We have audited the accompanying Standalone Financial Statements of Gopal Iron and Steel Co (Guj) Limited (“the
Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes in Equity, and the 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 Companies Act, 2013 (“the Act”) in the manner so required
and give a true and fair view in conformity with the Indian Accounting Standards (“Ind AS”) prescribed under
Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and of
its loss, changes in equity, and its cash flows for the year then ended.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) 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 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 and have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to the fact that the accompanying financial statements have been prepared on a going concern basis.
However, the Company has incurred recurring operational losses and has disposed of all its plant, machinery,
and other major fixed assets, resulting in the discontinuation of its operations. Further, we draw attention to Note
24 and Note 25 of the financial statements, which disclose pending income tax demands aggregating to ?916.77
lakhs, including a tax demand of ?838.30 lakhs currently pending before the Hon’ble Supreme Court.

The Company has classified these tax demands as contingent liabilities based on its legal assessment that the outcomes
will be in its favor. However, in the event of an adverse outcome of these litigations, the same may have a material
impact on the Company’s ability to continue as a going concern.

These conditions indicate the existence of a material uncertainty that may cast significant doubt on the
Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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 for the year ended March 31, 2025. These matters were addressed in the context of our
audit of the standalone financial statements as a whole, and in forming our opinion thereon. We do not provide a
separate opinion on these matters.

1. Going Concern Uncertainty and Material Tax Litigations
Description of Key Audit Matter:

As disclosed in Note 24 and Note 25 to the standalone financial statements, the Company has incurred recurring
operational losses, discontinued its operations, and disposed of all its plant, machinery, and major fixed assets.
Additionally, there are pending income tax demands aggregating to ?916.77 lakhs, including ^838.30 lakhs currently

The management has assessed the Company's ability to continue as a going concern and classified these tax liabilities
as contingent, based on legal opinion. These conditions indicate the existence of a material uncertainty that may cast
significant doubt on the Company's ability to continue as a going concern.

How our audit addressed the Key Audit Matter:

• We assessed the appropriateness of the going concern basis of accounting adopted by the management.

• We reviewed the details of pending litigations and legal opinions obtained by the Company.

• We examined the classification of these tax demands as contingent liabilities.

• We evaluated the adequacy of disclosures made in the financial statements under Ind AS 1 and Ind AS 37.
Based on the above procedures, we found the disclosures in the financial statements to be adequate and
consistent with the audit evidence obtained.

Information Other Than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Company’s Annual Report but does not include the standalone financial statements and
our auditor’s 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 standalone 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.

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.

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; the
selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and the 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.

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 is also responsible for overseeing the Company’s financial reporting process.

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 is a high level of assurance but is not a guarantee that an audit conducted in accordance with the
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 standalone financial statements.

As part of an audit in accordance with the 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 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 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
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 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 standalone 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 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 in
terms of sub-section (11) of Section 143 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.

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 appears from
our examination of those books.

3. The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity, and the Statement of Cash Flows 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 Indian Accounting Standards
specified under Section 133 of the Act.

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

6. With respect to 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. 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:

a) The Company has disclosed the impact of pending litigations on its financial position in its
financial statements - Refer Note 6 and 7.

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, no funds have been

advanced or loaned or invested (either from borrowed funds or share premium or any other sources) to or in
any other person(s) or entity(ies), including foreign entities, with the understanding that the intermediary shall,
whether directly or indirectly, lend or invest in other persons or entities identified by or on behalf of the
Company (Ultimate Beneficiaries);

(ii) The management has represented that, to the best of its knowledge and belief, no funds have been received

by the Company from any person(s) or entity(ies), including foreign entities, with the understanding that the
Company shall, whether directly or indirectly, lend or invest in other persons or entities identified by or on
behalf of the Funding Party (Ultimate Beneficiaries);

(iii) Based on audit procedures that we 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) contain
any material misstatement.

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

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 remuneration paid by the Company to its
directors during the year is in accordance with the provisions of Section 197 of the Act.

9. With respect to reporting require under rule 11(G) , The Company has represented that it maintains accounting
software with an audit trail feature. However, the audit of such feature has not been conducted.

For, Krutesh Patel & Associates

Chartered Accountants
SD/-

Krutesh Patel

Partner

Membership No.: 140047
FRN - 100865W
UDIN: 25140047BMHERY8714
Date: 7 June 2025
Place: Ahmedabad