We have audited the accompanying standalone
financial statements of The Sandur Manganese & Iron
Ores Limited (the "Company”), which comprise the
Balance Sheet as at 31 March 2025, and the Statement
of Profit and Loss (including Other Comprehensive
Loss), the Statement of Cash Flows and the Statement
of Changes in Equity 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.

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 (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, ("Ind AS”)
and other accounting principles generally accepted
in India, of the state of affairs of the Company as at
31 March 2025, and its profit, 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 of the standalone financial
statements in accordance with the Standards on
Auditing ("SA”) specified under section 143(10) of the
Act. Our responsibilities under those Standards are
further described in the Auditor's Responsibility 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 made 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 standalone financial statements.

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 Board's
Report, Management Discussion and Analysis,
Corporate Governance Report but does not
include the standalone financial statements,
consolidated financial statements and our auditor's
report thereon. The Board's Report, Management
Discussion and Analysis, Corporate Governance
Report are expected to be made available to us
after the date of this auditor's report.

• Our opinion on the standalone financial statements
does not cover the other information and will 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 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 during the
course of our audit or otherwise appears to be
materially misstated.

• When we read the Board's Report, Management
Discussion and Analysis, Corporate Governance
Report, if we conclude that there is a material
misstatement therein, we are required to
communicate the matter to those charged
with governance as required under SA 720
'The Auditor's responsibilities Relating to Other
Information'.

Responsibilities of Management and Board
of Directors 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
accounting principles generally accepted in India,
including Ind AS 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 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 and Board of Directors are 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 the Board of Directors either intend
to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

The Company's Board of Directors is also responsible for
overseeing the Company's financial reporting process.

Auditor’s Responsibility 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 financial
controls 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 with reference to standalone
financial statements 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 the 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.

• Obtain sufficient appropriate audit evidence
regarding the financial information of the
Company to express an opinion on the standalone
financial statements. We are responsible for the
direction, supervision and performance of the
audit of the financial statements of such entities
or business activities included in the standalone
financial statements of which we are the
independent auditors. 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
financial controls 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 Section 143(3) of the Act, based on

our audit 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 except for
complying with the requirements of audit trail
as stated in (i)(vi) below.

c) The Standalone Balance Sheet, the
Standalone Statement of Profit and Loss
including Other Comprehensive Income, the
Standalone Statement of Cash Flows and
Standalone 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 Ind AS
specified under Section 133 of the Act.

e) On the basis of the written representations
received from the directors as on 31 March
2025 taken on record by the Board of
Directors, none of the directors is disqualified
as on 31 March 2025 from being appointed as
a director in terms of Section 164(2) of the Act.

f) The modification relating to the maintenance
of accounts and other matters connected
therewith, is as stated in paragraph (b) above.

g) 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 A”. Our
report expresses an unmodified opinion on
the adequacy and operating effectiveness of
the Company's internal financial controls with
reference to standalone financial statements.

h) 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 remuneration
paid by the Company to its directors during
the year is in accordance with the provisions
of section 197 of the Act.

i) 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:

i. The Company has disclosed the impact of

pending litigations on its financial position
in its standalone financial statements -

Refer Note 33 to the standalone financial
statements;

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

iii. There has been no delay in transferring
amounts, 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 the note 43(vi) to the standalone
financial statements 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, 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, other than as disclosed
in the note 43(vii) to the standalone
financial statements, 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,
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
performed that have been
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) of Rule 11(e), as provided
under (a) and (b) above, contain
any material misstatement.

v. The final dividend proposed for the
previous year, declared and paid by
the Company during the year is in
accordance with section 123 of the Act,
as applicable.

As stated in note 42 to the standalone
financial statements, the Board of
Directors of the Company has proposed
final dividend for the year which is subject
to the approval of the members at the
ensuing Annual General Meeting. Such
dividend proposed is in accordance with
section 123 of the Act, as applicable.

vi. Based on our examination, which
included test checks, the Company has
used accounting software for maintaining
its books of account for the year ended
31 March 2025, 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 except in
respect of software used by the Company
for maintaining its payroll records for the
year ended 31 March 2025 wherein the
accounting software did not have the
audit trail feature enabled throughout
the year (refer Note 44 of the standalone
financial statements).

Further, during the course of our audit, we
did not come across any instance of the
audit trail feature being tampered with, in
respect of the accounting software for the
period for which the audit trail feature was
enabled and operating.

As audit trail feature was not enabled
for the year ended 31 March 2024,
reporting under Rule 11 (g) of the
Companies (Audit and Auditors) Rules,
2014 on preservation of audit trail as per
the statutory requirements for record
retention is not applicable.

2. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order”) issued by the Central
Government in terms of Section 143(11) of the Act,
we give in "Annexure B” a statement on the matters
specified in paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells

Chartered Accountants
(Firm Registration No: 008072S)

Monisha Parikh

Partner

(Membership No: 047840)
UDIN:25047840BMRJVS5492

Place: Bengaluru
Date: 28 May 2025