We have audited the standalone Ind AS financial
statements of Manaksia Steels Limited ("the Company”),
which comprise the balance sheet as at 31^st March 2025,
and the statement of profit and loss including Other
Comprehensive Income, statement of changes in equity
and statement of cash flows for the year then ended, and
notes to the financial statements, including a summary
of material accounting policies and other explanatory
information for the year ended on that date (hereinafter
referred to as "Ind AS financial statements”).

In our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid standalone Ind AS 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, ("Ind AS”) and other
accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025, and
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 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 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 (ICAI)
together with the independence 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 opinion.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the financial statements for the financial year
ended 31 March 2025. These matters were addressed in
the context of our audit of the financial statements, 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.
For each matter below, our description of how our audit
addressed the matter is provided in that context.

We have determined that there are no other key audit
matters to communicate in our report.

Information Other than the Standalone
Ind AS 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 Other Section of Annual
Report, but does not include the 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 the
other information identified above and, in doing so,
consider whether the other information is materially
inconsistent with the standalone Ind AS 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.

Management's Responsibility for the
Standalone Ind AS 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 Standalone Ind AS financial statements that gives
a true and fair view of the financial position, financial
performance, Changes in Equity and cash flows of the
Company in accordance with the accounting principles
generally accepted in India, including the Indian
Accounting Standards prescribed 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 implementation and maintenance
of 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 gives 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,
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 for the Audit of
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 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:

Ý 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.

Ý Obtain an understanding of internal controls 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 control
system in place and the operating effectiveness of
such controls.

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

Ý 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 ability of the Company 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 Ind
AS 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.

Ý 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 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.

Other Matters

The audit of comparative financial information of the
Company for the year ended 31^st March 2024 prepared
in accordance with Indian Accounting Standards
was carried out by the predecessor auditor vide their
unmodified report dated 28^th May, 2024, whose report
have been furnished to us by the management and
which have been relied upon by us for the purpose of
our audit of the financial results. Our audit report is not
modified in respect of this matter.

Report on Other Legal and Regulatory
Requirements

I. 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.

II. 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 Statement of Changes in Equity and the
Statements of Cash Flows 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 Indian
Accounting Standards specified under section
133 of the Act read with rule 7 of the Companies
(Accounts) Rules,2014;

e. On the basis of the written representations
received from the directors as on March 31, 2025
and 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 and the operating effectiveness
of such controls, refer to our separate Report in
"Annexure B”.

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
in its financial statements (Refer Note
no. 32 of the standalone 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 were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company.

iv. a) As represented by the management,

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) As represented by the management
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.