Sai Swami Metals

Sai Swami Metals and Alloys Ltd Auditor Reports

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Sai Swami Metals and Alloys Ltd Share Price Auditors Report

On The Standalone Financial Statement of SAI SWAMI METALS AND ALLOYS PRIVATE LIMITED

THE MEMBERS OF

SAI SWAMI METALS AND ALLOYS PRIVATE LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Financial Statements of SAI SWAMI METALS AND ALLOYS PRIVATE LIMITED (“the Company”), which comprise the Balance Sheet as at 31% March 2025, the Statement of Profit and loss, Cash Flow Statement and a summary of significant accounting policies and other explanatory information. Opinion In our opinion and to the best of our information and according to the explanations given to us, the 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
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014 and other}accounting principles generally accepted in India: d) Inthe case of the Balance Sheet, of the state of affairs of the Company as at 31st March,2025;

) Inthe case of the Profit and Loss Account, of the profit for the period ended on that date.

) Inthe case of Cash Flow Statement, of the cash flow for the year ended on that date. Basis for Opinion

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

Key audit matters

^{Key audit matters (‘KAM) are those matters that, in our professional judgment,
were of most significance in our audit of the Financial Statements of the current
period. These matters were addressed in the context of our audit of the Financial
Statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

Information other than the 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 Boards
Report including Annexure to Boards Report, Business Responsibility Report but does not
include the

Financial Statements and our auditors report thereon.

Our opinion on the Financial Statements does not cover the other information and we do
not express any form of assurance or conclusion thereon. In connection with our audit of
the Financial Statements, our responsibility is to read the other information and, in
doing so, considering whether the other information is materially inconsistent with the
~Financial Statements or our knowledge obtained during the course of our audit or
otherwise appearsto 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.

Managements Responsibility for the 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 Financial Statements that
give a true and fair view of the Financial position and ~Financial performance of the
Company in accordance ^{with the accounting principles generally accepted in India,
including the Accounting Standards specified under Section 133 of the Act, read}with
Rule 7 of the Companies (Accounts) Rules, 2014.
^{This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding 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 ofthe accounting records, relevant to the preparation and presentation of the
Financial Statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error. In preparing the Financial Statements,
management 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 concer basis of accounting unless management either}intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so. That Board
of Directors are also responsiblefor overseeing the Companys Financial reporting process.

Auditors Responsibility

Our objectives are to obtain reasonable assurance about whether the Financial
Statements s 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 influencethe economic decisions of
users taken on the basis of these Financial statements.
^{As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit.We also:

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

Obtain an understanding of intemal 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. e ^{Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimatesand related disclosures}made by the
management.
^{Conclude on the appropriateness of managementsuse 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. e ^{Evaluate the overall presentation, structure and content of the
Financial Statements, including the disclosures, and whether the}Financial
Statements representthe underlying transactions and events in a manner that achieves fair
presentation.

Report on other Legal and Regulatory Requirements

1 As required by section 143 (3) of the Act, we report that:

h) We have obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit; In our opinion proper
books of account as required by law have been kept by the Company so far as appears from
our examination of those books. The Balance Sheet, Statement of Profit and Loss dealt with
by this Report are in agreementwith the books of account. k) In our opinion, the aforesaid
Financial statements comply with the Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

)
^{On the basis of the written representations received from the directors as on 315
March, 2025 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2025 from being appointed as a director in terms of

Section 164(2) of the Act.

m) With respect to the other matters to be included in the Auditors Report in
accordance with the requirements of section 197(16) of the Act, as amended: In our opinion
and to the best of my information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.

n)
^{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, in our opinion and
to the best of our information and according to the explanations given to us.

v)
^{The Company does not have any pending litigations forwhich provision have not been made
which would impact its Financial position. vi) ^{The Company has made provision,
as required under the applicable law or accounting standards, for material foreseeable}losses,
if any. vii) The Provisions of transfer of fundsto Investor Education and Protection Fund
not applicableto the Company.
^{(a) The Management has represented that, to the best of its knowledge and belief, no
funds (which are material either individually or in the aggregate) have been
advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other person or entity, including
foreign entity ^{(“Intermediaries”), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, whether,}directly or
indirectly lend or invest in other persons or entities 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 the aggregate) have been received by the
Company from any person o entity, including foreign entity}(“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security orthe like on
behalfof the Ultimate Beneficiaries;
^{(c) Based on the audit proceduresthat have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (i) of Rule 11(e), as provided under
(a) and (b) above, contain any material misstatement. (d) The company has not declared or
paid any dividend during the year in contravention of the provisions of section 123 of

the Companies Act, 2013

2.
^{Asrequired by the Companies (Auditors Report) Order, 2020 (the Order), issued by the
Central Government in terms of Section 143(11) of the Act, the same is applicable on
this Company. For, Patel Jain & Associates

Chartered Accountants

(Registration Number: 129797W)

sd/- Vivek Bhatt Partner

Membership Number: 193504 UDIN: 25193504BMGYSG2898 Date: 30.05.2025 Place: Ahmedabad

ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory
Requirements section of our report to the Members of SAl

SWAMI METALS AND ALLOYS PRIVATE LIMITED of even date).
^{To the best of our information and according to the explanations provided to us by the
Company and the books of account and records examined by us in the normal course of
audit, we state that: i. In respect of the Companys Property, Plant and Equipment and
Intangible Assets: (a) (A) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Property, Plant and
Equipment. (B) The Company has maintained proper records showing full particulars of
intangible assets. (b) The Company has a program of physical verification of Property,
Plant and Equipment so to cover all the assets once every three years which, in our
opinion, is reasonable having regard to the size of the Company and the nature of its
assets. (c) Based on our examination of the property tax receipts and lease agreement for
land on which building is constructed, registered sale ^{deed / transfer deed /
conveyance deed provided to us, we report that, the title in respect of self-constructed
buildings and title deeds of all other immovable properties, disclosed in the Financial
statements included under Property, Plant and Equipment are held in the name}of the
Company as at the balance sheet date. According to the information and explanations given
to us, no material discrepancies were noticed on such verification. (d) The Company has
not revalued any of its Property, Plant and Equipment and intangible assets during the
year. ( ) No proceedings have been initiated during the year or are pending against the
Company as at March 31, 2025 for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
^{ii. (a) As explained to us, the inventories were physically verified during the year by
the Management at reasonable intervals, except goods-in-transit. The coverage and
procedure adopted by the Management is appropriate according to the size and scale of the
Company. No discrepancies of 10% or more were observed in any class of inventories, the
same is not applicable to the company. (b) The Company has been not sanctioned working
capital limits in excess in aggregate, during theyear, from banks or Financial
institutions.
^{iii. The Company has not made investments in, companies, firms, Limited Liability
Partnerships, however company has granted unsecured loans to other parties, during
the year, in respect of which: (a) The Company has not provided loans or advances in the
nature of loans entities during the year, exceeding the limits as prescribed

under Section 186 of Companies Act 2013.
^{(b) In our opinion, there are no investments made and the terms and conditions of the
grant of loans, during the year are prima facie, not prejudicial to the Companys
interest. (c) The company has notgranted any loans during the year. (d) The loans granted
by the Company which has fallen due during the year, has been renewed or extended however
no fresh loans have been granted to settle the overdue of existing loans given to the same
parties. (&) The Company has not granted loans or advances in the nature of loans
either repayable on demand or without specifying any terms or period of repayment during
the year. The Company has not provided any guarantee or security. iv. The Company has
complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect
of loans granted.
^{v. The Company has not accepted any deposit or amounts which are deemed to be deposits.
Hence, reporting under clause 3(v) of the Order is not applicable. ^{vi. The
maintenance of cost records has not been specified by the Central Government under
sub-section (1) of section 148 of the}Companies Act, 2013 for the business
activities carried out by the Company. Hence, reporting under clause (vi) of the Order is
notapplicable

to the Company.

vii. In respect of statutory dues:

(a) In our opinion, the Company has generally been regular in depositing undisputed
statutory dues, including Goods and Services tax,

Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of
Custom, duty of Excise, Value Added Tax, Cess and

other material statutory dues applicable to it with the appropriate authorities. There
were no undisputed amounts payable in respect of

Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Sales
Tax, Service Tax, duty of Custom, duty of Excise,
^{Value Added Tax, Cess and other material statutory dues in arrears as at 31st March
2025 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of the
company examined by us, there are no dues of income- tax, sales- tax, service tax, goods
and service tax, duty of customs, duty of excise and value added tax.

viii. There were no transactions relating to previously unrecorded income that have
been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961 (43 of 1961).

ix. (a) The Company has not defaulted in repayment of loans or other borrowings or in
payment of interest thereon to any lender.

(b) The Company has not been declared willful defaulter by any bank or Financial
institution or government or any government authority.
^{(c) Accordingto the explanations provided by the Company and overall examination of the
Financial statements of the Company, the term loans were prima facie applied for the
purpose for which they were obtained. (d) 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.
^{(&) On an overall examination ofthe Financial statements of the Company, the
Company has not taken any funds from any entity or person on account of or to meet
the obligations of its subsidiaries. (f) The Company has not raised any loans during the
year and hence reporting on clause 3(ix)(f) of the Order is not applicable.
^{x. (a) The Company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) during the year and hence reporting under
clause 3(x)(a) of the Order is not applicable. (b) During the year, the Company has not
made any preferential allotment or private placement of shares or convertible debentures
(fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is
not applicable. xi. (a) No fraud by the Company and no material fraud on the Company has
been noticed or reported during the year. (b) No report under sub-section (12) of section
143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year
and up to the date of this report. (c) The Company has not received any whistle-blower
complaints during the year. xii. The Company is not a Nidhi Company and hence reporting
under clause (xii) of the Order s not applicable.
^{xiii. In our opinion, the Company s in compliance with Section 177 and 188 of the
Companies Act, 2013 with respect to applicable transactions with the related parties and
the details of related party transactions have been disclosed in the Financial statements
as required by the applicable accounting standards. xiv. (a) In our opinion the
Company the provision with respect to internal audit system commensurate with the size and
the nature of its business are not applicable to the company. (b) Internal audit reports
for the year under audit, is not applicable to the company. xv. In our opinion during the
year the Company has not entered into any non-cash transactions with its Directors or
persons connected with its directors. and hence provisions of section 192 of the Companies
Act, 2013 are not applicableto the Company.
^{xvi. (a) In our opinion, the Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause
3(xvi)(a), (b) and (c) of the Order is not applicable.
^{(b) The Company has not conducted any Non-Banking Financial or Housing Finance without
activities a valid Certificate of Registration (COR) from the Reserve Bank of India
as per the Reserve Bank of India Act, 1934. Accordingly, clause 3(xvi) (b) of the order is
not applicable. (c) In our opinion, 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. (d) According
to the information and explanations provided to us during the course of audit, the Group
does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not
applicable. xvii. The Company has not incurred cash losses during the Financial year
covered by our audit and the immediately preceding Financial year.
^{xviil. There has been resignation of the statutory auditors of the Company during the
year and there are no issues, objections or concerns raised by the outgoing auditor.
Xix. On the basis of the Financial ratios, ageing and expected dates of realization of
~Financial assets and payment of ~Financial liabilities, ^{other information
accompanying the Financial statements 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. The same is not applicableto company. xx. The Company is not statutorily
required to spend amounts towards Corporate Social Responsibility (CSR) in pursuance of
Section 135. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable.

xxi). The reporting under clause 3(xxi) of the Order is not applicable in respect of
audit of Financial Statements. Accordingly, no comment in respect of the said clause has
been included in this report apart from the one that is mentioned in the previous clauses.

For, Patel Jain & Associates Chartered Accountants Firm Registration No.: 129797W

sd/-

CA Vivek Bhatt Partner

Membership Number.: 193504 UDIN: 25193504BMGYSG2898

Date: 30.05.2025 Place: Ahmedabad

ANNEXURE - “B”

To the Independent Auditors Report on Financial Statements of

SAI SWAMI METALS AND ALLOYS PRIVATE LIMITED

(Referred to in paragraph 2 (f) under “Report on Other Legal and Regulatory
Requirements of our report of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (1) OF
SUB SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 (“THE ACT”)

We have audited the internal Financial controls over Financial reporting of SAI SWAMI
METALS AND ALLOYS PRIVATE LIMITED (“the

Company”) as of 31st March, 2025 in conjunction with our audit of the Financial
statements of the Company for the year ended on that date.

MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Companys management is responsible for establishing and maintaining internal
Financial controls based on the internal control over Financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over ~ Financial Reporting
issued by the Institute of Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate internal Financial controls that
were operating effectivelyfor 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 Companies Act, 2013.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on the Companys internal Financial
controls over Financial reporting based on our audit. We conducted our auditin
accordancewith the Guidance Note on Audit of Intemal Financial Controls Over Financial
Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAl
and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal Financial controls, both applicableto an audit
of Internal Financial Controls and, bothissued ^{by the Institute of Chartered
Accountants of India. 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 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 system over ^{Financial reporting and their
operating effectiveness. Our audit of internal Financial controls over Financial reporting
included obtaining an}understanding of internal Financial controls over Financial
reporting, 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 judgment, including the assessment of the
risks of material misstatement of the Financial statements, whether due to fraud or}error.

^{We believe that the audit evidencewe have obtained is sufficient and appropriateto
provide a basis for our audit opinion on the Companys internal Financial controls
system over Financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
^{A companys internal Financial control over Financial reporting 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 control over
Financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, is reasonable, detailed, 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 authorizationsof
managementand 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.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

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

OPINION

In our opinion, to the best of our information and according to the explanation given
to us, the Company has, in all material respects, an adequate internal Financial controls
system over Financial reporting and such internal Financial controls over Financial
reporting were operating effectively as at 31st March, 2025, based on the internal control
over ~Financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India. For, Patel Jain & Associates

Chartered Accountants

(Registration Number: 129797W)

sd/-

CA Vivek Bhatt Partner

Membership Number.: 193504 UDIN: - 25193504BMGYSG2898

DATE: - 30.05.2025 PLACE: - Ahmedabad}}}}}}}}}}}}}}}}}}}}}}}}}}}}}

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