We have audited the accompanying financial statements of
Maan Aluminium Limited (“the Company”), which comprise
the balance sheet as at March 31, 2025, the Statement of
Profit and Loss, including the statement of Other
Comprehensive Income, the Cash Flow Statement and the
Statement of Changes in Equity for the year then ended, and
notes to the financial statements, including a summary of
significant 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, as amended (“the Act”) in the manner
so required and give a true and fair view in conformity with
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 its cash flows
and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in
accordance with the Standards on Auditing (SAs), as
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 Act and the 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
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
financial statements of the current period. 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.

This includes:

Assessing whether costs directly attributable to bringing
the asset to its intended use are appropriately capitalised,

Identifying costs that should be expensed as repairs,
maintenance or overheads, and

Determining the date when the asset is available for use.

Given the quantum of capitalisation, and the judgement
required in applying accounting principles, we have
considered this matter as a key audit matter.

Information Other than the Financial Statements and
Auditors’ Report Thereon

The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the Company's annua
report, but does not include the financial statements and our
auditors' report thereon.

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

In connection with our audit of the financial statements, oui
responsibility is to read the other information identified above
when it made available and, in doing so, consider whether the
other information is materially inconsistent with the financia
statements or our knowledge obtained in the audit oi
otherwise appears to be materially misstated.

When we read the annual report, if we conclude that there is c
material misstatement therein, we are required to
communicate the matter to those charged with governance
and take necessary actions, as applicable under the relevan
laws and regulations.

Management's and Board of Directors Responsibility for the
Financial Statements

The Company's Management and Board of Directors are
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
including other comprehensive income, cash flows and
changes in equity 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 read with the Companies (Indian Accounting
Standards) Rule, 2015, as amended.

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, management and Board
of Directors are 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. The Board of Directors are
also 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 skepticism
throughout the audit. We also:

Ý 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.

Ý 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 with reference to
financial statements in place and the operating
effectiveness of such controls.

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

Ý Conclude on the appropriateness of management and Board
of Directors use of the going concern basis of accounting in
the preparation of financial statement 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.

Ý 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.

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 auditors' 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 of
India in terms of Section 143 (11) of the Act, we give in the
“Annexure A”, a statement on the matters specified 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

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, the statement of
cash flows and the 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 Indian Accounting Standards (Ind AS) specified
under Section 133 of the Act;

e) On the basis of the written representations received from
the directors as on 31 March 2025 taken on record by the
Board of Directors, none of the directors is disqualified as
on 31 March 2025 from being appointed as a director in
terms of Section 164 (2) of the Act; and

f) With respect to the adequacy of the internal financial
controls with reference to the financial statements 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
Auditors’ 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 as at 31 march 2025 on its financial position
in note 36.1 to 36.2 to the financial statements;

ii. The company did not have any long-term contracts,
including derivative contracts, for which there were
any material foreseeable losses;

iii. There has been no delay in transferring amounts,
required to be transferred, to the investor education
and protection fund by the company during the year
ended 31 march 2025.

iv. (a) 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:

Ý 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

Ý or provide any guarantee, security or the like to or
on behalf of the Ultimate Beneficiaries;

(b) 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:

Ý 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 party or

Ý Provide any guarantee, security or the like from or
on behalf of the ultimate beneficiaries; and

(c) Based on such audit procedures as 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
(iv)(a) and (iv)(b) contain any material misstatement.

v. The Company has not declared or paid dividend during
the year therefore provision of section 123 of the Act is
not applicable.

vi. Based on our examination, which included test checks,
the Company has used accounting software for
maintaining its books of account for the financial year
ended March 31, 2025 which has 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. Further, during the course of
our audit we did not come across any instance of the
audit trail feature being tampered with and audit trail
has been preserved by company.

h) With respect to the matter to be included in the Auditor’s

Report under Section 197(16) of the Act:

In our opinion and according to the information and
explanations given to us, the remuneration paid by the
Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act.

Place: Indore For M A K & Associates

Chartered Accountants
^{Date : 27052025} Firm Registration No. 003060C

UDIN: 25415037BMOJHW8296

CA. Kunji Lal Kushwaha

Partner
M. No. 415037