Maestros Electronics & Telecommun. Systems Ltd Auditor Reports

To, The Members of,

MAESTROS ELECTRONICS & TELECOMMUNICATIONS SYSTEMS LIMITED Report on the Audit of the Standalone Financial Statements Opinion

We have audited the standalone financial statements of MAESTROS ELECTRONICS & TELECOMMUNICATIONS SYSTEMS LIMITED (the "Company") which comprise the standalone balance sheet as at 31 March 2025, and the standalone statement of profit and loss (including other comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of 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 standalone financial statements give the information required by the Companies Act, 2013 ("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 31 March 2025, and its profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribedintheAuditorsResponsibilitiesfor 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 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 thereunder, and we havefulfilled responsibilitiesin accordance with ourotherethical 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 standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most 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, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be key audit matters to be communicated in our report.

Sr. No Key Audit Matter	Auditors Response
1. Revenue Recognition as per IND AS 115:
The company has booked an advance warranty as deferred income amounting to Rs. 259.01 Lakh. Recognition and measurement of revenue deferment of booking recognition relating revenue involves significant management judgment.	Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows:
With the applicability of IndAS115 "Revenue and Recognition", revenue booking is based on future performance obligations. recognition of revenue as a key audit matter in view of the significant judgment and assumptions involved.	1) Examined the policy on recognitionof revenue in compliance with Ind AS 115.
	2) Understood the process of computation and tested design and operating effectiveness of key controls around data extraction validation.
	3) Tested the computation of the cost of warranty and ensured application of correct underlying factors like probability of cost which can be incurred on the basis of the nature of products.
	4) Tested the mathematical accuracy of the computation by reperforming the formulas.

Information Other than the Standalone Financial

The Companys Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Companys annual report but does not include the financial statements and auditors report 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 in the 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.

Managements Responsibilities for the Standalone Financial Statements

The Companys Management and Board of Directors are 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 state of affairs, profit/ loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (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 of the assets of the Company and and application of appropriate accounting forpreventing anddetectingfraudsand other irregularities;selection policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that 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 statements, the Management and Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is alsoresponsibleforoverseeingtheCompanysfinancialreportingprocess.

Auditors Responsibilities 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 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 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 risk 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 for one resulting materialmisstatement from error, as fraud may involve epresentations, or the override of internal control. misr collusion,forgery,intentional omissions,

Obtain an understanding of internal financial control relevant to the audit in order to design audit proceduresthatareappropriateinthecircumstances.UnderSection143(3)(i) of the Act, we are also responsible for expressing our opinion on whether adequate internal financial controls systems are in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exits related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors report. However, future events or conditions may cause the

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 misstatement in the standalone 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 misstatement 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 significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we may 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

The Financial information of the company for the previous year has been audited by the predecessor auditor, and thereby, we do not give an opinion on the Financial Statements of the previous year. We have relied upon the Independent Audit Report and other reports issued by the predecessor auditor while conducting our audit procedures.

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) the Annexure ‘A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. A 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 book itappearsfromourexamination ofthose (c) The Company has no branches hence, the provisions of section 143(3)(c) is not applicable.

(d) 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 statement of cash flows dealt with by this Report agree with the books of account. (e) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section133 of the Act, read with Rule 4 of the Companies Indian Accounting Standard Rules, 2015 as amended.

(f) There are noobservations transactionsor matters which have any adverse comments financial effect on the functioning of the company.

(g) 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.

(h) There is no any qualification, reservation or adverse remark relating to maintenance of accounts and other matters connected therewith.

(i) 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. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the companys internal financial controls over financial reporting.

(j) (i) The management has represented that, to the best of its knowledge and belief, as disclosed in note no. 49 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 persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall. directly or indirectlylendorinvestinotherpersonsorentitiesidentified whatsoever ("Ultimate Beneficiaries") subsidiary companies and joint venture company incorporated in India; or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

ii. The management has represented, that, to the best of its knowledge and belief, as disclosed in note no. 50 to the accounts, no funds have been received by the Company from any persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf of the Funding Parties; or provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.

(k) Based on our examination which included test checks, for maintaining its books of account for the financial year ended March 31, 2025, which has a feature of recording audit trail (edit log) facility and the same has been operative from 3rd August 2023 for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

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 financial year ended March 31, 2025:

(Referred to in Paragraph 1 under the heading of "Report on other Legal and Regulatory Requirements" of our report to the members of Maestros Electronics & Telecommunications Systems Limited of even date)

Report on the Companies (Auditors Report) Order, 2020, issued in terms of Section 143(11) of the Companies Act, 2013 ("the Act") of Maestros Electronics & Telecommunications Systems Limited ("the Company"):

(i) a) (A) The Company has maintained proper records showingfullparticulars, including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars, including quantitative details of Intangible assets.

b) The Company has a regular programme for physical verification of its Property, Plant and Equipment by which its Property, Plant and equipmentareverifiedin a phased manner. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Property, Plant and equipment. According to the information and explanations given to us, no material discrepancies were noticed on verification of the Property, Plant and Equipment. c) According to the informationand explanationsgiven to us, the title deeds of all the immovable properties included in financial statements are held in the name of the Company. d) The Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year. Therefore, reporting under the said clause is not e) According to the information and explanations given to us, there are no proceedings initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year and the coverage and procedure of such verification done by the management is appropriate. No material discrepancies of 10% or more in the aggregate for each class of inventory were noticed during such physical verification.

(b) The company has been sanctioned working limits which is in excess of Rs 5 crores in aggregate from banks or financial institutions on the basis of security of currentassets.Thecompanyissubmitting a monthly stock statement to the bank and the same we have verified on quarterly basis which are in agreement with books of accounts.

(iii) According to the information and explanation given to us and on the basis of our examination the Company has made investment in its wholly subsidiary companies of Rs.1 crores during the year.

a) According to the information provided any advancesinthenatureofloanorguaranteeorsecuritytoanyentity .year duringthe b) The company has provided loans or advances in the nature of loans to employees during the year. The aggregate amount of such loans is Rs. 10.81 Lakhs, and the balance outstanding as at the balance sheet date is Rs.9.34 Lakhs. The terms and conditions of these loans are, in our opinion, not prejudicial ted, and repayments are being stipula tothecompanysinterest.Therepaymentschedulehasbeen received regularly.

c) According to the information and explanations given to us, the terms and conditions of the loans and advances in the nature of loans granted to employees are not prejudicial to the companys interest.

d) According to the information and formal schedule of repayment of principal and interest has not been stipulated. However, repayments or receipts are being made by the employees on a regular basis, except in certain cases. e) As on the balance sheet date, a loan amounting to 7.00 lakhs granted to an employee is overdue for more than 90 days. The company has recovered the amount from the employee as on April 02, 2025. The remaining overdue amount is not overdue for more than 90 days. f) According to the information and explanations given to us, the company has not granted loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act in respect of grant of loans, making investment and providing guarantees and securities, as applicable.

(v) The Company has not accepted any deposits from the public within the meaning of the directives issued by the Reserve Bank of India, provision of Section 73 to 76 of the Act, any other relevant provision of the Act and the relevant rules framed thereunder.

(vi) The maintenance of cost records has not been specified by the Central Government under Section 148(1) of the companiesAct,2013forthebusinessactivitiescarried out by the company, thus reporting under clause 3(vi) of the order is not applicable to the Company.

(vii) In respect of payment/non-payment of statutory dues:

a) According to information and explanations given to us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Income Tax, Goods and Service Tax, Custom Duty, Cess, Professional Tax and other material statutory dues applicable to it with the appropriate authorities. There were no disputed amounts payable in respect of provident fund, employees state insurance, income-tax, goods and service tax, cess and other statutory dues outstanding, at the year end, for a period of more than six months from the date they became payable.

( Rs. In lakhs)

Name of the statute	Nature of Dues	Amount	Period to which amount relates (Assessment Year)	Due Date	Date of payment
Income Tax Act,1961	TDS Interest and late fees	3,530	Prior years (AY 2016-17 till AY 2024-25)	Various Dates	Unpaid till date

b) According to the information and explanations given to us and on the basis of our examination of the records of the company, there are no statutory dues referred to in sub-clause (a) that have not been deposited on account of any dispute

(viii) According to information and explanations given to us, there were no transactions which were recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax, 1961.

(ix) (a) According to the information and explanations given to us Company has not defaulted on repayment of loans or borrowings from banks and debenture holders. During the year the Company has not taken loans from the Government or any Financial Institution.

(b) According to the information and explanations given to us and based on the audit procedures performed by us, the Company is not a declared willful defaulter by any bank or financial institution or other lender.

(c) According to the information and explanations given to us, the Company does not have any term loans which were not applied for the purpose for which the loans were obtained hence, this clause not applicable for the Company.

(d) According to the information and explanations given to us and based on the audit procedures performed by us, no instances were found were the funds raised on short term basis have been utilised for long term purposes.

(e) According to the information and explanations given to us, the company has not raised any funds from any person or entity for the account of, or to pay the obligations of, its subsidiary during the year. (f) According to the information and explanations given to us, the company has not raised any loans during the year by pledging securities held in their

(x) In respect of end use of monies raised by way of IPO/FPO/Term Loans:

(a) In our opinion and according to the information and explanation given by the management, we are of the opinion that the Company did not raise any money by way of Initial Public offer or further public offer.

(b) In our opinion and according to the information and explanation given by the management, the company has not made any preferential allotment (Sec. 62) or private placement (Sec. 42) of shares or convertible debenture (fully, partially or optionally convertible) during the year.

(xi) In respect of Frauds noticed/reported: a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the company or against the Company has been noticed or reported during the year. b) There is no reportingu/s143(12)oftheCompaniesAct2013hasbeenfiledby us (the auditors) in from ADT-4 as prescribed under Rule 13 of companies (Audit and Auditors) Rules, 2014 with the central Government upto the date of this report. representation made to us by c) According tothe information the management of the Company, there are no whistle-blower complaints received by the Company during the year and upto the date of this report.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Therefore, paragraph 3(xii) of the Order is not applicable.

(xiii) In our opinion and accordingtotheinformationandexplanationsgiven to us, the Company is in compliance with Sections 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the Standalone Statements as required by the applicable accounting standards.

(xiv) In respect of companys Internal Audit:

(a) To the best of our knowledge the company has an internal audit system which is commensurate with the size and nature of its business.

(b) The audit report of internalauditorswasconsideredwhileconductingstatutory audit.

(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its directors and hence provisions of Section 192 of the Companies Act, 2013 are (xvi) The Company is not required to be registered under section 45-IA of the (xvii) given by the management, the company has not incurred cash Aspertheinformationandexplanation losses in the current financial year as well as the previous year.

(xviii) Therehasbeenresignationof the Previous Statutory Auditors during the year and no issues, objections or concerns were raised by the outgoing auditor.

expected dates of realization of (xix) Onthebasisofthe financialassets and payment ratios, of financial liabilities, other information accompanying the Ind AS 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 cause us to believe that any material uncertainty exists as on the date of this audit report and that the 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 date of the audit report and we neither give any guarantee nor any assurance that all liabilities sheet date, will get discharged by the Company as and when they fall due.

(xx) Based on our examination, the provisions of The Company will, in respect of the unspent amount not relating to any ongoing project, transfer such amount to a Fund specified in ScheduleVIIwithinthestipulated period of six months from the expiry of the financial year. Accordingly, reporting under clause 3(xx)(a) of the Order is applicable, whereas reporting under clause 3(xx)(b) of the Order, which relates to ongoing projects, is not applicable to the Company.

Annexure "B" To Independent Auditors Report

(Referred to in Paragraph 2(f) under the heading of "Report on other Legal and Regulatory Requirements" of our report to the members of MAESTROS ELECTRONICS & TELECOMMUNICATIONS SYSTEMS LIMITED of even date) Report on the Internal Financial Controls Over Financial Reporting 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 ofMAESTROS ELECTRONICS & TELECOMMUNICATIONS SYSTEM LIMITED ("the Company") as of March 31, 2025 in conjunction with our audit of the standalone 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. 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.

AUDITORSRESPONSIBILITY

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") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. 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 of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating financial controls over financial reporting included obtaining an understanding 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; 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 financialcontrols 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 reporting to future periods are subject to the risk that the internal financial control over financial reporting become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, to the best of our informationand according to the explanation given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such financialcontrols over financial reporting were operating effectively as at March 31, 2025 based on the 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 Motilal & Associates LLP

(a member firm of M A R C K S Network)

Chartered Accountants

ICAI FRN: 106584W/W100751

Rishabh Jain

Partner

ICAI MRN: 179547

UDIN: 25179547BMMBGH7686

Place: Mumbai

Date: 29th May 2025