We have audited the accompanying Financial Statements of SAI SWAMI METALS AND ALLOYS PRIVATE LIMITED ("the Company"), which
comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and loss, Cash Flow Statement and a summary of significant
accounting policies and other explanatory information.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the Financial statements give the
information required by the Companies Act, 2013 ('The Act") in the manner so required and give a true and fair view in conformity with
the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and other
accounting principles generally accepted in India:
d) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March,2025;
e) In the case of the Profit and Loss Account, of the profit for the period ended on that date.
f) In the case of Cash Flow Statement, of the cash flow for the year ended on that date.
Basis for Opinion
We have conducted our audit of the 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 Responsibility 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 ethical requirements that are relevant to our audit of the 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 obtained by us is sufficient and appropriate to provide
a basis for our audit opinion on the Financial Statements.
Key audit matters
Key audit matters ('KAM') are those matters that, in our professional judgment, were of most significance in our audit of the Financial
Statements of the current period. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Information other than the Financial Statements and auditors' report thereon
The Company's board of directors is responsible for the preparation of the other information. The other information comprises the
information included in the Board's Report including Annexure to Board's Report, Business Responsibility Report but does not include the
Financial Statements and our auditor's report thereon.
Our opinion on the Financial Statements does not cover the other information and we do not express any form of assurance or conclusion
thereon.
In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, considering
whether the other information is materially inconsistent with the 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 Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these
Financial Statements that give a true and fair view of the Financial position and Financial performance 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal Financial controls, that were operating effectively for ensuringthe accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the Financial Statements, 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. That Board of Directors are also
responsible for overseeing the Company's Financial reporting process.
Auditor's Responsibility
Dur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these Financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the Financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal Financial control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on
whether the Company has adequate internal Financial controls 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 the management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the Financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the
Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
Report on other Legal and Regulatory Requirements
1. As required by section 143 (3) of the Act, we report that:
h) 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;
i) 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.
j) The Balance Sheet, Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.
k) In our opinion, the aforesaid Financial statements comply with the Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
I) On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the Board
of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a director in terms of
Section 164(2) of the Act.
m) 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 my 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.
n) With respect to the other matters to be included in the Auditor's Report in accordance with Rul e 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.
v) The Company does not have any pending litigations for which provision have not been made which would impact its Financial
position.
vi) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable
losses, if any.
vii) The Provisions of transfer of funds to Investor Education and Protection Fund not applicable to the Company.
viii) (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either
individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity
("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has
come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.
(d) 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
2. 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, the same is applicable on this Company.
For, Patel Jain & Associates
Chartered Accountants
(Registration Number: 129797W)
Sd/-
Vivek Bhatt
Partner
Membership Number: 193504
UDIN: 25193504BMGYSG2898
Date: 30.05.2025
Place: Ahmedabad
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