COSCO (India) Ltd Auditor Reports

Report on e Audit of e andalone Financial atements

Opinion

We have audited e accompanying andalone nancial atements of Cosco India Ltd ("e Company"), which comprise e andalone Balance Sheet as at March 31, 2025, e andalone atement of Pro t and Loss (including Oer Comprehensive Income), e andalone atement of Changes in Equity and e andalone atement of Cash Flows for e year ended on at date, notes to e andalone nancial atements including e material accounting policy information and oer explanatory information (hereinafter referred to as "e andalone nancial atements").

In our opinion and to e be of our information and according to e explanations given to us, e aforesaid andalone nancial atements give e information required by e Companies Act, 2013 ("e Act") in e manner so required and give a true and fair view in conformity wi e Indian Accounting andards prescribed under section 133 of e Act read wi e Companies (Indian Accounting andards) Rules, 2015, as amended, ("Ind AS") and oer accounting principles generally accepted in India, of e ate of affairs of e Company as at March 31, 2025, e pro t and total comprehensive income, changes in equity and its cash ows for e year ended on at date.

Basis for Opinion

We have conducted our audit of e andalone nancial atements in accordance wi e andards on Auditing speci ed under section 143(10) of e Act. Our responsibilities under ose andards are furer described in e Auditors Responsibilities for e Audit of e andalone Financial atements section of our report. We are independent of e Company in accordance wi e Code of Eics issued by e Initute of Chartered Accountants of India (ICAI) togeer wi e eical requirements at are relevant to our audit of e andalone nancial atements under e provisions of e Act and e Rules made ereunder, and we have ful lled our oer eical responsibilities in accordance wi ese requirements and e ICAIs Code of Eics. We believe at e audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion on e andalone nancial atements.

Emphasis of Matter

We draw attention to Note No.18 regarding provision for warranty of 36.61 lakhs, Note No. 5.2 regarding Advance to various shipping companies of 41.29 Lakhs and Note No. 23 regarding oer income regarding Excess Provision of Warranty Claims of 11.84 Lakhs.

Our opinion is not modi ed in respect of aforesaid matters.

Key Audit Matters

Key audit matters are ose matters at, in our professional judgment, were of mo signi cance in our audit of e andalone nancial atements for e year ended March 31, 2025. ese matters were addressed in e context of our audit of e andalone nancial atements as a whole, and in forming our opinion ereon, and we do not provide a separate opinion on ese matters. For each matter below, our description of how our audit addressed e matter is provided in at context.

We have determined e matters described below to be e key audit matters to be communicated in our report. We have ful lled e responsibilities described in e Auditors responsibilities for e audit of e andalone Ind AS nancial atements section of our report, including in relation to ese matters. Accordingly, our audit included e performance of procedures designed to respond to our assessment of e risks of material misatement of e andalone Ind AS nancial atements. e results of our audit procedures, including e procedures performed to address e matters below, provide e basis for our audit opinion on e accompanying andalone Ind AS nancial atements.

Key Audit Matters

Valuation of Inventories: - (Refer note no.8)

As at 31 March 2025, e Company held inventories of signi cant amount. e valuation of inventories was a key area of focus in our audit due to e judgment involved in determining e net realizable value (NRV) and identifying slow-moving or obsolete ock. How e matter was addressed in e audit.

Our audit procedures included but not limited to:

· Attending physical inventory counts at selected locations to observe count procedures and te quantities/ conditions especially of traded items.

· Evaluating e meodology and assumptions used by management in eimating NRV.

· Teing a sample of inventory items for accuracy of coing and comparison to recent selling prices.

· Reviewing inventory aging reports to identify exiing/ potential obsolete or slow-moving ock.

· Assessing e reasonableness of write-downs and evaluating wheer disclosures in e nancial atements are adequate and in accordance wi e applicable accounting andards.

Key Audit Matter

Recoverability of Trade Receivables (Refer note no. 9)

Trade receivables as at 31 March 2025, represent a signi cant portion of e Companys total assets. We have identi ed e Accuracy/ recoverability of trade receivables as a key audit matter due to availability of

con rmations of major amounts as at 31 December 2024 inead at year end. How e matter was addressed in e audit Our audit procedures included:

? Evaluating e design and implementation of controls over e credit evaluation process and ECL eimation.

? Teing e accuracy of e aging analysis and reviewing subsequent collections on a sample of receivables.

· Assessing e adequacy of e Companys disclosures regarding trade receivables and credit risk in e nancial atements.

Key Audit Matter Advance again Import (Refer note no.13)

As at 31 March 2025, Advances again import represents a signi cant portion of oer current assets. ese advances are payments made to foreign suppliers for e purchase of goods at had not yet been received as on e reporting date.

is area was considered a key audit matter due to e materiality of e balance, e risk of non-delivery or delays and proper classi cation of such advances. In some cases, e timing of shipment and clearance of goods, foreign exchange exposure, and compliance wi import regulations furer increases e complexity. Our audit procedures included:

· Obtaining and verifying supporting documents such as proforma invoices, Bank remittance advice etc.

_

· Reviewing subsequent receipt of goods or clearing documents after year-end to assess proper accounting of cut-off transactions and recoverability.

· Evaluating e appropriateness of e classi cation and presentation of ese amounts in e nancial atements.

Information Oer an e andalone Financial atements and Auditors Report ereon

e Companys Board of Directors is responsible for e preparation of e oer information. e oer information comprises e information included in e Annual Report rough Management Discussion and Analysis, Boards Report including Annexures ereto, Business Responsibility Report, Corporate Governance, Secretarial audit report and Shareholders Information etc., but does not include e andalone nancial atements and our auditors report ereon. e Annual report is expected to be made available to us after e date of is auditors report.

Our opinion on e andalone nancial atements does not cover e oer information and we do not express any form of assurance conclusion ereon. In connection wi our audit of e andalone nancial atements, our responsibility is to read e oer information identi ed above when it becomes available and, in doing so, consider wheer e oer information is materially inconsient wi e andalone nancial atements or our knowledge obtained during e course of our audit or oerwise appears to be materially misated.

When we read e annual report, if we conclude at ere is a material misatement erein, we are required to communicate e matter to ose charged wi governance and describe actions applicable under e applicable laws and regulations.

Management and Board of Directors Responsibility for e andalone Financial atements

e Companys Managements and Board of Directors are responsible for e matters ated in section 134(5) of e Act wi respect to e preparation of ese andalone nancial atements at give a true and fair view of e ate of affairs, pro t and total comprehensive income, changes in equity and cash ows of e company in accordance wi e accounting principles generally accepted in India including e Indian Accounting andards (Ind AS) speci ed under section 133 of e Act. is responsibility also includes maintenance of adequate accounting records in accordance wi e provisions of e Act for safeguarding e assets of e Company and for preventing and detecting frauds and oer irregularities; selection and application of appropriate accounting policies; making judgments and eimates at are reasonable and prudent; and design, implementation and maintenance of adequate internal nancial controls, at were operating effectively for ensuring e accuracy and completeness of e accounting records, relevant to e preparation and presentation of e andalone nancial atements at give a true and fair view and are free from material misatement, wheer due to fraud or error.

In preparing e andalone nancial atements, e Management and Board of Directors are responsible for assessing e Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using e going concern basis of accounting unless Board of Directors eier intends to liquidate e Company or to cease operations, or has no realiic alternative but to do so.

e Board of Directors are also responsible for overseeing e Companys nancial reporting process.

Auditors Responsibilities for e Audit of e andalone Financial atements

Our objectives are to obtain reasonable assurance about wheer e andalone nancial atements as a whole are free from material misatement, wheer due to fraud or error, and to issue an auditors report at includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee at an audit conducted in accordance wi SAs will always detect a material misatement when it exis. Misatements can arise from fraud or error and are considered material if, individually or in e aggregate, ey could reasonably be expected to in uence e economic decisions of users taken on e basis of ese andalone nancial atements.

As part of an audit in accordance wi SAs, we exercise professional judgment and maintain professional scepticism roughout e audit. We also: · Identify and assess e risks of material misatement of e andalone nancial atements, wheer due to fraud or error, design and perform audit procedures responsive to ose risks, and obtain audit evidence at is suf cient and appropriate to provide a basis for our opinion. e risk of not detecting a material misatement resulting from fraud is higher an for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or e override of internal control.

· Obtain an underanding of internal nancial controls relevant to e audit in order to design audit procedures at are appropriate in e circumances. Under section 143(3)(i) of e Act, we are also responsible for expressing our opinion on wheer e Company has adequate internal nancial controls syem in place and e operating effectiveness of such controls.

· Evaluate e appropriateness of accounting policies used and e reasonableness of accounting eimates and related disclosures made by management and Board of directors.

· Conclude on e appropriateness of management and Board of Directors use of e going concern basis of accounting and, based on e audit evidence obtained, wheer a material uncertainty exis related to events or conditions at may ca signi cant doubt on e Companys ability to continue as a going concern. If we conclude at a material uncertainty exis, we are required to draw attention in our auditors report to e related disclosures in e andalone nancial atements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on e audit evidence obtained up to e date of our auditors report. However, future events or conditions may cause e Company to cease to continue as a going concern.

· Evaluate e overall presentation, ructure and content of e andalone nancial atements, including e disclosures, and wheer e andalone nancial atements represent e underlying transactions and events in a manner at achieves fair presentation.

Materiality is e magnitude of misatements in e andalone Financial Results at, individually or in aggregate, makes it probable at e economic decisions of a reasonably knowledgeable user of e andalone Financial atements may be in uenced. We consider quantitative materiality and qualitative factors in (i) planning e scope of our audit work and in evaluating e results of our work; and (ii) to evaluate e effect of any identi ed misatements in e andalone Financial atements.

We communicate wi ose charged wi governance regarding, among oer matters, e planned scope and timing of e audit and signi cant audit ndings, including any signi cant de ciencies in internal control at we identify during our audit.

We also provide ose charged wi governance wi a atement at we have complied wi relevant eical requirements regarding independence, and to communicate wi em all relationships and oer matters at may reasonably be ought to bear on our independence, and where applicable, related safeguards.

From e matters communicated wi ose charged wi governance, we determine ose matters at were of mo signi cance in e audit of e andalone nancial atements for e year ended March 31, 2025 and are erefore e key audit matters. We describe ese matters in our auditors report unless law or regulation precludes public disclosure about e matter or when, in extremely rare circumances, we determine at a matter should not be communicated in our report because e adverse consequences of doing so would reasonably be expected to outweigh e public intere bene ts of such communication.

Report on Oer Legal and Regulatory Requirements

(1) As required by Section 143(3) of e Act, we report at:

(a) We have sought and obtained all e information and explanations which to e be of our knowledge and belief were necessary for e purposes of our audit of e accompanying andalone nancial atements; (b) In our opinion proper books of account as required by law have been kept by e Company so far as it appears from our examination of ose books and proper returns adequate for e purpose of Audit have been received from e branches not visited by us read wi e matters ated in paragraph (f)) below on reporting in relation to audit trail as required under Rule 11(g) of e Companies (Audit and Auditors) Rules, 2014 (as amended); (c) e andalone nancial atements dealt wi by is report are in agreement wi e books of account; (d) In our opinion, e aforesaid andalone nancial atements comply wi IndAS speci ed under

_

Section 133 of e Act.

(e) On e basis of e written representations received from e directors as on 31-3-2025 taken on record by e Board of Directors, none of e directors is disquali ed as on 31-March-2025 from being appointed as a director in terms of Section 164 (2) of e Act.

(f) Wi respect to e adequacy of e internal nancial controls wi reference to andalone nancial atements of e Company as on 31 March, 2025 and e operating effectiveness of such controls, refer to our separate report in Annexure I wherein we have expressed an unmodi ed opinion.

(g) As required by Section 197(16) of e Act based on our audit, we report at e Company has paid remuneration to its directors during e year in accordance wi e provisions of and limits laid down under Section 197 read wi Schedule V to e Act.

(h) Wi respect to e oer matters to be included in e Auditors Report in accordance wi Rule 11 of e Companies (Audit and Auditors) Rules, 2014 and Companies (Auditors Report) order 2020, in our opinion and to e be of our information and according to e explanations given to us:

I. e Company has disclosed e impact of pending litigations as at 31 March,2025 on its nancial position in its nancial atements (Refer Note 35); II. e Company did not have any long-term contracts including derivative contracts for which provisions were required to be made for any material foreseeable losses as at 31 March, 2025; III. As informed to us company was not required to transfer any amount during e year ended 31 March, 2025 in e Inveor Education and Protection Fund.

(a) e Management has represented at, to e be of its knowledge and belief, as disclosed in Note 41 to e andalone nancial atements no funds (which are material eier individually or in e aggregate) have been advanced or loaned or inveed (eier from borrowed funds or share premium or any oer sources or kind of funds) by e Company to or in any oer person or entity or entity(ies), including foreign entity or entity(ies) ("Intermediaries"), wi e underanding, wheer recorded in writing or oerwise, at e Intermediary shall, wheer, directly or indirectly lend or inve in any oer persons or entities identi ed in any manner whatsoever by or on behalf of e Company ("Ultimate Bene ciaries") or provide any guarantee, security or e like on behalf of e Ultimate Bene ciaries.

(b) e Management has represented, at, to e be of its knowledge and belief, as disclosed in Note 41 to e andalone nancial atements no funds (which are material eier individually or in e aggregate) have been received by e Company from any person or entity(ies), including foreign entity ("Funding Parties"),wi e underanding, wheer recorded in writing or oerwise, at e Company shall, wheer, directly or indirectly, lend or inve in oer persons or entities identi ed in any manner whatsoever by or on behalf of e Funding Party ("Ultimate Bene ciaries") or provide any guarantee, security or e like on behalf of e Ultimate Bene ciaries; and

(c) Based on e audit procedures performed at have been considered reasonable and appropriate in e circumances, noing has come to our notice at has caused us to believe at e representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misatement.

IV. e Company has not declared or paid any dividend during e year and has not proposed nal dividend for e year and erefore e requirement of compliance of Sec 123 of e Act are not applicable.

V. Based on our examination which included te checks and in accordance wi requirements of e Implementation Guide on Reporting on Audit Trail under Rule 11(g) of e Companies (Audit and Auditors) Rules, 2014, e Company in respect of nancial year commencing on 1 April, 2024, has used accounting softwares for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and e same has operated roughout e year for all relevant transactions recorded in e respective software. Furer, where audit trail (edit log) facility was enabled and operated roughout e year, we could not verify inance of audit trail feature being tampered wi during e nancial year 2024-25, during e course of audit and for is we relied upon e certi cate of e management.

(2) As required by e Companies (Auditors Report) Order, 2020 (e "Order") issued by e Central Government in terms of Section 143(11) of e Act, we give in "Annexure B" a atement on e matters speci ed in paragraphs 3 and 4 of e Order to e extent applicable.

	For Madan & Associates
	Chartered Accountants
	Firm Regiration No: 000185N
	M.K Madan
	Proprietor
	Membership number: 082214
Place: New Delhi
Date: 30.05.2025
UDIN: 24082214BKEIWT1156

Annexure - A to e Auditors Report

(Referred to in paragraph 1 under Report on Oer Legal and Regulatory Requirements section of our report)

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

We have audited e internal nancial controls over nancial reporting of Cosco India Ltd ("e Company") as of 31 March 2025 in conjunction wi our audit of e andalone nancial atements of e Company for e year ended on at date.

Responsibilities of Management and ose Charged wi Governance for Internal Financial Controls :

e Companys Board of Directors is responsible for eablishing and maintaining internal nancial controls based on e internal nancial controls wi reference to nancial atements criteria eablished by e Company considering e essential components of internal control ated in e Guidance Note on Audit of Internal Financial Controls over Financial Reporting (e Guidance Note) issued by e Initute of Chartered Accountants of India (ICAI). ese responsibilities include e design, implementation and maintenance of adequate internal nancial controls at were operating effectively for ensuring e orderly and ef cient conduct of its business, including adherence to companys policies, e safeguarding of its assets, e prevention and detection of frauds and errors, e accuracy and completeness of e accounting records, and e timely preparation of reliable nancial information, as required under e Companies Act, 2013.

Auditors Responsibility for e Audit of e Internal Financial Controls wi Reference to Financial atements:-

Our responsibility is to express an opinion on e Companys internal nancial controls wi reference to nancial atements based on our audit. We conducted our audit in accordance wi e Guidance Note on Audit of Internal Financial Controls over Financial Reporting (e "Guidance Note") and e andards on Auditing as prescribed under section 143(10) of e Companies Act, 2013, to e extent applicable to an audit of internal nancial controls, wi reference to nancial atements, and e Guidance Note issued by e ICAI. ose andards and e Guidance Note require at we comply wi eical requirements and plan and perform e audit to obtain reasonable assurance about wheer adequate internal nancial controls wi reference to nancial atements were eablished and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about e adequacy of e internal nancial controls wi reference to nancial atements and eir operating effectiveness. Our audit of internal nancial controls wi reference to nancial atements included obtaining an underanding of internal nancial controls, assessing e risk at a material weakness exis, and teing and evaluating e design and operating effectiveness of internal control based on e assessed risk. e procedures selected depend on e auditors judgment, including e assessment of e risks of material misatement of e nancial atements, wheer due to fraud or error.

We believe at e audit evidence we have obtained is suf cient and appropriate to provide a basis for our audit opinion on e Companys internal nancial controls wi reference to ese andalone nancial atements.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal nancial control wi reference to nancial atements is a process designed to provide reasonable assurance regarding e reliability of nancial reporting and e preparation of andalone nancial atements for external purposes in accordance wi generally accepted accounting principles. A companys internal nancial control wi reference to nancial atements includes ose policies and procedures at (1) pertain to e maintenance of records at, in reasonable detail, accurately and fairly re ect e transactions and dispositions of e assets of e company; (2) provide reasonable assurance at transactions are recorded as necessary to permit preparation of andalone nancial atements in accordance wi generally accepted accounting principles, and at receipts and expenditures of e company are being made only in accordance wi auorisations of management and directors of e company; and (3) provide reasonable assurance regarding prevention or timely detection of unauorised acquisition, use, or disposition of e companys assets at could have a material effect on e andalone nancial atements.

Inherent Limitations of Internal Financial Controls wi Reference to Financial atements

Because of e inherent limitations of internal nancial controls wi reference to Financial atements, including e possibility of collusion or improper management override of controls, material misatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of e internal nancial controls wi reference to nancial atements to future periods are subject to e risk at e internal nancial control wi reference to nancial atements may become inadequate because of changes in conditions, or at e degree of compliance wi e policies or procedures may deteriorate.

Opinion

In our opinion, e Company generally has, in all material respects, an adequate internal nancial controls syem wi reference to ese andalone nancial atements and such internal nancial controls were operating effectively as at 31 March 2025, based on e internal control over nancial reporting criteria eablished by e Company considering e essential components of internal control ated in e Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by e Initute of Chartered Accountants of India (e "Guidance Note"), however in e following areas e internal control needs to be furer rengened .

O Purchases: Rates/ prices negotiated by e top management. Negotiations are not fully documented. is was reported by us in e la year also.

O Inventory: e controls regarding physical veri cation of work in progress needs to rengened and veri cation should be done by opping e operations. is was reported by us in e la year also. e inventories should be monitored closely to keep inventories at reasonable levels to improve Inventory Turnover Ratio. Excess inventory should be ascertained periodically and got liquidated rategically at e earlie. Similarly, slow moving / non-moving ocks should be liquidated promptly at periodical intervals.

O Property, Plant & Equipment Physical veri cation: needs improvement to see all items of PPE are physically veri ed in phase of 3 years. is was reported by us in e la year also.

O Expenditure Budgeting having regard to sales foreca, production and procurement plan.

O Volume of Expense rough petty cash: needs to be reduced to e extent possible. is was reported by us in e la year also.

For Madan & Associates

Chartered Accountants Firm Regiration No: 000185N

	M.K Madan
	Proprietor
	Membership number: 082214
Place: New Delhi
Date: 30.05.2025
UDIN: 24082214BKEIWT1156

Annexure - B to e Auditors Report

(Referred to in paragraph 2 under Report on Oer Legal and Regulatory Requirements section of our report)

To e be of our information and according to e explanations provided to us by e Company and e books of account and records examined by us in e normal course of audit, we ate at:

(i) In respect of Companys Property, Plant and Equipment :-

(a) e company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant & Equipment, capital work in progress and relevant details of right-of use assets.

(b) e Company has a regular programme of physical veri cation of its property, plant and equipment, capital work-in-progress and relevant details of right-of-use assets under which e assets are physically veri ed in a phased manner over a period of ree years, which in our opinion, is reasonable having regard to e size of e Company and e nature of its assets. In accordance wi is programme, certain property, plant and equipment, capital work-in-progress and relevant details of right-of-use assets were veri ed during e year and according to e information and explanations given to us no material discrepancies were noticed on such veri cation.

(c) e Company has not revalued any of its Property, Plant and Equipment (including right-of-use assets) capital work-in-progress and intangible assets during e year.

(d) On e basis of e information and explanations given to us duly certi ed by e management and examination of records, no proceedings have been initiated during e year or are pending again e Company as at March 31, 2025 for holding any benami property under e Benami Property Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made ereunder

(ii) (a) e inventories (except ock in Transit) were physically veri ed during e year by e Management at reasonable intervals. For ock in transit, subsequent receipts have been linked wi e inventory record. In our opinion and according to e information and explanations given to us, e coverage and procedure of such veri cation by e Management is appropriate having regard to e size of e Company and e nature of its operations. No discrepancies of 10% or more in e aggregate for each class of inventories were noticed on such physical veri cation of inventories between e physical ocks and book records. In respect of inventory lying wi ird parties, ese have subantially been con rmed by e ird parties.

(b) According to e information and explanations given to us, e Company has been sanctioned working capital limits in excess of 5 crores, in aggregate, roughout e year, e year, from banks or nancial initutions on e basis of security of current assets etc. In our opinion and according to e information and explanations given to us, e quarterly returns and atements comprising (ock atements, book debt atements, and atements on ageing analysis of e debtors) led by e Company wi such banks as mentioned in Note.39 subantially are in agreement wi e unaudited books of account of e Company, of e respective quarters, except for e following:

Nature of Current assets for e quarter ending	Sanction amount to which e discrepancy relates	Nature of discrepancy	Amount as per quarterly return & atements	As per unaudited books of accounts	Difference	Remarks including subsequent recti cation, if any
	( in lakhs)	( in lakhs)	( in lakhs)	( in lakhs)	( in lakhs)
June, 2024	2800
d>	(Consolidated
	for Trade
	Receivable and
	Inventory )
Trade		Non-current	3,003.45	3,028.70	(25.25)	Debtors
Receivable		debtors are				having
		not				signi cant
		considered.				credit risk are
						not
						considered
						and not
						required to le
						subsequent
						wi e Bank
						since ere
						was no impact
						to Drawing
Inventory -						Power.
Raw Material			467.28	456.94	10.34	e
Inventory -						differences in
Finished						Inventory are
Goods / ock			6,441.19	6,416.53	24.66	due to e
in trade						amount in
Inventory -						Goods in
ores &						Transit during
Spares			153.91	148.97	4.94	e period.
September,
	2800
2024	(Consolidated
	for Trade
	Receivable and
	Inventory)
Trade		Non-current	2,632.39	2,657.64	(25.25)	Debtors
Receivable		debtors are				having
		not				signi cant
		considered.				credit risk are
						not
						considered
						and not
						required to le
						subsequent
						wi e Bank
						since ere
						was no impact
						to Drawing
Inventory -						Power.
Raw Material			406.97	402.91	4.06	e
Inventory -						differences in
Finished						Inventory are
Goods /						due to e
ock in			7,202.40	7,179.72	22.68	amount in
trade						Goods in
Inventory -						Transit during
ores &			156.16	154.51	1.65	e period.
Spares
December,	2800
2024	(Consolidated
	for Trade
	Receivable and
	Inventory)
Trade		Non-current	2,759.29	2,784.54	(25.25)	Debtors
Receivable		debtors are				having
		not				signi cant
		considered.				credit risk are
						not
						considered
						and not
						required to le
						subsequent
						wi e Bank
						since ere
						was no impact
						to Drawing
Inventory -						Power.
Raw Material			462.05	462.05	--
Inventory -
Finished
Goods /			7,140.40	7,140.25	0.15	e difference
ock in						is due to e
trade						amount of
Inventory -						Goods in
ores &						transit during
Spares			162.95	162.95	--	e period.
March, 2025	2800
	(Consolidated
	for Trade
	Receivable and
	Inventory)
Trade		Non-current	2,812.76	2,844.42	(31.66)	Debtors
Receivable		debtors are				having
		not				signi cant
		considered.				credit risk are
						not
						considered
						and not
						required to le
						subsequent
						wi e Bank
						since ere
						was no impact
Inventory -						to Drawing
Raw Material			401.64	401.64	--	Power.
Inventory -
Finished
Goods /			6917.58	6917.58	--
ock in
trade
Inventory -
ores &			181.75	181.75	--
Spares

(vii) (a) According to e information and explanations given to us and on e basis of our examination of e records of e Company, e company has generally been regular in depositing undisputed atutory dues, including Goods and Service Tax, Provident Fund, Employees ate insurance, income tax, sales tax, service tax, duty of cuoms, duty of excise, value added tax, cess and oer material atutory dues applicable to it wi e appropriate auorities. ere were no undisputed amounts payable in respect of e aforesaid atutory dues in arrears as at 31.03.2025 for a period of more an six mons from e date ey became payable.

(b) According to e information and explanations given to us, ere are no atutory dues referred to in sub clause (a) which have not been deposited as at 31.03.2025 on account of any dispute except following:

Name of atute	Nature of Dues	Amount ( in lakhs)	Period	Forum where dispute is pending
Uttar Pradesh Value	ate tax	18.07	Financial	Supreme Court
Added Tax Act, 2008	(VAT)		Year
			2008-09
Central Sales Tax Act	Central tax	16.63	Financial	Supreme Court
Uttar Pradesh Value	(VAT)		Year
Added Tax Act, 2008			2008-09

(iii) (a) e Company has not made invements in, provided any guarantee or security or granted any loans or advances in e nature of loans, secured or unsecured, to Companies, rms, Limited liability partnership or any oer parties during e year except an aggregate amount of 11.56 lakhs as intere free loans were given to e employees in e ordinary course of business. e balance outanding as at e end of e year are 26.18 lakhs loan given to e employees in e ordinary course of business. Furer company has not given any advance in e nature of loan to any party during e year.

(b) Loan to employees granted during e year are in e ordinary course of e business as per policy of e company and hence prima facie not prejudicial to e intere of e company.

(c) ipulations in respect of loans granted to e employees have been laid out and e repayments are regular. (d) e outanding amount of loan to employee of 26.18 lakhs is not overdue because payment in respect of e same is being recovered from e employees as per ipulations.

(e) No loan granted by e Company during e year which has fallen due has been renewed or extended or fresh loans granted to settle e over dues of exiing loans given to e same parties. (f) According to e information and explanations given to us and on e basis of our examination of e records of e Company, e Company has not granted any loans or advances in e nature of loan eier payable on demand or wiout specifying e terms or period of payments.

(iv) According to e information and explanations given to us, and on e basis of our examination of e records of e Company, it has not provided any loan/ guarantee or security or made any Invement during e year as speci ed under section 185 or 186 of e Act.

(v) In our opinion, and according to e information and explanations given to us, e Company has not accepted during e year any deposits (oer an e deposits from e Directors, which are exempt under sub clause (viii) of clause (c) of rule 2 of e Companies (Acceptance of Deposits) Rules, 2014. ere are no amounts which are deemed to be deposits wiin e meaning of Sections 73 to 76 of e Act and e Companies (Acceptance of Deposits) Rules, 2014 (as amended). It is also con rmed by e company at no order has been passed by e Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any oer tribunal in is regard.

(vi) It is certi ed by e management, at company is not required to maintain co records prescribed under Section 148(1) of e Companies Act 2013, since e same has not been speci ed by e Central Government. We have relied upon e assertions of e Management.

(viii) According to e information and explanations given to us and on e basis of our examination of e records, ere was no transaction relating to previously unrecorded income at have been surrendered or disclosed as income during e year in e Tax Assessments under e Income Tax Act, 1961(43 of 1961).

(ix) (a) As certi ed by e Bank (s) e Company has not defaulted in e repayment of e loans and intere ereon during e year in respect of credit facilities. However, certi cate from Axis Bank is awaited as informed by e management. But company has made payment as per repayment schedule. e company has not taken any loan from any oer lender oer an e Directors / group companies.

(b) As certi ed by e Bank, e Company has not been declared wilful defaulter.

(c) According to e information and explanations given to us, Company has applied e term loans (including working capital term loans) for e purposes for which e same have been obtained.

(d) e Long-term sources of funds comprising share capital, reserves and surplus and long-term loans (including security deposits payable after one year) are higher an e Long term application of funds comprising of PPE, CWIP and Intangible assets and e current ratio is 1.90 times. erefore, in our opinion on overall examination of balance sheet of e company, no funds raised on short term basis have been utilised for long term purposes.

(e) According to e information and explanations given to us and on overall examination of andalone nancial atements, e Company has not taken any funds from any entity or person on account of or to meet e obligations of its subsidiary, Joint venture or associates as de ned under e Act.

(f) Read wi note 40.3, e Company doesnt have any subsidiary, joint venture or Associates and hence reporting under clause 3(ix) (f) of e order regarding raising of loans by pledging e securities held in subsidiary etc. is not applicable.

(x) (a) e Company has not raised moneys by way of initial public offer or furer public offer (including debt inruments) during e year and hence reporting under clause 3(x)(a) of e Order regarding utilisation of e funds so raised is not applicable.

(b) According to e information and explanations given to us and on examination of records, during e year e Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partly or optionally convertible) and hence reporting under clause (x)(b) of e Order regarding compliances under section 42 and section 62 of e Companies Act, 2013 are not applicable to e Company.

(xi) (a) According to e information and explanations given to us and on examination of records, considering e principle of materiality outlined in e andards of Auditing, to e be of our knowledge no fraud by or on e Company has been noticed or reported during e year

(b) According to e information and explanations given to us and as certi ed by e Secretarial auditor, no report under sub-section (12) of section 143 of e Companies Act has been led in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 wi e Central Government, during e year and up to e date of is report.

(c) As represented by e Management, ere was no while blower complaints received by e Company during e year (and up to e date of is audit report).

(xii) In our opinion and according to e information and explanations given to us, e Company is not a Nidhi company and e Nidhi Rules, 2014 are not applicable to it. Accordingly, paragraph 3(xii) of e Order regarding maintenance of required Net owned fund to Deposit ratio and oer requirements are not applicable.

(xiii) According to e information and explanations given to us and based on our examination of e records of e Company and as certi ed by e management, transactions wi e related parties are in compliance wi sections 177 and 188 of e Act where applicable and details of such transactions have been disclosed in e notes to andalone nancial atements as required under Indian Accounting andard (Ind AS) 24, Related Party Disclosures speci ed in Companies (Indian Accounting andards) Rules 2015 as prescribed under Section 133 of e Act.

(xiv) (a) In our opinion e Company has internal audit syem which needs to be subantially rengened considering e size and e nature of its business in terms of scope coverage and compliance ereof.

(b) In view of e comments vide sub para (a) above, e internal audit reports for e year under audit, have not been timely furnished to us, Accordingly, we could not consider ese reports. Similar observation was also made by us in e la year report.

(xv) As per e information available and to e be of our knowledge in our opinion e Company has not entered into any non-cash transactions during e year wi its Directors or persons connected wi its directors and accordingly, reporting under clause 3(xv) of e Order wi respect to compliance wi e provisions of Section 192 of e Act are not applicable to e Company.

(xvi) (a) In our opinion, e Company is not required to be regiered under section 45-IA of e Reserve Bank of India Act, 1934. Accordingly, reporting under clause 3(xvi)(a),(b) and(c) of e Order is not applicable.

(b) In our opinion and based on e information and explanations given to us and as certi ed by e management, ere is two core invement company wiin e Group (as de ned in e Core Invement Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of e Order is not applicable.

(xvii) e Company has not incurred any cash losses in e current nancial year as well as e immediately preceding nancial year.

(xviii) ere has been no resignation of e atutory auditors of e Company during e year. Accordingly, reporting under clause 3(xviii) of e order is not applicable to e company.

(xix) According to e information and explanations given to us and on e basis of e nancial ratios disclosed in note 38 of e andalone nancial atements, ageing and expected dates of realisation of nancial assets and payment of nancial liabilities, oer information accompanying e andalone nancial atements and our knowledge of e Board of Directors and Management plans and based on our examination of e evidence supporting e assumptions, noing has come to our attention, which causes us to believe at any material uncertainty exis as on e date of e audit report indicating at Company is not capable of meeting its liabilities exiing at e date of balance sheet as and when ey fall due wiin a period of one year from e balance sheet date.

We, however, ate at is is not an assurance as to e future viability of e Company. We furer ate at our reporting is based on e facts up to e date of e audit report and we neier give any guarantee nor any assurance at all liabilities falling due wiin a period of one year from e balance sheet date, will get discharged by e Company as and when ey fall due.

(xx) Provisions of Section 135 of e Act are not applicable to e Company during e year. Accordingly, reporting under clause 3(xx) of e Order is not applicable for e year.

(xxi) e reporting under clause 3(xxi) of e Order is not applicable in respect of audit of andalone nancial atements of e Company. Accordingly, no comment has been included in respect of said clause under is report.

	For Madan & Associates
	Chartered Accountants
	Firm Regiration No: 000185N
	M.K Madan
	Proprietor
	Membership number: 082214
Place: New Delhi
Date: 30.05.2025
UDIN: 24082214BKEIWT1156
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