We have audited the accompanying Financial Statements
of GANDHI SPECIAL TUBES LIMITED (“the Company”),
which comprise the Balance Sheet as at 31 March 2025, the
Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Changes in Equity and the Cash Flow
Statement for the year then ended and notes to the Financial
Statements, including a summary of the material accounting
policy information 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 Companies
Act, 2013, as amended (“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 31 March, 2025, its Profit and total
comprehensive income, changes in equity and its cash flow
for the year ended on that date.

Basis for Opinion

We conducted our audit of the 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 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
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
audit opinion on the Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, 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.

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

Information other than Annual Financial Statements and
Auditor's Report thereon

The Board of Directors are responsible for the other
information. The other information comprises the information

included in the Company's annual report but does not include
the Financial Statements and our auditor's report thereon.

Our opinion on the 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 Financial Statements, our
responsibility is to read the other information and, in doing
so, consider whether the other information is materially
inconsistent with the Financial Statements, or our knowledge
obtained during the course of our audit or otherwise appears
to be materially misstated.

If, based on the work we have performed, we conclude that
there is 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 Financial Statements

The Company's Board of Directors are responsible for the
matters stated in Section 134(5) of the Act with respect to the
preparation of these Financial Statements that give a true and
fair view of the financial position, financial performance, total
comprehensive income, changes in equity and cash flows of
the Company in accordance with the accounting principles
generally accepted in India, including the 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 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 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, the Board of Directors
are 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 the 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 the Financial
Statements

Our objectives are to obtain reasonable assurance about
whether the 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 SAs, we exercise
professional judgement and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the
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 system 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 in the Financial Statements 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 Financial Statements, including the disclosures, and
whether the Financial Statements represent the underlying
transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the Financial
Statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable
user of the 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 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 Financial Statements of the
current period and are therefore the key audit matters. We
describe these matters in our Auditors' 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 Government of India in
terms of Section 143(11) of the Act and on the basis of
such checks of the books and records of the Company as
we consider appropriate and according to the information
and explanation given to us; 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. With respect to the matters to be included in the Auditor's
Report in accordance with requirement of Section 197(16)
of the Act, as amended.

3. In our opinion and to the best of our information and
according to the explanations given to us, the remuneration
paid during the current year by the Company to its directors
is in accordance with the provisions of Section 197 of the
Act.

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

(c) The Balance Sheet, Statement of Profit and Loss
(including Other Comprehensive Income), Statement of
Changes in Equity, the Statement of Cash Flow and notes
to the Financial Statements dealt with by this Report are in
agreement with the books of account;

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

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

(f) The modification relating to the maintenance of accounts
and other matters connected therewith are as stated in
paragraph (b) above on reporting under section 143(3)
(b) of the Act and paragraph (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 financial reporting of the
Company and the operating effectiveness of such controls,
refer to our separate report in Annexure “B”. Our report
expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company's internal financial
controls over financial reporting.

(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 33 to the Financial Statements;

ii. The Company has not entered into any long-term
contracts including derivative contracts for which there
were any material foreseeable losses as required
under the applicable law or accounting standards;

iii. There has been no delay in transferring the 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 or any 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 on behalf of
the Ultimate Beneficiaries.

(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 Parties or provide any
guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

(c) Based on the 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 (i) and (ii) of Rule 11(e) as provided in (a)
and (b) above, contain any material misstatement.

v. The dividend declared or paid during the year by the
Company, is in compliance with Section 123 of the Act.

vi. The reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 is applicable from 01
April 2023.

Based on our examination, which included test checks
carried out on the software application and review of
information and explanations given to us, except as
mentioned below, the company has used an accounting
software 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 accounting
software.

(a) The audit trail feature does not record updates/
changes made in master data.

(b) The feature of recording audit trail (edit log) was
not enabled at the database level to log any direct
changes in databases of the accounting application
used for maintaining books of accounts. However,
as per representation made by the management,
since the database is managed and controlled by
the accounting application vendor, the company
does not have direct access to databases and
thus no direct updates/changes could be made by
any employees of the company to the data in the
database.

Further, for FY 2024-25 where the audit trail
feature at the application level was enabled and
operated throughout the year, we did not come
across any instance of the said 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 S. V. DOSHI & CO.

Chartered Accountants
Firm Reg. No.: 102752W

SUNIL DOSHI
Partner

Mumbai Membership No.: 35037

28 May 2025 UDIN: 25035037BMIMVH9040