We have audited the accompanying financial statements of Maiden Forgings Limited (“the
Company”), which comprise the Balance Sheet as at 31 st March, 2025, Statement of Profit and
Loss (including other comprehensive income), Statement of Cash Flows, and Statement of
Changes in Equity 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 Act in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards
prescribed under section 133 of the act read with the Companies (Indian Accounting Standards)
Rules, 2015 as amended (“Ind AS”) and the accounting principles generally accepted in India,
of the state of affairs of the Company as at March 31, 2025, its profit, total comprehensive
income, and its cash flows and the changes in equity 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 specified under section 143(10) of the Act (SAs). Our responsibilities under those
Standards are further described in the Auditor’s 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 (ICA1)
together with the independence requirements that are relevant to our audit of the standalone
financial statements under the provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the
ICAl’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, 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 audit matters to be communicated in
our report.

Information other than Financial Statements and Auditor’s Report thereon

The Company’s Board of Directors are responsible for the other information. The other
information comprises the information included in the Annual Report, but does not include the
financial statements and our auditor’s report thereon. The Annual Report is expected to be made
available to us after the date of this auditor's report.

Our opinion on the financial statements does not cover the other information and we will 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 identified above when it becomes available 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.

When we read the Annual Report, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Financial
Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements
that give a true and fair view of the financial position, financial performance including other
comprehensive income and cash flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India, including the Indian Accounting
Standards specified under Section 133 of the Act. This responsibility also includes maintenance
of adequate accounting records in accordance with the provision 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 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 Company's
ability to continue as a going concern, disclosing, as applicable, matters related to going
concerned, 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. Those
Board of Directors are also responsible for overseeing the company's financial reporting
process.

Auditor’s Responsibility for the Audit of the Financial Statement

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 Standards on Auditing 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 exercises professional judgment and maintain
professional skepticism throughout the audit. We also: ^

1. Identifies and assesses the risks of material misstatement of the entity’s financial
statements, whether due to fraud or error, designs and performs audit procedures
responsive to those risks, and obtains 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.

2. Obtains 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.

3. Evaluates the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management.

4. Concludes 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 entity’s
ability to continue as a going concern. If we concludes 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 the auditor’s
report. However, future events or conditions may cause the company to cease to
continue as a going concern.

5. Evaluates 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

6. We communicates 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 the auditor identifies during the audit.

We also provides those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and communicates with them all
relationships and other matters that may reasonably be thought to bear on the auditor’s
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determines 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 describes these matters in the auditor’s report
unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, the auditor determines that a matter should not be communicated in the auditor’s
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

As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) issued by the
Central Government of India in terms of sub-section (II) of section 143 of the Act, we give in
the Annexure A, a statement on the matters Specified in the paragraph 3 and 4 of the Order.

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 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 Indian Accounting
Standards specified under Section 133 of the Act.

(e) on the basis of written representations received from the directors as on 31^sl March
2025 taken on record by the Board of Directors, none of the directors is disqualified as
on 31^st March 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 over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate
report in “Annexure B”; and

(g) As required by section 197(16) of the Act based on our audit, we report that the
Company has paid remuneration to its directors during the year in accordance with the
provisions of and limits laid down under section 197 read with Schedule V to the Act..

(h) with respect to the other matters to be included in the Auditor’s Report in accordance
with Rule 1 I 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 - Refer Note 4 to the Notes to Accounts attached to financial
statements.

ii. I he Company did not have any long-term contracts including derivatives contracts for
which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred by the Company to the Investor

Education and Protection Fund .

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 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 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, 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
Beneficiaries; and

(c) Based on audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to their notice that has caused them to believe that the
representations under sub-clause (a) and (b) contain any material mis-statement.

v. The company has not declared dividend during the year.

vi. The Company has used accounting softwares for maintaining its books of account for the
financial year ended March 31, 2025 which, as per the certificate of the provided by the
management, has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the softwares and
there is no instance of the audit trail feature being tampered with.

For H G & CO.

Chartered Accountants ___

Firm’s registration number: 013074C

Partner/

Membership number:

Place: Ghaziabad
Date: 29/05/2025
UDIN No: 25403482BMLMRX3086