Mangalam Alloys Ltd Auditor Reports

To

the Members

Mangalam Alloys Limited.

Report on the Audit of the Standalone Financial Statements

Opinion .

We have audited the accompanying Standalone financial statements of Mangalam Alloys Limited, which comprise the Standalone Balance Sheet as at March 31, 2025, standalone Statement of Profit and Loss, and Standalone Statement of Cash Flows for the year ended, and a summary of 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 accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit 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 Companies Act, 2013.

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 together with the ethical requirements that are relevant to our audit of the Standalone financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, 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. We have determined the matters described below to be the key auditunatters to be communicated in our report. ,

Key Audit Matter AuditorsResponse

Sr. No Key Audit Matter	Auditors Response
1 Contingent Liabilities	Principal Audit Procedure
Contingent Liabilities are for ongoing litigations and claims before various authorities and third : parties. These relate to indirect tax and claims not acknowledge as debt	- Obtained details of disputed claims as . on March 31, 2025 from the management - Discussed with the management about the significant judgment considered in determining possible outcome and future cash outflows of these disputes.
Contingent liabilities are considered as key audit matters as the amount involved is significant and it also involves significant management judgement to determine possible outcome and future cash outflows of these disputes.	Verified relevant documents related to disputes.
	- Evaluated made and overall presentation in the Standalone Financial Statements.
2 Inventories
The Companys inventory, generally, is located at its plant at Chattral. The Company has a policy of performing verification of its inventory at these locations. The Company has conducted the physical verification of inventories as at 7th April, 2025 to 18th April, 2024 by engaging specialists (management experts).	With respect to existence of inventories at the year end, we performed the following procedures
	• Understood and evaluated the Managements internal controls process to establish the existence of inventory such as:
	(a) the process of physical verification i carried out by the Management, the scope j and coverage of the verification programme, the results of such verification including analysis of discrepancies, if any
	(b) maintenance of stock records at all locations
	• Understood and evaluated the competence, independence and objectivity of the experts engaged by the Management.
	• Checked roll back procedures from the date of the physical verification to the year end.
	• On a sample basis, tested the quantity reconciliation from 1st April, 2024 to 31st March, 2025 of raw materials, and finished goods, that was prepared by the^iVr Management.

Information Other than the Standalone financial statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Corporate Governance Report, and Shareholders Information 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 the other information is materially inconsistent with the Standalone 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 Those Charged with Governance for the Standalone financial statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone 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 Ind AS and other accounting principles generally accepted in India, including the accounting Standards specified 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 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 the Board of Directors is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or hasfld *_lX realistic alternative but to do so. /

The 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 js 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 have 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 financial control relevant to the audit in order to : design audit procedures that are appropriate in the circumstances. Under section

; 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether

the Company has adequate internal financial controls system in place .and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by 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 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 auditors 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 achieves faro presentation.

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 identify matter that were of such significance in the audit of the Standalone financial statements for the financial year ended March 31, 2025, that they would be considered key audit matters. Accordingly, such matters have been described in our auditors report. Furthermore, there were no circumstances where disclosure was precluded by law or regulation, or where, adverse consequences were expected to outweigh the public interest benefits of such communication.

Other Matter

The financial statements of the Company for the year ended March 31, 2024, were audited by predecessor auditor whose report dated 30^th May, 2024 expressed an unmodified opinion on those Financial Statements.

Report on Other Legat and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

a. We have sought and obtained ail 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 Profit and Loss and the Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account.

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

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 disqualified 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 interna! financial controls over financial reporting of _:

the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure 6. Our report expresses an unmodified opinion on the adequacy and operating

effectiveness of the Companys interna! financial controls over financial reporting

g. With respect to the other matter to be included in the Auditors Report under 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. The remuneration paid is in accordance with the provisions of Section 197 of the Act read with Schedule V 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 standalone financial statements. Refer note no. 34 to the standalone financial statements. ^

ii. The Company did not have any long-term contracts, including derivative contracts

for which there were any material foreseeable losses. :

iiii During the yeah there were no amounts which were 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 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 persons 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 of the Ultimate Beneficiaries.

(b) The management has represented, that, to the best of its knowledge and belief,

: no funds (which are material either individually or in aggregate) have been

received by the Company from any person or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or „ otherwise, that the Company shall, whether, directly or indirectly, lend orinvest 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, the like on behalf of the Ultimate Beneficiaries; and ^;,j

(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

Lis to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) & (b) above, contain any material misstatement.

v. The Company has not declared or paid dividend during the year. :

vi. Based on our examination, which included test checks, the company has used

accounting software for maintaining it books of account which has a feature of : recording audit trail (edit log) facility. However, the same has not operated through out : the: year for all the relevant transactions recorded in the software, Further during the course of our audit we could not establish the systematic and chronological order of transactions recorded during the year.

ANNEXURE "A" TO THE INDEPENDENT AUDITORSREPORT

(Referred to in Paragraph 1 under the heading "Report on other Legai and Regulatory

Requirements" of our report of even date)

: In terms of the information and explanations sought by us and given by the Company and

Books of account and records examined by us in the normal course of audit and to the best

of our knowledge and belief, we state that:-

i. (a) In respect of the Companys Property, Plant and Equipment and Intangible Assets:

• The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.

• The Company has maintained proper records showing full particulars of intangibles

. assets. ^:

(b) Property, Plant and Equipment have been physically verified by the management according to a phased programme designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, certain property, plant and equipment have been physically verified by the Management during the year and no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company provided to us, we report that, the title in

respect of self-constructed buildings and title deeds of all other immovable properties

(other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the financial statements are held in the name of the Company as at the balance sheet date. :

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

: (e) There are no proceedings initiated or are pending against the Company for holding any

benami property under the Prohibition of Benami Property Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder. ^;

ii. In Respect of Inventories !

(a) The Inventories have been physical verified by the management at reasonable intervals during the year. In our opinion, the coverage and procedure of such physical verification by the management is appropriate, No material discrepancies noticed on

such physical verification. V

(b) The Company has been sanctioned working capital limits in excess of Rs. 5 crore- in aggregate, at points of time during the year, from banks on the basis of security of current assets. No material discrepancies were noticed between half yearly returns /

statements of current assets and current liabilities submitted by the Company with the Bank and the books of accounts. .

iii. In respect of investment made, guarantee or security provided and granted any loans or advances in nature of loans: ^

During the year, the Company has neither provided any security to companies, firms, limited liability partnerships nor invested in the company and any other

; parties. The company has not provided any guarantee to the company or any other parties. During the year, the Company has granted unsecured loan to company in respect of which details are described below :

(a) The Company has provided loans and details of loan given and outstanding balances of loan given are given below \ _:

Particulars	Loans	Guarantees
A. Aggregate Amount of Loan provided during the year .	14.29	0.00
Other (Related Party) - .	Nil	Nil
B, Balance Outstanding as at Balance Sheet date in respect of above cases.	14.29	0.00
Others (Related Party)	Nil	Nil

(b) In respect of loans given by the Company, and terms and condition of grant of loan during the year, prima facie, not prejudicial to the interest of the Company.

(c) In respect of loans granted by the company, the schedule of repayment of principal

and payment of interest, wherever applicable, have been stipulated and the repayments of principal amounts and receipts of interest have generally been regular as per stipulation. :

(d) In respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance sheet date.

(e) No loan granted by the Company which has fallen due during the year, has been

renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties. _:

CO The Company has not granted any loans or advances in the nature of loans either repayable on demand dr without specifying any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) is not applicable.

iv. In respect of compliance of section 185 and 186 of the Act:

In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to loans and investments made.

v. In respect of deposits

In our opinion, and according to the information and explanations given to us, the Company has not accepted any deposits or there are no amounts which have been deemed to be deposits within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting under clause 3(v) of the Order is not applicable to the Company.

vi. In respect of maintenance of cost records:

We have broadly reviewed the books of account maintained by the Company in respect of the rules made by the Central Government of India, where the maintenance of cost records has been prescribed under subsection (1) of Section 148 of the Act, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete.

vii. In respect of statutory dues: ,

(a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory-dues, including goods and service tax, provident fund, employees state insurance, income tax, and other material statutory dues, as applicable, with appropriate authorities. As explained to us, the Company did not have any dues on account of duty of customs. ;

; (b) According to the information and explanations given to us and the records of

the Company examined by us, in our opinion, no undisputed amounts payable as applicable were in arrears as at March 31, 2025 for a period of more than six months from the date they became payable. . ;

(c) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of goods and service tax, duty of customs and cess which have not been deposited on account of any dispute.

The particulars of dues of excise, custom and service tax as at March 31, 2025 which have not been deposited on account of dispute, are as follows :

Name of the statute ,	Nature of dues	Amount in (Rs.in Lakh)	Period from which the amount relates	Forum where the dispute is pending.
GST Act, 2017	GST	19.04	FY 2020-21	Joint Commissioner of Appeals -1, Gandhinagar
GST Act, 20T7	GST	26.26	FY 2020-21	Joint Commissioner of Appeals -1, Gandhinagar
GST Act, 2017 .	GST	242.80	July 2017 to Jan 2019	Commissioner Appeals, Ahmedabad
Gujarat Value added Tax, 2003	Vat Tax	57.13	FY 2010-11	Gujarat Vat Tribunal
Custom Act, 1962	Custom Duty	8.27	FY 2013-14	Commissioner of Customs Appeals Ahmedabad.
Income Tax Act, 1961	Income Tax	1.63	AY 2014-15	Assessing Officer,
Income Tax Act, 1961	Income Tax	0.04	AY 2023-24	Assessing Officer
Income Tax Act, 1961	Income Tax	0.30	AY 2012-13	Assessing Officer
Finance Act, 1994	Service Tax	1.19	FY 2015-16	Commissioner Appeals, Ahmedabad

viii. In respect of unrecorded incomes:

The Company has not surrendered or disclosed any transaction, previously unrecorded

in the books of accounts, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirements to report on clause 3(viii) of the Order is not applicable to the Company.

ix. In respect of loans, borrowings, and funds

(a) The Company has not defaulted in repayment of loan and payment of interest thereon to the lender

(b) The Company has not been declared wilful defaulter by any bank or financial

institution or other lender. ,

(c) In our opinion and according to the information and explanations given to us, the company has utilized the money obtained by way of term loans during the year for the purposes for which they were obtained.

(d) On an overall examination of the Standalone Financial Statements of the Company,

funds raised on short-term basis have, prima fade, not been used during the year for long-term purposes by the Company.

(e) On an overall examination of the Standalone Financial Statements of the Company,

the Company has not taken any funds from any entity or person on accqunt of or to meet the obligations of its subsidiary.

(f) The Company has not raised any Joans during the year on pledge of securities held

in its subsidiaries and therefore reporting on clause3(ix)(f) of the Order is not applicable.

X. In respect of money raised by way of public offer, preferential allotment and private ;

placement:

(a) The Company has not raised any money during the year by way of initial public offer : v or further public offer (including debt instruments)/lienee the requirement to report

on clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or private placement of

shares/fully or partially or optionally convertible debenture during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to Company. _:

xi. In respect of fraud:

(a) No Fraud by the Company or no fraud on the Company has been noticed or-reported

: during the year.

(b) During the year, no report under subsection (12) of section 143 of the Companies Act,

2013 has been filed by us in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rule, 2014 with the Central Government.

(C) As represented to us by the Management, there are no whistleblower complaints received by the Company during the year. /

xii. In respect of Nidhi company:

The Company is not a Nidhi Company has complied and hence reporting under clause (xii) of the order is not applicable,

xiii. In respect of transactions With related parties in compliance of sections 177 and 188 of the Act and its disclosures:

In our opinion and according to the information and explanations given to us, the transactions with related parties are in compliance with Sections 177 and 188 of the Companies Act,2013, where applicable, and the details of the related party transactions have been disclosed in the financial statements as required by the applicable Accounting Standards. /O

xiv. In respect of Internal audit:

(a) In our opinion the Company has adequate internal audit system commensurate with

size and nature of its business. ~ .

(b) We have considered the internal audit reports for the year under audit, issued to the v Company during the year till date, in determining the nature, timing and extent of our

audit procedures. v- :^:;T^VT ;

xv. In respect of non-cash transactions with directors or persons connected with him:

The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence requirements to report to clause 3(xv) of the Order is not applicable to the Company. V

xvi. In respect of company is required to be registered under section 45-IA of the Reserve Bank of India Act, 1934:

(a) According to the information given to us, the company is not required to be

registered under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934). Hence reporting under this clause not applicable to the company. T

(b) According to the information given to us, the company has not conducted any NonBanking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Hence reporting under this clause not applicable to the company.

(c) According to the information given to us, the company is not a Core Investment

Company (CIC) as defined in the regulations made by the Reserve Bank.of India. Hence reporting under this clause not applicable to the company.

(d) According to the information given to us, there is no Core Investment Company (CIC) within the Group (as defined in the core investment companies (Reserve Bank of India) Directions, 2016) and accordingly reporting under this clause not

. applicable to the company. T

xvii. In respect of cash losses:

According to the information given to us, the Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

xviii. In respect of resignation by statutory auditor:

There has been resignation of the statutory auditors during the year and there were no issues, objections or concerns raised by the outgoing auditors.

xix. In respect of ratios, ageing, realisation of financial assets and payments of financial liabilities:

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 standalone financial statements and our knowledge of the Board of Directors and ; Management plans and based on our examination of the evidence supporting the

assumptions, nothing has come to our attention, which causes us to believe that any ; ; : material uncertainty exists as on the date of the audit report indicating that Company

is not capable of meeting its liabilities existing at the date of balance sheet as and : when they fall due within a period of one year from the balance sheet date. We,

however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due. - . _:

xiX. In respect of CSR:

The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there is no unspent CSR amount for the year requiring a transfer to a Fund specified in Schedule VII to the Companies Act or special account in compliance with the provision of sub section (6) of section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is not applicable for the year.

Annexure "B" to the Independent Auditors Report :

(Referred to in Paragraph 2(f) under the heading of Report on other Legal and Regulatory Requirements of our report of even date)

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

We have audited the internal financial controls with reference to standalone financial statements of Mangaiam Alloys Limited 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 tor 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 the Guidance Note on Audit of Internal Financial Control Over Financial Reporting 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 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 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") and the Standards on Auditing, as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both issued by ("ICAI"). Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting with reference to these standalone financial statements was 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 over financial reporting with reference to these standalone financial statements and their operating effectiveness; Our audit of internal financial controls over . financial reporting included obtaining an understanding of internal financial controls over financial reporting 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 financial statements, whether due to fraud 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 internal financial controls over financial reporting with V reference to these standalone financial statements. .f

v ^; ; v.;Meaning of Internal Financial Controls Over Financial Reporting with reference to

: " these Standalone Financiai Statements

A companys internal financial controls; over_: financial; reporting with reference to these ; 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 over financial reporting with reference to these 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 authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a : material effect on the financial statements. ^ t; Rs.

Inherent Limitations of Internal Financial Controls Over Financial Reporting with Reference to these Standalone Financial Statements ;

Because of the inherent limitations of internal financial controls over financial Reporting with reference_: to these standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting with reference to these standalone financial statements to future \ periods are subject to the risk that the internal financial control over financial reporting with reference to these standalone 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, the Company has, in all material respects, adequate internal financial controls over financial reporting with reference these standalone financial statements and such internal financial controls over financial reporting with reference to these standalone financial statements were operating effectively as at March 2025, based on the internal financial controls 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.