We have audited the accompanying Standalone
financial statements of HI-TECH PIPES LIMITED ("the
Company”), which comprise the standalone Balance
Sheet as at March 31, 2025, and the standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the standalone Statement
of Changes in Equity and the standalone Statement of
Cash Flows for the year ended on that date and notes
to the Standalone financial statements including a
summary of material accounting policies and other
explanatory information hereinafter referred to as
"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 Standard 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, its profit including other 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 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 Rules there under 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 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.

We have determined the matters described below to
be the key audit matters to be communicated in our
report: -

INFORMATION OTHER THAN THE 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 Management
Discussion and Analysis, Board's Report including
Annexure to Board's Report, Business Responsibility
Report, Corporate Governance and Shareholder's
Information, but does not include the consolidated
financial statements, 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
the other information is materially inconsistent
with the standalone 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 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 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 financial statements that give a
true and fair view of the financial position, financial
performance including other comprehensive income,
cash flows and changes in equity of the Company in
accordance with the Indian Accounting Standards
(Ind AS) 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.

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 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 is also responsible for overseeing the
Company's financial reporting process.

AUDITOR'S RESPONSIBILITY FOR THE AUDIT OF
THE STANDALONE FINANCIAL STATEMENT

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
scepticism throughout the audit. We also:

O 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.

0 Obtain an understanding of internal financial
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.

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

0 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 Group 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 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 Group to cease to
continue as a going concern.

0 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.

Wecommunicatewiththosechargedwithgovernance
of the Company 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 in terms of Section 143(11) of the
Act, we give in "Annexure A” a statement on the
matters specified in paragraphs 3 and 4 of the
Order, To the extent applicable.

2. A) As required by Section 143(3) of the Act, based

on our audit we report: -

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 it appears
from our examination of these books
except for the matters stated in the
paragraph 2(B)(f), on the reporting
under rule 11(g) of the Companies
( Audit and Auditors ) Rules, 2014

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

d) In our opinion, the aforesaid financial
statements comply with the Indian
Accounting Standards prescribed under
section 133 ofthe Act, read with Companies

(Indian Accounting Standards) Rules,
2015, as amended;

e) On the basis of the written representations
received from the directors of the
Company 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) The modifications relating to the
maintenance of accounts and other
matters connected therewith are as
stated in the paragraph 2(A)(b) above
on reporting under Section 143(3)(b)
of the Act and paragraph 2B(f) 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 over 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.

B) 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:

a) The Company has disclosed the impact
of pending litigations on its financial
position in its financial statements.

b) The Company did not have any long-term
contracts including derivative contracts
for which there were any material
foreseeable losses.

c) There were no amounts which were
required to be transferred to the Investor
Education and Protection Fund by the

Company.

d) (i) 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.

(ii) 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.

(iii) Based on the audit procedures
performed that has 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) contain any material mis¬
statement.

e) The board of directors of the company

has proposed final dividend for the year,

subject to approval of shareholders in
annual general meeting. The amount
declared is in accordance with section
123 of the Act to the extent it applies to
declaration of dividend.

f) Based on our examination which included
test checks, the Company has used
accounting software for maintaining its
books of account, which did not have a
feature of recording audit trail (edit log)
facility throughout the year for all the
relevant transactions recorded in the
respective software, hence we are unable
to comment on audit trial features of the
said software.

C) 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.

For A. N. GARG & COMPANY

Chartered Accountants
FRN- 004616N

A. N. GARG

(FCA, Partner)

M.No: -083687

Place: New Delhi

Date: 26^th May, 2025

UDIN: 25083687BMJGAV3709