We have audited the financial statements of P S RAJ STEELS PRIVATE LIMITED ("the
Company"), which comprise the balance sheet as at 31st March 2024, and the statement of
Profit and Loss and statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory
information. ¹

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 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 31st March, 2024, its profit/loss
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 ^c°^mpan|es Act, 2013. Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the Audit of the Financial Statements
section o, 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
Companies Act, 2013 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

opinion^ ^{6VldenCe We have obtamed is} sufficient and appropriate to provide a basis for our
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance

°^{ur aU}?^: °L ^{he standa,one} 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’ Based
on the work done during the year no such matter to be reported in this regards. ^{B d}

Information other than the financial statements and auditors’ report therenn

The Company’s board of directors is responsible for the nrenaratinn nf *u

ReDoTlncl, ,ri'^{he informalion com}P^rises the information included in the Board's

statements and oufauditor^re'porfffiereon.^⁰^⁰¹^¹ “ ⁿ°‘ ^{inc,ude the fi}"^a"^cial

^ °^{,h6r in}“" ^{and d}°

IKSKST ,d^Ud^doin°o t ^finanCj?' ^Stf^men,S' ^0Ur responsibility is to read the

rmation and, m doing so, consider whether the other information is materially^

)a.

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 a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.

Responsibilities^ Management and Those Charged with Governance 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 financial statements
hat give a true and fair view of the financial position, financial performance and cash flows of
he Company in accordance with the accounting principles generally accepted in India, including
the accounting Standards specified under section 133 of the Act. This responsibility also
inc udes 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
o er irregularities, selection and application of appropriate accounting policies; making
ju gments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring
h 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 prepanng the 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

iL ~ ^{sing he go}'^{ng concem bas}'s of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

process °^ard °^{f D}‘^{reCt0rS are a}'^{S0 res}P°^{nsible for} overseeing the Company’s financial reporting

Auditor’s Responsibilities for the Audit of the Financial Statpmpnte

2hl£^bl^eCtlf^{eS 3}I^{e t0 0bt}f'^{n raasonable} assurance about whether the financial statements as a
hole are free from material misstatement, whether due to fraud or error, and to issue an
auditors 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 a ways detect a
material misstatement when it exists. Misstatements can arise from fraud or error and Ire
Sfe 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

prof^si^nirsre^ professional judgment and maintain

audit evidence that is sufficient and appropriate to provide a basis for our ooinlon rn ^and °“^ai"

TSS TSS 'KT I^{s hi9her} “ r

override of intemarcontrol ⁹ '^n,en"°^nal °^miSSIOns' "Representations, or the

audit

Act, 2013, we are also resDonsiblP fnr py^cci™ section I43(3)(i) of the Companies

adequate interna, financial controls system in pla'ce

• 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 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 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 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 outweiqh the public
interest benefits of such communication ^K

9

Report on Other Legal and Regulatory Requirements

¹ squired by the Companies (Auditor's Report) Order, 2020 ("the Order”) issued bv
the Cental Government of India in terms of sub-section (11) of section 143 of the
companies Act, 2013, we give in the 'Annexure A', a statement on the matters soecifed
in paragraphs 3 and 4 of the Order, to the extent applicable. ^

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

" KaasassssssK ssss «• »• -

fealt withby thi^Rep'ort areln'agreement witM Statement

d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act and rules made thereunder.

e) On the basis of the written representations received from the directors as on 31st
March, 2024 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2024 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 Sec 197(16) of the Act as amended, we report that Section
197 is not applicable to a private company. Hence reporting as per Section 197(16) is
not required.

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 does not have any pending litigations which would impact its
financial position.

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) The management has represented that, to the best of it’s knowledge and belief,
other than as disclosed in the notes to the accounts, 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 it’s knowledge and belief,

other than as disclosed in the notes to the accounts, 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 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 under (a) and (b) above, contain any material mis-statement.

v. No dividend have been declared or paid during the year by the company.

^Vl' L^ar_n^ell!l^0Ur^^Xamin.^{ati0n Whioh induded test checks}' >he company has used an
accounting software for maintaining its books of account which ha«flae&ure of
recording audit trail (edit log) facility and the same has operated th&rci^^ar

for all relevant transactions recorded in the software. Further, during the course of
our audit we did not come across any instance of audit trail feature being tampered
with.

For Jain Mittal Chaudhary & Associates
Chartered Accountants
FRN: 0015140N

Place:-Hisar ( f lev Jain

Date: 25/07/2024 nO Mjj (Partner)

UDIN: Membership No. 500771

24500771BKDOFE6266