We haue audited the accompanying financial statements of
Maan Aluminium Limited (“the Company"), which comprise
the balance sheet as at March 31, 2026, the Statement of
Profit and Loss, including the statement of Other
Comprehensiue Income, the Cash Flow Statement and the
Statement of Changes in Equity for the year then ended, and
notes to the financial statements, including a summary of
material accounting policies and other explanatory
information.

In our opinion and to the best of our information and
according to the explanations giuen to us, the aforesaid
financial statements giue the information required by the
Companies Act, 2013, as amended (“the Act") in the manner
so required and giue a true and fair uiew in conformity with
accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2026, its
profit including other comprehensiue income its cash flows
and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in
accordance with the Standards on Auditing (SAs), as
specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described
in the 'Auditor's Responsibilities for the Audit of the
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 releuant
to our audit of the financial statements under the prouisions
of the Act and the Rules made thereunder, and we haue
fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We belieue that
the audit euidence obtained by us is sufficient and
appropriate to prouide a basis for our audit opinion on the
financial statements.

Key Audit Matters

Key audit matters 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 prouide a separate opinion on these matters.

Information Other than the Financial Statements and
Auditors' Report Thereon

The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the Company's annual
report, but does not include the financial statements and our
auditors' report thereon.

Our opinion on the financial statements does not couer the
other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the financial statements, our
responsibility is to read the other information identified aboue
when it made auailable and, in doing so, consider whether the
other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.

When we read the annual report, if we conclude that there is a
material misstatement therein, we are required to
communicate the matter to those charged with gouernance
and take necessary actions, as applicable under the releuant
laws and regulations.

Management's and Board of Directors Responsibility for the
Financial Statements

The Company's Management and Board of Directors are
responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 ("the Act”) with respect to the
preparation of these financial statements that giue a true and
fair uiew of the financial position, financial performance
including other comprehensiue income, cash flows and
changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) specified under Section
133 of the Act.

This responsibility also includes maintenance of adequate
accounting records in accordance with the prouisions of the
Act for safeguarding the assets of the Company and for
preuenting 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
effectiuely for ensuring the accuracy and completeness of the
accounting records, releuant to the preparation and
presentation of the financial statements that giue a true and
fair uiew and are free from material misstatement, whether
due to fraud or error.

In preparing the financial statements, management and Board
of Directors are 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 alternatiue but to do so. The Board of Directors are
also responsible for ouerseeing the Company's financial
reporting process.

Auditor's Responsibilities for the Audit of the Financial
Statements

Our objectiues 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 leuel 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,
indiuidually 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:

Ý Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsiue to those risks, and
obtain audit euidence that is sufficient and appropriate to
prouide 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 inuolue collusion,
forgery, intentional omissions, misrepresentations, or the
ouerride of internal control.

Ý Obtain an understanding of internal financial control
releuant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under Section 143(3)(i)
of the Companies Act, 2013, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls with reference to
financial statements in place and the operating
effectiueness of such controls.

Ý Eualuate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by the management and Board of
Director.

Ý Conclude on the appropriateness of management and Board
of Directors use of the going concern basis of accounting in
the preparation of financial statement and, based on the
audit euidence obtained, whether a material uncertainty
exists related to euents 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 euidence
obtained up to the date of our auditor's report. Howeuer,
future euents or conditions may cause the Company to
cease to continue as a going concern.

Ý Eualuate the ouerall presentation, structure and content of
the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and euents in a manner that achieues fair
presentation.

We communicate with those charged with gouernance
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 prouide those charged with gouernance with a
statement that we haue complied with releuant 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
gouernance, we determine those matters that were of most
significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We
describe these matters in our auditors' 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
aduerse 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 Gouernment of
India in terms of Section 143 (11) of the Act, we giue in the
"Annexure A”, a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143 (3) of the Act, we report that:

a) We haue 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 haue 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
Including other comprehensiue Income, the statement of
cash flows and the statement of changes in equity dealt
with by this report are in agreement with the books of
account;

d) In our opinion, the aforesaid financial statements comply
with the Indian Accounting Standards (Ind AS) specified
under Section 133 of the Act;

e) On the basis of the written representations receiued from
the directors as on 31 March 2026 taken on record by the
Board of Directors, none of the directors is disqualified as
on 31 March 2026 from being appointed as a director in
terms of Section 16A (2) of the Act; and

f) With respect to the adequacy of the internal financial
controls with reference to the financial statements of the
Company and the operating effectiueness of such
controls, refer to our separate Report in "Annexure B”.

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, 201 A, in our
opinion and to the best of our information and according
to the explanations giuen to us:

i. the Company has disclosed the impact of pending
litigations as at 31 March 2026 on its financial position
in Note 36.1 to 36.2 to the financial statements;

ii. the Company did not haue any long-term contracts,
Including deriuatiue contracts, for which there were
any material foreseeable losses;

iii. there has been no delay in transferring amounts,
required to be transferred, to the Inuestor Education
and Protection Fund by the Company during the year
ended 31 March 2026.

iu. (a) The management has represented that, to the best
of its knowledge and belief, no funds haue been
aduanced or loaned or inuested (either from borrowed
funds or share premium or any other sources or kind
of funds) by the Company to or in any other persons
or entities, including foreign entities
(“Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary
shall:

Ý directly or indirectly lend or inuest in other persons
or entities identified in any manner whatsoeuer
(“Ultimate Beneficiaries”) by or on behalf of the
Company

Ý or prouide any guarantee, security or the like to or
on behalf of the Ultimate Beneficiaries;

(b) The management has represented that, to the best
of its knowledge and belief, no funds haue been
receiued by the Company from any persons or entities,
including foreign entitles (“Funding Parties”), with the
understanding, whether recorded in writing or
otherwise, that the Company shall:

Ý directly or indirectly, lend or Inuest in other persons
or entitles Identified in any manner whatsoeuer
(“Ultimate Beneficiaries”) by or on behalf of the
Funding Party or

Ý prouide any guarantee, security or the like from or
on behalf of the Ultimate Beneficiaries; and

(c)Based on such audit procedures as considered
reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to
belleue that the representations under sub-clause
(iu)(a) and (iu)(b) contain any material misstatement.

u. The Company has not declared or paid diuidend during
the year therefore proulsion of section 123 of the Act is
not applicable.

ui. 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, 2026 which has a feature of recording
audit trail (edit log) facility and the same has operated
throughout the year for all releuant transactions
recorded in the software. Further, during the course of
our audit we did not come across any instance of the
audit trail feature being tampered with and audit trail
has been preserued by company.

h) With respect to the matter to be included in the Auditor's
Report under Section 197(16) of the Act: In our opinion
and according to the information and explanations giuen
to us, the remuneration paid by the Company to its
directors during the current year is in accordance with
the prouisions of Section 197 of the Act.

Place: Indore For Khandelwal 8

_ _M ____ ___„ Khandelwal Associates

Date: 29.05.2026 Chartered Accountants

UDIN:26077390FEMXND7995 (FRN. 008389C)

CA. Durgesh Khandelwal

Partner
M.No. 077390