We have audited the accompanying standalone Ind AS
financial statements of Salzer Electronics Limited (“the
Company”), which comprise the Standalone Balance
sheet as at March 31, 2025, the Standalone

Statement of Profit and Loss (Including other
comprehensive income), the Standalone Statement of
changes in Equity and the Standalone Statement of
Cash Flows for the year ended on that date, including a
summary of material accounting policies, notes to the
financial statements, 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 Ind AS 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 March 31, 2025, its profit, total
comprehensive income, changes in equity and its cash
flows for the year ended on that date.

We conducted our audit of the standalone Ind AS
financial statements in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of the
Act. Our responsibilities under those SA’s are further
described in the “Auditor's Responsibilities for the Audit
of the Standalone Ind AS 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 requirement that are relevant
to our audit of the standalone Ind AS financial
statements under the provisions of the Act and the
rules made there under, 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 we have obtained is sufficient
and appropriate to provide a basis for our audit opinion
on the standalone Ind AS financial statements.

Key audit matters

Key audit matters are those matters that, in our
professional judgement, were of most significance in our
audit of the standalone Ind AS financial statements of
the current period. These matters were addressed in
the context of our audit of the standalone Ind AS
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

Other Information

The Company's Management and Board of Directors are
responsible for the preparation of the other information.
The other information comprises of the information
included in the Management Discussion and Analysis,
Board's report including Annexure to Boards Report,
Business Responsibility Report, Corporate Governance
Shareholder's Information and other information
included in the Annual Report but does not include the
Standalone Ind AS Financial Statements and our
Auditor's Report thereon.

Our opinion on the Standalone Ind AS Financial
Statements does not cover the other information and
we do not express any form of assurance and conclusion
thereon.

In connection with our audit of the Standalone Ind AS
Financial Statement, 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
Standalone Ind AS Financial Statements or other
information obtained during the course of our audit or
otherwise appearto 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 Ind AS Financial
Statements

The Company's Board of Directors are responsible for
the matters stated in Section 134(5) of the Act with
respect to the preparation of these Standalone Ind AS
Financial Statements that give a true and fair view of
the financial position, financial performance, total
comprehensive income, changes in equity and cash
flows of the Company in accordance with accounting
principles generally accepted in India, including the
Indian 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 Standalone Ind AS 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 Ind AS Financial
Statements, management is 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 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 responsible for overseeing
the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the
Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance
about whether the Standalone Ind AS 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 Ind AS Financial Statements.

A further description of the auditor's responsibilities for
the audit of the Standalone Ind AS Financial Statements
is included in Annexure “A”. This description forms part
of our Auditor's Report.

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 “B” 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, 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.

c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss including Other
Comprehensive Income, the Standalone
Statement of Changes in Equity, and the
Standalone Cash Flow Statement dealt with by
this Report are in agreement with the relevant
books of account.

d) In our opinion, the aforesaid Standalone Ind AS
Financial Statements comply with the Ind AS
specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules,
2014.

e) On the basis of the written representations
received from the directors as on March 31,
2025 taken on record by the Board of Directors,
none of the directors is disqualified as on March
31, 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 C”. Our report expresses an
unmodified opinion on the adequacy and
operating effectiveness of the Company's
internal financial controls over financial
reporting.

g) 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 Refer
Note 44 to Standalone Financial Statements.

ii. The Company was not required to recognize a
provision as at March 31, 2025 under the
applicable law or Indian Accounting
Standards, as it does not have any material
foreseeable losses on long-term contract.
The Company did not have any derivative
contracts as at March 31,2025.

iii. There has been no delay in transferring
amounts, 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 their knowledge and belief, no
funds (which are material either individually or
in the aggregate) 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 or entity, including foreign entity
("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 or any of such
subsidiaries ("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 their knowledge and belief, no
funds (which are material either individually or
in the aggregate) have been received by the
Company from any person or entity, including
foreign entity ("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 or provide any guarantee, security or
the like on behalf of the Ultimate
Beneficiaries.

c) Based on the audit procedures 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 misstatements

v. a) The final dividend proposed in the previous year,
declared and paid by the Company during the
year is in accordance with Section 123 of the
Act, as applicable.

b) The Board of Directors of the Company have
proposed final dividend for the year which is
subject to the approval of the members at the
ensuing Annual General Meeting. The amount
of dividend proposed is in accordance with
section 123 of the Act, as applicable.

vi. The reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 is applicable
from 1st April, 2023

Based on our examination which included test
checks, the Company has used 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 software.

Further, during the course of our audit, we did
not come across any instance of audit trail
feature being tampered with.

Additionally, the audit trail, has been preserved
by the Company as per the statutory
requirements for record retention.

3) 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.

In Terms Of Our Report Of Even Date

For SWAMY & RAVI

Chartered Accountants
FRN No.004317S

Place: Coimbatore

Date : May 24,2025 S. ALAMELU

Partner

UDIN NO.: 25223555BMINWR9832 Memb. No. 223555