We have audited the financial statements of RR Metalmakers India Limited (‘the Company') which comprises of Balance sheet as at March
31,2025, the Statement of Profit and loss (including Other Comprehensive Income), the Statement of changes in Equity and the Statement
of Cash flows for the year ended on that date and notes to the financial statements including a summary of the significant accounting policies
and other explanatory information (hereinafter referred to as “the financial statements”).

Qualified Opinion

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 Companies Act, 2013 (“Act”) in the manner so required and give a true and fair view in conformity with the
recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally
accepted in India of the state of affairs of the Company as at March 31,2025, of its net profit and other comprehensive income, changes in
equity and its cash flows for the year ended on that date, except for the possible effects of the matters specified below:-

1. The Company has recognized revenue for export sales to customer Prisha International PTE Ltd. amounting to Rs.1,000.75 lakhs
($11,63,669.38 USD) vide tax invoice dated 23.12.2024. As per IND AS 115: Revenue from Contracts, an entity shall recognize
revenue when the entity satisfies a performance obligation by transferring promised goods or service (i.e. an asset) to a customer. As
observed during course of our Audit and as per enquiries made with Company's management, the goods have not been transferred
to the customer as on the date of this Audit report. Accordingly, the revenue from operations and trade receivables are overstated to
that extent.

2. Debtors amounting to Rs.61.17 lakhs are older for a period of more than 3 years on which impairment loss is not recognized by the
management based on lifetime expected credit losses using provision matrix as per provisions of IND-AS 109 “Financial Instruments”.
The management of the company has filed recovery suits against the said parties and is of the opinion that the said debtors are
recoverable.

We are unable to comment on the possible consequential effects of the above qualifications, if any, on these financial statements.

Basis for Qualified Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10)
of the Act. 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 Act 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 audit
opinion on the financial statements.

Emphasis of matter

We draw attention to following matters pertaining to the Company requiring emphasis by us.

1. The Company has decided to sell its manufacturing plant located at Ahmedabad, Gujarat in its Extraordinary General Meeting (EGM)
of shareholders held on 27.3.2025 by way of a Special Resolution which was unanimously approved by all the shareholders.

2. During FY 2024-25, the CGST Department, Mumbai has carried out GST Audit of the Company vide its Final Audit report dated
19.2.2025 with a total revenue detection of Rs.128.03 lakhs for the period FY 2018-19 to FY 2022-23. The further assessment is
ongoing as on the date of this audit report.

Our opinion is not modified in respect of the above matters.

Other Information

The Company's Management and Board of Directors are responsible for the other information. The other information comprises the
information included in the Company's 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 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 and Board of Directors’ Responsibilities for the Financial Statements

The Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these financial statements that give a true and fair view of the financial position, financial performance, changes in equity and
cash flows of the Company in accordance with the IND-AS and other accounting principles generally accepted in India.

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 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 and the Board of the 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board
of Directors is 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 misstatements,
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 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 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 the Management and Board of Directors.

• 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 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 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 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 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') as amended, issued by the Central Government of India

in terms of section 143(11) of the Act, we give in the “Annexure A”, a statement on the matters specified in paragraphs 3 and 4 of

the said order.

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

(a) We have 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 accounts, as required by law have been kept by the company, so far as it appears from our
examination of the books ;

(c) 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 of account;

(d) In our opinion, the aforesaid IND AS financial statements comply with the applicable Accounting standards specified under
section 133 of the Act read with the Rule 7 of the Companies (Accounts) Rules 2014;

(e) On the basis of written representations received from the directors as on March 31,2025 and taken on record by the Board
of Directors, none of the directors are 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”. Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the Company's internal financial controls over financial reporting;

(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, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197
of the Act;

(h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit
& Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given
to us:

> The Company has disclosed the impact of pending litigations, on its financial position in its financial statements. Refer
Note 27 to the financial statements.

> The Company did not have any long-term contracts pending on the balance sheet date including derivative contracts; as
such the question of commenting on any material foreseeable losses thereon does not arise and;

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

(i) (i) 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 or its joint
operation companies incorporated in India 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 directly or indirectly lend
or invest in other persons or entities identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on behalf of the
Company or its joint operation companies incorporated in India or provide any guarantee, security or the like to or on behalf
of the Ultimate Beneficiaries; (ii) The management has represented, that, to the best of its knowledge and belief, no funds
have been received by the Company or its joint operation from any persons or entities, including foreign entities (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the Company or its joint operation companies
incorporated in India shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever
(“Ultimate Beneficiaries”) by or on behalf of the Funding Party or provide any guarantee, security or the like from or on behalf of
the Ultimate Beneficiaries; (iii) Based on such audit procedures as 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) (i) and (i) (ii) above
contain any material misstatement.

(j) The Company has neither declared nor paid any dividend during the year; hence the compliance with Section 123 of the Act in
respect of dividend does not arise.

(k) Based on our examination which included test checks, the Company has used accounting software for maintaining its books
of account 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. Further, during the course of our audit we did not come across any instance of
audit trail feature being tampered with in respect of the accounting software.

For M. A. Chavan & Co.

Chartered Accountants

Firm Registration Number: 115164W

CA Romit M. Chavan

Partner

Membership No.: 171005

Mumbai, 21.5.2025

UDIN: 25171005BMJLGS5329

Certificate No.: MAC/2025-26/042