We have audited the accompanying standalone Ind AS financial statements of Aditya Forge
Limited ("the Company"), which comprise the Balance Sheet as at 31^st March 2024, the
Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash
Flows for the year ended, and summary of the significant accounting policies and other
explanatory information (hereinafter referred to as "Standalone Ind AS financial
statements").

Except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph,'
in our opinion and to the best of our information and according to the explanations given to
us, standalone Ind AS 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 standards
prescribed under section 133 of the Act, read with companies 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^st March 2024, its loss (including other comprehensive income), changes in
equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

We have conducted our audit of the standalone Ind AS financial statements in accordance
with the Standards on Auditing specified under Section 143(10) of the Act. Our responsibility
under those Standards are further described in Auditor's Responsibility for the Audit of the
standalone financial statements section of our report. We are independent of the company
in accordance of with code of ethics issued by ICAI together with the independence
requirement that are relevant to our audit of standalone financial statement under the
provisions of the Act and the rules made there Code under, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI's of Ethics.

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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for out audit opinion on the stand alone financial statement except for the following
matter:

We have not been provided with the balance confirmation or any other details for the trade
receivable, trade payable, loans and advances receivable/ payable shown in the books of
accounts. In the absence of the same we are unable to confirm the balance and nature of
transaction.

As a result of these matters, we were unable to determine whether any adjustments might
have been found necessary in respect of recorded or unrecorded transactions and accounts
receivable/payable in the Balance Sheet, and the corresponding elements making up the
Statement of Profit and Loss and Cash Flow Statement.

Key Audit Matters

Other Information

The company's management and board of directors are responsible forthe other information.
The other information comprises Board's Report on corporate governance and Business
Responsibility report but does not include standalone financial statement and our auditor's
report thereon.

Our opinion on the financial statement does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of 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 procedures or otherwise appear 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 on 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 give a true and fair view of the state of affairs, Profit (including
other comprehensive income), changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) 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 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 Ind AS 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, 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.

Board of directors is also responsible for overseeing the company's financial reporting
process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether 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 aggregate, they could reasonably be expected

to influence the economic decision of users taken on the basis of these standalone financial
statements.

As a part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risk of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedure
responsive to those risks, and obtain 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 the one resulting from error, as fraud may involve
collusion, forgery, intentional, omission, misrepresentation, or the override of internal
control.

• 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 forexpressing our opinion on whether the
company has an adequate internal financial control system 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 the 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 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 Company
to cease to continue as a going concern.

• 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.

Materiality is the magnitude of misstatements in the standalone financial statements that
individually or in aggregate, make 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 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.

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

(a) We have sought and obtained all the information which to the best of our knowledge
and belief was necessary for the purpose 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, Statement of Changes in Equity
and the Cash Flow Statement 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 prescribed under section 133 of the Act.

(e) On the basis of the written representations received from the directors and taken on
record by the Board of Directors, none of the directors is disqualified as on 31 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 with reference to

financial statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in "Annexure B". ____

/Cassox

(g) 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. There is no pending litigation on the company therefore the same is not required
to be disclosed.

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.

Date: 15/06/2024 For M A A K & Associates

Place: Ahmedabad (Chartered Accountants).

UDIN: 24139533BKECUQ6819 FRM: 135024W _____

Kenjfn Satyawadi V3CV
Partner

M. No.: 139533