Primuss Pipes & Tubes Ltd Auditor Reports

J Madan & Associates - Chartered Accountants Address: 25 DDA, LSC, Block M-1, Vikaspuri, New Delhi - 110018, Delhi E-mail: jmadanassociates@gmail.com Phone: 011-45508516 Mob: 9811785935 Website:

To the Stakeholders of PRIMUSS PIPES & TUBES LIMITED (Formerly known as Premier Pipes Limited) (CIN: L22219UP1975PLC004105)

Note: The Company was under Corporate Insolvency Resolution Process till 04 June 2024 when the Resolution Plan was approved by the Honble Adjudicating Authority and the implementation of the approved Resolution Plan was in progress during the remaining period under review.

Report on the Standalone Financial Statements

? Audited the accompanying standalone financial statements comprising the Balance Sheet as at 31st March 2025 and the Statement of Profit and Loss (Standalone Financial Statement).

Background:

? An insolvency petition was filed by Financial Creditor M/s Anjali Capfin Private Limited against the Corporate Debtor M/s Primuss Pipes & Tubes Private Limited under Section 7 of the IBC, 2016.

? Admitted by Honble NCLT Allahabad Bench at Prayagraj vide order dated 13.06.2022.

? Sh. Sanyam Goel appointed as Interim Resolution Professional, later confirmed as Resolution Professional by the Committee of Creditors in its first CoC Meeting held on 12.07.2022.

? Resolution Plan submitted by Successful Resolution Applicant (SRA) - M/s Pioneer Engineering Industries - approved by Honble NCLT, Allahabad Bench on 04.06.2024.

? Could not be fully implemented due to appeals before the appellate authority; final order dismissing appeals passed by Honble Supreme Court on 05.05.2025; extension of time for payment to creditors granted by Honble NCLT on 27.08.2025.

? SRA deposited the Plan Value into the Companys account on due date; disbursements per the Resolution Plan were made thereafter.

? As on the date of signing this Report, the Resolution Plan stands implemented and all prior period liabilities stand extinguished to the extent mentioned in the Resolution Plan and as per the provisions of the IBC, 2016.

Managements Responsibility for the Standalone Financial Statements

? The Companys Suspended Board of Directors are responsible for matters stated in Section 134(5) of the Companies Act, 2013 with respect to safekeeping of the Companys books and papers including books of accounts till the date of Insolvency Commencement Date.

? Thereafter, IRP/RP/Liquidator is responsible for safekeeping of the Companys books and papers including books of accounts for their term.

? This responsibility also includes maintenance of adequate accounting records in accordance with the Act for safeguarding assets, 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 operating effectively for ensuring accuracy and completeness of accounting records, relevant to preparation and presentation of standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

? Responsibility is to compile the financials as per agreed engagement and to express an opinion on these standalone financial statements based on audit.

? Considered provisions of the Act, accounting and auditing standards and matters required to be included in the audit report under the Act and Rules made thereunder.

? Audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Act; those Standards require compliance with ethical requirements and planning/performance of audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.

? An audit involves performing procedures to obtain audit evidence about amounts and disclosures; procedures selected depend on auditors judgment, including assessment of risks of material misstatement, whether due to fraud or error.

? In making risk assessments, the auditor considers internal financial control relevant to the Companys preparation of standalone financial statements that give a true and fair view in order to design audit procedures appropriate in the circumstances.

? An audit also includes evaluating appropriateness of accounting policies used and reasonableness of accounting estimates made by the Companys Board of Directors, as well as evaluating overall presentation of the financial statements.

? Auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for the audit opinion.

Qualified Opinion

In the auditors opinion, and to the best of their information and according to explanations given, except for the matter described in the Basis of Qualified Opinion paragraph below , the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India including the state of affairs of the Company as at 31st March 2025, and its loss (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis of Qualified Opinion

? Since the Resolution Plan could not be fully implemented during FY 2024-25, the figures of the prior periods have been carried forward as such.

? These figures have not been verified by the auditors due to absence of data, as the suspended management of the Company did not provide the required data prior to commencement of CIRP to the erstwhile Resolution Professional, who obviously could not provide such missing data to the auditors.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2016 (the Order) issued by the Central Government in terms of Section 143(11) of the Act, the auditors disclaim their opinion on the matters specified in paragraphs 3 and 4 of the Order based on data unavailability.

2. As required by Section 143(3) of the Act, the auditors report that:

? a) They have sought and, except for the possible effect of the matter described in the Basis of Qualified Opinion paragraph above, obtained all the information and explanations which to the best of their knowledge and belief were necessary for the purpose of the audit.

? b) In their opinion and except for the possible effect of the matter described in the Basis of Qualified Opinion paragraph above, proper books of account as required by law relating to preparation of the aforesaid standalone financial statements have been kept so far as it appears from examination of those books and the reports of the other auditors.

? c) The Company has no branch office as on 31st March 2019 and hence is not required to conduct an audit under Section 143(8) of the Act.

? d) The Balance Sheet and Statement of Profit and Loss dealt with in this Report are in agreement with the books of account.

? e) The matters described in the Basis of Qualified Opinion and Emphasis of Matter paragraphs above, in the auditors opinion, may have an adverse effect on the functioning of the Company.

? f) The auditor disclaims opinion on the qualification of director as on March 31, 2019, from being appointed as a director in terms of sub-section (2) of Section 164 of the Act.

? g) With respect to adequacy of internal financial controls over financial reporting and operating effectiveness of such controls, the auditors adverse their opinion on the basis of the matter described in the Basis of Qualified Opinion paragraph above and Emphasis of Matter.

? h) With respect to other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in the auditors opinion and to the best of their information and according to explanations given:

o i. The Company has not disclosed the impact of pending litigations on its financial position in its standalone financial statements.

o ii. The Company has not made any provisions, as required under applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer to Basis of Qualified Opinion.

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

o iv. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software with a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023, and accordingly reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is also applicable. Company is complying with all the requirements mentioned under respective rules.

For J Madan & Associates Chartered Accountants (Firm Registration No: 025913N)

? Naveen Kumar, Partner

? M. No. 536759

? UDIN: 25536759BMKQPW1718

Date: 29/10/2025 Place: New Delhi

(Firm seal: J MADAN & ASSOCIATES, CHARTERED ACCOUNTANTS, NEW DELHI, FRN 025913N)

KEY DATA SUMMARY

Item	Detail
Company Name	Primuss Pipes & Tubes Limited (formerly Premier Pipes Limited)
CIN	L22219UP1975PLC004105
CIRP Admission	13.06.2022 (NCLT Allahabad, Sec 7 IBC)
IRP/RP	Sh. Sanyam Goel (confirmed 12.07.2022)
Resolution Plan Approved	04.06.2024
Supreme Court Appeals Dismissed	05.05.2025
NCLT Extension for Plan	27.08.2025
Financial Creditor	M/s Anjali Capfin Private Limited
SRA	M/s Pioneer Engineering Industries
FY 2024-25 Total Income	Rs. 500.00 (lakhs)
FY 2024-25 Total Expenditure	Rs. 51,348.74 (lakhs)
FY 2024-25 Loss Before Tax	Rs. (50,848.74) (lakhs)
FY 2024-25 Loss for Period	Rs. (50,848.74) (lakhs)
EPS (Basic & Diluted) FY25	(0,716)
EPS (Basic & Diluted) FY24	(0,986)
Authorized Capital	Rs. 4,00,00,000 (80,00,000 shares of Rs. 5)
Paid-up Capital	Rs. 3,55,00,000 (71,00,000 shares of Rs. 5)
Statutory Auditor (proposed)	M/s PKK & Company, Chartered Accountants (5 years)
AGM Date	Wednesday, 31 December 2025
Report Signed	29.10.2025, Gurugram
Auditor	J Madan & Associates (FRN 025913N), Naveen Kumar (M.No. 536759)
Audit Opinion	Qualified (data unavailability, prior-period figures unverified)
Dividend	Nil
Employees on payroll	Nil
Deposits	Nil
Related party transactions	Nil
Loans/Guarantees/Investments (Sec 186)	Nil
Subsidiaries/JV/Associates	None
CSR (Sec 135)	Not applicable
Cost records (Sec 148)	Not applicable
Vigil Mechanism (Sec 177)	Not applicable
Independent Directors	Not required
Foreign Exchange Earnings/Outgo	Nil / Nil
Board Meetings FY25	5 (01.07.2024, 05.08.2024, 16.10.2024, 02.12.2024, 09.01.2025)
Shareholder Meetings	None held
Pending PUFE Applications	Yes, against erstwhile Directors/Management
Fraud reported by auditor	None