We have audited the accompanying standalone Ind AS financial statements of Valley Magnesite Company
Limited ("the Company") which comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and
Loss (including Other Comprehensive Income), Statement of Changes in Equity and statement of cash flows for
the year then ended, and notes to the financial statements, including a summary of significant 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
standalone Ind AS 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 Ind AS and accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2024, and profit, total comprehensive income, the changes
in equity and its cash flows 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 Companies Act, 2013. 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 relevant to our audit of the standalone Ind AS financial
statements under the provisions of the Companies Act, 2013 and the Rules there under, 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.

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 informing our opinion thereon, and we do not provide a separate
opinion on these matters.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises
the information included in the Management Discussion and Analysis, Board's Report including Annexures to
Board's Report, Business Responsibility Report, Corporate Governance Report, and Shareholder Information,
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 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 of this other
information; we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and those charged with governance for the standalone Ind AS financial
statement

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 standalone Ind AS 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 accounting principles generally accepted
in India, including Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 implementation and maintenance of 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 Ind AS financial statement that give a true and fair
view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS 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 is also responsible for overseeing the company's financial reporting process.

Auditor's Responsibilities for the Audit of Standalone Ind AS financial statement

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS 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 Ind AS financial
statements.

A further description of the auditor's responsibilities for the audit of the standalone Ind AS financial statements
is included in Annexure A. This description forms part of our auditor's report.

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 B 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 it
appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, and 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 Ind AS financial statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March, 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 Control over financial reporting of the Company and
the operating effectiveness of such controls, refer to our separate Report in "Annexure C".

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, no remuneration has been paid/provided by the Company to
its directors during the year.

h) 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, in our opinion and to the best of our information and
according to the explanations given to us:

I) The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind
AS financial statements, if any.

ii) The Company has made provision, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts.

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

iv) (a) The Management has represented that, to the best of its knowledge and belief, other than as disclosed

in notes to accounts, no funds (which are material either individually or in the aggregate) 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 entity
('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 (which are
material either individually or in the aggregate) have been received by the Company from any person
or entity, including foreign entity ('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.

(c) Based on the audit procedures that have been considered reasonable and appropriate in the

circumstances, nothing has come to our attention that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11 (e) as provided under (a) and (b) above, contain
any material misstatement.

v) The company has not declared or paid any dividend during the year and therefore compliance of section
113 of the Companies Act, 2013 is not required.

vi) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1
April 2023.

Based on our examination which included test checks, the company have 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 our audit, we did not come across any instance of audit trail feature being tampered with.

For A. K. Meharia & Associates
Chartered Accountants
Firm's Registration No.324666E
(Anil Kumar Meharia)

Place: Kolkata Partner

Dated:27/05/2024 Membership Number: 053918

UDIN: 24053918BKCBCBA6589