We have audited the accompanying Standalone financial statements of Mangalam Alloys
Limited, which comprise the Standalone Balance Sheet as at March 31, 2025, standalone
Statement of Profit and Loss, and Standalone Statement of Cash Flows for the year ended,
and a summary of accounting policies and other explanatory information (hereinafter referred
to as the "Standalone financial statements"). Ý ' '

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 accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2025, its profit and its cash flows for the year ended on that date.

Basis for Opinion L ^

We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013.
Our responsibilities under those Standards are further described in the Auditor's
Responsibilities 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 together with the ethical requirements that are relevant to
our audit of the Standalone 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 judgement, were of most
significance in our audit of the standalone 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. We have determined the matters described below to be the key auditunatters
to be communicated in our report. ,

Key Audit Matter Auditors' Response

Information Other than the Standalone financial statements and Auditor's Report
Thereon Ý . ' ÝÝ Ý Ý Ý^; ;Ý .. '

The Company's Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Management Discussion and
Analysis, Board's Report including Annexures to Board's Report, Corporate Governance
Report, and Shareholder's Information but does not include the Standalone financial ;
statements and our auditor's report thereon. \ • •• .. Ý

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
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 of 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 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, changes in equity and cash flows of the Company in accordance with
the Ind AS and other accounting principles generally accepted in India, including the
accounting Standards specified 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 financial statements 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 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'fld *_lX
realistic alternative but to do so. /

The Board of Directors are also responsible for overseeing the Company's financial reporting
process. . .Ý ^:

Auditor's Responsibilities 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 js 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. _; ^ _: ^ V \

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

• 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. ^v :Ý ^: "

• 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 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 faro
presentation. , [Ls,

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. . .v; v'i

From the matters communicated with those charged with governance, we identify matter that
were of such significance in the audit of the Standalone financial statements for the financial
year ended March 31, 2025, that they would be considered key audit matters. Accordingly,
such matters have been described in our auditor's report. Furthermore, there were no
circumstances where disclosure was precluded by law or regulation, or where, adverse
consequences were expected to outweigh the public interest benefits of such communication.

Other Matter

The financial statements of the Company for the year ended March 31, 2024, were audited by
predecessor auditor whose report dated 30^th May, 2024 expressed an unmodified opinion on
those Financial Statements.

Report on Other Legat 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 sub-section (11) of section 143 of the Companies
Act, 2013, 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, based on our audit we report that: ;

a. We have sought and obtained ail 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 and the Statement of Cash Flows dealt
with by this Report are in agreement with the relevant books of account.

d. In our opinion, the aforesaid Standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014;

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 interna! financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate Report
in 'Annexure 6'. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's interna! financial controls over financial reporting.

g. With respect to the other matter to be included in the Auditor's Report under 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. The remuneration paid is in accordance with the provisions of
Section 197 of the Act read with Schedule V 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, as amended, 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 standalone financial statements. Refer note no. 34 to the standalone
financial statements. ^

ii. The Company did not have any long-term contracts, including derivative contracts

T for which there were any material foreseeable losses. T T

iii. During the yeah there were no amounts which were required to be transferred to

_: the Investor Education and Protection Fund by the Company. T

iv. (a) The management has represented that, to the best of its knowledge and belief,
no funds (which are material either individually or in 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 persons or
entities; 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 its knowledge and belief,
no funds (which are material either individually or in aggregate) have been
received by the Company from any person 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,
the like on behalf of the Ultimate Beneficiaries; and

(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

Lis to believe that the representations under sub-clause (i) and (ii) of Rule 11(e),
as provided under (a) & (b) above, contain any material misstatement.

v. The Company has not declared or paid dividend during the year. :

vi. Based on our examination, which included test checks, the company has used

accounting software for maintaining it books of account which has a feature of :
recording audit trail (edit log) facility. However, the same has not operated through
out : the: year for all the relevant transactions recorded in the software, Further
during the course of our audit we could not establish the systematic and
chronological order of transactions recorded during the year.

For Bhupendra J. Shah & Associates
Chartered Accountants

121812W

Ankit Gupta
Partner

Membership No. 130278
U DIN: 25130278BMIJ F Y2274

Place: Ahmedabad
Date: 30.05.2025