We have audited the accompanying Standalone Financial Statements of JAINAM FERRO ALLOYS
(I) 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), Standalone
Statement of Changes in Equity and the Standalone Statement of Cash Flows for the year then ended,
and a summary of significant accounting policies and other explanatory information (hereinafter
referred to as "the Standalone financial Statements"), which we have signed under reference to this
report.
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 31 March, 2025 and its Profit, Changes
in Equity and its Cash Flows for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described
in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the Standalone Financial Statements under the provisions of the Companies Act, 2013
and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key Audit Matters are those matters that, in our professional judgement, 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
informing our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to be communicated in our report.
Other Information
The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the Board of Director's report for the year ended 31st March,
2025, but does not include the financial statements and our auditor's report thereon. The Company's
annual report is expected to be made available to us after the date of this auditor's report.
Our opinion on the Standalone Financial Statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the standalone financial statements, or our knowledge obtained during the course of our audit
or otherwise appears to be materially misstated.
Responsibility of Management for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these
Standalone Financial Statements that give a true and fair view of the state of affairs, profit/loss
(including other comprehensive income), changes in equity and cash flows of the Company in
accordance with accounting principles generally accepted in India, including the Indian Accounting
Standards prescribed under Section 133 of the Act read with the companies (Indian Accounting
Standards) Rules, 2015 as amended.
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 implementation and
maintenance of accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Standalone Financial Statements that gives 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.
The Board of Directors are also Responsible for Overseeing the Company's Financial Reporting
Process.
Auditor's Responsibilities for the Audit of the Standalone Financial Statement
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 the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
A further description of the auditor's responsibilities for the audit of the Standalone Financial
Statements is included in Annexure A. This description forms part of our auditor's report.
Report on Other Legal and Regulatory Requirements
1. 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, and the Standalone Statement of Profit and Loss (including
other comprehensive income), Standalone 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 statements comply with the Indian 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 of the Company as on
31 March, 2025 taken on record by the Board of Directors, none of the directors is disqualified
as on 31 March, 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", our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's Internal financial controls over financial reporting, and
(g) With respect to the other matters to be included in the Auditors Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and
to the best of our information and according to the explanations given to us:
(i) The Company did not have any pending litigations which would impact its financial
positions.
(ii) The Company did not have any long-term contracts including derivative contracts for which
there were any foreseeable losses.
(iii) There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
(iv) With respect to reporting regarding advances, loans & investments, further lending or
investing other than disclosed in the notes to financial statements: -
• 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;
• The management has represented that, to the best of its knowledge and belief, no funds have
been received by the Company from any person(s) or entity(ies), including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that
the Company shall, whether, directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; and
• Based on such audit procedures that were 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 (a) and (b) contain any material misstatement.
(v) The company has not declared any dividend during the year under audit.
(vi) Based on our examination, which included test checks, the Company has used accounting
software for maintaining its books of account for the financial year ended 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 for the periods where audit trail (edit log) facility was
enabled and operated, we did not come across any instance of the audit trail feature being
tampered with. The audit trail has been preserved by the Company as per the statutory
requirements for record retention.
(h) With respect to the matter to be included in the Auditors' Report under Section 197(16) of the
Act:
In our opinion and according to the information and explanations given to us, the remuneration
paid by the Company to its directors during the current year is in accordance with the
provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of
the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not
prescribed other details under Section 197(16) of the Act which are required to be commented
upon by us.
2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
"Annexure C", a statement on the matters specified in the paragraph 3 and 4 of the Order, to the
extent applicable.
FOR, S M A G AND ASSOCIATES LLP
(Formerly known as "Sunil Johri & Associates")
CHARTERED ACCOUNTANTS
(Firm Reg. No. 005960C/C400353)
Sd/-
CA. SUNIL JOHRI
M.No. 074654
Partner
Date: 26-05-2025
Place: Raipur, C.G.
UDIN: 25074654BMKVWS1161
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