ఆడిటర్ నివేదిక Rajputana Stainless Ltd.

We have audited the accompanying financial statements
of Rajputana Stainless Limited ("the Company"), which
comprise the Balance Sheet as at March 31, 2026 and, the
statement Profit and Loss, Statement of Changes in equity,
and the statement of Cash Flow for the year then ended, and
notes to 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 given to us, the aforesaid 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 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^st 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

We conducted our audit of financial statements in accordance
with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013 ("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 ("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 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 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. We have
determined the matters described below to be the key audit
matters to be communicated in our report.

Our opinion on the financial statements does not cover the
Board Report 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 Board Report and in doing so,
consider whether the Board Report 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 in this Board
Report, we are required to report that fact. We have nothing to
report in this regard.

RESPONSIBILITY OF MANAGEMENT FOR 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 of these financial
statements that give a true and fair view of the financial position,
financial performance, changes in equity and cash flows of
the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
Standards specified under Section 133 of the Act, read with
relevant rules issued there under.

This responsibility also includes the 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 the 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 financial statement 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.

The board of directors are also responsible for overseeing the
Company''s financial reporting process.

AUDITOR''S RESPONSIBILITIES FOR THE AUDIT OF THE
FINANCIAL STATEMENTS

Our 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 scepticism
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 control relevant 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 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 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.

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 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 Companies Act, 2013 we give in the Annexure-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 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, the Statement of Profit and
Loss Including Other Comprehensive Income and
Statement of Change in equity and the Statement of
Cash Flow 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
specified under section 133 of the Act, read with Rule
3 of the Companies (Indian Accounting Standards)
Rules, 2015.

e) On the basis of written representations received
from the directors as on 31 March 2026, and 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.

f) We do not have any qualification, reservation or
adverse remark relating to the maintenance of
accounts and other matters connected therewith.

g) With respect to adequacy of the internal financial
controls over financial reporting of the company
and 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;

3. With respect to the other matters to be included in the
auditors'' Report in accordance with Rules 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:

a. The Company does not have any pending litigations
that which would impact its financial position.

b. The Company do not require to make any provision
in its financial statements, as required under the
applicable law or Indian accounting standards, for
material foreseeable losses on long term contracts
including derivative contracts;

c. There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company.

d. (i) The management has represented that, to the

best of their knowledge a nd belief, other than as
disclosed in the notes to the accou nts, 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;

(ii) The management has represented, that,
to the best of their knowledge and belief,
other than as disclosed in the notes to the
accounts, 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

(iii) Based on such audit procedures we have
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)
contain any material mis-statement.

e. As stated in Note 31(30) to the Financial Statements,
the Board of Directors of the Company have
proposed final dividend for the year which is subject
to the approval of the members at the ensuing

Annual General Meeting. The dividend declared is in
accordance with section 123 of the Act to the extent
it applies to declaration of dividend.

f. 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). The said feature has
been enabled and has 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 where the audit trail
feature was tampered with or the audit trail was
disabled. Additionally, the audit trail prior years has
been preserved by the Company as per the statutory
requirements for record retention.

h) The Company has paid managerial remuneration
in accordance with the provisions of Sec. 197 of the
Companies Act, 2013 as amended from time to time
during the reporting period.

For Ruparel & Bavadiya

Chartered Accountants
FRN: 126260W

CA Devendra Barot

Partner

Place: Vadodara M. No.: 614766

Date: 25/05/2026 UDIN: 26614766HZYXNE6748