KIC Metaliks Ltd Auditor Reports

To The Members of

K I C Metaliks Limited

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying Financial Statements of K I C METALIKS LIMITED (the "Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Prot 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 Financial Statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Companies Act, 2013 (the "Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act, ("Ind AS") and other accounting principles generally accepted in India, of the state of aairs of the Company as at March 31, 2025 and its loss, total comprehensive loss, changes in equity and its cash ows for the year ended on that date.

Basis for opinion

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing ("SAs") specied Under Section 143(10) of the Act. Our responsibilities under those standards are further described in the auditors responsibilities for the audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Financial Statements under the provisions of the Act and the rules made thereunder, and we have fullled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sucient and appropriate to provide a basis for our audit opinion on the Financial Statements.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most signicance in our audit of the Financial Statements of the current period. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholders Information, Financial Statements and our auditors report thereon.

Our opinion on the 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 Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Board of Directors for the Financial Statements

The Companys Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash ows of the Company in accordance with the accounting principles generally accepted in India, including Ind AS specied under Section 133 of the Act. 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 eectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, management and Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Companys Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inuence the economic decisions of users taken on the basis of these Financial Statements.

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

• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sucient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal 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 with reference to Financial Statements in place and the operating eectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the 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 signicant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modiF.Y. our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial 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 signicant audit ndings, including any signicant deciencies in internal financial controls that we identiF.Y. 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.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that: a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. c) The Balance Sheet, the Statement of Prot and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid Financial Statements comply with the Ind AS specied under Section 133 of the Act. e) On the basis of the written representations received from the Directors as on March 31, 2025 taken on record by the Board of Directors, none of the Directors is disqualied as on March 31, 2025 from being appointed as a Director in terms of Section 164(2) of the Act. f) With respect to the adequacy of the internal financial controls with reference to Financial Statements of the Company and the operating eectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodied opinion on the adequacy and operating eectiveness of the Companys internal financial controls with reference to Financial Statements. g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of Section 197(16) of the Act, as amended, in our opinion and 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 of the Act. h) 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: i. The Company has disclosed the impact of pending litigations on its financial position in its Financial Statements. Refer Note 33 to the Financial Statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. 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 identied in any manner whatsoever by or on behalf of the Company ("Ultimate Beneciaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneciaries; 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 identied in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneciaries") or provide any guarantee, security or like on behalf of the Ultimate Beneciaries; 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. The Company has neither declared nor paid dividend during the year. vi. Based on our examination, which included test checks, the Company has used accounting software systems for maintaining its books of account for the financial year ended March 31, 2025 which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software systems. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

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, we give in "Annexure A" a statement on the matters specied in paragraphs 3 and 4 of the Order.

For Agarwal Maheswari & Co. ateed ccuntants

(Firms Registration No. 314030E)

Dhanpat Ram Agarwal atne

Place: Kolkata Membership No. 051484 Dated: The 21^st day of May, 2025 UDIN: 25051484BMOXVB9618

Annexure "A" to the Independent Auditors Report

Referred to in Paragraph 1 under ‘Report on Other Legal and Regulatory Requirements of our report to the members of K I C Metaliks Limited for the year ended 31st March, 2025 i. (a) In respect of Companys Property, Plant and Equipment, Capital Work-in-Progress, Right-of-Use-Assets and Intangible Assets (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment, capital work-in-progress, right-of-use-assets.

(B) The Company does not have any intangible assets, so such para is not applicable.

(b) According to the information and explanation given to us and on the basis of our examination of the records of the Company, the Company has a programme of physical verication of Property, Plant & Equipment, Capital Work-in-Progress and Right-of-Use-Assets to cover all the assets once every three year which in our opinion is reasonable regarding the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the Property, Plant & Equipment has been physically veried by the management during the year and no material discrepancies were noticed on such verication.

(c) According to the information and explanation given to us and on the basis of our examination of the records of the Company, the Company does not have any immovable properties (other than lease hold land where the Company is a lessee and lease agreement is duly executed in favour of the lease) as such reporting Under Clause (i)(c) is not applicable.

(d) According to the information and explanation given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, Plant and Equipment (including right of use assets) during the year.

(e) According to the information and explanation given to us and on the basis of our examination of the records of the Company, no proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder during the year. ii. (a) The management has conducted physical verication of inventory at reasonable intervals during the year, in our opinion, the coverage and procedure of such verication by the management is appropriate. As informed to us, any discrepancies of 10% or more in the aggregate for each class of inventory were not noticed on such verication.

(b) The Company has been sanctioned working capital limits in excess of ve crore rupees, in aggregate, from banks on the basis of security of movable, immovable and current assets. The Company has led quarterly returns or stock statements with such banks which are in agreement with the books of accounts of the Company; iii. The Company has during the year, not made investments, not provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, rms, limited liability partnerships or any other parties. Accordingly, the provisions of clauses (iii) (a), (b), (c), (d), (e), (f), of the order are not applicable to the Company. iv. According to the information and explanation given to us, and on the basis of our examination of the records of the Company, the Company has not provided guarantees or security as specied Under Section 185 and 186 of the Companies Act, the Company has not granted loans, nor made any investments to the parties covered Under Section 185 and 186 of the Companies Act, 2013. Therefore reporting under Clause (iv) of the order is not applicable to the Company. v. The Company has not accepted any deposits or amounts which are deemed to be deposits within the meaning of Sections 73, 74, 75 & 76 of the Act and the Rules framed thereunder to the extent notied. Accordingly, the provisions of Clause (v) of the order are not applicable.

Annexure "A" to the Independent Auditors Report vi. We have broadly reviewed the books of accounts maintained by the Company pursuant to rules prescribed the central government has specied maintenance of cost records Under Sub-Section (1) of Section 148 of the Act, in respect of manufactured goods by the Company and are of the opinion that prima facie, the prescribed amount and records have been made and maintained. However, we have not carried detailed examination of the records with a view to determine whether these are accurate or complete. vii. In respect of statutory dues: (a) In our opinion, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income-tax, Goods and Service Tax (GST), Custom Duty, Cess and other statutory dues as applicable. There were no undisputed amounts payable with respect to above statutory dues in arrears as at 31st March, 2025 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, following are the statutory dues arrear as at 31st March, 2025 which has not been deposited on account of dispute.

Name of the Statute	Nature of Dues	Amount (net of payments) RS ( in lakhs)	Amount Paid (RS in lakhs)	Period to which the Amount Relates	Forum from where the dispute is pending
Central Excise Act, 1944	CENVAT Credit Disallowed	14.34	1.43	F.Y. 2016-17	CESTAT
WBSGST Act, 2017	E-Way Bill	22.50	5.63	F.Y. 2022-23	High Court, Kolkata

viii. According to the information and explanation given to us, and on the basis of our examination of the records of the Company has no transactions, not 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), that has not been recorded in the books of account. ix. (a) According to the information and explanation given to us, and on the basis of our examination of the records of the Company, 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 examination of the records of the Company has not been declared wilful defaulter by any bank or financial institution or other lender. (c) According to the information and explanation given to us, and on the basis of our examination of the records of the Company, term loans availed by the Company were applied by the Company for the purpose for which the loans were obtained; (d) According to the information and explanation given to us, funds raised on short term basis, prima facie, have not been utilised for long term purposes; (e) According to the information and explanation given to us, the Company does not have any subsidiaries during the year, as such the para is not applicable. x. (a) The Company has not raised moneys by way of initial public oer or further public oer (including debt instruments) during the year, as such this paras not applicable.

(b) According to the information and explanation given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year as such this paras not applicable.

uaReport

Annexure "A" to the Independent Auditors Report xi. 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 information and explanation given to us.

(a) We have neither come across any instances of material fraud by the Company or any fraud on the Company noticed or reported during the year, nor have we been informed of any such case by the management. (b) No report under Section 143(12) of the Companies act has been led by the auditors in form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the central government, therefore reporting under Clause xi(b) of the order are not applicable to the Company.

(c) As represented to us by the management, no whistle-blower complaints, received during the year by the Company. xii. The Company is not a Nidhi Company, therefore reporting under clause (xii) of the order is not applicable to the Company. xiii. According to the information and explanations given to us, we are of the opinion that all transactions with related parties are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements, as required by the applicable accounting standards and the Companies Act, 2013. xiv. (a) According to the information and explanations given to us, the Company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the reports of the internal auditors for the period under audit. xv. According to the information and explanations given to us, we are of the opinion that the Company has not entered into any non-cash transactions with directors or persons connected with him and accordingly the reporting on compliance of the provisions of Section 192 of the Act under Clause (xv) of the order is not applicable. xvi. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 Therefore reporting under Clause (xvi)(a) of the order is are not applicable to the Company.

(b) The Company has not conducted any Non-Banking Financial or Housing Activities without a valid Certicate of Registration (COR) from the Reserve Bank of India as per the Reserve Bank of India Act,1934, therefore reporting under Clause (xvi)(b) of the order is are not applicable to the Company.

(c) The Company is not a Core Investment Company (CIC) as dened in the regulations made by the Reserve Bank of India, accordingly the provisions of Clause (xvi) (c) of the order are not applicable.

(d) Based on information and explanation provided by the management, there is no Core Investment Company within the Group [as dened in the Core Investment Companies (Reserve Bank) Direction, 2016], accordingly the provisions of Clause (xvi) (d) of the order are not applicable. xvii. According to the information and explanations given to us and based on the audit procedures conducted we are of opinion that the Company has not incurred any cash losses in the financial year and the immediately preceding financial year. xviii. There has been no resignation of the statutory auditors during the year and accordingly, the provisions of Clause (xviii) of the order is not applicable. xix. According to the information and explanations given to us, on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the Financial Statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is incapable 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

Annexure "A" to the Independent Auditors Report 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. The Company has during the year spent the amount of Corporate Social Responsibility as required under Sub Section (5) of Section 135 of the Act. Accordingly reporting under Clause (xx) of the order is not applicable for the Company. xxi. The reporting under Clause (xxi) of the order is not applicable in respect of audit of Financial Statements. Accordingly, no comment in respect of the said Clause is included in this report.

For Agarwal Maheswari & Co. ateed ccuntants

(Firms Registration No. 314030E)

Dhanpat Ram Agarwal atne

Place: Kolkata Membership No. 051484 Dated: The 21^st day of May, 2025 UDIN: 25051484BMOXVB9618

Independent Auditors Report

Annexure "B" to the Independent Auditors Report

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 K I C Metaliks Limited ("the Company") as of 31st March, 2025 in conjunction with our audit of the Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management 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 Guidance Note on Audit of Internal Financial Controls over financial Reporting issued by the Institution of Chartered Accountants of India (ICAI). These responsibilities includes the design, implementation and maintenance of adequate internal financial controls that were operating eectively for ensuring the orderly and ecient conduct of its business, including adherence to the 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 financial information, as required under the Companies Act, 2013.

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 Guidance Note on internal financial controls over Financial Reporting (the ‘Guidance Note) and the Standard of Auditing, issued by ICAI and deemed to be prescribe Under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and, both issued by ICAI. Those standard and Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated eectively in all material respects.

Our audit involves performing procedure to obtained audit evidence about the adequacy of the internal financial controls system over the financial reporting and there operating eectiveness. Our audit of the internal financial controls system over the financial reporting includes obtaining an understanding of internal financial controls system over the financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating eectiveness of internal control based on assessed risk. The procedures selected depend on Auditors judgment, including the assessment of the risk of material misstatement of Financial Statement, whether due to fraud or error.

We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls with Reference to Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting, includes the possibility of collusion or improper management override of controls, material misstatement due to error or fraud may occur and not be detected. Also, projection of any evaluation of internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial control over financial reporting were operate eectively as at 31st March 2025, 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 Institute of Chartered Accountants of India.

For Agarwal Maheswari & Co. ateed ccuntants

(Firms Registration No. 314030E)

Dhanpat Ram Agarwal atne

Place: Kolkata Membership No. 051484 Dated: The 21^st day of May, 2025 UDIN: 25051484BMOXVB9618