We have audited the accompanying Standalone financial statements of KALYAN
CAPITALS LIMITED (Formerly Known as AKASHDEEP METAL INDUSTRIES LIMITED),

which comprise the Standalone Balance Sheet as at 31st March 2025, and the Statement
of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows
and the statement of changes in equity for the year then ended, and notes to the
standalone financial statements, including a summary of 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 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 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 31st March 2025, and its profit, total comprehensive
income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditor’s
Responsibility 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 the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI’s Code of
Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate
to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters (“KAM”) are those matters that, in our professional judgment, were
of most significance in our audit of the Ind AS standalone financial statements for the
financial year ended March 31, 2025. These matters were addressed in the context of
our audit of the Ind AS standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in
that context.

We have determined the matters described below to be the key audit matters to be
communicated in our report. We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the Ind AS standalone financial statements
section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the
risks of material misstatement of the Ind AS standalone financial statements. The
results of audit procedures performed by us and by other auditors of components not
audited by us, as reported by them in their audit reports furnished to us by the
management, including those procedures performed to address the matters below,
provide the basis for our audit opinion on the accompanying Ind AS standalone financial
statements.

Information other than the Standalone financial statements and Auditors Report
Thereon

The Company’s Board of Directors is responsible for other information. The other
Information comprises the information included in the Management Discussion and
Analysis, Board’s Report including Annexures to Board’s Report, Chairman’s Statement
and Shareholder’s Information, but does not include the standalone financial statements
and our auditor’s report thereon. The Board’s Report including Annexures to Board’s
Report, Chairman’s Statement and Shareholder’s Information is expected to be made
available to us after the date of this auditor’s report.

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 in the course of our audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior
to the date of this auditor’s report, 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 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 of the Company in accordance with the Ind AS and other
accounting principles 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 statement 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 are also responsible for overseeing the Company’s financial
reporting process.

Auditor’s Responsibility for the Audit of the Standalone financial statements

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 skepticism throughout the audit. We also:

• 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.

• 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 Companies Act, 2013, we are also responsible for expressing
our opinion on whether the Company has adequate internal financial controls
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, 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 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 section 197(16) of the Act, we report that the Company has paid
remuneration to its directors during the year in accordance with the provisions of and
limits laid down under section 197 read with Schedule V to the Act.

2. As required by The Companies (Auditors Report) order 2020, the order issued by
Central government of India in terms of sub section (11) of section 143 of the Act, we
give in the “Annexure-A”, a statement the matters specified in paragraph 3 and 4 of
the said Order.

3. As required by Section 143(3) of the Act, based on our audit we report, to the extent
applicable 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss
including Other Comprehensive Income, the Standalone Statement of Cash
Flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the
Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors 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) In our opinion, there is no financial transaction, which would have adverse
effect on the functioning of the company.

g) In our opinion, we do not have any qualification, reservation or adverse
remark relating to the maintenance of accounts and other matters connected
therewith except for the matters stated in the paragraph (vi) below on reporting
under Rule 11 (g)

h) With respect to the adequacy of the internal financial controls with reference
to the Standalone Financial Statements 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 with reference to the
standalone financial statements.

i) 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:

i. The Company has no pending litigations.

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 its knowledge and

belief, no funds which are material either individually or in the
aggregate) 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 or entity, including foreign entity
(“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 its knowledge and
belief, no funds (which are material either individually or in the aggregate)
have been received by the Company from any person or entity, including
foreign entity (“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;

(c) Based on the 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 and (b) above, contain any
material misstatement.

v. The company has not proposed or declared or paid any dividend during the year.

vi. In our opinion and to the best of our information and according to the explanations
given to us, the Company has used accounting software for maintaining its books
of accounts for the financial year ended March 31st, 2025 which has a feature of
recording audit trail (edit log) facility. The audit trail feature was operated
throughout the financial year for all relevant transactions recorded in the software.
Further, we have not come across any instance of the audit trail being tampered
with during the course of our audit, and the audit trails have been preserved by the
Company as per the statutory requirements under the Companies Act, 2013

FOR M/s TK GUPTA AND ASSOCIATES
CHARTERED ACCOUNTANTS
FRN: 011604N

Place: New Delhi
Date: 21/05/2025

CA. T.K. GUPTA
(PARTNER)

M. No. 082235