We have audited the accompanying Standalone Ind AS financial statements of VALLABH STEELS LTD. (“the
Company”), which comprise the Balance Sheet as at March 31,2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and Cash Flow Statement and for the year then ended,
and a summary of significant accounting policies and other explanatory information (herein after referred to as
“standalone Ind AS financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of
the matters described in Basis for Qualified Opinion section of our report, the 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (“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 (including other comprehensive income), its
cash flow and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in
the Auditors Responsibilities for the Audit of the standalone Ind AS Financial Statements section of our report. We are
independent of the company in accordance with the code of Ethics issued by Institute of Chartered Accountants of India
(ICAI) 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 made there under, 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 we have obtained is sufficient and appropriate to provide a basis for our qualified opinion on the standalone
Ind AS financial statement.

I. Trade Receivables includes, certain debtors in respect of which no provision has been made as per IND AS-
109 on financial instruments by applying expected credit loss method on receivables for getting fair value of
assets.

II. Inventories have been taken as Certified by the management. We have not verified the same.

> No assessment to determine whether or not a material uncertainity exists related to events or conditions that
may cast significant doubt on the entity's ability to continue as a going concern has been given to us. Accordingly,
we are unable to comment upon the going concern of the entity.

> Trade receivables, Loan and Advances and Trade payables are subject to confirmation and reconciliation.

> Actuarial Valuation report has not been provided to us which is non-compliance of IND AS- 19 “Employee
Benefits”. In the absence of the same we are not able to ascertain the impact on the financial statements.

> In respect of Property, plant & equipment. As per IND AS 36 “Impairment of Assets” company should recognize
impairment loss if the carrying value of the assets in the books of account is more than recoverable amount of the
assets. Further IND AS specifies that enterprise should access at the end of each financial year whether there is
any indication that an asset may be impaired.

No such assessment has been done by the management, In the absence of the same we are unable to comment
upon the fair value of the property, plant & equipment in the books of account.

Emphasis of Matter

We draw attention to the following

Accounts of the company have been categorized as NPA. Accordingly, all bank balances are subject to confirmation.
Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
Standalone Ind AS financial statements of the current period. These matters were addressed in the context of our audit
of the Standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.

We have not come across with any key audit matter during the audit.

Information other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors are responsible for the other information. The other information comprises the
information included in the Directors Report, including annexure thereto, Report on Corporate Governance and
Management Discussion & Analysis Report, but does not include the Consolidated and Standalone Ind AS Financial
Statements and our auditor's report thereon.

Our opinion on the Standalone Ind AS 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 Ind AS 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 Ind AS 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.

Management's Responsibility for the Standalone Ind AS 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 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 the cash f lows 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.

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 Ind AS 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 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 are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

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.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone Ind AS 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 on whether the Company has adequate internal financial controls with reference to 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 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 standalone Ind AS financial statements,
including the disclosures, and whether the standalone Ind AS 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 standalone
Ind AS 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 Ind AS 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 Ind AS 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 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.

2. As required by section 143(3) of the Act, we report that:

a. Except for the matters described in the Basis of Qualified Section, we have sought and obtained all the information and
explanations which to the best of our knowledge and belief were necessary for the purpose 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. Except for the matters stated in the Basis of Qualified Section, the Balance Sheet, the Statement of Profit and loss
including Other Comprehensive Income, Statement of Changes in Equity and the Cash Flow Statement dealt with by
this report are in agreement with the books of account;

d. Except for the matters stated in the Basis of Qualified Section, the aforesaid Standalone Ind AS financial statements
comply with the Indian Accounting Standards (Ind AS) specified under section 133 of the Act;

e. On the basis of 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 our separate Report in “Annexure B”.

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, we report that the
company has not paid managerial remuneration during the year, hence the provisions of section 197 read with Schedule
V to the Companies Act are not applicable.

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, 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 Ind AS
financial statements

ii. The Company does not have any long-term contracts including derivative contracts for which there are 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, 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.

(c) Based on such audit procedures that have been considered reasonable and appropriate in the circumstances,
nothing has come to the notice that has caused us to believe that the representations under sub-clause (a) and

(b) above, contain any material misstatement.

v. Since the Company has not declared or paid any dividend during the year, accordingly, commenting on whether
dividend declared or paid is in accordance with Section 123 of the Companies Act, 2013 is not applicable.

vi. The Company is not required to comply with the provisions related to audit trail and reporting under rule 11(g) of
the Companies (Audit and Auditors) Rules 2014 is not applicable.

For KR Aggarwal & Associates

Chartered Accountants,
FRN-030088N

CA VIVEK ANEJA

(Partner)

Place: Ludhiana Membership No:- 544757

Date : 28-05-2025 UDIN:- 25544757BMJCTV8335