We, S.R. Batliboi & Co. LLP ("SRBC") and S. K. Naredi & Co.
("SKN"), have jointly audited the standalone financial
statements of Ramkrishna Forgings Limited ("the
Company"), which comprise the Balance Sheet as at March
31, 2025, the Statement of Profit and Loss, including the
statement of Other Comprehensive Income, the Cash Flow
Statement and the Statement of Changes in Equity for the
year then ended, and notes to the standalone financial
statements, including a summary of material accounting
policies and other explanatory information.

In our opinion and to the best of our information and
according to the explanations given to us, except for the
possible effects of the matter described in the 'Basis for
Qualified Opinion' section of our report, the aforesaid
standalone 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, its profit including other comprehensive
loss, its cash flows and the changes in equity for the year
ended on that date.

Basis for Qualified Opinion

As more fully disclosed in Note 47 to the accompanying
standalone financial statements, during our observation
of the physical verification, based on testing of sample
of work-in-progress inventory with the book records, we
noted that book stock was higher as compared to the
physical stock and we requested management to initiate
an independent investigation. The external agencies'
Interim Joint Fact-Finding Report highlights shortages in
work in progress / raw material / scrap inventory quantities
as at March 31, 2025 and as at March 31, 2024 which have
been valued by the management at ' 22,052.43 lakhs and
' 5,022.26 lakhs respectively. The standalone financial
statements for the year ended March 31, 2025 has been
adjusted for the above including by way of restatement of
the comparative figures for the year ended March 31, 2024
as disclosed in the aforesaid note. Pending completion of
the independent investigation, we are unable to comment
on further consequential impact, if any, on the standalone
financial statements.

We conducted our audit of the standalone financial
statements in accordance with the Standards on Auditing
(SAs), as specified under section 143(10) of the Act.
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 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 qualified audit opinion on the standalone
financial statements.

Emphasis of Matter paragraph

We draw attention to Note 48 to the accompanying
standalone financial statements regarding excess
managerial remuneration of ' 693.00 lakhs for the year
ended March 31,2025, paid/ payable to the directors by the
Company, which is pending ratification by shareholders of
the Company.

Our opinion is not modified in respect of this matter.

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 for the financial year
ended March 31,2025. 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. In addition
to the matter described in the 'Basis for Qualified Opinion'
section we have determined the matters described below
to be the key audit matters to be communicated in our
report. For each matter below, our description of how our
audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the standalone
financial statements section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to
our assessment of the risks of material misstatement of
the standalone financial statements. The results of our
audit procedures, including the procedures performed
to address the matters below, provide the basis for our
audit opinion on the accompanying standalone financial
statements.

Other Information

The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual report, but does not
include the standalone financial statements and our
auditor's report thereon.

Our opinion on the standalone 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 financial
statements, our responsibility is to read the other
information and, in doing so, consider whether such 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. As described in the Basis for
Qualified Opinion section above, we were unable to obtain
sufficient appropriate audit evidence as regards the matter
covered therein. Accordingly, we are unable to conclude
whether or not the other information is materially misstated
with respect to this matter.

Responsibilities of the Management for the Standalone
Financial Statements

The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements
that give a true and fair view of the financial position,
financial performance including other comprehensive
loss, cash flows and changes in equity of the Company
in accordance with the accounting principles generally
accepted in India, including the Indian Accounting
Standards (Ind AS) specified under section 133 of the Act
read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, 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 the 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 standalone financial statements that give a true and fair
view and are free from material misstatement, whether due
to fraud or error.

In preparing the standalone 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.

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

Auditor's Responsibilities for the Audit of the Standalone
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the standalone 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
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 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 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 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 standalone financial statements, including the
disclosures, and whether the standalone 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 financial
statements for the financial year ended March 31, 2025
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.

Other Matter

The standalone financial statements of the Company for the
year ended March 31, 2024, included in the accompanying
standalone financial statements, are restated pursuant to
the Scheme of Amalgamation approved by Hon'ble National
Company Law Tribunal, Kolkata, as more fully described in
Note 52 to these standalone financial statements, for which
we did not audit the financial statements of ACIL Limited
("ACIL", an erstwhile subsidiary of the Company), whose
financial statements reflects total assets of ' 5,364.25 lakhs
as at March 31,2024, total revenues aggregating of ' 974.96
lakhs and net cash outflows of '109.01 lakhs for the period
from February 20, 2024 to March 31, 2024. The financial
statements of ACIL for the period from February 20, 2024

to March 31, 2024 were audited by another auditor who
expressed an unmodified opinion on those statements on
April 29, 2024.

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 the "Annexure 1" a statement on the
matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report, to
the extent applicable, that:

(a) We have sought and except for the matter
described in the Basis for Qualified Opinion
paragraph, obtained all the information and
explanations which to the best of our knowledge
and belief were necessary for the purposes of our
audit;

(b) Except for the possible effects of the matter
described in the Basis for Qualified Opinion
paragraph and Note 47 to the standalone financial
statements as regards the overstatement of
inventories and subsequent correction thereof,
and for the matters stated in the paragraph (j)
(vi) below on reporting under Rule 11(g), 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 the Statement of 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) Except for the possible effects of the matter
described in the Basis for Qualified Opinion
paragraph above, in our opinion, the aforesaid
standalone financial statements comply with the
Accounting Standards specified under Section
133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended,
specified under section 133 of the Act;

(e) The matter described in the Basis for Qualified
Opinion paragraph above, in our opinion, may
have an adverse effect on the functioning of the
Company;

(f) 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;

(g) The qualification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the Basis for Qualified Opinion
paragraph and paragraph (b) above on reporting
under Section 143(3)(b) and paragraph (j)(vi) below
on reporting under Rule 11(g);

(h) With respect to the adequacy of the internal financial
controls with reference to standalone financial
statements and the operating effectiveness of such
controls, refer to our separate Report in "Annexure
2" to this report;

(i) Without considering the possible effects of the
matter described in the 'Basis for Qualified Opinion'
section above, in our opinion, except for the
managerial remuneration aggregating to ' 693.00
lakhs, the managerial remuneration for the year
ended March 31, 2025 has been paid / provided
by the Company to its directors in accordance
with the provisions of section 197 read with
Schedule V to the Act. As stated in note 48 to the
standalone financial statements, the amount paid
/ provided by the Company is subject to approval
of shareholders by way of special resolution in the
ensuing annual general meeting as required by
section 197 read with schedule V to the act.

(j) 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,
as amended 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 financial statements - Refer
Note 35 to the standalone 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 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, as disclosed
in the note 53 (v) to the standalone financial
statements, 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, as disclosed
in the note 53 (vi) to the standalone financial
statements, 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 such audit procedures performed
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 (a) and (b) contain any material
misstatement.

v. The interim dividend declared and paid by the
Company during the year and until the date of this
audit report is in accordance with section 123 of
the Act.

As stated in note 45 to the standalone financial
statements, the Board of Directors of the Company
have proposed interim dividend for the year. The
dividend declared is in accordance with section
123 of the Act to the extent it applies to declaration
of dividend.

vi. Based on our examination which included test
checks, the Company has used accounting
software SAP and Tally for maintaining its books
of account which 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 software except that, audit trail
feature is not enabled for certain changes made
in the SAP application, if any, using privileged/
administrative access rights, as described in
note 51 to the standalone financial statements.
Further, during the course of our audit we did
not come across any instance of audit trail feature
being tampered with, in respect of accounting
software where the audit trail has been enabled.
Additionally, the audit trail of prior year has been
preserved by the Company as per the statutory
requirements for record retention to the extent it
was enabled and recorded in the respective year.

For S.R. BATLIBOI & CO. LLP For M/S. S.K. NAREDI & CO.

Chartered Accountants Chartered Accountants

ICAI Firm registration number: 301003E/E300005 ICAI Firm registration number: 003333C

per Shivam Chowdhary per Abhijit Bose

Partner Partner

Membership No.: 067077 Membership No.: 056109

UDIN: 25067077BMOEIC8268 UDIN: 25056109BMIZPS7092

Place: Kolkata Place: Kolkata

Date: May 31,2025 Date: May 31, 2025