Alicon Castalloy Ltd Auditor Reports

To the Members of Alicon Castalloy Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

OPINION

We have audited the accompanying standalone finan cial statements of Alicon Castalloy Limited ("the Company"), which comprise the Balance Sheet as at 31 st March, 2025, the Statement of P rofit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the material accounting policies and other explanatory information (hereinafter referred to as "the standalone finan cial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid finan cial 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 of the Company as at 31 st March, 2025, the p rofit and total comprehensive income, changes in equity and its cash flow s for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone finan cial statements in accordance with the Standards on Auditing (SAs) s pecifi ed under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors 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 independence requirements that are relevant to our audit of the standalone finan cial statements under the provisions of the Act and the Rules made thereunder, and we have ful fill ed our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is su fficien t and appropriate to provide a basis for our audit opinion on the standalone finan cial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most s ignifi cance in our audit of the finan cial statements of the current period. These matters were addressed in the context of our audit of the standalone finan cial statements as a whole, and in forming our opinion thereon, 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.

Sr. Key Audit Matter No.	How our audit addressed the key audit matter
1. Property Plant and Equipment	Our audit approach consisted evaluation of design and implementation of controls, and testing the operating effectiveness of the internal controls with reference to capital expenditure of plant and equipment and review of useful lives; Periodic physical v erifi cation of plant and equipment:
The Company has incurred s ignifi cant expenditure on purchase of plant and equipment as reflect ed by the total value of additions in property, plant and equipment and capital work in progress in notes 3 in the standalone finan cial statements.	ReviewofCAPEXbusinessprocess, flow ofdocuments/ information and their control\u2019s effectiveness Substantive Tests on random sampling for all the major additions, deletions to the assets by applying all the characteristics of capital expenditure, proper c lassifi cation of the same, with reference to the company\u2019s policy and accounting standards
We considered capital expenditure in respect of plant and equipment as a key audit matter due to the s ignifi cant amount incurred on such items during the year. Changes to asset\u2019s carrying amounts, expected useful lives or residual value could result in a material impact on the finan cial statements and hence considered as key audit matter.	We performed substantive testing for the determination of assets\u2019 useful lives and residual values with reference to management\u2019s judgments, including the appropriateness of past / existing asset lives and residual values applied in the calculation of depreciation. We also obtain c ertifi cates relating to useful lives of assets wherever, required. We have reviewed the policy and the procedure of physical v erifi cation of PPE.
2 Revenue Recognition	Our audit approach consisted of testing of the design and operating effectiveness of the internal controls and substantive testing in respect of revenue recognition as follows:
Revenue from sale of goods is recognised when control of the products is transferred to the customer and when there are no unful fill ed obligations.
The performance obligations in the contracts are ful fill ed at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms and conditions.	Assessing the appropriateness of the accounting policies related to revenue recognition, including those relating to price increase/decrease with reference to the applicable accounting standards.
Revenue is measured at fair value of the consideration received or receivable, after deduction of any discounts/ rebates and any taxes or duties collected on behalf of the government such as goods and services tax.	Testing the revenue transactions recognized during the year by v erifi cation of underlying documents on a sample basis.
Revenue is only recognised to the extent that is highly probable a s ignifi cant reversal will not occur.	Inspecting key customer contracts/ purchase orders on a sample basis to identify terms and conditions relating to goods acceptance and price adjustments.
Revenue recognition has been i dentifi ed as a key audit matter since the management considers revenue as a key metric for evaluation of performance.	Testing the supporting documents on a sample basis, for sales transactions, including provisions for rate differences recorded during the period closer to the year end and subsequent to the year end to determine whether revenue was recognized in the correct period.
	Performing analytical procedures on current year revenue based on trends and where appropriate, conducting further enquiries and testing.
3 Contingent Liability	Our procedures included, but were not limited to, the following:
The Company is involved in indirect tax and other civil court litigations that are pending with various tax authorities. Whether a liability is recognized or disclosed as a contingent liability in the finan cial statements is inherently judgmental and dependent on assumptions and assessments. We placed s pecifi c focus on the judgements in respect to these demands against the Company. Determining the amount, if any, to be recognized or disclosed in the finan cial statements, is inherently subjective.	Obtained an understanding from the management with respect to process and controls followed by the Company for i dentifi cation and monitoring of s ignifi cant developments in relation to the litigations, including completeness thereof.
Therefore, these litigations amount is considered to be a key audit matter.	Obtained the list of litigations from the management and reviewed their assessment of the likelihood of out flow of economic resources being probable, possible or remote in respect of the litigations.
	Assessed management\u2019s discussions held with their legal consultants and understanding precedents in similar cases;
	Obtained and evaluated the managements representation from the company\u2019s internal dedicated team and consultant opinion wherever required representing the Company before the various authorities. Assessed and validated the adequacy and appropriateness of the disclosures made by the management in the finan cial statements.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON

The Companys Management and Board of Directors is responsible for the preparation of the other information. The other information comprises the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Corporate Governance and Shareholders Information but does not include the standalone finan cial statements and our auditors report thereon.

Our opinion on the standalone finan cial 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 finan cial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone finan cial 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 material misstatement of this other information, we are required to report the fact. We have nothing to report in this regard.

MANAGEMENTS AND BOARD OF DIRECTORS RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Companys Management and Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone finan cial statements that give a true and fair view of the finan cial position, finan cial performance including total comprehensive income, changes in equity and cash flow s 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 finan cial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone finan cial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone finan cial statements, management and board of directors is 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are responsible for overseeing the Companys finan cial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the accompanying standalone finan cial 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 in fluenc e 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 risks of material misstatement of the finan cial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is su fficien t 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 finan cial controls 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 finan cial controls system 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.

Conclude on the appropriateness of managements 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 s ignifi cant 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 finan cial 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.

Evaluate the overall presentation, structure and content of the standalone finan cial statements, including the disclosures, and whether the standalone finan cial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone finan cial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone finan cial statements may be in fluenc ed. 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 i dentifi ed misstatements in the standalone finan cial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and s ignifi cant audit find ings, including any s ignifi cant de_ciencies 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 s ignifi cance in the audit of the accompanying standalone finan cial 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 b enefit s of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors 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 s pecifi ed in paragraphs 3 and 4 of the Order.

2. A. As required by Section 143(3) of the Act, based on our audit 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 Standalone Balance Sheet, the Standalone Statement of P rofit and Loss including Other Comprehensive Income, Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid standalone finan cial statements comply with the Ind AS s pecifi ed under Section 133 of the Act.

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

f) With respect to the adequacy of the internal finan cial controls with reference to finan cial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an un modifi ed opinion on the adequacy and operating effectiveness of the Companys internal finan cial controls with reference to finan cial reporting.

B. With respect to the other matters to be included in the Auditors 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 finan cial position in its standalone finan cial statements. Refer Note 49 to the standalone finan cial statements.

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

c. According to the information and explanations given to us and based on our audit, the Company has generally complied with the relevant provisions of the Companies Act, 2013 and rules made thereunder for transferring the required amounts to the Investor Education and Protection Fund (IEPF). However, there was a delay in transferring an amount of Rs. 3.12 lakhs pertaining to unpaid dividend for FY 2017-18, which was transferred 31 days after the due date prescribed under Section 124 of the Act.

d. With respect to clause (e) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended:

(i) The management has represented that, to the best of its knowledge and belief, and as disclosed in the Note 39 to the standalone finan cial statements, 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 i dentifi ed in any manner whatsoever by or on behalf of the company ("Ultimate B enefic iaries") or provide any guarantee, security or the like on behalf of the Ultimate B enefic iaries.

(ii) Management has represented, that, to the best of its knowledge and belief, and as disclosed in the Note 39 to the standalone finan cial statements, 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, lendorinvestinotherpersonsorentities i dentifi ed in any manner whatsoever by or on behalf of the Funding Party ("Ultimate B enefic iaries") or provide any guarantee, security or the like on behalf of the Ultimate B enefic iaries.

(iii) Based on such audit procedures that the auditor has considered reasonable and appropriate in the circumstances, nothing has come to our attention that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11 (e) contain any material misstatement.

e. The dividend declared or paid by the company during the year is in compliance with section 123 of the Companies Act, 2013.

f. With respect to clause (g) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, the requirement under proviso to Rule 3(1) of Companies (Accounts) Rules, 2014 of mandatory audit trail in the Company accounting software, 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 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 statutory requirements for record retention.

C. 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, as amended:

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. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.

For Kirtane & Pandit LLP

Chartered Accountants Firm Registration No.105215W/W100057

Milind Limaye

Partner Membership No.: 105366 UDIN: 25105366BMOLVC1257 Pune, 12 th May, 2025

Annexure "A" to the Independent Auditors Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report to the Members of ALICON CASTALLOY LIMITED of even date)

(i) In respect of the Companys Fixed Assets

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, plant and equipment.

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

(b) The Company has a program of v erifi cation to cover all the items of Property, plant and equipment in a phased manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program Property, Plant and Equipment were physically v erifi ed by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such v erifi cation.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the standalone finan cial statements are held in the name of the Company.

(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its property, plant and equipment (including Right-of-use assets) or Intangible assets or both during the year.

(e) 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 proceedings initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) As informed to us, the inventory (except stock lying with third parties) has been physically v erifi ed by the management during the year. For stocks lying with third parties at the year-end, written con firm ations have been obtained. In our opinion, the frequency of such v erifi cation is reasonable and procedures and coverage as followed by management were appropriate. No discrepancies were noticed on v erifi cation between the physical stocks and the book records that were 10% or more in the aggregate for each class of inventory.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been sanctioned working capital limits in excess of 5 crore rupees, in aggregate, from banks on the basis of security of current assets. In our opinion, the quarterly returns or statements file d by the Company with such banks are not in agreement with the books of account of the Company, details of which are given below: -

					( Rs. in Lakhs)
Quarter	Name of the bank	Particular	Amount as per books of account	Amount as reported in the quarterly return/ statement	Amount of difference
June 2024	Bank Of Maharashtra,	Inventory	12,146	11,868	278
	State Bank Of India, Kotak Mahindra Bank, Bajaj	Trade Receivables	33,136	33,136	-
		Trade Payables	24,678	18,308	6,370
	Finance Ltd IDFC Bank
September	Bank Of Maharashtra,	Inventory	12,241	12,250	(9)
2024	State Bank Of India, Kotak Mahindra Bank, Bajaj	Trade Receivables	33,993	33,993	-
		Trade Payables	28,300	21,402	6,898
	Finance Ltd IDFC Bank

					( Rs. in Lakhs)
Quarter	Name of the bank	Particular	Amount as per books of account	Amount as reported in the quarterly return/ statement	Amount of difference
December	Bank Of Maharashtra,	Inventory	12,172	12,156	16
2024	State Bank Of India, Kotak	Trade Receivables	34,304	34,304	-
	Mahindra Bank, Bajaj
		Trade Payables	21,293	19,804	1,489
	Finance Ltd IDFC Bank
March	Bank Of Maharashtra,	Inventory	10,908	10,951	(44)
2025	State Bank Of India, Kotak	Trade Receivables	33,503	37,186	(3,683)
	Mahindra Bank, Bajaj
		Trade Payables	22,935	21,550	1,385
	Finance Ltd IDFC Bank

(iii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not given any security or advance in nature of loans to companies, firm s, limited liability partnership or any other parties during the year. The Company has made investments and provided guarantee to subsidiary companies in respect of which the requisite information is as below. The Company has not made investments, provided guarantees and granted loans other than subsidiaries.

(a) Based on the audit procedures carried on by us and as per the information and explanations given to us the Company provided guarantee to any other entity as below: Rs. in lakhs

Particulars	Guarantees
Aggregate amount during the year
- Subsidiary	4,616.23
Balance outstanding as at
balance sheet date
- Subsidiary	4,616.23

(b) According to the information and explanations given to us and based on audit procedure conducted by us, in our opinion the guarantees provided during the year and the terms and conditions of guarantees provided during the year are, prima facie, not prejudicial to the interest of the Company.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not granted any loans and advances in the nature of loans Hence, reporting under clause 3(iii)(c) to (f) of the Order is not applicable.

(iv) According to the information and explanations given to us and on the basis of our examination of the records, the Company has not given any loans, or provided any guarantee or security as s pecifi ed under Section 185 of the Companies Act, 2013. Further, the Company has complied with the provisions of Section 186 of the Companies Act, 2013 in respect of investments made and guarantee provided.

(v) The Company has not accepted any deposits or amounts which are deemed to be deposits from the public. Accordingly, clause 3(v) of the Order is not applicable.

(vi) According to the information and explanations given to us and in our opinion, maintenance of cost records has not been s pecifi ed by the Central Government under sub section (1) of section 148 (1) of the Companies Act, 2013 and the Companies (Cost Records and Audit) Rules, 2014. Accordingly, paragraph 3(vi) of the Order is not applicable.

(vii) According to the information and explanations given to us, in respect of statutory dues:

(a) The Company has been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Goods and Service Tax, Customs Duty, Cess and other material statutory dues applicable to it with the appropriate authorities. There were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Goods and Service Tax, Customs Duty, Cess and other material statutory dues in arrears as at 31 st March, 2025 for a period of more than six months from the date they became payable.

(b) Details of dues of Income Tax, Sales Tax, Service Tax, Excise Duty and Value Added Tax which have not been deposited as at 31 st March, 2025 on account of dispute are given below:

Sr. No.	Name of the statute	Nature of the dues	Amount involved ( Rs. In lakhs)	Amount Paid ( Rs. In lakhs)	Period(s) to which the amount relate (Financial Year)	Forum where such dispute is pending
1	Central Excise Act	Central Excise Duty	55.40	8.30	2008-09	C. Ex. Commissioner, Pune (Call Book)
2	Custom Act	Custom Duty & Interest	2,909.91	1,687.42	2006-08	Directorate General of Central Excise Intelligence, Mumbai
3	GST	GST	57.71	2.55	2017-18	Dy. Commissioner of Sales Tax, Pune
4	Provident Fund	PF Recovery Appeal	138.51	103.88	2013-19	CGIT, Mumbai
5	Provident Fund	PF Recovery on MPTA Trainees	60.80	-	2013-19	Regional PF Commissioner, Pune

(viii) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income-tax Act, 1961 as income during the year.

(ix) (a) In our opinion, the company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been declared a willful defaulter by any bank or finan cial institution or government or government authority.

(c) According to the information and explanations given to us by the management and on the basis of our examination of the records of the Company, the term loans were applied for the purpose for which the loans were obtained.

(d) According to the information and explanations given to us by the management and on the basis of our examination of the records of the Company, no funds raised on short term basis have been utilized for long term purposes.

(e) According to the information and explanations given to us by the management and on the basis of our examination of the records of the Company, no funds have been raised from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

(f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries as define d under the Companies Act, 2013. Accordingly, clause 3(ix) (f) of the Order is not applicable.

(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.

(b) During the year the company has not made any preferential allotment and private placement of shares or fully or partly convertible debentures and hence reporting under paragraph 3(x)(b) of the order is not applicable to the company.

(xi) (a) According to the information and explanations given to us, no fraud by the Company or on the Company by its officer s or employees has been noticed or reported during the year.

(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Companies Act, 2013 has been file d by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.

(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us, the transactions with related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable, and the details of the related party transactions have been disclosed in the standalone finan cial statements as required by the applicable Indian Accounting Standards

(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports of the Company issued to the Company during the year and covering the period up to 31, March 2025 for the period under audit.

(xv) In our opinion and according to the information and explanations given to us, 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 not applicable to the Company.

(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

(b) According to the information and explanations given to us, company is not carrying any Non-Banking Financial or Housing Finance activities therefore reporting under paragraph 3(xvi) of order is not applicable.

(c) The Company is not a Core Investment Company (CIC) as define d in the regulations made by the Reserve Bank of India. Accordingly, clause 3(xvi) (c) of the Order is not applicable.

(d) According to the information and explanations given to us and based on audit procedures performed by us we report that the Group does not have more than one CIC.

(xvii) The Company has not incurred cash losses in the current and in the immediately preceding finan cial year.

(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us and on the basis of the finan cial ratios, ageing and expected dates of realisation of finan cial assets and payment of finan cial liabilities, other information accompanying the finan cial statements, 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 causes us to believe that any material uncertainty exists as on the date of the audit report 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 the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) In our opinion and according to the information and explanations given to us, there is no unspent amount under sub-section (5) of Section 135 of the Companies Act, 2013 pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.

For Kirtane & Pandit LLP

Chartered Accountants Firm Registration No.105215W/W100057

Milind Limaye

Partner Membership No.: 105366 UDIN: 25105366BMOLVC1257 Pune, 12 th May, 2025

Annexure "B" to the Independent Auditors Report

(Referred to in paragraph 2(g) under Report on Other Legal and Regulatory Requirements section of our report to the Members of Alicon Castalloy Limited of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL REPORTING UNDER CLAUSE (I) OF SUB- SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ("THE ACT")

OPINION

We have audited the internal finan cial controls with reference to finan cial reporting of ALICON CASTALLOY LIMITED ("the Company") as of 31 st March, 2025 in conjunction with our audit of the standalone finan cial statements of the Company for the year ended on that date.

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal finan cial controls system with reference to finan cial reporting and such internal finan cial controls with reference to finan cial reporting were operating effectively as at 31 st March, 2025, based on the internal control with reference to finan cial 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.

MANAGEMENTS AND BOARD OF DIRECTORS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Companys Management and Board of Directors are responsible for establishing and maintaining internal finan cial controls based on the internal control with reference to finan cial 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 finan cial controls that were operating effectively for ensuring the orderly and e fficien t conduct of its business, including adherence to respective 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 finan cial information, as required under the Companies Act, 2013.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the internal finan cial controls with reference to finan cial reporting of the Company 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 finan cial 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 finan cial controls with reference to finan cial 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 finan cial controls system with reference to finan cial reporting and their operating effectiveness. Our audit of internal finan cial controls with reference to finan cial reporting included obtaining an understanding of internal finan cial controls with reference to finan cial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the finan cial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, is su fficien t and appropriate to provide a basis for our audit opinion on the internal finan cial controls system with reference to finan cial reporting of the Company.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL REPORTING

A companys internal finan cial control with reference to finan cial reporting is a process designed to provide reasonable assurance regarding the reliability of finan cial reporting and the preparation of finan cial statements for external purposes in accordance with generally accepted accounting principles. A companys internal finan cial control with reference to finan cial 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 finan cial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the finan cial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL REPORTING

Because of the inherent limitations of internal finan cial controls with reference to finan cial 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 finan cial controls with reference to finan cial reporting to future periods are subject to the risk that the internal finan cial control with reference to finan cial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For Kirtane & Pandit LLP

Chartered Accountants Firm Registration No.105215W/W100057

Milind Limaye

Partner Membership No.: 105366

UDIN: 25105366BMOLVC1257 Pune, 12 th May, 2025