We have audited the accompanying Standalone Financial
Statements of Maithan Alloys Limited ("the Company"), which
comprise the Balance sheet as at March 31, 2025, the Statement of
Profit and Loss, (including Other Comprehensive Income), the
Statement of Changes in Equity and the Cash Flow Statement for the
year then ended, and notes to the Standalone 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, the aforesaid Standalone 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 Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, and other
accounting principles generally accepted in India, of the state of
affairs (financial position) of the Company as at March 31, 2025, its
profit and total comprehensive income, changes in equity and its
cash flows 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 (SAs) 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 (ICAI) together with the ethical requirements that are relevant
to our audit of the Standalone 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 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 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. For each matter
below, our description of how our audit addressed the matter is
provided in that context:

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

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. We have nothing to report in this
regard.

Responsibilities of Management and Board of Directors 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 income, changes in equity and cash flows 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. This
responsibility also includes maintenance of adequate accounting
records in accordance with the provisions 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 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)(l) 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 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 audit report to the related disclosures in
the Standalone 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
achievesfair presentation.

Materiality is the magnitude of misstatements in the Standalone
Financial Statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably
knowledgeable user of the Standalone Financial Statements may be
influenced. We consider quantitative materiality and qualitative

factors in (i) planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the Standalone 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 Standalone 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 Act, we give in
the "Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act, based on our audit, we
reportthat:

(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 except for the matters stated in the
paragraph 2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rule, 2014.

© The Balance Sheet, the Statement of Profit and Loss including
Other Comprehensive Income, Statement of Changes in Equity
and the Cash Flow Statement dealt with by this Report are in
agreement with the books of account;

(d) 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;

(e) On the basis of the written representations received from the
directors taken on record by the Board of Directors, none of the
directors are disqualified as on March 31, 2025 from being
appointed as a director in terms of Section 164(2) of the Act;

(f) The modifications relating to the maintenance of accounts and
other matters connected therewith are as stated in the
paragraph 2(b) above on reporting under section 143(3)(b) of

the Act and paragraph 2(i)(vi) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules,2014.

(g) With respect to the adequacy of the internal financial controls
with reference to standalone financial statements of the
Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B".

(h) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirement 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/provided by the Company to its directors during the year is
in accordance with the provisions of section 197 of the Act read
with Schedule V to the Act except the payment of INR 1.74
crores paid to directors in excess of limits approved by the
shareholders. Refer note No. 20 of the Standalone Financial
Statements.

(i) 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 55 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 as on March 31,2025.

III. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by
theCompany.

IV. (a) The management has represented to us 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 or any other sources or kind of funds) by the
company to or in any other person(s) or entities, 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 ofthe Ultimate Beneficiaries.

(b) The management has represented to us that, to the best of
its 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,
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 our audit procedures that are 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 paragraph 2(h) (iv)(a) &(b) above,
contain any material misstatement.

V. (a) The Interim dividend declared and paid by the company

until the date of this audit report is in accordance with
Section 123 of the Act. The final dividend paid by the
company during the year, in respect of the same declared
for the previous year, is in accordance with Section 123 of
the Act to the extent it applies to payment of dividend.

(b) The Board of Directors of the Company has proposed
dividend for the year, which is subject to the approval ofthe
Members at the ensuing Annual General Meeting. The
amount of dividend proposed is in accordance with section
123 ofthe Act, as applicable.

VI. Based on our examination, which included test checks, the
Company has used accounting software including payroll
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 all the relevant transactions
recorded in the accounting software, except in respect of the
accounting software, the audit trail feature was not enabled at
the database level up to May 13, 2024 and in respect of the
payroll accounting software, the audit trail feature was not
enabled at the database level throughout the year.

Further, during our audit, we did not come across any instance
of audit trail feature being tampered with in respect of
accounting software including payroll accounting software.

Additionally, the audit trail has been preserved by theCompany
as per the statutory requirements for record retention to the
extent it was enabled and recorded in the respective years.

For Singhi & Co.

Chartered Accountants
Firm Registration Number: 302049E

(Shrenik Mehta)

Partner

Place: Kolkata Membership Number: 063769

Date: May 28, 2025 UDIN: 25063769BMMIRB5059