We have audited the financial statements of SHREE MARUTINANDAN TUBES LIMITED (“the Company”), which comprise the balance sheet as at 31^stMarch 2024, and the statement of Profit and Loss, and statement of cash flows for the year 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 financial statements give the information required by the Act in the manner so inquired and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the

Companv as at March 31, 2024, and profit/loss, and its cash flows for theyear 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

( ompany 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.

We draw your attention to "Note I n" to tire financial statements which indicates that te company has not made precisions for post-employment benefits in accordance

with AS-15 “Employee. Bene fits”.The Company’s records indicate that had management recognized and made provision for such post-employment benefits in the statement of profit and loss for the year, the net income and shareholders’ equity would have been reduced by such amount. However, the amount is not quantified by

the management.

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. We have not observed any matters that classifies as the key audit matter to be communicated in our audit 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 Management Discussion and Analysis, Board’s Report including Annexure to Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the standalone financial statements and our auditor’s reportthereon.

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 ourknowledgeobtainedintheauditorotherwiseappearstobematerially misstated. If, ba sedontheworkwe 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.

Responsibility of Management for Financial Statements

^f • -uip f_nr the matters stated in section

The Company's Board of ^D‘^^ors’ “L'h^Aet”) with respect to the preparation of 134(5) of the Companies Act, 201 ( _{view of} the financial position,

Ihese financial _the Company in accordance with the

financial performance, ai Ý including the accounting

accounting principles genera y ^e _Thii responsibility also includes

Standards specified under section 133 of the Act in V _{isions of}

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presentation of the financial statement that give a true and fair view and aie fiee 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. The 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 objective is 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.

Paiagraph 40(b) of this SA explains that the shaded material below can be located in an Appendix to the auditor’s report. Paragraph 40(c) explains that when law, regulation or the applicable auditing standards expressly permit, reference can be made to a website of an appropriate authority that contains the description of the auditoiresponsibilities, rather than including this material in the auditor’s report provided that the description on the website addresses, and is not inconsistent with’ the description of the auditor’s responsibilities below. As part of an audit in

foscinnal judgment and maintain professional accordance with SAs, we exe.-c.sc^professional judg

skepticism throughout the aud.t. W e also. «...

. Identify and assess the rishs of

statements, whether due Jo ^ o. ^ Zence _that is

:xr„,z:^ate to provide

omissions, misrepresentations, or the overe.de 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 Companies Act, 2013, we are also responsi e expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of sue 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 oi missicacmciuo ........... . .

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 (11) to evaluate 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 prov ide 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 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 Companies Act, 2013, we give in the Annexure la statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

!. 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 ouraudit.

_b) 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.

cl The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books ol

account

d) We have not observed any financial transactions or other matters which in our opinion, may have an adverse effect on the functioning of the company.

e) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of theAct.

0 On the basis of the written representations received from the directors as on 31''March. 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March, 2024 from being appointed as a director in terms of Section 164 (2) of theAct.

g) With respect to the adequacy of the Internal Financial Control with reference to Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure -2”.

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

0 The Company does not have any pending litigations except as mentioned in Note No. 1 s of the financial statements.

i'0The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

/»)There were no amounts which are required to be transferred, to the Investor

. The Management has represented that, to the best of its knowledge and belied, no funds (which ate ntatenal either Ýndtvtdually or n tl. aggregated) have been advanced or loaned or invested (etth,er :tom borrowed funds or share premium or any other sources or kind of fund ) bv 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 such audit procedures 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 company has not declared or paid any divided during the year.

w/Ihe 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, except for the instance

mentioned below, the company has used accounting softwares for maintaining its books of account, which have feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective software:

i. The feature of recording audit trail (edit log) facility was not available for the period 1^st April 2023 to l^Ht May 2023 and the company has migrated to Tally Prime Edit Log from Tally Prime on 2^nd May, 2023 to enable recording of audit trail (edit log) facility.

Further, for the period where audit trail (edit log) facility was enabled and operated throughout the year for the respective accounting software we did not come across any instance of audit trail feature being tempered with.

For, S K Jha & Co.

C bartered Accountants

FRN. 126173W

Sikhil Makhija Partner

M .No. 176178

UDIN: 24176178BKDZGD8854

Date:-30.05.2024

Place:- Ahmedabad