We have audited the accompanying Standalone Financial
Statements of Quality Power Electrical Equipments Limited

(the 'Company'), which comprise the Statement of assets
and liabilities as at 31st March 2025, the Statement of Profit
and Loss, including the statement of Other Comprehensive
Income, the statement of cash flows and the Statement
of Changes in equity 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 Standalone
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
the accounting principles generally accepted in India, of the
state of affairs of the Company as at 31st March 2025, and its
profit including other comprehensive income, its cash flows
and changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial
Statements in accordance with the Standards on Auditing (SAs),
as specified under section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditor's
Responsibilities for 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 (ICAI) 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 have fulfilled our other
ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence
obtained by us 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 significance in our audit of the
standalone financial statements for the financial year
ended March 31, 2025. These matters were addressed in the
context of our audit of the standalone financial statements
as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the
matter is provided in that context.

We have determined the matters described below to be the
key audit matters to be communicated in our report. We
have fulfilled the responsibilities described in the Auditor's
responsibilities for the audit of the standalone financial
statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the
risks of material misstatement of the standalone financial
statements. The results of our audit procedures, including
the procedures performed to address the matters below,
provide the basis for our audit opinion on the accompanying
standalone financial statements.

Other Information

The Company's Management and Board of Directors are
responsible for the other information.

The other information comprises the information included in
the Annual report, but does not include the accompanying
standalone financial statements and our auditor's
report thereon.

Our opinion on the Standalone 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 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 during the course of
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.

Responsibilities of Management's and Board of
Directors' for the Standalone Financial Statements

The Company's 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 financial statements
that give a true and fair view of the financial position, financial
performance including other comprehensive income, cash
flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India,
including the Accounting Standards specified under section
133 of the Act, read with the Companies (Indian Accounting
Standard) Rules, 2015, as amended.

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 the 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 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 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 the Board of Directors either intends to liquidate
the Company or to cease operations, or have no realistic
alternative but to do so.

Those Board of Directors are also responsible for overseeing
the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the
Standalone Financials 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 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 judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks 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 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 on whether the company has adequate
internal financial controls with reference to Standalone
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 made by management and
Board of Directors.

• Conclude on the appropriateness of management's
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
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 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 auditor's
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 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.

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 standalone Financial
Statements for 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, based on our audit we give in the "Annexure 1” a
statement on the matters specified in paragraph 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
purpose 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 Statement of assets and liabilities, the
Statement of Profit and Loss including Statement
of Other comprehensive income, the statement
of Cash Flow and Statement of Changes in equity
dealt with by this report are in agreement with the
books of account.

d. In our opinion, the aforesaid Standalone Financial
Statements comply with the Accounting Standards

specified under Section 133 of the Act, read with
Companies (Indian Accounting Standard) Rules,
2015, as amended.

e. On the basis of written representations received
from the directors as on 31st March 2025, and
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 modification arising from the maintenance
of the Audit Trail on the accounting software,
comprising the application and database are as
stated in the paragraph (i) (vi) below on reporting
under Rule 11 (g).

g. With respect to the adequacy of the internal
financial controls with reference to Standalone
Financial Statement of the company and the
operating effectiveness of such controls, refer to
our separate report in "Annexure 2” of this report.

h. With respect to the matter to be included in the
Auditors' Report under Section 197(16) of the Act,
in our opinion and according to the information
and explanations given to us, the managerial
remuneration has been paid/ provided by
the company to its directors in accordance
with the provisions of section 197 read with
Schedule V to the Act.

i. With respect to the other matters to be included
in the Auditor's Report in accordance with the
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 did not have pending litigations
as on Standalone Financial Statement
ending date other than disclosed in notes
contingent liability.

ii. The company did not have any long term
contracts including derivative contracts
for which there were any material
foreseeable losses.

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 it's knowledge and belief,
other than as disclosed in the notes to the
accounts, no funds (which are material
either individually or in 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 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, that,
to the best of its knowledge and belief,
other than as disclosed in the notes to the
accounts, no funds (which are material
either individually or in aggregate) have
been received by the company from
any person or entity, 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 audit procedures which we
considered reasonable and appropriate
in the circumstances, nothing has come
to their notice that has caused them
to believe that the representations
under sub-clause (i) and (ii) contain any
material misstatement.

(v) The Board of Directors has recommended a
dividend of HI per equity share of the face value
of H 10/- each fully paid-up for the financials
year ended 31st March, 2025, subject to the
approval of the shareholders at the Annual

General Meeting of the Company, which is in
accordance with Section 123 of the Act.

The Promoters and Promoters group have
waived their right to receive the dividend for
the financial year ended 31st March, 2025.

(vi) Based on our examination, which included
test checks, the Company has used
accounting software 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 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
the audit trail feature being tampered with.

While one of the Branch of the Company at
Aluva, Kerala having limited operations is not
using an accounting software with feature of
recording audit trail (edit log) facility during
the period under audit.

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 applicable for the financial year ended
March 31, 2025. The company has duly
preserved such records in compliance with
the said provisions.

For KISHOR GUJAR & ASSOCIATES

Chartered Accountants
Firm Registration No. - 116747W
Peer Review No.: 014220

CA Javedkhan Saudagar (Partner)

Place:- Pimpri, Pune:- 411 018 Membership No.:- 139006

Date: 27th May, 2025 UDIN: 25139006BMIEDN2826