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.

8. 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 governance and take appropriate action as applicable under the
relevant laws and regulations.

1. We have audited the accompanying Standalone Financial Statements of Pradeep Metals Limited ('the
Company'), which comprise the Standalone Balance Sheet as at 31 March 2026, and the Standalone
Statement of Profit And Loss (including Other Comprehensive Income), Standalone Statement of Changes in
Equity and Standalone Statement of Cash Flows for the year ended on that date, and notes to the Standalone
Financial Statements, including a summary of material accounting policies and other explanatory information
('the Standalone Financial Statements').

2. 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 ('Act')
in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015,
as amended, ('Ind AS') and other accounting principles generally accepted in India, of the State of Affairs of
the Company as at 31 March 2026, and its Profit and Other Comprehensive Income, Changes in Equity and its
Cash Flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section
143(10) of the Act. Our responsibilities under those SAs 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 ('ICAI') together with the ethical requirements that are relevant to our audit of the
Standalone Financial Statements under the provisions of the Act, and the rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion on the Standalone Financial Statements.

Key Audit Matters

4. 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 year. These matters were addressed in the context
of our audit of the Standalone Financial Statements as a whole, and in forming 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.

we do not express any form of assurance
conclusion thereon.

7. In connection with our audit of the Standalone
Financial Statements, our responsibility is to read
the other information identified above when it
becomes available and, in doing so, consider
whether the other information is materially
inconsistent with the Standalone Financial
Statements, or our knowledge obtained in the
audit or otherwise appears to be materially

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

9. 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 State of Affairs, profit and Other Comprehensive
Income, Changes in Equity and Cash Flows of the
Company in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act
read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended and other
accounting principles generally accepted in India.
This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting
frauds and other irregularities; selection of the
appropriate accounting software for ensuring
compliance with applicable laws and regulations
including those related to retention of audit logs;
selection and application of appropriate accounting

Auditor's responsibilities for the audit of the Standalone Financial Statements

12. 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 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:

12.1. Identify and assess the risks of material misstatement of the Standalone 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.

12.2. Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) the Act, we are also
responsible for expressing our opinion on whether the Company has adequate internal financial

controls with reference to Standalone Financial Statements in place and the operating effectiveness
of such controls.

12.3. Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Management.

12.4. Conclude on the appropriateness of the 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.

12.5. E valuate the overall presentation, structure and content of the Standalone Financial
Statements, including the disclosures, and whether the Standalone Financial Statements represent
the underlying transactions and events in a manner that achieves fair presentation.

13. 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.

14. 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.

15. 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 year and are therefore the
key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Other Matter

16. The Standalone Financial Statements of the Company for the year ended 31 March 2025 were
audited by erstwhile N. A. Shah Associates LLP Statutory auditors whose reports dated 22 May 2025
expressed an unmodified opinion on those Standalone Financial Statements. Our opinion is not modified
in respect of this matter.

Report on Other Legal and Regulatory Requirements

17. 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 A' a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

18.1. 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.

18.2. In our opinion, proper books of accounts as required by law have been kept by the
Company so far as it appears from our examination of those books except for the matters stated in
paragraph 20.8 below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,

2014 (as amended).

18.3. The standalone balance sheet, the standalone statement of profit and loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Standalone Cash Flow
Statement dealt with by this Report are in agreement with the books of account.

18.4. In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified
under Section 133 of the Act read with the relevant rules thereunder.

18.5. On the basis of the written representations received from the directors as on 16 May 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 164(2) of the Act.

18.6. The modification relating to the maintenance of books of accounts and other matters connected
therewith are as stated in the paragraph 18.2 above on reporting under Section 143(3)(b) and
paragraph 19.8 below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 (as amended).

18.7. With respect to the adequacy of the internal financial controls with reference to Standalone
Financial Statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in 'Annexure B'.

18.8. 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.

19. 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 (as amended), in our opinion and to the best of our information
and according to the explanations given to us:

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.

19.6. Based on such audit procedures, that have
been considered reasonable and appropriate in the
circumstances, performed by us, nothing has come
to our notice that has caused us to believe that the
representation under sub clause (i) and (ii) of Rule
11(e), as provided under para [19.4 ] and [19.5 ]
above, contain any material misstatement.

19.7. In our opinion and according to the
information and explanations given to us, the
dividend declared and paid during the year by the
Company is in compliance with Section 123 of the
Act.

19.8. Based on our examination, which included
test checks, the Company has used accounting
softwares for maintaining its books of account
which has a feature of recording audit trail (edit
log) facility, which have been operated throughout

the year for all relevant transactions recorded in the software, except that the audit trail(edit log)
facility was not enabled for one of the software at the database level to log any direct data changes.
Further, for the period where audit trail (edit log) facility was enabled and operated for the
respective accounting softwares, we did not come across any instance of the audit trail feature being
tampered with. Additionally, where audit trail (edit log) facility was enabled and operated during
the year, the audit trail has been preserved by the Company as per the statutory requirements except
for one accounting software where evidence of backup logs for record retention at application level
couldn't be furnished for our verification.

For KKC & Associates LLP
Chartered Accountants
(formerly Khimji Kunverji & Co LLP)

Firm Registration Number: 105146W/W100621

Divesh B Shah
Partner

ICAI Membership No: 168237
UDIN: 26168237FAHMOE5284
Place: Mumbai
Date: 16 May 2026