Riddhi Steel & Tube Ltd Auditor Reports

Rtiphrcmcuts) Regulations 15 (ns amended}

To,

The Board of Directors of Riddhi Steel artd Tube Limited

1. Opinion

We have audited the Timncial ticsuKs for the year ended March 31, 2075 audil the Fmantul HeiuPli tor the Vtar ended March 31, 2025 (refer Other Mailer (.Lellon below). which wert subject to limited review by us, both Included in the accompaivltig "Statement of Financial HniuEli (or the year ended March 3 1, J02S" of fliddhi Steel And Tube Limited ("the Company"}, twin# submitted by the compa ny pursuant tothe rfrquirerneritt of ReguJation JJ of ihe StBi j Lining Cb: pattins and Disclosure Requirement} Regulation;, 2015. a amended ("the Luting Regulation?" including relevant circulars issued oythe Securities and Exchange Board ol India [SEBt] from time Id time.

in our opinion and to the best or our informal ion and according to the explanation given to us these financial remits:

(ol i& presented in iicoordamrc with the requirements of Kegulmion 33 of the SEE3I (Lisanfi Otilijuitions anti Disclosure Requirements) Refill aborts. 201S in this regard; and (b) gives a true And fair view in conformity with the recognition and mcasujntvmt principles liid down in Accocntirij; Standards specified under Section 133 ol the companies Act 201 i the AcT), read wiih relevant rules issued thereunder and oilier accounting principles generally accepied iri lndi:i of the net profit and oilier financial mfomiatioii of the Company lor the year then ended.

J Basis for Opinion on the Audited Financial Retuft for the year ended March 31, 2025

We conducted our audit of the Financial statement in accordance with the Standards on Audit ng specified under SGtTidn 14JL1U) ot the Act. Our responsibility under those Standards arc further described In Auditors Responsibility far the AuCit of the financial statements section of our report We are independent of the company ?n accordance of with code of ethic issued by iCAi together with the independe nee requirement that are relevant to

our audit of financial statement under the provision of the Act and the rule made there under, and we have fulfilled our other ethical rr.pansibililies In accordance with these requirements and the IDUS Code of Fthics We (Kiifw that the audit evidence we have obtained is sufficient and appropriate eq provide abash Tor our audit opinion.

3. Managements and Those Charged with Governance Responsibilities for the Statement

This Statement has been prepared on the basis of the annual financial statements. The Companys Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit loss and other financial information of the Company in accordance with the accounting principles generally accepted in India, including Accounting Standards prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations including SEBI Circular. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, 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 has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Companys financial reporting process.

4. Auditors Responsibility for the Audit of the Statement

Our objectives are to obtain reasonable assurance about whether 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 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 aggregate, they could reasonably be expected to influence the economic decision of users taken on the basis of these financial statements.

As a 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 risk of material misstatement of the financial statements, weather due to fraud or error, design and perform audit procedure responsive to those risk, and obtain evidence that us sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud for one resulting from error, as fraud may involve collusion, forgery, intentional, omission, misrepresentation, or the override of internal control.

Obtain an understanding of internal financial control relevant to the audit in order to design audit procedure that are appropriate in the circumstances. Under section 143(3)(1) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial control 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.

Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

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 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 financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the Annual Financial Results of the Company to express an opinion on the Annual Financial Results.

Materiality is the magnitude of misstatements in the Annual Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Financial Results 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 Annual Financial Results.

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.

The Statement tndud;s th? results for the Vear ended March 31, 2025 being the balancing figure between audited figures in respect of the full financial year and (he published year to dale figures up to theVear Emf of the current Financial war which were subject to limited Aeview of Ftnsnclal Statements conducted bv us. Our report on the Statement is nor modified Jn respect of this matter.

For, Ashpfc Rajpara & Co. chartered Accountants FflN:153f95W

rtAJPARd & _c

M.NO. 100559 ^

FCA As hot Raipara)

Proprietor

M. Not: 1M5S9

Place: Ahmuda bad

date .17/05/2025

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