We have audited the accompanying Standalone Ind AS Financial Statements of Hindustan Udyog Limited ("the
Company"), which comprise the Standalone Balance Sheet as at 31st March, 2025, and the Standalone
Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in
Equity and the Standalone Statement of Cash Flows for the year then ended, and notes to the Standalone Ind AS
Financial Statements, including a summary of material accounting policies and other explanatory information
(hereinafter referred to as the "Standalone Financial Statements ).

In our opinion and to the best of our Information and according to the explanations given to us and based on
the consideration of reports of other auditors on separate financial statements, the aforesaid Standalone Ind AS
Financial Statements give the information required by the Companies Act, 2013, as amended ( 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 Profit including Other Comprehensive
Income] 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 Ind AS financial statements in accordance with the Standards on
Auditing (SAs) 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 Standalone Ind AS 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 Standalone Ind AS Financial Statements under the provisions of the Companies Act,
2013 and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI'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 Ind AS Financial Statements,

Emphasis of Matter

We draw attention to the following matters in the Notes to the Financial Statements:

a) Note No. 2 to the Financial Statements which describes that no provision for amortization has been made
for long term Leasehold Land at Durgapur.

b) The company filed a lawsuit against Mahanadi Coalfields Ltd. For recovery of Rs. 91.93 lacs at Cuttack High
court for which no provision has been made in the accounts (Refer Note 3(d) of Standalone Financial

Statements).

c) As the company's business activities fall mainly within a single primary business segment viz. Engineering

(Steel Castings & Alloys); there are no operations under this segment. Note No. 22.3 of Standalone Financial
Statements. '

Key Audit Matters Ý

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the Standalone Ind AS Financial Statements for the financial year ended March 31, 2025. These matters were
addressed in the context of our audit of the Standalone ind AS Financial Statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters. For each matter
below, our description of how our audit addressed the matter is provided in that context.

We have determined the matter described below to be the key audit matter to be communicated in our report.
We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the standalone
Ind AS financial statements section of our report, including in relation to this matter. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of material misstate¬
ment of the standalone ind AS financial statements. The results of audit procedures performed by us and by
other auditors of joint operations not audited by us, as reported by them in their audit reports furnished to us by
the management, including the procedures performed to address the matter below, provide the basis for our

audit opinion on the accompanying standalone Ind AS financial statements.

Information Other than the Ind AS Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of other information. The other information
comprises the information included in the Management Discussion and Analysis,... Board s Report including
Annexures to Board's Report, Corporate Governance and Shareholder's Information but does not include
Standalone Ind AS Financial Statements and our auditor's report thereon. .....

Our opinion on the standalone,Ind AS 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 standalone Ind AS Financial Statements, our responsibility is to read he
other information and, in doing so, consider whether the other information is materially inconsistent with the
Standalone Financial Statements or our knowledge obtained during the course of 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 Standalone ind AS Financial
Statement.

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act
2013 ("the Art") with respect to the preparation of these Standalone Ind AS Financial Statements that give a true
and fair view of the financial position, financial performance, including

equity and cash flows of the Company in accordance with the accounting principles generally accepted in ind.a,
including the Indian Accounting Standard (ind AS) specified under Section 133 of the Act read with the Companies

(Indian Accounting Standards} Rules, 2015, as amended. This responsibility also includes maintenance of adequate

Ý 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 judgements and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring

Ý and completeness of the accounting records, relevant of the preparation and presentation of the Standalone Ind
AS Financial Statement that give a true and fair view and are free from material misstatement, whether due to

fraud or error.

In preparing the Standalone Ind AS Financial Statements, the Board of Directors 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 t
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 Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone ind AS 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 Standalone Ind AS 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 standalone Ind AS 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 Act, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls with reference
to. Standalone Financial Statements 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 in the Standalone Financial Statements made by the management and Board of

Directors.

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

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 standalone ind AS financial statements for the financial year ended March
31 2025and 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. As required bytheCompanies(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 Companies Act, 2013, we give in the Annexure 'A' 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 the other auditors whose reports we have relied upon, have sought and obtained all the informa¬

tion 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 life Company so far as it
appears from our examination of those books and report of the other auditors,

(c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the Cash
Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the

books of account;

(d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards)
Rules, 2015, as amended;

(e) On the basis of the written representations received from the directors of the Company 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 over financial reporting of the Company
with reference to these standalone Ind AS financial statements and the operating effectiveness of such
controls, refer to our separate Report In Annexure-B to this report.

(g) With respect to the matter to be included in the Auditors' Report under Section 197(16) of the Act: In
our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the current year is in accordance with the provisions of Section 197 of
the Act read with Schedule V of the Act.

(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 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
Standalone Ind AS Financial Statements- Refer Note 22.1 to the Ind AS 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 was no amount which was 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, 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 or 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 or the like on behalf of the Ultimate Beneficiaries: ^: .

(d) Based on the 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) above, contain any material

misstatement,

v. The company has not declared or paid any dividend during the year and also has not proposed final
dividend for the year. ,

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 and the same has operated throughout the year for ail relevant
transactions recorded in the software. Further, during the course of our audit we did not come across any
instance of the audit trail feature being tampered with and the audit trail has been preserved by the
Company as per the statutory requirements for record retention.

For Salarpuria & Partners
Chartered Accountants
Firm ICAl Reg. No. 302113E

UDIN:

Place: Kolkata

Date: 29.5.2025