01. Entity, Financial Statements, period, etc.

I have audited the accompanying Financial Statements of El Forge Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income) for the year then ended, the Statement of Changes in Equity, the Statement of Cash Flows for the year then ended, and notes to the Financial Statements, including a summary of the Major accounting policies and other explanatory information (hereinafter referred to as ‘‘the Financial Statements’’).

02. Opinion.

In my opinion and to the best of my information and according to the explanations given to me, the aforesaid Ind AS financial statements give the information required by the Companies Act, 2013, as amended (“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, 2025, its Profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

03. Basis for Opinion

(01) I conducted my audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act.

(02) My responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section (or in a separate Annexure to) of my report.

(03) I am 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 my audit of the financial statements under the provisions of the Act and the Rules made there under, and I have fulfilled my other ethical responsibilities in accordance with these requirements and the Code of Ethics.

(04) I believe that the audit evidence, obtained by me, is sufficient and appropriate to provide a basis for my opinion.

04. Key Audit Matters

(01) Key audit matters are those matters that, in my professional judgment, were of most significance in my audit of the financial statements of the current period. These matters were addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.

(02) Based on the examination of books of account and explanations provided to me, I am of the opinion that there are no materially significant key audit matters that requires disclosure in this report.

05. Information Other than the Financial Statements and Auditor’s Report thereon

(01) The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Board’s report but does not include the financial statements and my auditor report thereon.

(02) My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon. In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.

(03) I have nothing to report in the above regard, for the year under report.

06. Responsibilities of Management and those charged with governance for the Financial Statements

(01) The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation and presentation of these Financial Statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Ind AS specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

(02) The aforesaid responsibility also includes

(a) 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;

(b) Selection and application of appropriate implementation and maintenance of accounting policies;

(c) Making judgments and estimates that are reasonable and prudent; and

(d) 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

(03) 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.

(04) The Board of Directors is also responsible for overseeing the company’s financial reporting process.

07. Responsibilities of Management in respect of Audit trail (edit log) facility in respect of accounting software

Pursuant to the Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, the management is responsible for effective implementation of the requirements prescribed by the aforesaid accounts Rules. As per the aforesaid Rules, the responsibility of the Management, in respect of the books of account and other relevant books and papers maintained in electronic mode [from the financial year commencing on or after the 1st day of April, 2023], includes:

(01) To ensure the accounting software has audit trail feature

(02) To ensure that audit trail captures changes to each and every transaction

(03) To ensure that audit trail feature is always enabled

(04) To Ensure that audit trail is enabled at database level for logging any direct data changes

(05) To ensure that audit trail is appropriately protected from any modification

(06) To ensure that audit trail is retained as per statutory requirements for record retention

08. Auditor’s Responsibilities for the Audit of Financial Statements

(01) My 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 my 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.

(02) A further description of the auditor’s responsibilities for the audit of the Financial Statements is included in Annexure-01. This description forms part of my auditor report.

09. Report on Other Legal and Regulatory Requirements

(01) As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government of India in terms of subsection (11) of section 143 of the Act, I give in the Annexure 02, a statement on the matters specified in the paragraph 3 and 4 of the order.

(02) In continuation of the above and as required by Section 143(3) of the Act, I report that:

(a) I have sought and obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purposes of my audit.

(b) In my opinion, proper books of account, as required by law, have been kept by the Company so far as it appears from my examination of those books [As explained to me, the company does not have any branch, either in India or outside India].

(c) The Balance Sheet and the Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

(d) In my opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended;

(e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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 my separate Report in Annexure 03.

(03) With respect to the other matters to be included in the Auditor’s Report in accordance Section 143 (3) (j) of the Act, read with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in my opinion and to the best of my information and according to the explanations given to me: (a) Relating to Pending Litigation [ Clause 11(a) of the aforesaid Rule]

The company has not disclosed the impact, if any, of pending litigations on its financial position in its financial statement, since no pending litigations shall have an impact on the financial position of the Company.

(b) Relating to Long term contracts including derivative contracts [ Clause 11(b) of the aforesaid Rule]

The company has not made any provision, as required under any law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts, since the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses

(c) Relating to Investor Education and Protection Fund [ Clause 11(c) of the aforesaid Rule]

There has been no amount requiring to be transferred to the Investor Education and Protection Fund by the Company during the year ended March 31, 2025.

(d) Funds advanced/ received and Ultimate Beneficiaries [ Clause 11 (e) (i) to (iii) of the aforesaid Rule]

(A) 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;

(B) 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

(C) Based on such audit procedures considered reasonable and appropriate in the circumstances, nothing has come to my notice that has caused me to believe that the representations under the aforesaid sub-clause (i) and (ii) Rule 11(e) of the Companies (Audit and Auditors) Rules, 2014 contain any material misstatement [i.e., Paragraph 09(03)(d)(A) and (B) of this report].

(e) Payment or declaration of the dividend [ Clause 11(f) of the aforesaid Rule] Reporting of payment or declaration of the dividend, during the year by the company, in compliance with section 123 of the Act, is not applicable, since no dividend has been declared or paid during the year under report.

(f) With respect to the matters to be included in the Auditor’s Report in accordance with requirement of Section 197(16) of the Act, as amended, relating to Remuneration to Directors:

In my opinion and to the best of my information and according to the explanations given to me, the remuneration paid, during the current year by the Company to its directors, is in accordance with the provisions of Section 197 of the Act.

(g) Audit trail (edit log) facility in respect of accounting software

In pursuance of the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software, having the feature of recording audit trail (edit log) facility, applicable to the Company with effect from the Financial Year beginning from April 1, 2023, and based on my examination which included test checks, I report that the company has used accounting software for maintaining its books of account 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 my audit, I did not come across any instance of audit trail feature being tampered with.

D. Venkatesan (Membership No.: 026465)

Chartered Accountant UDIN: 25026465BMKYAB8859 Place: Chennai.

Date: 21/05/2025