Bothra Metals & Alloys Ltd Auditor Reports

To, Board of Directors,

Bothra Metals & Alloys Ltd.,

Mumbai, Maharashtra

We have audited the accompanying Statement of Standalone Financial Results of M/s Bothra Metals and Alloys Limited, for the half year and year ended March 31, 2026, (the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

OPINION

We have audited the accompanying standalone financial statements of Bothra Metals and Alloys Limited (the "Company"), which comprise the Balance Sheet as at 31st March 2026, the Statement of Profit and Loss and the Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014, as applicable, of the state of affairs of the Company as at 31st March 2026, its net profit for the year ended on that date and its cash flows for the year ended on that date.

BASIS FOR OPINION

We have audited the accompanying standalone financial statements of Bothra Metals and Alloys Limited (the "Company"), which comprise the Balance Sheet as at 31st March 2026, the Statement of Profit and Loss and the Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014, as applicable, of the state of affairs of the Company as at 31st March 2026, its net profit for the year ended on that date and its cash flows for the year ended on that date.

OTHER INFORMATION

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report but does not include the standalone financial statements and our auditors report thereon. The Annual Report is expected to be made available to us after the date of this auditors report. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. 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.

MANAGEMENTS RESPONSIBILITIES 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 financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014, as applicable. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the standalone financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management 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 is also responsible for overseeing the Companys financial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 detecta material misstatement when it exists.

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

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls 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 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 Companys ability to continue as a going concern.

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

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in planning the scope of our audit work and in evaluating the results of our work.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements 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 benefits of such communication.

KEY AUDIT MATTERS

The specific Key Audit Matters, if any, are to be inserted/confirmed by the statutory auditor based on the matters communicated with those charged with governance. No Key Audit Matter has been inferred from the financial statements supplied for this draft.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

l.As required by Section 143(3) of the Act, based on our audit we report that:

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.

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.

The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account.

In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014, as applicable.

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

With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A".

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: The reporting under Section 197(16) is to be confirmed by the statutory auditor based on the applicability of the provision and the remuneration records of the Company.

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:

The Company has disclosed the impact of pending litigations on its financial position in its financial statements (refer Note No. 27 of the financial statements).

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

The Company was not required to transfer any amount to the Investor Education and Protection Fund.

The management representation regarding funds advanced, loaned or invested through intermediaries and funds received from funding parties/ultimate beneficiaries is to be reported after confirmation against the applicable note and records of the Company.

The audit-trail reporting requirement under Rule 11(g) is to be confirmed by the statutory auditor based on the accounting software used by the Company and the applicable reporting requirements for FY 2025-26.

2. 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, the statement on the matters specified in paragraphs 3 and 4 of the Order is given in "Annexure B" to this report.

ANNEXURE TO THE INDEPENDENT AUDITOR REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements section of our report to the Members of Bothra Metals and Alloys Limited of even date)

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

We have audited the internal financial controls over financial reporting of Bothra Metals and Alloys Limited (the "Company") as of 31st March 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial 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 ICAI. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

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 financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2026, subject to the statutory auditors final evaluation and conclusion based on the audit evidence obtained.

ANNEXURE TO THE INDEPENDENT AUDITOR REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report to the Members of Bothra Metals and Alloys Limited of even date)

The following CARO 2020 observations are adapted from the Companys supplied auditors report and financial information. Where the supplied Bothra materials do not contain sufficient evidence for a CARO 2020 clause, no new factual conclusion has been invented; such clause is marked for statutory auditor confirmation.

1. The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets.

As explained to us, fixed assets have not been physically verified by the management.

However, the Company has a programme of verification of fixed assets to cover all items in a phased manner, which inouropinionis reasonable having regard to the size of the Company and the nature of its assets.

2. • Inventories have been physically verified during the year by the management at reasonable intervals. The procedures of physical verification followed by the management are stated to be reasonable and adequate in relation to the size of the Company and the nature of its business. As per management representation, stock realisation value is R4-6.42 lakhs. The Company is generally maintaining proper records of its inventories and no material discrepancy was noticed on physical verification as compared with book records.

3.The Company has not granted loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Act, as stated in the supplied auditor report.

4.In our opinion and according to the information and explanations given to us, there is generally an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventories and fixed assets and payment for expenses and for sale of goods. During the course of the audit, no major instance of continuing failure to correct any weaknesses in internal controls was noticed.

5. The Company has not accepted any deposits from the public during the year.

6. • According to the records of the Company, undisputed statutory dues have generally been regularly deposited with the appropriate authorities. There were no outstanding statutory dues as at 31st March 2026 for a period of more than six months from the date they became payable.

• The supplied auditor report states that there were no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which had not been deposited on account of disputes; it also separately records Sales Tax Payable relating to Kal- Amb, Himachal Pradesh Branch (Factory) amounting to R17.20 crore, for which an appeal was filed and an Amnesty Scheme application was made. This matter requires final reconciliation and classification by the statutory auditor under the applicable CARO 2020 clause.

7. • Based on the supplied auditor report and management information, the Company had not defaulted in repayment of dues to a financial institution, bank or debenture holders.

Based on the supplied auditor report, term loans have been applied for the purpose for which they were raised.

8. Based on the audit procedures performed and the information and explanations given, no fraud on or by the Company had been noticed or reported during the year, as stated in the supplied auditor report.

CARO 2020 clauses not supported by the supplied Bothra auditor report are not filled with assumed facts. In particular, clauses relating to title deeds/benami property, working-capital limits and statements, loans/advances under the current CARO 2020 framework, statutory dues particulars, undisclosed income, wilful defaulter status, use of short-term funds, funds for subsidiaries/associates/JVs, pledge of securities, ADT-4/whistle-blower matters, Nidhi, related parties, internal audit, non-cash transactions, RBI registration, cash losses, auditor resignation, ability to meet liabilities and CSR unspent amounts require the statutory auditors confirmation from the Companys records before signing.

For SSRV & Associates

Chartered Accountants

Firm Registration No.:135901W

sd/- (Satyendra S. Sahu)

Partner

Membership No.: 126823 Place: Mumbai

Date: 29th May, 2026

UDIN: 26126823MCUITB6094