Beekay Steel Industries Ltd Auditor Reports

To

The Members of

Beekay Steel Industries Limited.

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying Standalone Financial Statement of BEEKAY STEEL INDUSTRIES LIMITED, (the Company) which comprise the Balance Sheet as at 31 st March, 2026 and 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 notes to the standalone finan cial statements including a summary of the material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone 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 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 Standalone state of affair s of the Company as at March 31, 2026, the Standalone p rofit , Standalone total comprehensive income, Standalone changes in equity and its Standalone cash flow s for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) s pecifi ed under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements. 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 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 s ufficien t and appropriate to provide a basis for our audit opinion on the Standalone finan cial statements.

Emphasis of Matters

We draw attention to Note 40 to the accompanying finan cial statements, which describes the fire incident that occurred in the Companys coal yard on May 25, 2025, resulting in damage to the inventory of indigenous coal. As explained in the said note, the Company has recognised the loss arising from the fire incident, which has been presented separately as an exceptional item in the Statement of P rofit and Loss. The Company has also accounted for the related insurance claim in accordance with the applicable accounting principles. Our opinion is not modifi ed in respect of this matter.

Key Audit Matter

Capitalisation of Fixed Assets Including Allocation of Common Capital Work-in-Progress (CWIP) Expenses and GST Reversal Adjustments
Why the matter was considered to be one of the most s ignifi cance in our audit
During the year ended March 31, 2026, the Company capitalised various assets pertaining to its Cuttack Unit after giving effect to GST reversal adjustments and allocation of common Capital Work-in-Progress (\u201cCWIP\u201d) expenses. The allocation involved s ignifi cant amounts relating to CWIP\u2013Plant Office (Common), CWIP\u2013General Stores, CWIP\u2013Store Consumables and CWIP\u2013 Water Charges (OTS), which were apportioned across various asset categories and divisions based on management\u2019s allocation methodologies and assumptions.
The capitalisation process involved application of differ ent allocation bases, including proportionate allocation based on asset values, historical allocation ratios and division- wise apportionment methodologies. Given the materiality of the amounts involved and the s ignifi cant management judgement exercised in determining the basis of allocation and capitalisation of these expenditures, this matter was considered to be a key audit matter.

How our audit addressed the key audit matter
Our audit procedures in relation to the capitalisation of fix ed assets and allocation of common CWIP expenses included, among others, the following:
a) Obtained an understanding of the Company\u2019s policies and internal controls relating to capitalisation of fix ed assets and allocation of common CWIP expenditures;
b) Evaluated the appropriateness and consistency of the allocation methodologies adopted by management for allocation of common CWIP expenses and GST reversal adjustments;
c) V erifi ed, on a sample basis, the underlying supporting documents and accounting records relating to the capital expenditure incurred;
d) Tested the mathematical accuracy of the allocation workings and recalculated the allocations made to various assets and divisions;
e) Assessed the reasonableness of the allocation bases adopted, including the use of historical allocation ratios and proportionate allocation methodologies;
f ) V erifi ed the accounting treatment and incorporation of GST reversal adjustments into the cost of respective assets; and
g) Evaluated the adequacy of the disclosures made in the finan cial statements relating to capitalisation of fix ed assets and CWIP allocation.

Other Information

The Companys Board of Directors is responsible for the preparation of other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governanace and Shareholders Information (but does not include the Standalone finan cial statement and the auditors report thereon), which is expected to be made avaialable to us after the date of this auditors report, and additional information excluding those referred above that would be included in this Annual Report, which is awe obtained prior to the date of our report. Our opinion on the Standalone Financial Statement does not cover the other information and we will not express any form of assurance conclusion theron.

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 on the other information that we obtained prior to the date of this auditors report, 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.

When we read the additional information, as mentioned above, that would be included in 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 actions as applicable under the relevant laws and regulations.

Responsibility of Management and those charge with the Governance for the Standalone Financial Statements

The Companys 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, state of affair s, p rofit / loss and total comprehensive income, changes in equity and cash flow s of the Company in accordance with the Ind AS s pecifi ed under section 133 of the Act 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 effect ively 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, 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. The 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 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 finan cial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also : a) Identify and assess the risks of material misstatement of the Standalone finan cial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is s ufficien 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. b) Obtain an understanding of internal 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 with reference to the finan cial statements, in place and the operating effect iveness of such controls.

c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. d) Conclude on the appropriateness of managements 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 ability of the Company 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. e) 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.

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 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 s ignifi cance in the audit of the Standalone finan cial statements of the current period 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.

Other Matter

We did not audit the finan cial statements of three branches included in the standalone finan cial statements of the Company whose finan cial statements reflect total assets of Rs. 48.58 Crore as at March 31, 2026 and total revenues of Rs. 132.73 Crores for the year ended on that date, as considered in the standalone finan cial statements. The finan cial statements of this Branch have been audited by the Branch Auditor u/s 143(8) of Companies Act, 2013 along with the rules and regulations thereunder, whose report has been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these Branches, are based solely on the report of such Branch Auditors.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (the order) issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure B, a statement on the matters s pecifi ed in the paragraph 3 and 4 of the Order to the extent applicable.

2. 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; except for the matters stated in Paragraph i(vi), below on reporting under Rule 11(g) of the Companies (Audit & Auditors) Rules, 2014.

c) The reports on the accounts of the branch office s of the Company audited under Section 143(8) of the Act by Branch Auditors have been sent to us and have been properly dealt with by us in preparing this report.

d) The Standalone Balance Sheet, the Standalone Statement of P rofit and Loss including other comprehensive income, Standalone Statement of Changes in Equity and the Statement of the Cash flow s dealt with by this Report are in agreement with the books of account;

e) In our opinion, the aforesaid standalone finan cial statements comply with the Ind AS s pecifi ed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

f ) On the basis of the written representations received from the directors as on 31 March 2026 taken on record by the Board of Directors, none of the directors is disq ualifi ed as on 31 March 2026 from being appointed as a director in terms of Section 164 (2) of the Act.

g) With respect to the maintenance of accounts and other matters connected therewith, reference is made to our remarks in Paragraph (b) above on reporting under section 143(3)(b) and Paragraph i(vi), below on reporting under Rule 11(g) of the Companies (Audit & Auditors) Rules, 2014. h) With respect to the adequacy of the internal finan cial controls over finan cial reporting of the Company and the operating effect iveness of such controls, refer to our separate Report in Annexure A. Our report expresses an un modifi ed opinion on the adequacy and operating effect iveness of the Companys internal finan cial controls over finan cial reporting.

i) 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, 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 as at 31 st March, 2026 on its finan cial position in its Standalone finan cial statements.

ii) The Company has made provision, as required under the applicable law or accounting standards, for material forseeable losses, if any, on long-term contracts including derivative contracts.

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 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 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;

(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 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; (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) (a) The final dividend paid by the Company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend

(b) The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.

vi) Based on our examination which included test checks, the Company has used multiple accounting software for maintaining its books of accounts, which have a feature of recording audit trail (edit log) facility and that has operated throughout the year for all relevant transactions recorded in accounting softwares, except for modifi cations, if any, made by certain users with priveledged access in some applications and for direct database changes for all the accounting softwares. During the course of performing our procedures, except for the aforesaid instances of audit trail not maintained where the question of our commenting on whether the audit trail has been tampered with does not arise, we did not notice any instance of audit trail feature being tampered with. Further, the audit trail to the extent maintained in the prior year has been preserved by the Company as per the Statutory Requirements for the record retention.

j) 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 provisions of section 197 read with Schedule V of the Act.

For RUSTAGI & ASSOCIATES
Chartered Accountants
Firm\u2019s Registration Number.: 314194E

Sd/-
SWATANTRA KUMAR RUSTAGI
(Partner)
Membership No. 051860
ICAI UDIN No.: 26051860DQIWAP6059

Place: 59, Bentinck Street, Kolkata - 700 069
Date: 15 th day of May, 2026

Annexure - A to Independent Auditor s Report

(Referred to in paragraph 1(h) under Report on Other Legal and Regulatory Requirements section of our report to the Members of Beekay Steel Industries Limited of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)

1. We have audited the internal finan cial controls with reference to Standalone Financial Statement of BEEKAY STEEL INDUSTRIES LIMITED (the Company) as of March 31, 2026 in conjunction with our audit of the standalone finan cial statements of the Company for the year ended on that date.

2. Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal finan cial controls based on the internal control over 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 (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal finan cial controls that were operating effect ively for ensuring the orderly and efficien t conduct of its business, including adherence to 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.

3. Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal finan cial controls over finan cial reporting 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) and the Standards on Auditing, issued by ICAI and Standard on Auditing prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal finan cial controls, both applicable to an audit of internal finan cial controls and, both issued by the ICAI. 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 over finan cial reporting was established and maintained and if such controls operated effect ively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal finan cial controls system over finan cial reporting and their operating effect iveness. Our audit of internal finan cial controls over finan cial statement included obtaining an understanding of internal finan cial controls over finan cial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effect iveness 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 Standalone finan cial statements, whether due to fraud or error.

5. We believe that the audit evidence we have obtained is s ufficien t and appropriate to provide a basis for our audit opinion on the Companys internal finan cial controls system over finan cial reporting.

6. Meaning of Internal Financial Controls Over Financial Reporting

A Companys internal finan cial control over 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 over finan cial reporting includes those policies and procedures that:

(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company.

(ii) 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

(iii) 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.

7. Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

8. Opinion

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 over finan cial reporting and such internal finan cial controls over finan cial reporting were operating effect ively as at March 31, 2026, based on the internal control over finan cial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Controls Over Financial Reporting issued by the ICAI.

For RUSTAGI & ASSOCIATES
Chartered Accountants
Firm\u2019s Registration Number.: 314194E

Sd/-
SWATANTRA KUMAR RUSTAGI
(Partner)
Membership No. 051860
ICAI UDIN No.: 26051860DQIWAP6059

Place: 59, Bentinck Street, Kolkata - 700 069
Date: 15 th day of May, 2026

Annexure - B to Independent Auditor s Report

Referred to in Paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date to the members Beekay Steel Industries Limited on the Financial Statements for the year ended 31 March, 2026.

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

(i) In respect of the Companys Property, Plant and Equipment and Intangible Assets: (a) (i) The Company has maintained proper records showing full particulars, including quantitative details and the situation of Property Plant and Equipment.

(ii) The company is maintaining proper records showing full particulars of intangible assets.

(b) The Company has a program of physical v erifi cation of Property, Plant and Equipment to cover all the assets once every three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain Property, Plant and Equipment were due for v erifi cation during the year and 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) Based on our examination of the property tax receipts for land on which building is constructed, registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title in respect of self constructed buildings and title deeds of all other immovable properties, disclosed in the finan cial statements included under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.

(d) The Company has not revalued any of its Property, Plant and Equipment or intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) Physical v erifi cation of inventory has been conducted at reasonable intervals by the Management and in our opinion, the coverage and procedure of such v erifi cation by the management is appropriate and no material discrepancies were noticed on such v erifi cation. The discrepancies noticed on physical v erifi cation of inventory as compared to book records were not 10% or more in aggregate for each class of inventory.

(b) During the year, the Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, from banks on the basis of security of current assets.; and the quarterly returns or statements file d by the company with such banks or finan cial institutions are in agreement with the books of account of the Company, except as stated in the Note no. 16 (ii) (B) of Notes to Accounts.

(iii) (a) The Company has, during the year, made investments in fourteen companies and three mutual fund schemes as a part of its treasury department, granted unsecured loans to one company and one-hundred and fourteen employees, no guarantees were provided during the year. The aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans and guarantees to subsidiaries, associates and to parties other than subsidiaries, joint ventures and associates are as per the table given below:

Particulars	Guarantee / Security	Loans
	Rs. In Lacs	Rs. In Lacs
Aggregate amount granted/provided during the year
Beekay Utkal Steel Private Limited (Subsidiary Company)	Nil	150.00
Others	Nil	59.60
Balance outstanding (gross) as at balance sheet date in respect of the above cases
Beekay Utkal Steel Private Limited (Subsidiary Company)	Nil	2,104.50
Others	Nil	83.06

(b) In respect of the aforesaid investments, guarantees and loans, the terms and conditions under which such investments were made, guarantees provided and loans were granted are not prejudicial to the Companys interest, based on the information and explanations provided by the Company.

(c) In respect of the aforesaid loans and advances which are in the nature of loans, schedules of repayment of principal and interest have been stipulated and the receipt and repayment of the same are regular. (d) In respect of the aforesaid loans and advances, no repayments have become overdue.

(e) In respect of the aforesaid loans and advances, which are in the nature of loans, no cases have been found during the year, where the loans had been renewed, extended or fresh loans were granted to settle the overdues of the same parties.

(f ) The Company has not granted any loans or advances, in the nature of loans either repayable on demand or without specifying any terms or period of repayment, hence reporting under this sub-clause is not applicable.

(iv) According to the information and explanations given to us, the company has not entered into any transaction of investments, guarantees and security. In respect of loan, provision of section 185 and 186 of the companies Act have been complied with.

(v) No deposits or amounts which are deemed to be deposits has been accepted.

(vi) Pursuant to the rules made by the Central Government of India, the Company is required to maintain Cost records as s pecifi ed under section 148(1) of the Act in respect of its products. We have broadly reviewed the same, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained, we have, however not, made a detailed examination of the records with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues including Goods and Services Tax, Provident fund, Employees State Insurance, Income tax, Sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, to the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as on 31 March 2026 for a period of more than six months from the date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2026 on account of disputes are given below:

Statement of Disputed Dues

Name of the Statute	Nature of the dues	Amount involved (Rs. Lakhs)	Amount unpaid (Rs. Lakhs)#	Period to which the amount relates	Forum where disputes is pending
Central Goods and Service Tax Act, 2017	Goods and Services Tax	73.56	58.85	2017-2018	The Deputy Commissioner (appeals)
Central Goods and Service Tax Act, 2017	Goods and Services Tax	21.65	19.48	2017-2019	The Deputy Commissioner (appeals)
Central Goods and Service Tax Act, 2017	Goods and Services Tax	81.28	73.15	2018-2019	The Joint Commissioner (appeals)
Central Goods and Service Tax Act, 2017	Goods and Services Tax	22.66	20.39	2019-2020	The Deputy Commissioner (appeals)
Central Goods and Service Tax Act, 2017	Goods and Services Tax	7.87	7.08	2020-2021	The Joint Commissioner (appeals)
Central Goods and Service Tax Act, 2017	Goods and Services Tax	10.07	9.06	2021-2022	The Joint Commissioner (appeals)
Central Goods and Service Tax Act, 2017	Goods and Services Tax	11.15	10.04	2022-2023	The Joint Commissioner (appeals)
Central Goods and Service Tax Act, 2017	Goods and Services Tax	10.07	9.06	2023-2024	The Joint Commissioner (appeals)

Name of the Statute	Nature of the Dues	Amount * (Rs. In Lakhs)	Period to which the amount relates	Forum where dispute is pending
Central Excise Act, 1944	Excise Duty	7.10	July\u201912 to Sep\u201914	CESTAT, Hyderabad
Central Excise Act, 1944	Excise Duty	5.11	Oct\u201914 to Sep\u201915	CESTAT, Hyderabad
Central Excise Act, 1944	Excise Duty	89.79	07/2010 to 11/2012 & 12/2012 to 09/2013	Custom, Excise & Service Tax Appellate Tribunal, Regional Bench at Hyderabad
Central Excise Act, 1944	Excise Duty	5.06	Oct\u201913 to March\u201915	CESTAT, Hyderabad
Central Excise Act, 1944	Excise Duty	10.23	April\u201915 to June\u201917	CESTAT, Hyderabad
Sales Tax Law	Sales Tax	6.54	2014-15 to 30.06.2017	Andhra Pradesh Value Added Tax Appellate Tribunal
GST Law	GST	6.86	2017-18	GST Appellate Authority, Visakhapatnam
GST Law	GST	38.78	01.07.2017 to 31.03.2020	GST Appellate Authority, Visakhapatnam
Income-tax Act, 1961	Income Tax	20.06	2021-22	The Commissioner of Income Tax (Appeal-20) , Ayyakar Bhavan Poorva, Kolkata
OTS-Water Tax	Water Tax	251.06	Up to March\u201922	The Development Commissioner-Cum Additional Chief Secretary, Govt of Water Services-Odisha
Central Excise Act, 1944	Excise Duty	2005-2008	High Court, Ranchi, Jharkhand-JSR
Sales Tax Law	Sales Tax	2008-2011	The Appellate Tribunal, Commercial Taxes, Visakhapatnam-VIZAG
Sales Tax Law	Sales Tax	2008-2011	The Appellate Deputy Commissioner, Vijayawada -VIZAG
Sales Tax Law	Sales Tax	2013-2014	Andhra Pradesh Value Added Tax Appellate Tribunal-VIZAG
Sales Tax Law	Sales Tax	2013-2014 & 2014-2015	Andhra Pradesh Value Added Tax Appellate Tribunal-VIZAG
Sales Tax Law	Sales Tax	2014-15 to 30.06.2017	Andhra Pradesh Value Added Tax Appellate Tribunal-VIZAG

(viii) According to the records of the Company examined by us and the information and explanation given to us, no transactions which has not been recorded in the Books of Account have been surrendered or disclosed as income during the year in the Tax Assessments under the Income Tax Act,1961 (43 of 1961).

(ix) (a) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

(b) According to the information and explanation given to us and on the basis of our audit procedures, we report that the Company has not been declared wilful defaulter by any bank or finan cial institution or government or any government authority.

(c) In our opinion, and according to the information and explanations given to us, the term loans have been applied, on an overall basis , for the purposes for which they were obtained.

(d) On an overall examination of the finan cial statements of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term purposes by the Company.

(e) On an overall examination of the finan cial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates.

(f ) The Company has not raised any loans during the on the please of securities held in its subsidiaries, joint venture of associates companies di_ned under the Act.

(x) (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

(xi) (a) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information & explanation given to us, we have neither come across any instance of material fraud by or on the company, noticed or reported during the year, nor we have been reported of any such case.

(b) We have not file d any report u/s 143(12) of the Companies Act in form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As per information given to us, no whistle blower complaint has been received during the year.

(xii) The Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii)(a),(b) & (c) of the said Order are not applicable to the company.

(xiii) The Company has entered into transactions with related parties in compliance with the provisions of sections 177 and 188 of the Act.The details of such related party transactions have been disclosed in the Standalone finan cial statements as required under Indian Accounting Standards (Ind AS) 24, Related Party Disclosures.

(xiv) (a) According to the information and explanations given to us and the records of the Company examined by us, the company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date.

(xv) In our opinion during the year the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors, and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

(xvi) (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

(b) According to the information & explanation given to us and the records of the Company examined by us, the company has not conducted any Non-Banking Financial or Housing Finance activities without a valid C ertifi cate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934; (c) The company is not a Core Investment Company (CIC) as define d in the regulations made by the Reserve bank of India, and hence the clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) The group does not contain any Core Investment Company, hence, Clause 3(xvi)(d) of the order is not applicable to the Company.

(xvii) According to the information & explanation given to us and the records of the Company examined by us, the company has not incurred cash losses in the finan cial year and in the immediately preceding finan cial year.

(xviii) There has been no resignation of the statutory auditors during the year. Therefore the provision of clause 3(xviii) of the said order is not applicable to the Company.

(xix) 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 and 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 indicating that 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) (a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, the company has no ongoing projects and further the company has no unspent amount required to be transferred to a Fund s pecifi ed in Schedule VII to the Companies Act within a period of six months of the expiry of the finan cial year in compliance with second proviso to sub-section (5) of section 135 of the said Act (b) The Company has no amount remaining unspent under section 135(5) of the Companies Act, pursuant to any ongoing project. Therefore,the provision of clause 3(xx)(b) of the said Order is not applicable to the Company.

(xxi) The reporting under Clause 3(xxi) of the Order is not applicable in respect of audit of standalone finan cial statements. Accordingly, no comment in respect of the said clause has been included in this report.

For RUSTAGI & ASSOCIATES
Chartered Accountants
Firm\u2019s Registration Number.: 314194E

Sd/-
SWATANTRA KUMAR RUSTAGI
(Partner)
Membership No. 051860
ICAI UDIN No.: 26051860DQIWAP6059

Place: 59, Bentinck Street, Kolkata - 700 069
Date: 15 th day of May, 2026