We have audited the financial statements of REMI EDELSTAHL
TUBULARS LIMITED (“the Company”), which comprise the
balance sheet as at March 31,2025, and 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 (Collectively referred to as 'standalone financial
statements').

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 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 (financial position) of the Company as
at March 31,2025, and its profit (financial performance including
other comprehensive income), changes in equity and its cash
flows for the year ended on that date.

a. In the case of the balance sheet, of the state of affairs of the
company as at 31st March 2025;

b. In the case of the statement of profit and loss, of the profit
(financial performance including other comprehensive
income); and

c. In the case of the cash flow statement, of the cash flow 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 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 in forming our opinion thereon.

We have determined that there are no key audit matters to
communicate in our report.

Other Information

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 have required to report
that fact. We have nothing to report in this regard.

Responsibility of Management for the Standalone Financial
Statements

The Company's Board of Directors are responsible for the
matters stated in section 134(5) of the Companies Act, 2013 (“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),
changes in equity and cash flows 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. 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 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 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, the 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 intends to liquidate the
Company or to cease operations, or has no realistic alternative
but to do so.

Boards 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 Standards on Auditing
('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} of
the Act, 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.

• 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 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 evaluated the effect of any identified
misstatements in the 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 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 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 circumstance,
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.

• Based on our examination, which included test checks, the
Company has used accounting softwares for maintaining
its books of accounts for the financial year ended March 31,
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 softwares. Further,
during the course of our audit we did not come across any
instance of the audit trail feature being tampered with.

• As proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014 is applicable from April 1,2023, 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 for the financial year
ended March 31,2025.

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 Act,
we give in the “Annexure A” 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, the Statement of Changes in Equity and the
Cash Flow Statement dealt with by this Report are in
agreement with the books of accounts.

d. In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards prescribed under Section 133 of the Act
read with Companies (Indian Accounting Standard),
Rules 2020.

e. On the basis of the written representations received
from the directors as on 31st March, 2025, taken on
record by the Board of Directors, none of the
directors is disqualified as on 31st March 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 our separate Report in “Annexure B”.

g. 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
financial statement. Refer note No.31.

(ii) The Company did not have any long-term
contract including derivative contract; as such
the question of commenting on any material
foreseeable losses thereon does not arise; and

(iii) There has not been any occasion in case of the
Company during the year under report to
transfer any sums to the investor education and
protection fund. The question of delay in
transferring such sums does not arise.

(iv) (a) The management has represented that, to

the best of its knowledge and belief, no
funds (which are material either individually
or in 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(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, (which are material either
individually or in aggregate) 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 the audit procedures that
have been considered reasonable and
appropriate in the circumstances, nothing
has come to their notice that has, caused
us to believe that the representation under
sub-clause (i) and (ii) or Rule 11 of the
Companies (Audit and Auditors) Rules,
2014, as provided in (a) and (b) above,
contain any material misstatement.

(v) The Company has not paid any dividend in the
current financial year and hence the provisions
of section 123 were not attracted.

For SUNDARLAL, DESAI & KANODIA

CHARTERED ACCOUNTANTS,
FRN-110560W

Sd/-

(MUKUL B. DESAI)

UDIN : 25033978BMIYZG6000 PARTNER

PLACE MUMBAI Membership Number 33978

DATED : 12th May, 2025