ఆడిటర్ నివేదిక Meenakshi Steel Industries Ltd.

Mar 31, 2024

We have audited the Standalone Financial Statements of MEENAKSHI STEEL
INDUSTRIES LIMITED (hereinafter referred to as "the Company"), which comprise the
Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss including Other
Comprehensive 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
significant accounting policies and other explanatory information (collectively 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 (hereinafter referred to as "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 March 31, 2024 and its loss, total
comprehensive income, its cash flows and the changes in equity 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 Act. 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 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.

Other Information

The Company''s Board of Directors are responsible for the other information. The other
information comprises the information included in the annual report, but does not include
the Standalone Financial Statements and our auditor''s report thereon.

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 in the 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 the fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance 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 including Other
Comprehensive Income, Cash Flows and Changes in Equity of the Company in accordance
with the Ind AS and other 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 of 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 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 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.

Those Board of Directors are also responsible for overseeing the Company''s financial
reporting process.

Auditor''s Responsibilities for the Audit of the Standalone 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 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:

• 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.

• 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) 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 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.

• 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
the scope of our audit work and in evaluating the results of our 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 of India in terms of Sub-section (11) of Section 143 of
the Act and on the basis of such checks of the books and records of the Company
as we considered appropriate and according to the information and explanations
given to us, we give 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 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 appears from our examination of those books;

c) The Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, the Cash Flow Statement 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 Standalone Financial Statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules, 2015 as amended.

e) On the basis of written representations received from the directors as on March
31, 2024, and 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 Company has not paid and provided remuneration
to its directors.

h) With respect to the other matters to be included in the Auditor''s Report in
accordance with the 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, we report that:

i) The Company does not have any pending litigations which would impact its
financial position other than those mentioned in notes to accounts.

ii) The Company did not have any long term contracts including derivative
contracts for which there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the
Investors Education and Protection Fund by the Company.

iv) (a) As per the information and explanation given to us by the management,

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 or entity, 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) As per the information and explanation given to us by the management,
no funds have been received by the company from any person or entity,
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

(c) On the basis of above representations, nothing has come to our notice
that has caused us to believe that the above representations contained
any material mis-statement.

v) The Company has not declared or paid any dividend during the year.

vi) Based on our examination, which included test checks, and other generally
accepted audit procedures performed by us, we report that the company
has used an accounting software for maintaining its books of account which
has a feature of recording audit trail (edit log) facility. Flowever, the same
has not 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 provision to Rule 3(1) of the Companies (Accounts) Rules, 2014 is
applicable from April 1, 2023, reporting under Rule 11 (g) of the Companies
(Audit and Auditors) Rules, 2014 on preservation of audit trail as per the
statutory requirements of record retention is not applicable for the financial
year ended March 31, 2024

For and on behalf of
For V R S K & CO. LLP

(Formerly Known as V R S K & CO.)
Chartered Accountants
Firm Regn No. 111426W

Sd/-

(SURESH G. KOTHARI)

Place : Mumbai Partner

Dated : May 22, 2024 Membership No. 47625

UDIN:24047625BKESKO4452

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Mar 31, 2014

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

Management Responsibility for 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 notified under the Companies Act, 1956 ("the Act") read with the General Circular 15 / 2013 dated September 13, 2013 ofthe Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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 me 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 file 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 Ho the explanations given to us, the 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 March 31,2014;

b) in the case of the Profit and Loss Account, of the profit for the year ended March 31, 2014;and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended March 31,2014.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, and in terms of the information and explanations given to us and also on the basis of such checks, as we considered appropriate, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

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, statement of profit and loss, and 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 notified under the Companies Act, 1956 ("the Act") read with the General Circular 15 / 2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

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 Act.

Annexure to the Auditors'' Report

(Referred to in our report of even date to the members of Meenakshi Steel Industries Limited for the year ended 31.03.2014)

i. The Company does not have any fixed assets Accordingly, Clauses 1(a), (b) and (c) ofthe Order, are not applicable to the Company

ii. According to information and explanations given to us, during the year, the Company does not have any manufacturing or trading activity and hence does not have any inventory. Accordingly, Clauses 2(a), (b) and (c) of the Order, are not applicable to the Company.

iii. According to the information and explanations given to us, the Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, Clauses 4(iii) (a) to (g) of the Order is not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us, it appears that 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 shares & securities, and for the sale of shares & securities and services. Further, on the basis of our examination ofthe books and records ofthe Company, and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control system.

v. According to the information and explanations given to us, we are of the opinion that there are no contracts or arrangements, the particulars of which need to be entered into the register maintained under section 301 of the Companies Act, 1956. Having regard to the same, Clause 4(v) (b) of the Order is not applicable to the Company.

vi. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from public during the year, within the meaning of Section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 and directives issued by the Reserve Bank of India in this respect.

vii. The Company does not have a formal internal audit system. However, effective internal controls are being exercised by the management, which is broadly commensurate with the size of the Company and nature of its business.

viii. According to the information and explanations given to us, the maintenance of Cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956.

ix. a) According to the records of the Company and information and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income tax, Sales-Tax, Wealth Tax, Custom Duty, Investor Education and Protection Fund, Excise Duty, Cess, Service Tax or any other statutory dues, wherever applicable, with the appropriate authorities and there were no arrears under the above heads which were due for more than six months from the date they became payable as at the close of the year.

b) According to the information and explanations given to us, there are no dues of Income Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Sales Tax and Cess which have not been deposited on account of any disputes except disputed liability of:-

Nature of the Nature of dues Amount (Rs) Period to which Forum where Statue amount relates dispute is pending

Indian Stamp Stamp duty & 9,64,934/- FY 1992-93 Hon''ble Act, 1899 penalty High Court of Judicature, Allahabad

However, the said land was sold in the year 2005-06.

x. The Company does not have accumulated losses at the end of the financial year. The Company has neither incurred any cash losses in the current financial year nor in the immediately preceding financial year.

xi. The Company has neither borrowed funds from financial institutions or banks nor any amounts raised through debentures

xii. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii. The provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Fund/ Societies are not applicable to the Company.

xiv. The Company has maintained proper records of transactions and contracts in respect of investments in shares, securities debentures and other investments and those timely entries have been made therein. The shares, securities debentures and other investments have been held by the Company in its own name except to the extent of the exemption granted under section 49(4) of the Companies Act, 1956 .

xv. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

xvi. The Company has not taken any terms loans during the year.

xvii. According to the information and explanation given to us, and on an overall examination of the Balance Sheet of the Company, we report that no funds have been raised on .short-term basis; therefore question of utilization of short term funds for long term investment does not arise.

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 Companies Act, 1956 during the year.

xix. The Company has not issued any Debenture''s and hence no securities or charges are required to be created in respect thereof.

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

xxi. On the basis of our examination and according to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the year.

For VIJAY R. TATER & CO.

Chartered Accountants FRN: 111426W

Place: Mumbai (Suresh G. Kothari)

Date: 30/06/2014 Partner Membership No 47625