We have audited the accompanying Financial Statements of Bartronics India Limited (“the Company”), which
comprise the Balance Sheet as at 31^st March 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 Financial Statements, including a summary of material accounting policies and other explanatory information
(hereinafter referred to as “the Financial Statements”).

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 Companies Act, 2013, as amended (“the Act”) in the manner so
required and give a true and fair view in conformity with accounting principles generally accepted in India including
the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended (“Ind AS”), of the state of affairs of the Company as at 31^st March 2025, its profit
(including other comprehensive income), its changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing (“SAs”) specified under
section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor's 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 (“ICAI”) 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.

Emphasis of Matters
Attention is invited to:

a. Balances with certain debtors, bank balances, deposits with banks and others, and amounts receivable from
Government authorities are reflected in the books of accounts. In line with the implementation of the Resolution
Plan, some of these balances have been impaired. The management is currently in the process of identifying
and engaging with the respective counterparties and regulatory authorities to reconcile any discrepancies.
Furthermore, the Company has filed a writ petition before the Hon'ble High Court of Telangana seeking to quash
certain demands pertaining to previous financial years.

b. Implementation of the Resolution Plan and impairment assessment of certain financial assets and liabilities. As
part of the implementation of the Resolution Plan, the Management has written off and written back certain foreign
currency assets and liabilities in the books of accounts, which would require relevant approval from the Reserve
Bank of India (RBI). As represented to us, the Management is in the process of making suitable representations
and filings with the Regulatory Authority.

Our opinion is not modified in respect of the above matters.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of the most significance in our audit of
the Financial Statements of the financial year ended 31^st March 2025. 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 following matters as Key Audit Matters to be communicated in our
report:

Other Information

The Company's Board of Directors is responsible for the preparation of other information. The other information
comprises the information included in the Company's Annual Report, but does not include the Financial Statements,
and our auditor's report thereon. The other information is expected to be made available to us after the date of auditor's
report. Thus, our report does not deal with matters mentioned under other information in Annual 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.

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.

Management’s Responsibilities for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these 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 the accounting
principles generally accepted in India, including the 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 for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgements 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, Board of Directors 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 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 also responsible for overseeing the Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

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

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism
throughout the audit. We also:

a. Identify and assess the risks of material misstatement of the 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.

b. 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 on whether the Company has adequate internal financial controls system with reference to Financial
Statements in place and the operating effectiveness of such controls.

c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the management.

d. Conclude on the appropriateness of management'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
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 auditor's report. However, future events or conditions may cause
the Company to cease to continue as a going concern.

e. Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures,
and whether the Financial Statements 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.

From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the Financial Statements of the financial year ended 31st March 2025 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 Act, 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 of the aforesaid Financial Statements

b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid Financial
Statements have been kept by the Company so far as it appears from our examination of those books,
except for the matters stated in the paragraph 3(f) below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014, as amended.

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

d. In our opinion, the aforesaid Financial Statements comply with the Ind AS specified under Section 133 of the
Act read with Companies (Indian Accounting Standard) Rules, 2015 as amended.

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

f. The modifications relating to the maintenance of accounts and other matters connected therewith are as
stated in the paragraph 2(b) above on reporting under Section 143(3)(b) of the Act and paragraph 3(f) below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, as amended.

g. With respect to the adequacy of the internal financial controls with reference to Financial Statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B” to
this report.

3. 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:

a. The Company has disclosed the impact of pending litigations on its financial position in its Financial
Statements. Refer Note 41 to the Financial Statements.

b. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

c. There are no amounts which were required to be transferred to the Investor Education and Protection Fund
by the Company during the year. However, The Company had not transferred INR 4.91 Lakhs pertaining
to the dividend for the Financial Year 2010-11 to the Investor Education and Protection Fund in the year in
which it was payable. Refer Note 47 to the Financial Statements.

d. (i) The Management has represented that, to the best of its 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(s) or entity(ies), including foreign entity(ies) (“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 (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) The Management has represented, that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person(s)
or entity(ies), including foreign entity (“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.

(iii) Based on the 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 sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material
misstatement.

e. The Company has not declared, paid interim dividend during the year or proposed final dividend for the year.

f. Based on our examination which included test checks and information given to us, the Company has used
accounting software for maintaining its books of account, which does not have a feature of recording audit
trail (edit log) facility, and the same did not operate throughout the year for all relevant transactions recorded
in the respective software.

Additionally, the preservation of audit trail is not applicable for the previous year as the accounting software
did not have the feature of recording of audit trail.

4. 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 provision of section 197 of the Act.
The remuneration paid to any director is not in excess of the limit laid down under section 197(16) which are
required to be commented upon by us.

For Brahmayya & Co.,
Chartered Accountants

Firm's Regn No. 000511S

Lokesh Vasudevan

Partner

Place: Chennai Membership No. 222320

Date: 27th May 2025 UDIN: 25222320BMIKTY6737