We have audited the accompanying financial statements of Amforge Industries Limited (“the Company”), which
comprises the Balance Sheet as at 31st 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 material accounting policies information, other 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 31st March, 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 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 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 Companies Act, 2013 and the
Rules 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 opinion on the financial statements.

Key Audit Matter

Key audit matters 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.

The auditor determines that there are no Key Audit Matter during the year.

Information other than the Ind AS Financial Statements and Auditor’s Report thereon

The other information comprises the information included in the Annual Report, but does not include the Ind AS
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 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 fort he Audit of the Ind AS Financial Statements:

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

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatements of the financial statements,whether due to fraud or error,
design and perform audit procedures responsive to those risks,and obtain audit evidence thats 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 system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of the accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on the appropriateness of the management’s use of 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 the 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.

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) 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 Companies Act, 2013, we give in the 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 (including Other Comprehensive Income), the Cash
Flow Statement and the Statement of Changes in Equity 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 31st 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.

(f) With respect to the adequacy of internal financial controls over financial reporting of the Company, and
the operating effectiveness of such controls, refer to our separate report in “Annexure A”.

(g) With respect to the other matters to be included in the Auditor’s Report in accordance with the
requirements of Section 197(16) of the Act, as amended, In our opinion and to the best of our 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.

(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 vide Note 20.1

in its financial statements.

(ii) The Company did not have any long-term contracts including derivatives contracts for which there

were any material foreseeable losses.

(iii) There has been no delay in transferring amounts, 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

have been advanced or loaned or invested(either from borrowed funds or share premium
orany other sources or kind of funds) by the Company to or in any other persons or entities,
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 (“Ultimate Beneficiaries”) by or on
behalf of the Company or provide any guarantee,security or the like to or on behalf of the
Ultimate Beneficiaries;and

(b) The management has represented that, to the best of its knowledge and belief, no funds
have been received by the Company from any persons or entities, including foreign entities
(“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that
the Company shall; directly or indirectly, lend or invest in other persons or entities identified
in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Party
or provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries;
and

(c) Based on such audit procedures as 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 (d)(i) and (d)(ii) contain any material misstatement.

(v) The Company has not declared nor paid any dividend during the year.

(vi) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable
with effect from 1st April, 2023.

a. Based on our examination which included test checks, the Company has used accounting
software for maintaining its books of account for the financial year ended 31st March, 2024
which have a feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the Software.

b. Further, the audit trail (edit log) facility was enabled and operated throughout the year for
the accounting software, we did not come across any instance of the audit trail feature being
tampered with.

For Banka & Banka

Chartered Accountants

(Firm Registration No:100979W)

CA Pradeep P. Banka

(Partner)

(Membership No.:038800)

UDIN:25038800BMHCQJ9035

Place: Mumbai

Dated: 27th May, 2025