We have audited the accompanying financial statements of The Indian
Hume Pipe Company 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 Statement of Cash Flows for the year then ended, and notes to
financial statements, including a summary of the material accounting
policies 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 (‘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 March 31,2025, and its profit (including other comprehensive income),
changes in equity and its cash flows for the year ended on that date.

Basis of 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 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 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 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 of the current year.
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 the matter 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 Board
of Directors report, including Annexures to Board's report, Business
Responsibility and Sustainability 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 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 the Management for the 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 that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with the accounting principles generally accepted in India,
specified under Section 133 of the Act read with the rules made thereunder.
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 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 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 the Board of Directors either
intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors is 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 judgment
and maintain professional scepticism 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 financial 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 internal financial controls 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
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 the misstatements in the financial statements
that, individually or 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 of the scope of our audit work and evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatement 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 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 Government of India - Ministry of Corporate
Affairs, in terms of sub-section (11) of section 143 of the Act, we
enclose in the annexure A a statement on the matters specified in
paragraphs 3 and 4 of the said Order, to the extent applicable.

2. 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, and the Statement of Cash
Flows and Statement of Changes in Equity dealt with by this
Report are in agreement with the books of account.

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

(e) On the basis of the written representations received from
the directors as on March 31, 2025, 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 2.43 to the financial statements;

(ii) The Company has made provisions, as required under
the applicable law or accounting standards, for material
foreseeable losses, if any on long term contracts. The
Company does not have any derivative contracts.

(iii) There has been no delay in transferring 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, as disclosed in the
notes to the financial statements, 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 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 its knowledge and belief, as disclosed in
the notes to financial statements, 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,
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

(vi) Based on our examination which included test checks, the
Company has used accounting software for maintaining
its books of account which have a feature of recording
audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded
in the software except that, audit trail feature is not
enabled for changes at database level. Further, during the
course of our audit, we did not come across any instance
of audit trail feature being tampered with. Additionally, the
audit trail has been preserved by the Company as per the
statutory requirements for record retention

For K. S. Aiyar & Co.

Chartered Accountants
ICAI Firm Registration No. 100186W

Sachin A. Negandhi

Partner

Place : Mumbai Membership No: 112888

Date : May 14, 2025 UDIN: 25112888BMNVDH1177