We have audited the accompanying Financial statements of Eastcoast Steel Limited (“the
Company”), which comprise the Balance Sheet as at 31st March 2024, the Statement of
Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow
Statement and the Statement of Changes in Equity for the year then ended, and a summary
of significant accounting policies and other explanatory information (hereinafter referred to
as “ Financial Statements”).

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 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, 31st March 2024
, its Loss including other Comprehensive Income and its Cash flows, and the Statement of
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 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 financial statements under the provisions
of the Companies Act, 2013 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.

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 that there are no key audit matters to be communicated in our report.

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 Annual Report but does not include
the financial statements and our auditor’s report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the 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 that fact. We have
nothing to report in this regard.

Management’s Responsibility for the 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
including Other Comprehensive Income, Cash Flows and the Statement of Changes in
Equity of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified 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 provision of the Act for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of the appropriate
accounting policies; making judgements and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that
we are operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and fair presentation of the financial statements 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.

Those 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 skepticism 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
Act, we are also responsible for expressing our opinion 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.

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,(“the act”) 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 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, except as
mentioned in clause 2(h)(vi)

c) The Balance Sheet, Statement of Profit and Loss including other Comprehensive
Income, Cash Flow Statement and Statement of Changes in Equity dealt with by
this report are in agreement with the books of account.

d) In our opinion, the aforesaid 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 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 controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to
our separate Report in “Annexure B”.

g) In our opinion and to the best of our information and according to the explanations
given to us, no remuneration was paid or provided by the Company to its directors
during the year. Therefore, the provisions of Section 197 of the Act are not
applicable.

h) With respect to the other matters to be included in the Auditor’s 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:

i. The Company does not have any pending litigations which would impact on
its financial position except as stated in Note no 25 of the financial statements.

ii. The Company did not have any material foreseeable losses on long-term
contracts including derivative contracts that require provision under any law or
accounting standards for which there were any material foreseeable losses;
and

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

iv (a) Management has represented to us that, to the best of its knowledge
and belief, other than as disclosed in the notes to the accounts 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 persons or entities, 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) Management has represented to us that, to the best of its knowledge
and belief, other than as disclosed in the notes to the accounts 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

(c) Based on our audit procedure conducted that are considered reasonable
and appropriate in the circumstances, nothing has come to our attention
that cause us to believe that the representation given by the management
under sub clause (a) and (b) contain any material misstatement.

v. The Company has not paid, proposed or declared any dividend during the
year and until the date of report, hence, compliance in accordance with
Section 123 of the Act is not applicable.

vi. The Company has migrated to the software which has feature of Audit Trail
during the year and is in the process of establishing necessary controls
and documentations regarding audit trail. Consequently, we are unable to
comment on audit trail feature of the said software.

For Paresh Rakesh & Associates LLP

Chartered Accountants

(FRN:. 119728W/W100743)

Sd/-

Nimit Sheth

Partner

Membership No. 142645

UDIN: 24102075BKFHLJ6941

Place: Mumbai

Date : May 30, 2024