Auditor Report of Parmeshwar Metal Ltd.

Mar 31, 2025

We have audited the financial statements of Parmeshwar Metal Limited (Formally known as Parmeshwar Metal Private
Limited) (CIN:U28999GJ2016PLC093235) ("the Company"), which comprise the balance sheet as at 31st March 2025, and
the statement of profit and loss and statement of cash flows for the year ended on that date, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory information (hereinafter
referred to as"the 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 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 31,2025, and its Profit, 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 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
on the financial statements.

Information Other than the Financial Statements and Auditor''s ReportThereon

The Company''s Board of Directors is responsible for the preparation of other information. The other information obtained
at the date of this auditor''s report is information included in the Board of Directors'' report, but does not include the
financial statements and our auditor''s report thereon.

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 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 that fact. We have nothing to report in this regard.

Responsibilities of Management 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 financial position,
financial performance 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
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, 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 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 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 Companies Act, 2013, 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 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 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 of the current year 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 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, 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 except that

• digital back up of the accounting data was regularly taken, however the same has not been preserved for
our verification

• the company has identified MSME dues based only on the confirmation in that respect provided by the
respective vendors.

• no provision for interest payable, if any, on delayed payments of MSME dues has been made.

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

(d) In our opinion, the aforesaid financial statements materially 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 31st March, 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 except that one of directors was disqualified in past however has
obtained oral order for interim relief from Hon''ble High Court of Gujarat for reactivation and De-freeze of DIN till
final outcome of petition.

(f) 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".

(g) Based on our examination which included test checks, the Company has used an accounting software for
maintaining its books of accounts which has a feature of recording audit trail (edit log) facility and we are informed
that the same was activated 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.

(h) The provisions of section 197 read with Schedule V of the Act are applicable to the Company for the period ended
March 31,2025, and complied as per law.

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

i. The Company has disclosed material pending litigations in its financial statements which may impact its
financial position;

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

iii. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.

• The management has represented that, to the best of it''s knowledge and belief, other than as
disclosed in the notes to the accounts, no funds 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(s) or entity(ies), 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;

• The management has represented, that, to the best of it''s knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been received by the company from any
person(s) or entity(ies), 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 or the
like on behalf of the Ultimate Beneficiaries; and

• Based on audit procedures which 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 mis-statement.

For Gattani & Associates Chartered Accountants
Firm Registration No.: 103097W

Varun Jajoo Partner
Membership No. 167349
Date: 15th May, 2025.

Place: Ahmedabad

UDIN: 25167349BMJUQQ1779

---

Mar 31, 2024

W« have audited Die financial statement* of Parmeshwar Metal Limited
(Previously known as Parmeshwar Metal Private Limited) ("the Company *), which
comprise the balance shoot as nt 31* March 2024. and the Mutement of profit ami loss
amt sLatement of cash flown for the period ended, and notes to the iinimcia) statements,
including a summitry of significant accounting policies ami other explanatory
information (hereinafter referred to os the niandoJune financial statements*^,|

In our opinion and to the best, of our information and according to the explanations
gjvrn to us, the aforesaid financial stiitenimts give tile information required by the
Companies Act . 2013 in the manner so required and give a true and fair vLsw n
conformity with the accounting principle* generally accepted in India, of tJie state of
Affairs uf the Company OS or March 31, 2024. and its Profit, and its cash flows for the
period ended.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditmg (SAn) «|>n:ificd
hndrr section 143(10) of the Companies Act. 2013. Our rrspensibilities under those
Standard* my further dcr,cribrd in the Auditor* Responwhilmcti for the Audit of the
fin uncial Statement* wretion of our report We axe independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accounts ala of
Indin together with the ethical requirements that axe rrlevunt to our audit of the
financial mmcrncntB under Lho provisions of the Companies Art, 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 hiivr
obtained in nuflicienl and appropriate to provide n husis for our opinion on the
Hiavidalone financial statements.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company * Board of Director* is responsible for the preparation of other
information. The other information obtained at the dale of this auditors report is
information included in the Board of Directors'' report, but does not include the
Standalone financial statement* and our auditor''s report thereon.

«iur opinion Oil the financial statements does not cover the other information mid *v do
nut express* any form of .insurance conclusion thereon.

II fVjJUi»l-f • .1

\\J\ Vrvj£r

In connection with our audit of the financial statements, our responsibility is to read
lhr other information and, in doing so, consider whether the other information s»
materially inconsistent with the fmuncial statements or our knowledge obtained in the
audit or otherwise appear* to be materially misstated

If, bused on the woTk we have performed, we conclude that there is .1 material
inisntaicrocnt uf this other information we urc required to repan that fact. We have
nothing to report in this regard.

Responsibilities of Management and Those Charged with Oovomsnco for the
Financial Statements

The Company''s Board of Directors ta responsible for the matters stated in wclion 134(5}
of the Companies Act, 2013 fthe Act*] with respect to the preparation of these ftmmdal
statements that give a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the accounting principles generally
accepted m India, including the accounting Standards specified under section 133 o£
the This responsibility also- includes maintenance of adequate accounting records
in nccordnnce with the provisions of the Act for safeguarding of flic asricta nl the
Com puny and for preventing and detecting frauds and oilier irregular! tie n; selection .old
Application of appropriate accounting policies; making judgments and estimate* that
arc reasonable and prudent; und design, implementation and maintenance oi 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 thnt give a true and fair view and are free from material
misstatement, whether due tn fraud or error.

In preparing die financial statements, die Board of Directors is responsible for unseaming
die Company’s ubility to continue as a going concern, disclosing, an 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 cense operation%, or
has no realistic alternative but to do so.

The Board of Directors arc also responsible for overseeing the Company''s financial

reporting process

Auditor''s Responsibilities for tho Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial
statements as o whole ore free from material misstatement. whefhet due to fraud or
error, and to issue an auditor’s report thut includes our opinion. Reasonable assurance
is n high level uf assurance, but is not a guarantee thut an audit conducted in
Accordance with SAa will always ilctect u material misstatement when it cunts
Misstatements cam arise from fraud or error und are considered material if, individually
or in the aggregate, they could reasonably be expected to influener thr economic
decisions of users taken an the basis of these financial statements.

As pun of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We afeo

* !l^Cn,^t5^y “T^d ""5“ ^{t,M: nttk}* ⁰¹ raa,crlnl miwtutemmt of the fmtuirtnl statement*

imernnkoS omuaion,. misrepresentation*. or the Zrridc of

^()b‘^{iUJ111,1 lln}dersinndiiig af internal control reliant to the audit in order 1, Am*

arrs!^jr^is.sis»^ai=

¦n place and ,hc opening .535 **««

• Evaluate the uppropmteneu of accounting poUae* un^i
of accounting entimutes and related dacSS

uncc_rtam_tr4C,ck.rd ,_Ql.!.nL ^ '' obtiuned, whether u materia]

on the Company''s ability to continue us _u eoTne ^mU> o*⁵'' ⁶¹*^nlf"^rnnI d™*"
matenal uncertain tv «d«r* » tonctsm If we conclude thni a

«(W.( to Ihn irlalnl''diMltntum In oorh o ^''^,,I,0r''

¦ ss^is* rsrr''.r tt *«- «»—¦

ssstir ”^art""‘ ¦“«—

»»..r«o„ «iu, .sssiKrjssssg s^eis!r*‘

•nth rolo^cthk^re^oommio T"^{1 lha}'' ** Swn ooinplled

them nU relationship* und olher muluSfdmfu''.'' *° ¹ »">mumcatc with
independence. and" X^S

communicated with those chanted with km— ™ jftntrdn Prom the matters
uerr of most significance in It,/nodi! o! ihTfi^ e ''i ^dc,l!rmlnr *»«”* matters dial
mid are thence the £yauditXX WeXSX —- Pmrxl

report unless law or regulation precludes mihlfr dX *«» matter* ⁱⁿ °Ur auditor s

- XSs.''sssxs jhss:

I -}| ,F ]k*k I

Roport on Other UfU and Regulatory Requirement.

?**> «*n. ie»ued by

Com panic. Act, 2013. we ,pve ,„ ,_hc Annex^re °(_tl‘^eCtJOn '' *³ * ^,hc

m paragraphs 3 and 4 of the Order, to the extent sppuSr *P^oetfl“¹

a. An required by Section 143(3| or the Act. we report that:

»tasriss5Ss=B:rss=s=K''-

SsaSSS »

the ha, «8>il«rly taken, hovrever

IhS Srr ,n°^r^memw^7he^U^^^“^U''
AccoimttnRsSmdJ^^S^u«S«^,stcUoM^on»^A^^y °^{wnpl> wa}''

U>e Companies |AeeotmU| Rule, 2014 * ’ ^{rc,,d w,,h Ru,r 7}

for the retirement benefit, payable to if. ^fpjoy^u"'' ^C<>mpu”^{y h}" ^ncl< *W*M

3H Mt^hSr" "^0tU •*««.« on
t» di.quulifird uh on 31.1 March 2024 from he ° ^D]recl,,n''. none of the director.
Of Section 164 (3) of the Act ^{8 appom, “ « doctor in tern,.}

reportingon£»^pany^dtiL°^v” ^l,,uul“d
our separate Report in ''Annexure S'' ⁸ of such controls, refer to

(MJ The provision# of section 197 read with Schedule u <

applicable to the Company for the period ended 3 l-tta_fch ** “^{,r not}

(hi Based on our examination which included t_csl checks th r _m
nn accounting wftwwt for aanintatniiu it* , Company haa uwrtf

of recording audit trail (edit loin i *** ^IM,<,ounl ^ch ha* a feuuirr

operated throughooUhe yeV^ 111 relmZ,^," ''^h“'' “« >*•

Further, during die courxc of our «udk rocortfed In the software

audit trail feature being tampered mth As* l,^C°p "i *£?** “** ^{iafctiin,:c of}
(Accounts) Rules* 2014 is applicable* from Voril I km ^{Kttte 3}!*J ^{o1 ,hc}
of the Companies (Audit and Auditor hi Rulru Jofj²³* ^r<‘^{poJ ,ln#i undcr RuIc} * Ug)
-•per M,c statutory requir^?*^ 3 of audit trail

financial year ended March 31. 2024 ^U '' ^tenU°° ’* ^not “PP^cublr for (hr

|i) With rc&pect to the other mutter* to be included Ln the Au/4ltn.-v a

=^XM«a=a-5si5sS2E=

* •—* " - *—

Thr rmum^ement Hun represented that, to the beat of fc* knawfcctir*

b, ^{d fl}''^lv,mccd Of loaned or unrated (either fruen

ftTiST hi °^r ''^{hare prpn,lum} °f “>y other aoum* „_r kind ,:f

in^f, ,^byr'' ^C°^{mpnny to or in} “> ^othcr PenotU>l or rnntytic.l

whether r^r^ ''"‘h understand,,«!

wnether recorded in writing or otherwinr* thid th/* *

or cntihr*^d^CnfT^r^^,ly °^{f mdmfCt,y lrmi} «^r ‘"^v«t m othcr person^
.ntitir* identified in any manner whatsoever by or on

Om company fUltmude Be»efich,ne,-| or provide LZZlIr-

*^CCT,n«^{> or lhc} Uke on behalf of the Ul.imate feneLane,

*

=!sstas:c3*.isai££R5

pennon a or entiuen identified tn any manned whut^lr
^_lr“^{hC FUDdln,t P}*^rty (''Ultimate BmUtScfcmeO _or provide ,„“y

^{or ,hp} -» " - *?T£2

li flU''S !W«sY£t1

• ™ P«wcdui« which we considered reasonable and

ippropnatc ,n the ctreum* tuner*. nothing has come to our notice
at has caused us to believe that the representations under Rub-
dause (i) and (nj contain any material mu-statement

For Oattani & Associates

Chartered Accountants

Firm Registration No.: 103097W

Per Varun Jajoo
Partner

Membership No. 167349
Date: 05* September. 2024.

Place: Ahmedabad

UDIN: B<" gW