We have audited the accompanying financial statements of Kanishk Steel Industries Limited (the
'Company'), which comprise the Balance Sheet as at March 31,2025, the Statement of Profit and Loss
(including 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 the material
accounting policy information and other explanatory information (hereinafter referred to as “financial
statements”).

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 including Indian Accounting Standards ('Ind AS') specified under Section 133 of the Act
of the state of affairs of the Company as at March 31,2025, and 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
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 ('ICAI') 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 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. 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
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 Financial Statements. The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis for our audit opinion on the accompanying
Financial Statements:

Information Other than the Financial Statements and Auditors' Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises
the information included in the Annual Report, but does not include the financial statements and our auditor's
report thereon. The Annual report is expected to be made available to us after the date of this auditor's report.

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
identified above when it becomes available and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained during the course of our audit
or otherwise appears to be materially misstated.

When we read the Annual report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance as required under SA 720 'The Auditor's
responsibilities Relating to Other Information'.

Responsibilities of Management for the Financial Statements and those charged with governance 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 state of affairs (financial position), profit or loss (financial performance 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 Ind AS specified under Section 133 of the Act read with Companies
(Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 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. The Board of Directors are also responsible for
overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of 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 Standards on Auditing 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 Standards on Auditing, we exercise professional judgment and
maintain professional skepticism 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 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 explaining 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 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; and

• 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 misstatements in the financial statements that, individually or in
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 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 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 for the financial year
ended March 31,2025 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 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 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 (including other
comprehensive income), the cash flow statement 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 Indian Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015 as amended;

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
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 with reference these financial statements and the
operating effectiveness of such controls, refer to our report as per “Annexure B” to
this report. Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company's internal control with reference to
financial statements.

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 (as
amended), in our opinion and to the best of our information and according to the
explanations given to us:

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 disclosed the impact of pending litigations on its financial position in
its financial statements - Refer Note 34 to the financial statements

ii. the Company has made provision, as required under the applicable law or Ind AS, for
material foreseeable losses, if any, on long-term contracts including 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 during the year ended March
31,2025;

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 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, 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 (a) and (b), contain any
material misstatement.

v. During the year the Company has not paid or declared dividend, accordingly
compliance of provisions of section 123 are not applicable.

vi. Based on our examination, which included test checks, the Company has used
accounting software systems for maintaining its books of account for the financial year
ended March 31,2025 which have the feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions recorded in
the software systems. Further, during the course of our audit we did not come across
any instance of the audit trail feature being tampered with and the audit trail has been
preserved by the Company as per the statutory requirements for record retention.

For Chaturvedi & Partners
Chartered Accountants
FRN 307068E

Maheswari M, FCA,
Partner
M. No. 241814
UDIN. 25241814BMKZBX3253

Chennai

28-05-2025