limitations of internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31^st, 2025

based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

	For Shah Mehta & Bakshi
	Chartered Accountants
	FRN: 103824W
	Daxal Pandya
	Partner
Place: Vadodara	Membership No.: 177345
Date: May 20th, 2025	UDIN: 25177345BMHACH5547