We have audited the accompanying Standalone financial statements of M/s. Gopal Iron and Steel Co
(Guj) Limited (“the Company”) which comprises the Balance Sheet as at March 31, 2024, the Statement
of Profit and Loss, statement of changes in the Equity and statement of cash flows 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 standalone financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31, 2024, and profit/loss, statement of change in
equity and its cash flows for the year ended on that date.

• BASIS OF OPINION

We conducted our audit by 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 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 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.

• EMPHASIS OF MATTER

The Accompanying financial statements are prepared by management assuming that the Company will
continue as a going concern. The Company has suffered recurring losses from the operations. Further, it
has disposed of all its plant and machinery and other major fixed assets and discounted its operations. It
raises substantial doubt about the ability of the company to continue as a going concern. The Management
plan regarding this has been discussed in note 38 of accompanying statements. The Financial statement
does not include any adjustments which might results from this uncertainty.

Our opinion is not modified in respect of this matter.

• KEY AUDIT MATTER

Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the Standalone Financial Statements for the financial year ended March 31, 2024. 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. For each key
matter, our description of how our audit addressed the matter is provided in that context.

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

We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the
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 Standalone Financial Statements. Accordingly, our audit included the
performance of procedure designed to respond to our risk of material mistaken of the Standalone financial
statements. The result of our audit procedure provides the basis for our audit opinion on the standalone
financial statement.

• 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 Standalone Financial
Statements and our auditors’ report thereon. 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 such 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 that fact. We have nothing to report in this regard

• RESPONSIBILITY OF MANAGEMENT FOR THE STANDALONE 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 standalone financial statements that give a
true and fair view of the financial position, financial performance, (changes in equity)[iv] and cash flows
of the Company in accordance with the 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 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 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

• AUDITORS RESPONSIBILITY FOR THE AUDIT OF THE 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 auditors’
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 judgement 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 Act, 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.

- 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 auditors’
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
auditors’ 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.

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 le,
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 for the financial year
ended March 31, 2024 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

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.

As required by Section 143 (3) of the Act, we report that:

1. 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.

2. 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

3. The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statements dealt with by
this Report are in agreement with the books of account.

4. 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.

5. On the basis of the written representations received from the directors as on 31st March, 2024
taken on record by the Board of Directors, none of the directors is disqualified as on 31st
March, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

6. Concerning the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure B”.

7. Concerning the other matters to be included in the Auditor’s Report by 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:

a) The Company does not have any pending litigations which may impact its financial position in its
financial statements.

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

c) There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company.

d) (i)The management has represented that to the best of its knowledge and belief, other than as
disclosed in thenotes to accounts, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kinds of funds) by the Company to or
in any other person(s) or entity(ies), including foreign entities (“intermediaries”), with the
understanding , whether recorded in writing or otherwise, that the intermediately 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 like on behalf of the Ultimate Beneficiaries;

(ii) )The management has represented that to the best of its knowledge and belief, other than as
disclosed in the notes to accounts, no funds have been received by the company from any person(s) or
entity(ies), including foreign entities (“Funding Parties”), with understanding whether recorded in
writing or otherwise, that the company shall whether directly and 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 ultimate
beneficiaries; and

(iii) Based on audit procedures which we considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us tobelieve that the representations under sub clause
(i) and (ii) contain any material mis-statements.

e) The Company has not declared or paid any dividend during the year in contravention of
provisions of Section 123 of the Companies Act, 2013

(8) 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 limits prescribed for
the payments of remuneration is not applicable to the private company.

For, Krutesh Patel & Associates
Chartered Accountants

_Sd/-_

Date: 27^th.May.2024 Krutesh Patel

Place: Ahmedabad Partner

Mem. No. 140047
UDIN : 24140047BKEIYS9467