ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Shri Kanha Stainless Ltd.

Mar 31, 2025

We have audited the financial statements of Shri Kanha Stainless Limited (Formerly known as "Shri
Kanha Stainless Private Limited") (“the Company”), which comprise the Balance Sheet as at March 31,
2025, and the Statement of Profit and Loss, and Statement of Cash Flows for the year then ended,
and Notes to the financial statements, including a summary of significant accounting policies and
other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid 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 principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its
financial performance, and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit 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 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 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.

Information Other than the Financial Statements and Auditors’ Report Thereon

The Company’s Management and Board of Directors are responsible for the other information. The
other information comprises the information included in the Company’s Annual 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 conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the 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 Those Charged with Governance for the Financial Statements

The Company’s Board of Directors are 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, financial performance, and cash flows of the Company in accordance with the
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 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 financial statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors are responsible for assessing the
Company’s 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.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting
process.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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
financial statements.

We give in “Annexure A” a detailed description of Auditors’ responsibilities for Audit of the Financial
Statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s 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
“Annexure B” 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, we report that:

(a) 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.

(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 Flow dealt
with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards^f*§

specified under Section 133 of the Act. ^r f "

I /a- / n v

(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 internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure C”.

(g) 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:

i. The Company has disclosed the impact of pending litigations on its financial position in
its financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.

iii. There were no amounts which are required to be transferred to the Investor Education
and Protection Fund by the Company.

iv.

1) The Management has represented that, to the best of it’s 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 entity(ies), including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, 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.

2) The Management has represented, that, to the best of it’s 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, as on the date of this audit report, that the
Company shall, 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.

3) Based on the audit procedures performed that have been considered reasonable
and appropriate in the circumstances, and according to the information and
explanations provided to us by the Management in this regard nothing has come
to our notice that has caused us to believe that the representations under sub¬
clause (iv) as provided under (1) and (2) above, contain any material mis¬
statement.

v. 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.

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

the same has not operated throughout the year for all 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.

xat

//

3. In our opinion, according to information, explanations given to us, the remuneration paid by
the Company to its directors is within the limits laid prescribed under Section 197 read with
Schedule V of the Act and the rules thereunder.

For BHOJAK LUNAWAT AND COMPANY

Chartered Accountants

ICAI Firm Registration No.: 027566C

Prafful Bhojak 3''KANErJ <<]]

Partner Ja)]

Membership No.: 166845

UDIN: 25166845BMJQFU7825 ^

Place: Bikaner
Date: May 26, 2025

---

Mar 31, 2024

We have audited the Financial Statements of SHRI KANHA STAINLESS LIMITED(“the
Company”)which comprise the Balance sheet as at31^stMarch, 2024, the Statement of
Profit & Loss, Cash Flow Statement for the year then ended and notes to the
financial statements, including a summary of significant accounting policies and
other explanatory information.

In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the
Companies Act, 2013 (‘Act’) in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2024, its profit and cash flow for the year
ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified
under section 143 (10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the auditor’s responsibilities 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 together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the rules there under 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

Reporting of key audit matters as per SA 701, Key Audit Matters are not applicable
to the Company as it is an unlisted company.

Information other than the financial statements and auditors'' report thereon

The Company’s board of directors is responsible for the preparation of the other
information. The other information comprises the information included in the
Board’s Report including Annexure to Board’s Report, Business Responsibility Report
but does not include the financial statements and our auditor’s report thereon.

Our opinion on the 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 financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.

When we read the other information, if 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.

Management Responsibility for the Financial Statements

The Company’s board of directors are 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, financial performance and cash
flows of the Company in accordance with the 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 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 financial statement 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
Company’s 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.

The board of directors are also responsible for overseeing the Company’s financial
reporting process.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor’s 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 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 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)(i) of the Companies Act, 2013, 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
management.

• Conclude on the appropriateness of management’s 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 Company’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s 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
auditor’s 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.

Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We
consider quantitative materiality and qualitative factor in (i) Planning the scop or
our audit work and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the 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 financial statements
of the current period and are therefore the key audit matters. We describe these
matters in our auditor’s 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

1. AsrequiredbytheCompanies(Auditor’sReport)Order,2020(“theOrder”),issuedbyt
he Central Government of India interms of sub-

section(11 )ofsection143oftheCompaniesAct,2013,wegiveinthe ‘ Annexure A ’

astatementonthemattersspecifiedinparagraphs3and

4ofthe0rder,totheextentapplicable.

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

a) 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.

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 cash flow statement
dealt with by this report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Companies
(Indian Accounting Standards) Rules, 2014 as amended.

e) On the basis of the written representations received from the directors of the
Company as on 31st March, 2024 taken on record by the Board of Directors of
the Company, none of the directors of the company is disqualified as on 31st
March, 2024 from being appointed as a director in terms of Section 164 (2) of
the Act.

f) With respect to the adequacy of the internal financial controls over the
financial reporting of the company and the operating effectiveness of such
controls, refer to our separate report in “Annexure B”. Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the
company’s internal financial controls over financial reporting.

g) Being a Private Limited Company in FY 2023-24, provisions of Section 197 is
not applicable to the company. Hence reporting under this clause is not
applicable. Accordingly, reporting in accordance with requirement of
provisions of section 197(16) of the Act is not applicable on the Company.

h) With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditor’s) Rules, 2014,
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 financial statements- Refer Note No.
30 to the financial statements.

II. The Company did not have any material foreseeable losses on
long-term contracts including derivative contracts.

III. 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, other than as disclosed in the notes to
the accounts, 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 entity(ies), 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 hat represented, that, to the best of its
knowledge and belief, other than as disclosed in the notes to

the accounts, no funds have been received by the company
from any person(s) or entity(ies), including foreign entities

("funding Parties"), with the understandings,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

(c) based on such audit procedures that 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 (ii) of Rule 11(e) as

provided under (a) and (b) adove,contain any material mis.

v. No dividend have been declared or paid during the year by the

VI. Based on our examination, which included test checks the
company has used accounting software for maintaining its
books of accounts for the financial year ended March 31, 2024

which has a feature of recording audit trail (edit log) facility.

However, the same has not operated throughout 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

FOR P.K.S& CO
CHARTERED ACCOUNTANTS
FRN - 007007C

(PIYUSH KUMAR SINGH)

PARTNER
M.NO. -075922
DATE - 24.09.2024
PLACE - JAIPUR
UDIN.--24075922BKEPHN2768