Auditor Report of Shri Bajrang Alliance Ltd.

Mar 31, 2025

We have audited the accompanying Standalone Financial Statements of SHRI BAJRANG ALLIANCE LIMITED
(“the Company”), which comprise the Standalone Balance Sheet as at March 31, 2025, the Standalone Statement of
Profit and Loss (including Other Comprehensive Income), Statement of changes in equity and the Standalone
Statement of Cash Flows for the year ended on that date, and notes to the Standalone Financial Statements including
a summary of the significant accounting policies and other explanatory information (hereinafter referred to as “Standalone
financial statements”).

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 Indian Accounting Standards prescribed under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and others the accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025 and its profit, total
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing specified
under section 143(10) of the Act (SAs). 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
independence requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of
the Act and the Rules made 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.

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. 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 have determined the matters
described below to be the key audit matters to be communicated in our report.

S.No.	Key Audit Matter	Auditor’s Response
1.	The Company has given a Corporate Guarantee to its associate company amounting to Rs. 36,984 Lakhs, which is quite higher than company’s available net worth. The management is of the opinion that it is a corporate guarantee as per the general business practice.	We have taken management representation on the same and is being disclosed as contingent liability. The ultimate outcome of the liability towards corporate guarantee is remote but involves risk of liquidity.

Emphasis of Matter

We draw attention to Note No. 46 of Standalone financial statement in respect of the scheme for the amalgamation
of Popular Mercantile Private Limited. The scheme was approved by National Company Law Tribunal (NCLT) vide
its order dated 25^th April 2025 and the appointed date fixed in the order is 01^st April 2024 and has given effect to in
the standalone financial result as set out in the aforesaid note. Our opinion is not modified in respect of this matter.

Information Other than the Financial Statements and Auditor’s Report thereon

The Company’s Board of Director is responsible for 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 standalone financial statements and or auditor’s report thereon.

Our opinion on the standalone financial statement does not cover the other information and we do not express any
form if 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 the other information is materially
inconsistent with standalone financial statements or our knowledge obtained during the course of our 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.

Management’s Responsibility 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, changes in equity 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 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 are operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Standalone Financial Statements 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 responsible for overseeing the Company’s financial reporting process.

The Board of Directors is also responsible for establishing and maintaining adequate and effective controls in respect
of use of accounting software that entails the requisite features as specified by the Companies (Accounts) Rules,
2014, as amended from time to time, including an evaluation and assessment of the adequacy and effectiveness of
the company''s accounting software in terms of recording and maintaining audit trail (edit log) of each and every
transaction and ensuring that the audit trail cannot be disabled and has been operated throughout the year for all
transactions recorded in the software and the audit trail feature has not been tampered with and the audit trail has
been preserved by the company as per the statutory requirements for record retention.

Auditor’s Responsibilities 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 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 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 judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement in 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 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 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 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 standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial
statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning in the scope
of our audit work in evaluating the results of or work; and (ii) to evaluate the effect of any identified misstatements
in the standalone 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 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

1. As required by the Companies (Auditor’s Report) Order, 2020(“the Order”) issued by the Central Government
in terms of Section 143(11) of the Act, we give in “Annexure A” a statement on the matters specified in
paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, based on our audit 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, 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 mandatory Accounting
Standards referred to in section 133 of Companies Act, 2013.

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 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 and
the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

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

iv. (a) Whether 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 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;

(b) The Management has represented that, to the best of its knowledge and belief, no funds 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) of the Companies (Audit and Auditors) Rules, 2014, as
provided under (a) and (b) above, contain any material misstatement.

v. The company has not declared or paid any dividend during the year in contravention of the provisions
of section 123 of the Companies Act 2013.

vi. Based on our examination, which included test checks, the company has used an accounting software
for maintaining its books of account for the financial year ended on March 31, 2025 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 and the respective other auditors, whose reports have been
furnished to us by the Management of the Parent, have not come across any instance of the audit trail
feature being tampered with in respect of the accounting software for the period for which the audit
trail feature was operating and the audit trail has been preserved by the group and its subsidiary
companies incorporated in India as per the statutory requirements for record retention.

For S S S D & CO

Chartered Accountants

Firm Reg. No.020203C

sd/-

Gaurav Ashok Baradia

Partner

Membership No.: 164479

UDIN: 25164479BMJFLV6538

Place: Raipur

Dated: May 30^th, 2025

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Mar 31, 2024

TO THE MEMBERS OF SHRI BAJRANG ALLIANCE LIMITED (FORMERLY SHRI BAJRANG ALLOYS LIMITED)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of SHRI BAJRANG ALLIANCE LIMITED (formerly Shri Bajrang Alloys Limited) (“the Company”), which comprise the Standalone Balance Sheet as at March 31, 2024, the standalone Statement of Profit and Loss(including Other Comprehensive Income), Statement of changes in equity and the standalone Statement of Cash Flows for the year ended on that date, and notes to the Standalone Financial Statements including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as (“Standalone financial statements”).

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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and others the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). 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 independence requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules made 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.

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. 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 have determined the matters described below to be the key audit matters to be communicated in our report.

S No	Key Audit Matter	Auditor’s Response
1.	The Company has given a Corporate Guarantee to its associate companies amounting to Rs.22,114 Lakhs, which is quite higher than company’s available net worth. The management is of the opinion that it is a corporate guarantee as per the general business practice.	We have taken management representation on the same and is being disclosed as contingent liability. The ultimate outcome of the liability towards corporate guarantee is remote but involves risk of liquidity.

Information Other than the Financial Statements and Auditor’s Report thereon

The Company’s Board of Director is responsible for 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 standalone financial statements and or auditor’s report thereon.

Our opinion on the standalone financial statement does not cover the other information and we do not express any form if 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 the other information is materially inconsistent with standalone financial statements or our knowledge obtained during the course of our 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.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section134(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, changes in equity 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 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 are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements 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 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 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 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 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:

i. Identify and assess the risks of material misstatement in 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.

ii. 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 internal financial controls system in place and the operating effectiveness of such controls.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

iv. 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.

v. 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 standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning in the scope of our audit work in evaluating the results of or work; and (ii) to evaluate the effect of any identified misstatements in the standalone 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 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

1. As required by the Companies (Auditor’s Report) Order, 2020(“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, based on our audit 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, 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 mandatory Accounting Standards referred to in section 133 of Companies Act, 2013.

e) On the basis of the written representations received from the directors as on March 31,2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 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 and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

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

iv.

(a) Whether the management has represented that, to the best of its 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;

(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.

v. The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act 2013.

vi. Based on our examination, which included test checks, the company has used an accounting software for maintaining its books of account for the financial year ended on March 31, 2024 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.

As per proviso to Rule3(1) of the companies (Accounts) Rules, 2014 is applicable from April 1,2023, reporting under Rule 11(g) of the companies act (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

For, S S S D & CO Chartered Accountants Firm Reg. No.020203C

Gaurav Ashok Baradia Partner

Membership No.: 164479 UDIN :24164479BKCABB9153

Place: Raipur Dated: May 30th, 2024

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Mar 31, 2015

We have audited the accompanying standalone financial statements of SHRI BAJRANG ALLOYS LIMITED ('the Company'), which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility 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 and presentation of these standalone 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, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the 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 the 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

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 31st March 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 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;

(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 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 31st March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

(f) 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 financial statements.

ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts (Note-30), and

iii. The Company is not liable to transfer any amounts to the Investor Education and Protection Fund during the year.

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the standalone financial statements for the year ended 31st March 2015, we report that:

(i) (a) According to the information and explanations given to us, the Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, which in our opinion is reasonable looking to the size of the Company and the nature of its business. According to the information and explanation given to us, no material discrepancies were noticed on such verification during the year.

(ii) (a) According to the information and explanations given to us, the Company has conducted physical verification of inventory at reasonable intervals during the year.

(b) According to the information and explanations given to us, the procedures of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of the business.

(c) According to the information and explanations given to us, the Company is maintain proper records of inventory and there were no material discrepancies noticed on physical verification.

(iii) (a) According to the information and explanations given to us, the Company has granted unsecured loans to one body corporate covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act').

(b) According to the information and explanations given to us, the receipt of the principal amount and interest are regular during the year.

(c) According to the information and explanations given to us, there are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit.

(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public during the year.

(vi) The Central Govt. has prescribed maintenance of cost records under section 148(1) of the Companies Act 2013 in respect of manufacturing activities of the Company. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

(vii) (a) According to the information and explanations given to us, and on the basis of our examination of the records of the Company, the Company is regular in depositing the undisputed statutory dues including provident fund, employee's state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and there is no arrear of outstanding statutory dues at the last day of the financial year concerned for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no disputed amount of statutory dues which have not been deposited with the concerned authorities during the year.

(c) According to the information and explanations given to us the Company is not required to remit any amount which is required to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under during the year.

(viii) According to the information and explanations given to us, the Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(ix) The Company has not defaulted in repayment of dues to financial institutions, banks and payments have been made as per the repayment schedule sanctioned by the financial institutions and banks.

(x) According to the information and the explanations given to us, the Company has given Corporate guarantees for loans taken by others from banks or financial institutions; the terms and conditions thereof are not prejudicial to the interest of the Company.

(xi) According to the information and explanations given to us, the term loans mainly applied for the purpose for which the same loan have been obtained during the year.

(xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

FOR, R.K. SINGHANIA AND ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration No. 004435C

PLACE : RAIPUR

DATE : 26.05.2015

Sd/-

RAMESH KUMAR SINGHANIA

(PARTNER)

MEMBERSHIP NO. 041880

---

Mar 31, 2014

We have audited the accompanying financial statements of SHRI BAJRANG ALLOYS LIMITED, ("the Company") which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") . This responsibility includes the design, implementation and maintenance of internal control 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.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the Auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014,

b) In the case of the Profit and Loss Account, of the PROFIT of the Company for the year ended on that date, and

c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 (" the Order") issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, we report that:

a) we have 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 appears from our examination of those books;

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 Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

e) On the basis of written representations received from the Directors as on March 31, 2014, and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2014, from being appointed as a Director in terms of Clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956.

Annexure to the Independent Auditor''s Report :-

Re: Shri Bajrang Alloys Limited

(Referred to in Paragraph 1 under the heading of "Report on other legal and regulatory requirements" of our report of even date)

i) (a) The Company has generally maintained the proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in phased verification programme, which, in our opinion is reasonable, looking to the size of the company and the nature of its business. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The Company has not disposed off substantial part of fixed assets during the year, which has any effect on going concern of the Company.

ii) (a) As explained to us, physical verification of inventory have been conducted at reasonable intervals during the year by the management.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the inventory records of the company, we are of the opinion that, the company is maintaining proper records of inventory. No discrepancies have been noticed on verification between physical stocks and the book records.

iii) (a) The Company has granted unsecured loans to one company covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved was 2160.02 lacs (Previous Year Rs. 2148.02 Lacs.) and the year-end balance of the loan granted to a company was 1870.94 lacs (Previous Year Rs. 2148.02 Lacs).

(b) In our opinion, the terms & conditions on which loans have been granted to the Company listed in the register maintained under Section 301 of the Companies Act 1956, are not prima facie prejudicial to the interest of the Company.

(c) The receipt of the principal amount and interest wherever applicable was regular.

(d) There was no overdue amount of loans granted to companies listed in the register maintained under Section 301 of the Companies Act, 1956.

(e) Company has taken unsecured loan from parties covered in the register maintained under Section 301 of the Companies Act, 1956 and maximum amount outstanding during the year Rs 153.22 Lacs (Previous Year Rs. 662.99 Lacs.) The year end balance Rs. NIL (Previous Year Rs. 125.97 Lacs.)

(f) According to the information and explanations given to us, rate of interest and other terms and conditions on which loan was taken is not prima facie prejudicial to the interest of the Company.

(g) Payment of interest and principal are generally regular.

iv) In our opinion and according to the information and explanations given to us the internal control procedures regarding purchase of inventory, fixed assets and for the sale of goods are adequate and the same are commensurate with the size of the Company and nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) (a) In opinion and according to the information and explanations given to us, contracts and arrangements that need to be entered into the Registers in pursuance of Section 301 of the Act, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of five lakhs rupees in respect of any party during the year have been reasonable having regard to the prevailing market prices at the relevant time.

vi) According to the information and explanations given to us, the Company has not accepted any deposits from public during the year.

vii) In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business.

viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1 )(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

ix) (a) As explained to us there was no amount outstanding as on 31.03.2014 in respect of undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess outstanding as on 31.03.2014.

x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

xi) In our opinion and according to information and explanations given to us, the company has not defaulted in repayment due to financial institution or Banks.

xii) In our opinion and according to information and explanations given to us, the company has not granted loan and advances on the basis of security by way of pledge of share, debenture and other security.

xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society.

xiv) In our opinion and according to information and explanations given to us, the company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein.

All shares, debenture and other investments have been held by the company in its own name.

xv) The Company has given corporate guarantees for loans availed by the others. The terms and conditions whereof, in accordance with information and explanations furnished to us, are not, prima facie, prejudicial to the interest of the Company.

xvi) In our opinion, the term loans have been applied progressively for the purpose for which the loans were obtained.

xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the company, we are of the opinion that the Company has not utilized any amount from short term sources towards long term investments and visa versa.

xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

xix) The Company did not have any outstanding debentures during the year.

xx) The Company has not raised any money by public issues during the year.

xxi) According to the information and explanation given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For, R.K. Singhania & Associates Chartered Accountants Firm Registration No. 004435C

Sd/-

(Ramesh Kumar Singhania) Partner Membership No. - 041880 Raipur, 27th May, 2014

---

Mar 31, 2013

We have audited the accompanying financial statements of SHRI BAJRANG ALLOYS LIMITED, ("the Company") which comprise the Balance Sheet as at 31st March 2013, and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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 Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013,

b) In the case of the Profit and Loss Account, of the PROFIT of the Company for the year ended on that date, and

c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have 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 appears from our examination of those books;

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 Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956.

Re: Shri Bajrang Alloys Limited

(Referred to in Paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date)

i) (a) The Company has generally maintained the proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in phased verification programme, which, in our opinion is reasonable, looking to the size of the company and the nature of its business. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The Company has not disposed off substantial part of fixed assets during the year, which has any effect on going concern of the Company.

ii) (a) As explained to us, physical verification of inventory have been conducted at reasonable intervals during the year by the management.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the inventory records of the company, we are of the opinion that, the company is maintaining proper records of inventory. No discrepancies have been noticed on verification between physical stocks and the book records.

iii) (a) The Company has granted unsecured loans to One companies covered in the register maintained under section 301 of the companies Act, 1956. The maximum amount involved was Rs. 2148.02 lacs and the year-end balance of the loan granted to a company was Rs. 2148.02 lacs.

(b) In our opinion, the terms & conditions on which loans have been granted to the companies listed in the register maintained under section 301 of the Companies Act 1956, are not prima facie prejudicial to the interest of the Company.

(c) The receipt of the principal amount and interest wherever applicable was regular.

(d) There was no overdue amount of loans granted to companies listed in the register maintained under section 301 of the Companies Act, 1956.

(e) Company has taken unsecured loan from parties covered in the register ma int ain ed u/s 3 01 of the Companies Act, 1956 and maximum amount outstanding during the year Rs.662.99 Lacs (Previous Year Rs. 375.02 Lacs.) The year end balance Rs.125.97 Lacs (Previous Year Rs. 236.38 Lacs.)

(f) According to the information and explanations given to us, rate of interest and other terms and conditions on which loan was taken is not prima facie prejudicial to the interest of the company.

(g) Payment of interest and principal are generally regular.

iv) In our opinion and according to the information and explanations given to us the internal control procedures regarding purchase of inventory, fixed assets and for the sale of goods are adequate and the same are commensurate with the size of the company and nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) (a) In opinion and according to the information and explanations given to us, contracts and arrangements that need to be entered into the Registers in pursuance of section 301 of the Act, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of five lakhs rupees in respect of any party during the year have been reasonable having regard to the prevailing market prices at the relevant time.

vi) According to the information and explanations given to us, the Company has not accepted any deposits from public during the year; therefore, the provisions of clause 4(vi) of the Companies (Auditors'' Report Order, 2003 are not applicable to the Company.

vii) The company is a listed company and in our opinion the Company has adequate internal audit system commensurate with its size and nature of its business.

viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are^ accurate or complete.

ix) (a) As explained to us there was no amount outstanding as on 31.03.2013 in respect of undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess outstanding as on 31 03.2013 which has not been deposited on account of any dispute except following :

Amount Forum where

Tax Act E 1944 CENVAT 292.37 2007-09 CESTAT

Tax Act E 1 xc 94 ise 4 CENVAT 289.26 2008-09 CESTAT

x) The Company does not have any accumulated losses and has not incurred cash losses during the end of the financial year covered by our audit. Therefore, the provisions of clause 4(x) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

xi) In our opinion and according to information and explanations given to us, the company has not defaulted in repayment due to financial institution or Banks. Therefore, the provisions of clause 4(xi) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

xii) In our opinion and according to information and explanations given to us, the company has not granted loan and advances on the basis of security by way of pledge of share, debenture and other security.

xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of sub clause (a), (b), (c), (d) of clause 4 (xiii) of the Companies (Auditor''s Report) Order 2003 is not applicable to the company.

xiv) In our opinion and according to information and explanations given to us, the company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debenture and other investments have been held by the company in its own name.

xv) The Company has given corporate guarantees for loans availed by the others. The terms and conditions whereof, in accordance with information and explanations furnished to us, are not, prima facie, prejudicial to the interest of the Company.

xvi) In our opinion, the term loans have been applied progressively for the purpose for which the loans were obtained.

xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the company, we are of the opinion that the Company has not utilized any amount from short term sources towards long term investments and visa versa.

xviii) According to the information and explanations given to us, during the year the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Therefore, the provisions of clause 4(xviii) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

xix) The Company has not issued any debenture during the year; therefore, the provisions of clause 4(xix) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

xx) The Company has not raised any fund by public issue during the year. Therefore, the provisions of clause 4(xx) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

xxi) To our best of knowledge and according to information and explanations given to us, the Company has not been noticed or reported any fraud during the year. Therefore, the provisions of clause 4(xxi) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.



For, R.K. Singhania & Associates

Chartered Accountants

Registraion No. 004435C

Sd/-

(Ramesh Kumar Singhania)

Partner

Membership No. - 041880

Raipur, 29th May, 2013

---

Mar 31, 2012

1. We have audited the attached Balance Sheet of Shri Bajrang Alloys Limited as at 31st March' 2012 and the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan & perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003 and the Companies (Auditors' Report) (Amendment) Order, 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matter specified in paragraphs 4 and 5 of the said order.

4. Further to our to comment in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

(ii) 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 such books.

(iii)The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt

with by this report are in agreement with the books of account.

(iv)The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956.

(v) Based on written representations received from all directors as on 31st March 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March

2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the annexed accounts read together with notes and the significant accounting policies give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view: -

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012,

b) In the case of the Profit and Loss Account, of the PROFIT of the Company for the year ended on that date, and

c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Re: Shri Bajrang Alloys Limited

(Referred to in paragraph 3 of our report of even

date)

i) (a) The Company has generally maintained

the proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in phased verification programmed, which, in our opinion is reasonable, looking to the size of the company and the nature of its business. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The Company has not disposed off substantial part of fixed assets during the year, which has any effect on going concern of the Company.

ii) (a) As explained to us, physical verification of inventory have been conducted at reasonable intervals during the year by the management.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and ade- quate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the inventory records of the company, we are of the opinion that, the company is maintaining proper records of inventory. No discrepancies have been noticed on verification between physical stocks and the book records.

iii) (a) Company has not granted any loan secured or unsecured to company, firm or other person covered in the registered maintained u/s 301of Companies Act and therefore sub clause (b), (c), (d) of clause (iii) are not applicable.

(e) Company has taken unsecured loan from parties covered in the register maintained u/s 301 of the Companies Act, 1956 and maximum amount outstanding during the year Rs.3,75,02,323/- (Previous Year Rs. 5,99,08,038/-.) The year end balance Rs.2,36,37,635/- (Previous Year Rs. 3,00,96,099/-.)

(f) According to the information and explanations given to us, rate of interest and other terms and conditions on which loan was taken is not primafacie prejudicial to the interest of the company.

(g) Payment of interest and principal are generally regular.

iv) In our opinion and according to the information and explanations given to us the internal control procedures regarding purchase of inventory, fixed assets and for the sale of goods are adequate and the same are commensurate with the size of the company and nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) (a) In opinion and according to the

information and explanations given to us, contracts and arrangements that need to be entered into the Registers in pursuance of section 301 of the Act, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of five lakhs rupees in respect of any party during the year have been reasonable having regard to the prevailing market prices at the relevant time.

vi) According to the information and explanations given to us, the Company has

not accepted any deposits from public during the year; therefore, the provisions of clause 4(vi) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

vii) The company is a listed company and in our opinion the Company has adequate internal audit system commensurate with its size and nature of its business.

viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules,

2011 prescribed by the Central Government under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

ix) (a) As explained to us there was no amount

outstanding as on 31.03.2012 in respect of undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess outstanding as on

31.03.2012 which has not been deposited on account of any dispute except following :

Statute Nature Amount Forum where involved dispute is (Rs '000) Period pending

State Sales Tax Act CGST 474.66 2006-07 D.C.C.T. (Appeal)

Central Excise Tax Act, 1944 CENVAT 292.37 2007-09 C.C.E. (Appeal) Central Excise Tax Act, 1944 CENVAT 289.26 2008-09 C.C.E. (Appeal)

Central Excise CENVAT 0.13 2009-10 C.C.E. (Appeal) Tax Act, 1944

x) The Company doesnothaveany accumulated losses and has not incurred cash losses during the end of the financial year covered by our audit. Therefore, the provisions of clause 4(x) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xi) In our opinion and according to information and explanations given to us, the company has not defaulted in repayment due to financial institution or Banks. Therefore, the provisions of clause 4(xi) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xii) In our opinion and according to information and explanations given to us, the company has not granted loan and advances on the basis of security by way of pledge of share, debenture and other security.

xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of sub clause (a), (b), (c), (d) of clause 4 (xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the company.

xiv) In our opinion and according to information and explanations given to us, the company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debenture and other investments have been held by the company in its own name.

xv) The Company has given corporate guarantees for loans availed by the others. The terms and conditions whereof, in accordance with information and explanations furnished to us, are not, prima facie, prejudicial to the interest of the Company.

xvi) The Company has not obtained any term loan during the year. Therefore, the provisions of clause 4(xvi) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the company, we are of the opinion that the Company has not utilized any amount from short term sources towards long term investments and visa versa.

xviii) According to the information and explanations given to us, during the year the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Therefore, the provisions of clause 4(xviii) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xix) The Company has not issued any debenture during the year; therefore, the provisions of clause 4(xix) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xx) The Company has not raised any fund by public issue during the year. Therefore, the provisions of clause 4(xx) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

xxi) To our best of knowledge and according to information and explanations given to us, the Company has not been noticed or reported any fraud during the year. Therefore, the provisions of clause 4(xxi) of the Companies (Auditors' Report) Order, 2003 are not applicable to the Company.

For, R.K. Singhania & Associates

Chartered Accountants Registration No. 004435C

Sd/-

(Ramesh Kumar Singhania)

Partner

Membership No. - 41880

Raipur, 30th May, 2012

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of Shri Bajrang Alloys Limited as at 31st March 2010 and the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan & perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 and the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matter specified in paragraphs 4 and 5 of the said order.

4. Further to our to comment in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.

(ii) 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 such books.

(iii) The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

(iv) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956.

(v) Based on written representations received from all directors as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(vi) In our opinion and to the best of our information and according to the explanations given to us, the annexed accounts read together with notes and the significant accounting policies give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view: -

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010,

b) In the case of the Profit and Loss Account, of the PROFIT of the Company for the year ended on that date, and

c) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Annexure to the Auditors Report Re: Shri Bajrang Alloys Limited (Referred to in paragraph 3 of our report of even date)

i) (a) The Company has generally maintained the proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in phased verification programme, which, in our opinion is reasonable, looking to the size of the company and the nature of its-business. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The Company has not disposed of substantial part of fixed assets during the year, which has any effect on going concern of the Company.

ii) (a) As explained to us, physical verification of inventory have been conducted at reasonable intervals during the year by the management.

(b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the inventory records of the company, we are of the opinion that, the company is maintaining proper records of inventory. No discrepancies have been noticed on verification between physical stocks and the book records.

iii) (a) Company has not granted any loan secured or unsecured to company, firm or other person covered in the registered maintained u/s 301of Companies Act and therefore sub clause (b), (c), (d) of clause (iii) are not applicable.

(e) Company has taken unsecured loan from parties covered in the register maintained u/s 301 of the Companies Act, 1956 and maximum amount outstanding during the year Rs.6,77,11,529/- (Previous Year Rs.6,79,79,366/-.) The Year end balance Rs.5,63,87,655/- (Previous Year Rs. 1,79,79,366/-.)

(f) According to the information and explanations given to us, rate of interest and other terms and conditions on which loan was taken is not primafacie prejudicial to the interest of the company.

(g) Payment of interest and principal are generally regular.

iv) In our opinion and according to the information and explanations given to us the internal control procedures regarding purchase of inventory, fixed assets and for the sale of goods are adequate and the same are commensurate with the size of the company and nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

v) (a) In opinion and according to the information and explanations given to us, contracts and arrangements that need to be entered into the Registers in pursuance of section 301 of the Act, have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of five lakhs rupees in respect of any party during the year have been reasonable having regard to the prevailing market prices at the relevant time.

vi) According to the information and explanations given to us, the Company has not accepted any deposits from public during the year; therefore, the provisions of clause 4(vi) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

vii) The company is a listed company and in our opinion the Company has adequate internal audit system commensurate with its size and nature of its business.

viii) As explained to us, no order has been made by the Central Government for the Audit of the cost records Under Section 209 (1) (d) of the Companies Act, 1956, for any of the products of the company.

ix) (a) As explained to us there was no amount outstanding as on 31.03.2010 in respect of undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax,

Excise Duty and Cess outstanding as on 31.03.2010 which has not been deposited on account of any dispute except following :

Statute Nature Amount Forum where involved dispute is (Rs000) Period pending

Central Sales CGST 563.11 2001-02 Commissioner (A)

Tax Act, 1956 CSl 306.83 2001-02 Commissioner (A)

and State Sales CGST 115.05 2002-03 D.C.C.T. (Appeal)

Tax Act CST 379.35 2002-03 D.C.C.T. (Appeal)

CST 198.39 2003-04 D.C.C.T. (Appeal)

CST 433.51 2005-06 D.C.C.T. (Appeal)

CST 337.17 2006-07 D.C.C.T. (Appeal)

CGST 474.66 2006-07 D.C.C.T. (Appeal)

Central Excise CEN-

Act, 1944 VAT 292.37 2007-09 C.C.E. (Appeal)



x) The Company does not have any accumulated losses and has not incurred cash losses during the end of the financial year covered by our audit. Therefore, the provisions of clause 4(x) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xi) In our opinion and according to information and explanations given to us, the company has not defaulted in repayment due to financial institution or Banks. Therefore, the provisions of clause 4(xi) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xii) In our opinion and according to information and explanations given to us, the company has not granted loan and advances on the basis of security by way of pledge of share, debenture and other security.

xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of sub clause (a), (b), (c), (d) of clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the company.

xiv) In our opinion and according to information and explanations given to us, the company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debenture and other investments have been held by the company in its own name.

xv) The Company has given corporate guarantees for loans availed by the others. The terms and conditions whereof, in accordance with information and explanations furnished to us, are not, prima facie, prejudicial to the interest of the Company.

xvi) The Company has not obtained any term loan during the year. Therefore, the provisions of clause 4(xvi) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the company, we are of the opinion that the Company has not utilized any amount from short term sources towards long term investments.

xviii)According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Therefore, the provisions of clause 4(xviii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xix) The Company has not issued any debenture; therefore, the provisions of clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xx) The Company has not raised any fund by public issue during the year. Therefore, the provisions of clause 4(xx) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xxi) To our best of knowledge and according to information and explanations given to us, the Company has not been noticed or reported any fraud during the year. Therefore, the provisions of clause 4(xxi) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

For, R.K. Singhania & Associates Chartered Accountants

Sd/- (Ramesh Kumar Singhania) Partner

Membership No. - 41880 FRN. 004435C Raipur, 29th June 2010