We have audited the accompanying standalone financial
statements of RAMA STEEL TUBES LiMiTED ("the Company”),
which comprise the balance sheet as at March 31, 2025, the
statement of Profit and Loss (including other comprehensive
income), statement of changes in equity and statement of cash
flows for the year then ended, and notes to the standalone
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 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 March 31, 2025 and its
profits, total comprehensive income, changes in equity and its
cash flows for the year ended on that date.

Basis for Opinion

we conducted our audit 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("
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 iCAi's 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 standalone
financial statements of the current period.

We have determined that there are no key audit matters to
communicate in our report.

Information other than the Financial Statements and Auditor's
Report thereon

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, Business Responsibility Report, Corporate
Governance and Shareholder's information, but does not include
the financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not
cover the other information and we will 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
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 in the
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 the fact. We have nothing to report in this
regard.

Management's Responsibility for the 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 financial statements that give a true and fair view of
the financial position, financial performance, changes in equity
and cash flows of the Company in accordance with the iND AS
and other accounting principles generally accepted in india.
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 implementation and maintenance
of 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 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.

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 judgement 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 financial controls
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
financial controls system with reference to standalone
financial statements 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.

• 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 reasonable knowledgeable
users 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 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 be reasonably be expected to outweigh the
public interest benefits of such communication.

Report on other Legal and Regulatory Requirements

1. 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 Standalone Balance Sheet, the Standalone
Statement of Profit and Loss including other
comprehensive income, the standalone statement of
Changes in Equity and 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 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 31st March, 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 with reference to standalone financial

statements of the Company and the operating
effectiveness of such controls, refer to our separate
report in "Annexure A". Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial
controls with reference to standalone 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:

I n our opinion and to the best of our information and
according to the explanations given to us, managerial
remuneration has been paid by the Company to its
directors during the year in accordance with the
provisions of section 197 read with schedule V to 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, 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.

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

iii. The Company is not required to transfer any
amount to the investor Education and Protection
Fund.

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

(d) (A) No final dividend for the year has been

declared and paid by the Company during
the year and until the date of this report.

(B) No interim dividend has been declared and
paid by the Company during the year and
until the date of this report.

(C) The Board of Directors of the Company have
not proposed any final dividend for the year
which will be subject to the approval of the
members at the ensuring Annual General
Meeting. The amount of dividend to be
proposed will be in accordance with section
123 of the Act, as applicable.

iv. Based on our examination which included test checks,
the company has used an accounting software for
maintaining its books of account 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 audit trail feature being tampered with.

2. 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 "Annexure B” a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

For Rawat & Associates

Chartered Accountants
ICAI Firm Registration Number: 134109W

Nakul Rawat

Partner

Place: New Delhi Membership Number: 416638

Date: May 30, 2025 UDIN: 25416638BMNRLC7888