Maithan Alloys Ltd Auditor Reports

Tothe Members of

Maithan Alloys Limited

REPORT ON THE AUDIT OF STANDALONE FINANCIAL STATEMENTS

Opinion

We have audited the accompanying Standalone Financial Statements of Maithan Alloys Limited (the Company), which comprise the Balance sheet as at March 31, 2025, the Statement of Profit and Loss, (including Other Comprehensive Income), the Statement of Changes in Equity and the Cash Flow Statement for the year then ended, and notes to the Standalone Financial Statements, including a summary of material 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the state of affairs (financial position) of the Company as at March 31, 2025, its profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context:

Descriptions of the Key Audit Matter	How our audit addressed the Key Audit Matter
Revenue Recognition	Our audit procedures included the following:
(Refer Note No. 3and35 of the Standalone Financial Statements):	\u2022 Assessed the Companys revenue recognition accounting policies in line with Ind AS 115 (Revenue from Contracts with Customers) and tested thereof.
Revenue from the sale of products (hereinafter referred to as Revenue) is recognised when the Company performs its obligation to its customers and the amount of revenue can be	\u2022 Evaluated the design, implementation and operating effectiveness of Companys controls in respect of revenue recognition.
measured reliably and recovery of the consideration is probable. The timing of such revenue recognition in case of sale of products is when the control over the same is transferred to the	\u2022 Tested the effectiveness of such controls over revenue cut off at year-end.
customer. The timing of revenue recognition is relevant to the reported performance of the Company. The management considers revenue as a key measure for evaluation of	\u2022 On a sample basis, tested supporting documentation for sales transactions recorded during the year which included sales invoices, customer contracts and shipping documents.
performance. There is a risk of revenue being recorded before control is transferred.	\u2022 Performed analytical review procedures on revenue recognised during the year to identify any unusual and/or material variances
We determine this to be key audit matter to our audit report due to quantum of amount involved.	\u2022 Tested selected samples of revenue transactions recorded before and after the financial year end date to determine whether the revenue has been recognised in the appropriate financial period.
	\u2022 Evaluated the appropriateness and adequacy of disclosures in the financial statements in respect of revenue recognition with the applicable standards. Based on above procedures, we concluded that the revenue has been recognised and measured as per IND AS 115.
Existence and Valuation of Investment	Our audit procedures included the following:
(Refer Note No. 3,9 and 15 of the Standalone Financial Statement):	\u2022 We understood, assessed and tested the design and operating effectiveness of key controls surrounding fair valuation of investments.
The company holds Current and Non-Current Investments amounting to Rs 1,977.82 crores and Rs 1076.01 crores respectively which represents 64.75% of total assets as at March 31, 2025.The Investments comprise of mutual funds, quoted equity shares, unquoted equity shares, alternate investment funds and investment through	\u2022 We have verified the Brokers Demat holding statements, statement of account, PMS Portfolio holding statements as at March 31, 2025 for Equity Shares, Mutual Funds, Alternative Investment Funds, and PMS investments to confirm the existence and ownership of the Companys investment portfolio. The same has also been corroborated with the NSDL CAS statement.
portfolio management service (PMS). The investments being financial instruments needs to be appropriately designated at fair value through profit or loss, fair value	\u2022 We have assessed the independence and competence of the valuation expert appointed by the management.
through other comprehensive income (not to be reclassified) or at amortized cost. Further, these financial instruments need to be valued and classified as Level 1, 2 or 3 financial instruments as per the fair value hierarchy. We determine this to be key audit matter to our audit report due to quantum of amount involved.	\u2022 We have verified on sample basis the fair valuation of all Investments held as at March 31, 2025 to the Net Assets Value provided by the respective Mutual funds and Alternate Investment Funds, market value of debenture or bonds and quoted equity shares from source data, valuation of unquoted equity shares from report issued by valuation expert engaged by management, Market Value of investment made in PMS though its holding statement. And tested the arithmetical accuracy of the calculation of valuation of investments.
	\u2022 Assessed adequate disclosures in financial statements in respect of investment. Based on the audit procedures performed, we are satisfied with valuation and existence of current and non-current investments.

Information Other than the Standalone 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 Annual report but does not include the Standalone Financial Statements and our auditors report thereon.

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 financial statements or our knowledge obtained in the 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 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 including other

comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 the 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 give a true and fair view and 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. Those Board of Directors are 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 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 influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional

judgment and maintain professional skepticism throughout the

audit. We also:

Identify and assess the risks of material misstatement of the 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. 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(l) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to standalone financial statements 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. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure, and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achievesfair 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 (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements.

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.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 (the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order.

As required by section 143(3) of the Act, based on our audit, we reportthat:

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

© The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the 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 companies (Indian Accounting Standards) Rules, 2015, as amended;

On the basis of the written representations received from the directors taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164(2) of the Act;

The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2(b) above on reporting under section 143(3)(b) of

the Act and paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,2014.

With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B.

With respect to the other matters to be included in the Auditors Report in accordance with the requirement 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/provided by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act read with Schedule V to the Act except the payment of INR 1.74 crores paid to directors in excess of limits approved by the shareholders. Refer note No. 20 of the Standalone Financial Statements.

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 Standalone Financial Statements - Refer Note 55 to the Standalone Financial Statements.

The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as on March 31,2025.

There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by theCompany.

(a) The management has represented to us that, to the best of

its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entities, including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf ofthe Ultimate Beneficiaries.

(b) The management has represented to us that, to the best of its knowledge and belief, no funds have been received by

the company from any person(s) or entity(ies), including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries and

Based on our audit procedures that are 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 paragraph 2(h) (iv)(a) &(b) above, contain any material misstatement.

(a) The Interim dividend declared and paid by the company

until the date of this audit report is in accordance with Section 123 of the Act. The final dividend paid by the company during the year, in respect of the same declared for the previous year, is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.

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

Based on our examination, which included test checks, the Company has used accounting software including payroll accounting software for maintaining its books of account for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all the relevant transactions recorded in the accounting software, except in respect of the accounting software, the audit trail feature was not enabled at the database level up to May 13, 2024 and in respect of the payroll accounting software, the audit trail feature was not enabled at the database level throughout the year.

Further, during our audit, we did not come across any instance of audit trail feature being tampered with in respect of accounting software including payroll accounting software.

Additionally, the audit trail has been preserved by theCompany as per the statutory requirements for record retention to the extent it was enabled and recorded in the respective years.

	For Singhi & Co.
	Chartered Accountants
	Firm Registration Number: 302049E
	(Shrenik Mehta)
	Partner
Place: Kolkata	Membership Number: 063769
Date: May 28, 2025	UDIN: 25063769BMMIRB5059

Annexure Ato the Independent Auditors Report

Referred to in paragraph 1 under the heading Report on Other Legal and Regulatory Requirements of our Independent Auditors Report of even date to the members of Maithan Alloys Limited on the Standalone Financial Statements as of and for the year ended March 312025., we report that:

In respect of matters specified in clause (i) of the order:

i) The Company is maintaining proper records showing full

particulars, including quantitative details and situation, of Property, Plant and Equipment.

ii) The Company has maintained proper records showing full particulars of intangible assets.

According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has a regular programme of verification of property, plant and equipment to cover all the items in a phased

manner, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain property, plant and equipment were physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification

According to the information and explanations given by the management, and on the basis of our examination of the records of the Company, the title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) as disclosed in the Standalone Financial Statements are held in the name of the Company, except for the following:

Description of property	Gross Carrying Value (Rs. In Cr)	Held in the name of	Whether promoter, director or their relative or employee	Period held since	Reason for not being held in the name of the company
Land at Visakhapatnam	1.38	Anjaney Alloys Limited	No	Since 2016 till date	The title of asset transferred pursuant to the scheme of amalgamation in the year 2016 and the company is in process of transferring the title in the name of the company.

According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets duringtheyear.

Based on the information and explanations furnished to us, no proceedings have been initiated on or are pending against the Company for holding benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder, and therefore the question of our commenting on whether the Company has appropriately disclosed the details in its Standalone Financial Statements does not arise.

In respect of matters specified in clause (ii) of the Order:

According to the information and explanations given to us, the inventory (excluding inventory in transit) has been physically

verified by the management along with independent party duringtheyear and in our opinion, the frequency of verification is reasonable and procedure and coverage as followed by the management were appropriate. In respect to inventory for goods in transit, subsequent evidence of receipts has been linked with inventory records. The discrepancies noticed on physical verification of inventory as compared to book records were not 10% or more in aggregate for each class of inventory.

During the year, the Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, from banks on the basis of security of current assets. The Company has filed quarterly returns or statements with such banks, which are not in agreement with the books of account, however such differences between the amounts disclosed to the banks and those as per the books of accounts as given in the table below have been reconciled. (Also refer Note 28 to the Standalone Financial Statements)

( In Cr.) Name of the Bank	Aggregate working capital limits sanctioned	Quarter	Amount disclosed as per quarterly return/statements	Amount as per books of account	Diff	Reason
State Bank of India and consortium of banks	540	Jun-24	747.61	738.42	9.19	The Difference is due to exclusion of related party debtors, adjustments pertaining to cut-offs, goods in transit and adjustment of debit/ credit notes of provisional prices which are not considered in statements submitted to Banks.
	540	Jun-23	647.10	643.43	3.67
	540	Sep-24	642.40	668.65	(26.25)
	540	Sep-23	688.50	703.59	(15.09)
	540	Dec-24	544.84	534.84	10.00
	540	Dec-23	795.06	771.34	23.72
	540	Mar-25	606.94	597.70	9.24
	540	Mar-24	737.88	715.63	22.25

The amount disclosed as per quarterly return/statements constitute Trade Receivables upto 90 days (from due date) and Inventories excluding stores & spares but in books of accounts the amount constitute of Trade Receivables and Inventories excluding stores and spares.

In respect of matters specified in clause (iii) of the Order:

The Company has made investment during the year in two subsidiary companies, mutual funds, preference shares of a subsidiary company equity shares, alternate Investment Funds and investment through portfolio management service (PMS). According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not granted secured/unsecured loans / advances in the nature of loans to any Company/Firm/Limited

Liability Partnership/other party during the year other than unsecured loans given to five subsidiary Companies and loan granted to two other body corporates. The Company did not stood as a guarantee, or provided security to any Company/Firm/Limited Liability Partnership/other party during the year. The aggregate amount of loan granted during the year and balance outstanding as at the balance sheet date with respect to such loans granted to aforesaid companies and body corporates are as per the table given below:

( In Cr.) Particulars	Guarantees	Security	Loans	Advances in nature of loan
Aggregate amount granted/provided during the year:
Subsidiaries	Nil	Nil	404.76	Nil
Others - Loan to Body Corporate	Nil	Nil	6.75	Nil
Balance outstanding as at Balance Sheet date in respect of above cases: Subsidiaries	Nil	Nil	427.76	Nil

According to the information and explanations given to us and based on the audit procedures conducted by us, in our opinion the above investments made and the terms and conditions of the grant of loans during the year are, prima facie, not prejudicial to the Companys interest.

In our opinion and according to the information and explanation given to us, certain loans and advances in the nature of loans granted by the company are repayable on demand. During the year the Company has not demanded repayment of such loans or advances. Accordingly, having regard to the fact that the repayment of principal or payment of interest has not been demanded by the Company, in our opinion the repayments of principal amounts and receipts of interest are regular. In addition to the above, the Company has also granted long-term loan to two subsidiaries, repayable after a period of three years, wherein the principal and interest are

both payable at the end of the term and hence not fallen due. In our opinion and according to the information and explanation given to us, in respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts and receipts of interest are generally been regular as per stipulation.

There are no amounts of loans and advances in the nature of loans granted to companies, firms, limited liability partnerships or any other parties which are overdue for more than ninety daysin respect ofloangiven.

According to the information and explanations given to us and on the basis of our examination of the records of the Company and, there is no loan given falling due during the year, which has been renewed or extended or fresh loans given to settle the

overdue ofexisting loan given to the same party. the Company has granted Loans which are repayable on

demand, details of which are given below:

According to the information and explanations given to us and on the basis of our examination of the records of the Company,

	As at 31-Mar-2025	As at 31-Mar-2025
Type of Borrower	Amount of loan or advance in the nature of loan outstanding (in Crores)	Percentage of loans/ advances in nature of loans to the total loans
(A) Repayable on demand
Promoters	-	-
Directors	-	-
KMPs	-	-
Related Parties	409.94	94.72%
Others	5.00	1.16%

In our opinion, the Company has complied with the provisions of Sections 186 of the Act, in respect of the investments made and loans and guarantees given by it. The Company has not granted any loans or made any investments or provided any guarantees or security to the parties covered under Sections 185 of the Act. Therefore, the reporting under clause 3(iv) of the Order to that extent is not applicable to the Company.

According to information and explanations given to us, the Company has not accepted any deposits or amounts which are deemed to be deposits from the public within the meaning of Sections 73,74,75 and 76 of the Act and the Rules framed there under to the extent notified. Hence reporting under clause (v) of the order is not applicable.

We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the central government under sub section (1) of section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have,

however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

In respect of matters specified in clause (vii) of the Order:

According to the information and explanations given to us and on the basis of our examination of records of the Company, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Goods & Services Tax, Duty of Customs, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed dues as above were outstanding as at March 31, 2025 for a period of more than six months from the date they became payable.

According to the information and explanations given to us and the records of the Company examined by us, the particulars of statutory dues referred to in sub-clause (a) as at March 31, 2025, which have not been deposited on account of a dispute, are as follows:

		Amount ( in Crores)	Period to which the
Name of the statute	Nature of dues		amount relates (Financial Year)	Forum where the dispute is pending
The Central Excise Act, 1944	Excise Duty & Service Tax	0.25	2008-09	Additional commissioner, Bolpur Commissionerate
Finance Act, 1994	Service Tax	0.05	2017-18	Commissioner (Appeal), Siliguri
The Central Excise Act, 1944	Excise Duty & Service Tax	0.46	2015-16 & 2016-17	CESTAT, Kolkata
The Central Excise Act, 1944	Excise Duty & Service Tax	2.83	2017-18	Additional commissioner, Bolpur Commissionerate
The Central Excise Act, 1944	Excise Duty & Service Tax	1.73	2020-21	Hight Court Of Meghalaya at Shillong
Income Tax Act,1961	Income Tax	0.50	2019-20	Assessing Officer (National Faceless Appeal Centre of Income Tax)
Income Tax Act,1961	Income Tax	0.47	2017-18	Assessing Officer (National Faceless Appeal Centre of Income Tax)

Name of the statute	Nature of dues	Amount (Rs. in Crores)	Period to which the amount relates (Financial Year)	Forum where the dispute is pending
Goods & Service Tax Act	Good and Service Tax	0.48	2017-2018	Commissioner (Appeal), Siliguri
Goods & Service Tax Act	Good and Service Tax	0.38	2019-2020	Superintendent, Central Tax, Range-IV, Asansol-II Division, Bolpur Commissionerate
Goods & Service Tax Act	Good and Service Tax	0.56	2020-21 & 2021-22	Superintendent, Central Tax, Range-IV, Asansol-II Division, Bolpur Commissionerate
Goods & Service Tax Act	Good and Service Tax	0.04	2020-21	Commissioner (Appeal), Siliguri
Goods & Service Tax Act	Good and Service Tax	0.46	2022-23	Superintendent, Central Tax, Range-IV, Asansol-II Division, Bolpur Commissionerate
Andra Pradesh VAT ACT	Value Added Tax	0.13	2013-14	APVAT Appellate Tribunal

According to the information and explanations given to us, no transactions were surrendered or disclosed as income during the year in the tax assessments under the Income Tax act ,1961 which have not been previously recorded in the books of account.

In respect of matters specified in clause (ix) of the Order:

According to the records of the Company examined by us and the information and explanations given to us, the company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender during the tear.

According to the information and explanations given to us, the Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

The Company has not raised any term loans outstanding during the year hence, the requirement to report on the clause (ix)(C) of the order is not applicable to the company.

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

According to the information and explanations given to us and on an overall examination of the financial statements of the company, we report that the company has taken funds from following entity on account of or to meet the obligations of its Wholly Owned Subsidiaries (WOS) as per details below:

Nature of Fund Taken	Name of Lender	Amount Involved ( in Crore)	Name of the Subsidiary	Relation	Nature of transaction for which funds utilized	Remarks, if any
Flexi Loan	Bajaj Finserv	80	Anjaney Minerals Pvt Ltd	Wholly Owned Subsidiary (WOS)	Obligation for acquisition of Land Bank (Inventory) by WOS	Nil
Flexi Loan	Bajaj Finserv	79	Salanpur Sinters Pvt Ltd	Wholly Owned Subsidiary (WOS)	Obligation for acquisition of Land Bank (Inventory) by WOS	Nil

The Company has not raised loans during the year on the pledge of securities held in its subsidiaries.

In respect of matters specified in clause (x) of the Order:

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

The Company has not made any preferential allotment or private placement of shares or fully or partly or optionally convertible debentures during the year. Accordingly, clause 3(x)(b)ofthe Order is not applicable to the company,

According to the information and explanations given to us and as represented by the Management and based on our examination of the books and records of the Company andin accordance with generally accepted auditing practices in India, no material case of frauds by the Company or on the Company has been noticed or reported during the course of audit nor have we been informed any such case bythe management.

According to the information and explanations given to us, during the year, no report under subsection (12) of Section 143 of the Companies Act, 2013 has been filed by the Auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

In our opinion and according to the information and explanation provided to us, the company is not a Nidhi Company, therefore, the reporting under Clause 3 (xii)(a), 3(xii)(b) and 3(xii)(c) of the Order is not applicable.

In our opinion and according to the information and explanations given by the management, the Company has entered into transactions with related parties in compliance with the provisions of section 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required by the applicable Indian accounting standards.

In respect of matters specified in clause (xiv) of the Order:

In our opinion and based on our examination, the Company has an internal audit system commensurate with the size and nature of its business.

The internal audit reports of the company issued till date of the audit report, for the period under audit have been considered by us.

According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into any non-cash transactions with its directors or persons connected to its directors. Accordingly, clause 3(xv) of the Order is not applicable.

In respect of matters specified in clause (xvi) of the Order:

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

The Company has not conducted any Non-Banking Financial or Housing Finance activities during the year. Accordingly, the reporting under Clause 3(xvi)(b) of the Order is not applicable to the Company.

The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Company.

As represented by the Management, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable. We have not, however, separately evaluated whether the information provided by the management is accurate and complete.

According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not incurred any cash losses during the current year 2024-25 and immediately preceding financial year 202324.

There has been no resignation of the statutory auditors during the year and accordingly clause 3(xviii) is not applicable to the company.

According to the information and explanations given to us and on the basis of the financial ratios (refer Note 54 of the Standalone Financial Statements), 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 that company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

In respect of matters specified in clause (xx) of the Order:

In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act. This matter has been disclosed in Note 44(i) of the Standalone Financial Statements. Accordingly, clause 3(xx)(a) of the Order is not applicable for the year.

There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account in compliance of provision of sub section (6) of section 135 of Companies Act. This matter has been disclosed in note 44(1) of the Standalone Financial Statements. Accordingly, clause 3(xx)(b) of the Order is not applicable for the year.

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

	For Singhi & Co.
	Chartered Accountants
	Firm Registration Number: 302049E
	(Shrenik Mehta)
	Partner
Place: Kolkata	Membership Number: 063769
Date: May 28, 2025	UDIN: 25063769BMMIRB5059

Annexure Bto the Independent Auditors Report

(Referred to in paragraph 2 (g) under Report on Other Legal and Regulatory Requirements section of our Independent Auditors Report to the Members of even date to the Members of Maithan Alloys Limited on the Standalone Financial Statements as of and for the year ended 31st

March 2025)

Report on the Internal Financial Controls with reference to

Standalone Financial Statements under clause (i) of sub-section 3

of Section 143 of the Companies Act, 2013 (the Act)

We have audited the internal financial controls with reference to financial statements of Maithan Alloys Limited (the Company) as of March 31, 2025 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 Companys management and Board of directors are responsible for establishing and maintaining internal financial controls based on the internal control with reference to Standalone Financial Statements 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 (the Guidance Note) issued by the Institute of Chartered Accountants of India (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 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to these Standalone Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to Standalone Financial Statement. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to these Standalone Financial Statements were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to these Standalone Financial Statements and their operating effectiveness. Our audit of

internal financial controls with reference to the Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to these Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the Standalone Financial Statements, whether duetofraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A companys internal financial controls with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial controls with reference to Standalone Financial Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to Standalone Financial Statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occurand not be detected. Also, projectionsof any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the

internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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 with reference to Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at March 31, 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 issued by Institute of Chartered Accountants of India.

	For Singhi & Co.
	Chartered Accountants
	Firm Registration Number: 302049E
	(Shrenik Mehta)
	Partner
Place: Kolkata	Membership Number: 063769
Date: May 28, 2025	UDIN: 25063769BMMIRB5059