We have audited the accompanying Financial
Statements of The Standard Batteries Limited ("the
Company"), which comprise the Balance Sheet as at
31st March, 2024, 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 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 ("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 (financial
position) of the Company as at 31st March, 2024, and its
loss (financial performance including other
comprehensive income), 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 Standards 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 made thereunder, 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
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 for the financial year
ended 31st March, 2024. 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 the
key audit matters to be communicated in our report. For
the matters below, our description of how our audit
addressed those matters is provided in that context.

We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the 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
financial statements. The results of our audit procedures,
including the procedures performed to address the
matter below, provide the basis for our audit opinion on
the accompanying financial statements.

Information Other than the Financial Statements
and Auditor's Report Thereon

The Company's Board of Directors is responsible for the
preparation of the other information. The other
information comprises the information included in the
Management Discussion and Analysis, Board's Report
including Annexures to Board's Report and
Shareholders Information but does not include the
financial statements and our Auditor's Report thereon.

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

In connection with our audit of the Financial
Statements, our responsibility is to read the other
information 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. We
have nothing to report in this regard.

Responsibilities of Management and Those Charged
with Governance 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, including total comprehensive
income, changes in equity and cash flows of the
Company in accordance with the Ind AS and other
accounting principles generally accepted in India.
This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding 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 Statements that give

a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the Financial Statements, the 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 the management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors is 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 judgment and maintain professional
skepticism throughout the audit. We also:

♦ 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.

♦ 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 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 the
management.

♦ 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.

♦ 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 for the year ended 31st March, 2024 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 in terms of Section 143(11) of the Act,
we give in "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, based on
our report 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
(including Other Comprehensive Income), the
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 Indian Accounting Standards
specified under Section 133 of the Act;

e) on the basis of written representation received
from the directors as on 31st March, 2024 and
taken on record by the Board of Directors, none
of the directors are disqualified as on 31st
March, 2024 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 with reference to the
Financial Statements of the Company and the
operating effectiveness of such controls, refer
to our separate report in "Annexure B".

g) with respect to the other matters to be included
in the Auditors' Report in accordance with the
requirements of section 197(16) of the Act, the
Company has complied with the provisions of
Section 197 read with Schedule V of the Act,
relating to managerial remuneration.

h) 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, 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 the financial
position in the Financial Statements (Refer
Note 23 (a) to the Financial Statements);

ii. The Company does not have any long-term

contracts including derivative contracts
for which there were any material
foreseeable losses;

iii. There were no amounts due which were
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 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 or entity, including
foreign entity ("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, 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, 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;

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 misstatement.

v. The Company has not declared or paid
any dividend during the year hence
requirement for compliance with Section
123 of the Act is not applicable.

vi. Based on our examination, including test
checks, the company has utilized
accounting software with an audit trail
(edit log) feature for maintaining its books
of account, which has been consistently
operated throughout the year for all
relevant transactions. During our audit,
we did not find any instance of the audit
trail feature being tampered with and the
audit trail has been preserved by the
Company as per statutory requirements
for record retention.s

For V. Singhi & Associates

Chartered Accountants

Firm Registration No.: 311017E

(Naveen Taparia)

Partner

Membership No.: 058433

UDIN : 24058433BKFCFB7876

Place: Kolkata
Date : 30th May, 2024