1. We have audited the accompanying financial statements of Maharashtra Scooters Ltd. ('the Company),
which comprise the Balance Sheet as at 31 March 2026, and the Statement of Profit and Loss (including
Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year
ended on that date, and notes to the financial statements, including a summary of material accounting
policies and other explanatory information ('the financial statements).

2. 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 ('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 31 March 2026, and its profit and other comprehensive loss, changes in
equity and its cash flows for the year ended on that date.

Basis for opinion

3. 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 further described in the Auditors'
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.

Key audit matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current year. 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. In our professional judgment, we have determined that there is no key
audit matter to be communicated in our report.

Other information

5. The Company's Board of Directors are responsible for the other information. The other information
comprises the information included in the Company's annual report but does not include the financial
statements and our auditors' report thereon. The other information is expected to be made available to us
after the date of this auditors' report.

6. Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.

7. 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 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.

8. When we read the annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and take appropriate action as
applicable under the relevant laws and regulations.

Responsibilities of management and those charged with governance for the financial statements

9. 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 state
of affairs, profit and other comprehensive Loss, changes in equity and cash flows of the company 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 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 of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection of the appropriate accounting software
for ensuring compliance with applicable laws and regulations including those related to retention of audit
logs; 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.

10. In preparing the financial statements, the 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 the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

11. The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditors' responsibilities for the audit of the financial statements

12. 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 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 financial statements. As part of an audit in accordance with SAs, we exercise professional judgment
and maintain professional scepticism throughout the audit. We also:

12.1. 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.

12.2. 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) the Act, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls with reference to
financial statements in place and the operating effectiveness of such controls.

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

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

12.5. 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.

13. 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.

14. 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.

15. 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 current year and are therefore the
key audit matters. We describe these matters in our auditors' 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

16. As required by the Companies (Auditors' 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.

17. As required by section 143(3) of the Act, we report that:

17.1. 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.

17.2. 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.

17.3. 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.

17.4. In our opinion, the aforesaid Financial Statements comply with the Ind AS specified under section 133 of
the Act read with the relevant rules thereunder.

17.5. On the basis of the written representations received from the directors and taken on record by the Board
of Directors, none of the directors is disqualified as on 31 March 2026 from being appointed as a director
in terms of section 164(2) of the Act.

17.6. 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'.

17.7. In our opinion and according to the information and explanations given to us, the remuneration paid by
the Company to its directors during the current year is in accordance with the provisions of section 197 of
the Act. The remuneration paid to any director is not in excess of the limit laid down under section 197 of
the Act.

18. 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:

18.1. The Company has disclosed the impact of pending litigations as at 31 March 2026 on its financial position
in its financial statements - Refer note 27 to the financial statements;

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

18.3. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

18.4. The Management has represented, to best of their knowledge and belief, that 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 person(s) or entity(ies), 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 thetee, security
or the like on behalf of the Ultimate Beneficiaries.

18.5. The Management has represented, to best of their knowledge and belief, that no funds have been
received by the Company from any person(s) or entity(ies), 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.

18.6. Based on such audit procedures, that have been considered reasonable and appropriate in the
circumstances, performed by us, nothing has come to our notice that has caused us to believe that the
representation under sub clause (i) and (ii) of rule 11(e), as provided under paragraph '18.4' and '18.5'
above, contain any material misstatement.

18.7. In our opinion and according to the information and explanations given to us, the dividend declared and/or
paid during the year by the Company is in compliance with section 123 of the Act.

18.8. 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.

For KKC & Associates LLP

Chartered Accountants

(Formerly Khimji Kunverji & Co LLP)

ICAI Firm Registration Number: 105146W/W100621

Soorej Kombaht

Partner

ICAI Membership Number: 164366

UDIN: 26164366TICYQP2412

Pune: 22 April 2026