Auditor Report of Rajratan Global Wire Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial
statements of Rajratan Global Wire Limited, ("the Company"),
which comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit & Loss, (including Other Comprehensive
Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year then ended, and notes
to the Standalone Financial Statements, including a
summary of material accounting policy information and other
explanatory information.

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 ("the Act") as amended 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 March 31, 2025, its profit
including other comprehensive income, changes in equity and
its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (SAs), 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 Standalone 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 audit opinion on the standalone
financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements for the financial year ended
March 31, 2025. These matters were addressed in the context
of our audit of the standalone financial statements as a whole,
and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For each key audit matter
below, our description of how our audit addressed the matter
is provided in that context.

We have determined the matters described below to be the
key audit matters to be communicated in our report. We
have fulfilled the responsibilities described in the ''Auditor''s
responsibilities for the audit of the standalone financial
statements'' section of our report, including in relation to these
matters. Accordingly, our audit included the performance
of procedures designed to respond to our assessment
of the risks of material misstatement of the standalone
financial statements.

The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis
for our audit opinion on the accompanying standalone
financial statements.

Key Audit Matters How our audit addressed the Key Audit Matters
A. Capitalisation of Property, Plant and Equipment of Chennai Plant
During last 3 years ended March 31, 2025, the Company has incurred significant capital expenditure on Greenfield Project at Chennai. The Chennai Plant was part capitalised during the year on August 7, 2024. The management informed us that the plant and machines which were technical ready in all respect for their intended use have been capitalised and those which are under installation or testing continue to be classified as capital work in progress. Further the cost of testing whether	Our audit procedures included the followings: • We obtained an understanding of the Company''s capitalisation policy and assessed for compliance with the relevant accounting standards. • We obtained understanding, evaluated the design and tested the operating effectiveness of controls related to capital expenditure and capitalisation of assets.

Key Audit Matters	How our audit addressed the Key Audit Matters
the machines under installation/ testing are functioning	• We performed substantive testing on a sample basis for
properly, are classified as part of capital work in progress,	each element of capitalised costs including inventory
as directly attributable costs, net of proceeds from items	along with reconciliation and directly attributable cost,
produced and sold during trial runs, in accordance with the	including verification of underlying supporting evidence
principles of Ind AS 16, which have continued till the end of	and understanding nature of the costs capitalised.
the year.	• In relation to borrowing costs we obtained the supporting
We have evaluated the technical assessments provided by	calculations, verified the inputs to the calculation and
the management, including reliance on experts within the	tested the arithmetical accuracy.
organization on which we have relied upon, to determine the appropriateness of capitalisation and classification in accordance with Ind AS 16.	• Examined the management assessment of the assumptions considered in estimation of useful life.
We have considered the capitalization and the trial run as a key audit matter due to:	• Examined the useful economic lives with reference to the Company''s historical experience.
1. Significance of amount incurred on such items during the year ended March 31, 2025.	• We obtained understanding on management assessment relating to progress of projects and their intention to bring the asset to its intended use.
2. Judgement and estimate are involved to determine that the aforesaid capitalisation meet the recognition requirement under Ind AS 16- Property, Plant and Equipment.	• We validated management review controls over calculations of the future economic benefit of the projects;
3. Judgement involved in determining the eligibility of costs
including borrowing cost and other directly attributable costs for capitalisation as per the criteria set out in Ind AS 16- Property, Plant and Equipment.
4. Assessment of useful life of plant and machinery involves
consideration of historical experiences, anticipated technological changes, etc.

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

Information Other than the standalone 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 standalone financial statements and our auditor''s
report thereon.

Our opinion on the standalone 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 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 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.

Responsibilities of Management and Those
Charged with Governance for the Standalone
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 and presentation of these standalone financial
statements in terms of the requirements of the Act that
give a true and fair view of the financial position, financial
performance including other comprehensive income, cash
flows and statement of changes in equity of the Company in
accordance with the accounting principles generally accepted
in India, including the accounting standards 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 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 standalone financial statement that give
a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the standalone 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 liqu i date the Company or to cea se 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
standalone Financial Statements

Our objectives are to obtain reasonable assurance about
whether the standalone 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
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 standalone 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 Companies Act, 2013, we are also responsible
for expressing our opinion on whether the Company
has adequate internal financial controls with reference
to standalone 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 financial statements, including the
disclosures, and whether the standalone 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.

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
for the financial year ended March 31,2025 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

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 a 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 our audit.

(b) In our opinion, proper books of account as required by law
have been kept by the Company except edit log available
with effect from November 17, 2023, so far as it appears
from our examination of those books.

(c) The Balance Sheet, the Statement of Profit & Loss
(including Other Comprehensive Income), the 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 standalone financial
statements comply with the Accounting Standards
specified under Section 133 of the Act, Companies (Indian
Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received from
the Directors as on March 31, 2025 taken on record by the
Board of Directors, none of the Director 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 with reference to these standalone financial
statements 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 explanations provided
to us, the managerial 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 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
financial statements - Refer Note 45 of the standalone
financial statements.

ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material forceable 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, and read
with Note 51(9) to the standalone Financial
Statements, 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 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, and read
with Note 51(10) to the standalone Financial

Statements, no funds 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 the 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. (a) The final dividend paid by the Company during

the year in respect of dividend declared with
respect to financial year ending on March 31,
2024 is in accordance with Section 123 of the Act
to the extent it applies to payment of dividend.

(b) As stated in Note 42 to the standalone financial
statements, the Board of Directors of the
Company have proposed final dividend for
the year which is subject to the approval of
the members at the ensuing Annual General
Meeting. The amount of dividend proposed is
in accordance with section 123 of the Act to the
extent it applies to declaration of dividend.

vi. Based on our examination on test check basis,
the Company has used accounting software for
maintaining its books of account for the financial
year ended March 31, 2025 which has a feature
of recording audit trail facility and the same has
operated throughout the year for all the relevant
transactions recorded in the software. However, the
edit log is available only with effect from November
17, 2023. Further, during the course of our audit we
did not come across any instance of the audit trail
feature being tampered with. The audit trail has
been preserved by the Company as per the statutory
requirements for record retention.

For Fadnis & Gupte LLP
Chartered Accountants
FRN 006600C/ C400324

Place of Signature: Indore (CA Vikram Gupte)

Date: April 21, 2025 Partner

UDIN:25074814BMNXKR9364 M.No.: 074814

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Mar 31, 2024

We have audited the accompanying standalone financial statements of Rajratan Global Wire Limited, (“the Company”), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit & Loss, (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the Standalone Financial Statements, including a summary of material accounting policy information and other explanatory information.

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 (“the Act”) as amended 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 March 31, 2024, its profit including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs), 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 Standalone 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 audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the financial year ended March 31,2024. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each key audit matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the ''Auditor''s responsibilities for the audit of the standalone financial statements'' section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of materialmisstatement of the standalone financial statements.

The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

Key Audit Matters	How our audit addressed the Key Audit Matters
A. Capitalisation and useful life of property, plant and equipment
During the year ended March 31, 2024, the Company has incurred significant capital expenditure on as reflected by the totalvalue of additions in property, plant and equipment and capital work in progress in Note 5 & 6 of the standalone Ind AS financial statements. The Company is in the process of executing Green Field Project at Chennai. We have considered Capital expenditure as a key audit matter due to: 1. Significance of amount incurred on such items during the year ended March 31,2024. 2. Judgement and estimate are involved to determine that the aforesaid capitalisation meet the recognition requirement under Ind AS 16- Property, Plant and Equipment.	Our audit procedures included and were not limited to the following: We obtained an understanding of the Company''s capitalisation policy and assessed for compliance with the relevant accounting standards. We obtained understanding, evaluated the design and tested the operating effectiveness of controls related to capital expenditure and capitalisation of assets. We performed substantive testing on a sample basis for each element of capitalised costs including inventory issued to contractors for the purpose of these projects and physicalverification performed by management along with reconciliation and directly attributable cost, including verification of underlying supporting evidence and understanding nature of the costs capitalised. In relation to borrowing costs we obtained the supporting calculations, verified the inputs to the calculation and tested the arithmetical accuracy.

Key Audit Matters	How our audit addressed the Key Audit Matters
3. Judgement involved in determining the eligibility of costs including borrowing cost and other directly attributable costs for capitalisation as per the criteria set out in Ind AS 16- Property, Plant and Equipment. 4. Assessment of useful life of plant and machinery involves consideration of historical experiences, anticipated technological changes, etc.	Examined the management assessment of the assumptions considered in estimation of useful life. Examined the useful economic lives with reference to the Company''s historical experience. We obtained understanding on management assessment relating to progress of projects and their intention to bring the asset to its intended use.
B. Revenue Recognition
The management is of the opinion that it controls the goods before transferring them to the customer. The variety of terms that define when controlis transferred to the customer, as well as the high value of the transactions, give rise to the risk that revenue is not recognized in the appropriate accounting period. Accordingly, due to the significant risk associated with revenue recognition in accordance with terms of Ind AS 115 ''Revenue from Contracts with Customers'', it was determined to be a key audit matter in our audit of the standalone Ind AS financial statements.	Our audit approach included assessment of design and testing of operating effectiveness of internalcontrols related to revenue recognition, and other substantive testing. We carried out: • Selection of samples of both continuing and new contracts for - testing of operating effectiveness of the internal control - identification of contract wise performance obligations and - Determination of transaction price. • Verification of individual sales transaction on sample basis and traced to sales invoices, sales orders and other related documents. Further, the samples were checked for revenue recognition as per the shipping terms.

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

Information Other than the standalone 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 standalone financial statements and our auditor''s report thereon.

Our opinion on the standalone 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 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 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.

Responsibilities of Management and Those Charged with Governance for the Standalone 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 and presentation of these standalone financial statements in terms of the requirements of the Act that give a true and fair view of the financial position, financialperformance including other comprehensive income, cash flows and statement of changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the accounting standards 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 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 internalfinancialcontrols, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financialstatements, 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 standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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 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 materialmisstatement of the standalone 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 internalcontrolrelevant 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 responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone 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 materialuncertainty 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 financial statements, including the disclosures, and whether the standalone financialstatements 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.

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 for the financial year ended March 31, 2024 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

As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of subsection (11) of section 143 of the Companies Act, 2013, we give in the Annexure a 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 our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company except edit log available with effect from November 17, 2023, so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit & Loss (including Other Comprehensive Income), the 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 standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, Companies (Indian Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received from the Directors as on March 31, 2024 taken on record by the Board of Directors, none of the Director is disqualified as on March 31,2024 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 with reference to these standalone financial statements 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 explanations provided to us, the managerial 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 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 financial statements - Refer Note 45 of the standalone financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material forceable 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, and read with Note 51(9) to the standalone Financial Statements, 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 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, and read with Note 51(10) to the standalone Financial Statements, no funds 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 the 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 subclause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. (a) The final dividend paid by the Company during the year

in respect of dividend declared with respect to financial

year ending on March 31, 2023 is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.

(b) As stated in Note 42 to the standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. Based on our examination on test check basis, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail facility and the same has operated throughout the year for all the relevant transactions recorded in the software. However, the edit log is available only with effect from November 17, 2023. 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 trailas per the statutory requirements for record retention is not applicable for the financial year ended March 31,2024.

For Fadnis & Gupte LLP

Chartered Accountants

FRN 006600C/ C400324

Place of Signature: Indore (CA Vikram Gupte)

Date: April 22, 2024 Partner

UDIN: 24074814BKCSNF6437 M.No.: 074814

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Mar 31, 2023

Rajratan Global Wire Limited, Indore

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of Rajratan Global Wire Limited, ("the Company"), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit & Loss, (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the Standalone Ind AS 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 standalone Ind AS financial statements give the information required by the Companies Act, 2013 as amended ("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 March 31,2023, its profit including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), 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 Standalone Ind AS 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 audit opinion on the standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended March 31, 2023. 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. For each key audit matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the standalone Ind AS financial statements'' section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements.

The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial statements.

Key Audit Matters	How our audit addressed the Key Audit Matters
A. Capitalisation and useful life of property, plant and equipment
During the year ended March 31,2023, the Company has incurred significant capital expenditure on as reflected by the total value of additions in property, plant and equipment and capital work in progress in Note 5 & 6 of the standalone Ind AS financial statements. The Company is in the process of executing Green Field Project at Chennai. We have considered Capital expenditure as a key audit matter due to: 1. Significance of amount incurred on such items during the year ended March 31,2023. 2. Judgement and estimate are involved to determine that the aforesaid capitalisation meet the recognition requirement under Ind AS 16- Property, Plant and Equipment. 3. Judgement involved in determining the eligibility of costs including borrowing cost and other directly attributable costs for capitalisation as per the criteria set out in Ind AS 16- Property, Plant and Equipment. 4. Assessment of useful life of plant and machinery involves consideration of historical experiences, anticipated technological changes, etc.	Our audit procedures included and were not limited to the following: • We obtained an understanding of the Company''s capitalisation policy and assessed for compliance with the relevant accounting standards. • We obtained understanding, evaluated the design and tested the operating effectiveness of controls related to capital expenditure and capitalisation of assets. • We performed substantive testing on a sample basis for each element of capitalised costs including inventory issued to contractors for the purpose of these projects and physical verification performed by management along with reconciliation and directly attributable cost, including verification of underlying supporting evidence and understanding nature of the costs capitalised. • In relation to borrowing costs we obtained the supporting calculations, verified the inputs to the calculation and tested the arithmetical accuracy. • Examined the management assessment of the assumptions considered in estimation of useful life. • Examined the useful economic lives with reference to the Company''s historical experience. • We obtained understanding on management assessment relating to progress of projects and their intention to bring the asset to its intended use.
B. Revenue Recognition
The management is of the opinion that it controls the goods before transferring them to the customer. The variety of terms that define when control is transferred to the customer, as well as the high value of the transactions, give rise to the risk that revenue is not recognized in the appropriate accounting period. Accordingly, due to the significant risk associated with revenue recognition in accordance with terms of Ind AS 115 Revenue from Contracts with Customers'', it was determined to be a key audit matter in our audit of the standalone Ind AS financial statements.	Our audit approach included assessment of design and testing of operating effectiveness of internal controls related to revenue recognition, and other substantive testing. We carried out: • Selection of samples of both continuing and new contracts for - testing of operating effectiveness of the internal control - identification of contract wise performance obligations and - Determination of transaction price. • Verification of individual sales transaction on sample basis and traced to sales invoices, sales orders and other related documents. Further, the samples were checked for revenue recognition as per the shipping terms.
C. Accuracy and completeness of disclosure of related party transactions and compliance with the provisions of Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘SEBI (LODR) 2015’ (as described in note 42 of the standalone Ind AS financial statements)
We identified the accuracy and completeness of disclosure of related party transactions as set out in respective notes to the standalone Ind AS financial statements as a key audit matter due to:	Our audit procedures in relation to the disclosure of related party transactions included the following: • We obtained an understanding, evaluated the design and tested operating effectiveness of the controls related to capturing of related party transactions and management''s process pf ensuring all transactions and balances with related parties have been disclosed in the standalone Ind AS financial statements. • We obtained an understanding of the Company''s policies and procedures in respect of evaluating arms-length pricing and approval process by the audit committee and the board of directors.

Key Audit Matters	How our audit addressed the Key Audit Matters
• Related party transactions are subject to the compliance requirement under the Companies Act 2013 and SEBI (LODR) 2015.	• We agreed the amounts disclosed with underlying documentation and read relevant agreements, evaluation of arms-length by management, on a sample basis, as part of our evaluation of the disclosure.
	• We assessed management evaluation of compliance with the provisions of Section 177 and Section 188 of the companies Act 2013 and SEBI (LODR) 2015. • We evaluated the disclosures through reading of statutory information, books and records and other documents obtained during the course of our audit.

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

Information Other than the standalone Ind AS 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 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 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.

Responsibilities of Management and Those Charged with Governance 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 and presentation of these standalone Ind AS financial statements in terms of the requirements of the Act that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and statement of changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the accounting standards 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 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 standalone Ind AS financial statement 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.

Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditor’s Responsibilities for the Audit of the standalone Ind AS 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 SAs, 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone 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.

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 for the financial year ended March 31, 2023 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.

Other Matter

The comparative financial information of the Company for the year ended March 31, 2022, prepared in accordance with Ind AS, included in these standalone Ind AS financial statements have been audited by the predecessor auditor. The report of the predecessor auditor on the comparative financial information dated April 21, 2022, expressed an unmodified opinion.

Report on Other Legal and Regulatory Requirements

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 a 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 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 & Loss (including Other Comprehensive Income), the 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 standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, Companies (Indian Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received from the Directors as on March 31,2023 taken on record by the Board of Directors, none of the Director is disqualified as on March 31,2023 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 with reference to these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure

B".

(g) In our opinion, the managerial remuneration for the year ended March 31, 2023 has been paid/ provided

by the Company to its Directors in accordance with the provisions of section 197 read with Schedule V to the Companies Act, 2013.

(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 - Refer Note 44 of the standalone Ind AS financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material forceable 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, and read with Note 50(9) to the standalone Ind AS Financial Statements, 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 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, and read with Note 50(10) to the standalone Ind AS Financial Statements, no funds 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 the 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. (a) The final dividend paid by the Company during

the year in respect of dividend declared with respect to financial year ending on March 31, 2022 is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.

(b) As stated in Note 19.7 to the standalone Ind AS financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using software which has a feature of audit trail (edit log) facility is applicable to the Company with effect from April 01,2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rule, 2014 is not applicable for the financial year ended March 31,2023.

For Fadnis & Gupte LLP

Chartered Accountants FRN 006600C/C400324

Place of Signature: Indore (CA Vikram Gupte)

Date: April 21,2023 Partner

UDIN: 23074814BGSAFX1710 M.No.: 074814

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Mar 31, 2022

Rajratan Global Wire Limited,

Indore

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of Rajratan Global Wire Limited, (“the Company”), which comprise the Balance Sheet as at 31st March 2022, the Statement of Profit & Loss, (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the Standalone Ind AS 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 standalone Ind AS financial statements give the information required by the Companies Act, 2013 as amended (“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 March 31, 2021, its profit including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), 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 Standalone Ind AS 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 audit opinion on the standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended March 31, 2022. 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. For each key audit matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the ‘Auditor''s responsibilities for the audit of the standalone Ind AS financial statements'' section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial statements

Key Audit Matters	How our audit addressed the Key Audit Matters
A. Capitalisation and useful life of property, plant and equipment
During the year ended March 31, 2022, the Company has incurred	Our audit procedures included and were not limited to the
capital expenditure on various projects including the Green Field	following:
Project at Chennai and intangible assets under development. Further, items of property, plant and equipment that are ready for its intended use as determined by the management have been	• Examined the management assessment of the assumptions considered in estimation of useful life.
capitalised in the current year. Judgement is involved to determine	• Examined the useful economic lives with reference to the
that the aforesaid capitalisation meet the recognition requirement	Company''s historical experience and technical evaluation by
under Ind AS specifically in relation to determination of whether	third party specialist appointed by management.
the criteria for intended use of the management has been met.	• Assessed the nature of the additions made to property, plant
Assessment of useful life of plant and machinery involves	and equipment, intangible assets, capital work-in-progress
management judgement, technical assessment, consideration of	and intangible asset under development on a test check basis
historical experiences, anticipated technological changes, etc.	to test whether they meet the recognition criteria as set out in
Accordingly, the above has been determined as a key audit matter.	para 16 to 22 of Ind AS 16 - Property, Plant and Equipment, including intended use of management.

Key Audit Matters	How our audit addressed the Key Audit Matters
	• Assessed the impact recognised on account of the change in the useful life and disclosure made in the financial statements.
B. Revenue Recognition The management is of the opinion that it controls the goods before transferring them to the customer. The variety of terms that define when control is transferred to the customer, as well as the high value of the transactions, give rise to the risk that revenue is not recognised in the appropriate accounting period. Accordingly, due to the significant risk associated with revenue recognition in accordance with terms of Ind AS 115 ‘Revenue from Contracts with Customers'', it was determined to be a key audit matter in our audit of the standalone Ind AS financial statements.	Our audit approach included assessment of design and testing of operating effectiveness of internal controls related to revenue recognition, and other substantive testing. We carried out: • Selection of samples of both continuing and new contracts for - testing of operating effectiveness of the internal control - identification of contract wise performance obligations and - Determination of transaction price. • Verification of individual sales transaction on sample basis and traced to sales invoices, sales orders and other related documents. Further, the samples were checked for revenue recognition as per the shipping terms.

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 statement 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 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 SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud

We have determined that there are no other key audit matters to communicate 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 standalone financial statements and our auditor''s report thereon.

Our opinion on the standalone 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 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.

Responsibilities of Management and Those Charged with Governance for the Standalone 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 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 accounting principles generally accepted in India, including the accounting Standards 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

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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to standalone 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 financial statements, including the disclosures, and whether the standalone 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.

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

As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of subsection (11) of section 143 of the Companies Act, 2013, we give in the Annexure a 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 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 (including Other Comprehensive Income), the 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 standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, Companies (Indian Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received from the directors as on 31st March, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2022 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, the managerial remuneration for the year ended March 31, 2021 has been paid/ provided by the Company to its Directors in accordance with the provisions of section 197 read with Schedule V to the Companies Act, 2013.

(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 financial statements - Refer Note 28 of the standalone Ind AS financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material forceable 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, other than as disclosed in the Note 31.14 to the Financial Statements, 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 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, other than as disclosed in the Note 31.14 to the Financial Statements, no funds

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 the 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. (a) The final dividend paid by the Company during the year in respect of dividend declared with respect to financial year ending on 31st March, 2021 is in accordance with Section 123 of the Act to the extent it applies to payment of dividend.

(b) As stated in Note 28.3 to the standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

For DS Mulchandani & Co.

Chartered Accountants FRN 021781C

Place of Signature: Indore (CA Deepak S Mulchandani)

Date: 21st April, 2022 Partner

UDIN: 22404709AHOFRP5980 M.No.: 404709

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Mar 31, 2018

Report on the Financial Statements

We have audited the accompanying Financial Statements of Rajratan Global Wire Limited, (“the Company”), which comprise the Balance Sheet as at 31st March 2018, the Statement of Profit & Loss (including other comprehensive income), and 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.

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 and presentation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including Other Comprehensive Income, cash flows and Statement of Changes in Equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards prescribed under Section 133 of the Act, read with relevant rules issued there under. 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“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-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 including Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity 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 Indian Accounting Standards prescribed under section 133 of the Act read with relevant rules issued thereunder;

(e) 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”; and

(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 statements - Refer Note 42 to the financial statements;

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

iii. The provisions relating to transfer to the Investor Education and Protection Fund are not applicable to the Company.

(i) (a) The company has maintained proper records

showing full particulars including quantitative details and situation of fixed assets.

(b) As informed and explained to us, the management, during the year, has physically verified the items of the fixed assets of the company at reasonable interval and no significant discrepancies were noticed on such physical verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.

(ii) As informed and explained to us the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(iii) The company has granted unsecured loans amounting to Rs. 9,46,86,128/- (Previous Year Rs.10,06,02,837/-) to one body corporate (Previous Year- Two) covered in the register maintained under Section 189 of the Companies Act, 2013 (“the Act”).

(a) The terms and conditions of the grant of such loans are not prejudicial to the company’s interest.

(b) The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand.

(c) Accordingly, paragraph 3(iii)(c) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.

(v) According to the information and explanations given to us, the company has not accepted any deposits under sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148(1) of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(vii) (a) According to the books of accounts and records examined by us according to generally accepted auditing practices in India, in our opinion, the company has been regular in depositing undisputed statutory dues. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income tax, Sales Tax, Customs Duty, Excise Duty, Service Tax, Cess and other material statutory dues which have remained outstanding as at 31st March 2018 for a period of more than six months from the date they became payable.

(b) There are no disputed dues on account of Custom Duty, Wealth Tax/ Cess that have not been deposited. The disputed dues on account of the Sales Tax, Income Tax, Excise Duty and the Service Tax are as under:-

Particulars	Financial year	Amount (Rs.)	Forum where the dispute is pending
Income tax	2012-13	2,41,000/-	ITAT- Indore
Income tax	2015-16	7,93,000/-	CIT (A) -II Indore
Central sales tax	2008-09	9,55,403/-	Appellate Board, Bhopal
Central sales tax	2009-10	2,21,155/-	Appellate Board, Bhopal
Central sales tax	2011-12	5,06,565/-	Appellate Board, Bhopal
Central sales tax	2012-13	2,48,312/-	Appellate Board, Bhopal
Central sales tax	2013-14	7,92,222/-	Appellate Board, Bhopal
Central sales tax	2014-15	75,602/-	Before ACCT(A), Indore

Central sales tax	2015-16	1,80,555/-	Before Commercial Tax Officer, Villupuram
Central sales tax	2015-16	3,78,600/-	Before ACCT(A), Indore
VAT	2014-15	4,32,439/-	Before ACCT(A), Indore
Service tax	2005-06	5,84,233/-	Hon’ble High Court, Indore
Service tax	2004 to 15	24,20,603/-	Customs, Central Excise & Service Tax Appellate Tribunal, New Delhi
Service tax	2014-16	46,80,551/-	Customs, Central Excise & Service Tax Appellate Tribunal, New Delhi
Service tax	2005 to 09	11,52,642/-	Customs, Central Excise & Service Tax Appellate Tribunal, New Delhi
Service tax	2015-16	14,663/-	Customs, Central Excise & Service Tax Appellate Tribunal, New Delhi
Service tax	2015-16	42,84,025/-	Customs, Central Excise & Service Tax Appellate Tribunal, New Delhi
Excise	2005-06	2,70,214/-	CESTAT, Mumbai
Excise	2002 to 10 & 2011	80,607/-	Commissioner Appeal, Indore
Excise	June 2017	6,57,857/-	Asst. Commissioner, Indore

(viii) According to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

(ix) Paragraph 3(ix) of the Order is not applicable to the Company in respect of initial public offer or further public offer.

(x) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year under audit.

(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion, the company is not a chit fund or a Nidhi mutual benefit fund/ society. Therefore, the provisions of clause (xii) of Para 3 of the said order are not applicable to the company.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

We have audited the internal financial controls over financial reporting of Rajratan Global Wire Limited, (“the Company”), as of 31st March 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Ind AS financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Ind AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the Ind AS financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For D S Mulchandani & Co.

Chartered Accountants

FRN: 021781C

CA. Deepak S Mulchandani

Place: Indore Proprietor

Date: 10.05.2018 M No : 404709

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Mar 31, 2017

To,

The Shareholders of Rajratan Global Wire Limited Indore.

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of Rajratan Global Wire Limited (“the Company”), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit & Loss and the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

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 and presentation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Principles Generally Accepted In India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Standalone Financial Statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

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 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, 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the As required by the Companies (Auditor’s Report) Order, 2016 (“the order”), issued by the Central Government of India in terms of subsection (11) of Section 143 of the Companies Act, 2013, 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 and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

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

(e) On the basis of written representations received from the Directors as on 31st March, 2017 taken on records by the Board of Directors, none of the director is disqualified as on 31st March, 2017 from being appointed as a director in terms of section 164(2) ofthe Act; and

(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”; and

(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 litigation on it’s financial position in it’s Financial Statements- Refer Note 26.1 (d) to the Financial Statements;

(ii) The Company did not have any long-term contracts including derivative contracts for which there were 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) The Company has provided the requisite disclosures in its financial statements as to holding as well as dealings in Specified Bank Notes during the period from 8th November 2016 to 30th December 2016 and that the same are in accordance with the books of accounts maintained by the company.

ANNEXURE TO THE AUDITOR’S REPORT

(As referred to in our Independent Auditor’s Report of even date)

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As informed and explained to us, the management, during the year, has physically verified the items of the fixed assets of the company at reasonable interval and no significant discrepancies were noticed on such physical verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.

(ii) As informed and explained to us the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(iii) The company has granted unsecured loans amounting to Rs. 10,31,02,227/- (Previous Year Rs. 9,40,21,196/-) to two body corporate (Previous Year- One) covered in the register maintained under Section 189 of the Companies Act, 2013 (“the Act”).

(a) The terms and conditions of the grant of such loans are not prejudicial to the company’s interest.

(b) The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand.

(c) Accordingly, paragraph 3(iii)(c) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.

(v) According to the information and explanations given to us, the company has not accepted any deposits under sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148(1) of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(vii) (a) According to the books of accounts and records examined by us according to generally accepted auditing practices in India, in our opinion, the company has been regular in depositing undisputed statutory dues. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income tax, Sales Tax, Customs Duty, Excise Duty, Service Tax, Cess and other material statutory dues which have remained outstanding as at 31st March, 2017 for a period of more than six months from the date they became payable.

(b) There are no disputed dues on account of Custom Duty, Wealth Tax/Cess that have not been deposited. The disputed dues on account of the Sales Tax, Income Tax, Excise Duty and the Service Tax are as under:-

Particulars	Financial Year	Amount ( Rs. )	Forum where the Dispute is pending
Income tax	2003-04	2,00,000/-	CIT (A) -II Indore
Income tax	2013-14	49,66,822/-	CIT (A) -II Indore
Central sales tax	2008-09	9,55,403/-	Appellate Board, Bhopal
Central sales tax	2009-10	2,21,155/-	Appellate Board, Bhopal
Central sales tax	2011-12	5,06,565/-	Appellate Board, Bhopal
Central sales tax	2012-13	94,312/-	Appellate Board, Bhopal
Central sales tax	2013-14	3,53,772/-	Appellate Board, Bhopal
Central sales tax	2015-16	1,80,555/-	Before Commercial Tax Officer, Villupuram
Central sales tax	2014-15	68,042/-	Before ACCT(A), Indore
VAT	2014-15	4,32,439/-	Before ACCT(A), Indore
Service tax	2005-06	5,84,233/-	Customs, Central Excise & Service Tax Appellate Tribunal, New Delhi
Service tax	2004 to15	24,20,603/-	Appeal filed before Commissioner (A), Bhopal
Service tax	2014-15	1,07,191/-	Appeal filed before Commissioner (A), Bhopal
Service tax	2014-16	46,80,551/-	Appeal filed before Commissioner (A), Bhopal
Excise	2005 to 09	11,52,642/-	Appeal filed before Commissioner (A), Bhopal
Excise	2015-16	14,663/-	Appeal filed before Commissioner (A), Bhopal
Excise	2015-16	42,84,025/-	Appeal filed before Commissioner (A), Bhopal

(viii) According to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

(ix) Paragraph 3(ix) of the Order is not applicable to the Company in respect of initial public offer or further public offer.

(x) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year under audit.

(xi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause (xii) of Para 3 of the said order are not applicable to the company.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934

Annexure - B to the Auditors’ Report Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Rajratan Global Wire Limited (“the Company”), as of 31 March, 2017 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

FOR FADNIS & GUPTE

Chartered Accountants

FRN : 006600C

Place of Signature: Indore (CA.Vikram Gupte)

Date: 16th May, 2017 Partner

M. No. 074814

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Mar 31, 2016

To,

The Shareholders of Rajratan Global Wire Limited Indore

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of Rajratan Global Wire Limited (“the Company”), which comprise the Balance Sheet as at 31st March 2016, the Statement of Profit & Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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 and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

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 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, 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the order”), issued by the Central Government of India in terms of subsection (11) of Section 143 of the Companies Act, 2013, 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, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

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

(e) On the basis of written representations received from the Directors as on 31st March 2016 taken on records by the Board of Directors, none of the director is disqualified as on 31st March 2016 from being appointed as a director in terms of section 164(2) of the Act; and

(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”; and

(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 litigation on it’s financial position in it’s financial statements- Refer Note 26.1 (d) to the financial statements;

(ii) The Company did not have any long-term contracts including derivative contracts for which there were 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.

ANNEXURE TO THE AUDITOR’S REPORT

(As referred to in our Independent Auditor’s Report of even date)

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As informed and explained to us, the management, during the year, has physically verified the items of the fixed assets of the company at reasonable interval and no significant discrepancies were noticed on such physical verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.

(ii) As informed and explained to us the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(iii) The company has granted unsecured loans to one body corporate covered in the register maintained under Section 189 of the Companies Act, 2013 (“the Act”).

(a) The terms and conditions of the grant of such loans are not prejudicial to the company’s interest.

(b) The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand.

(c) Accordingly, paragraph 3(iii)(c) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.

(v) According to the information and explanations given to us, the company has not accepted any deposits under sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148(1) of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(vii) (a) According to the books of accounts and records examined by us according to generally accepted auditing practices in India, in our opinion, the company has been regular in depositing undisputed statutory dues. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income tax, Sales Tax, Customs Duty, Excise Duty, Service Tax, Cess and other material statutory dues which have remained outstanding as at 31st March 2016 for a period of more than six months from the date they became payable.

(b) There are no disputed dues on account of Custom Duty, Wealth Tax/ Cess that have not been deposited. The disputed dues on account of the Sales Tax, Income Tax, Excise Duty and the Service Tax are as under:-

Particulars	Financial Year	Amount ( Rs )	Forum where the Dispute is pending
Income tax	2003-04	200,000	CIT (A) -II Indore
Central sales tax	2008-09	955,403	Appellate Board, Bhopal
Central sales tax	2009-10	221,155	Appellate Board, Bhopal
Central sales tax	2011-12	506,565	Appellate Board, Bhopal
Central sales tax	2012-13	248,911	Appellate Board, Bhopal
Central sales tax	2013-14	792,212	Appellate Board, Bhopal
Central sales tax	2015-16	180,555	Before Commercial Tax Officer, Villupuram
Service tax	2005-06	584,233	Customs, Central Excise & Service Tax Appellate Tribunal, New Delhi
Service tax	2004 to 2015	2,420,603	The Company is in process to file appeal before Commissioner (A), Bhopal
Excise	2005 to 2009	1,152,642	The Company is in process to file appeal before Commissioner (A), Bhopal
Excise	2015-16	14,663	The Company is in process to file appeal before Commissioner (A), Bhopal
Excise	2015-16	4,284,025	The Company is in process to file appeal before Commissioner (A), Bhopal

(viii) According to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

(ix) Paragraph 3(ix) of the Order is not applicable to the Company in respect of initial public offer or further public offer.

(x) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year under audit.

(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/ society. Therefore, the provisions of clause (xii) of Para 3 of the said order are not applicable to the company.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

FOR FADNIS & GUPTE

Chartered Accountants

FRN : 006600C

Place of Signature: Indore (CA.Vikram Gupte)

Date: 11.05.2016 Partner

M.No. 074814

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Mar 31, 2015

We have audited the accompanying Standalone Financial Statements of Rajratan Global Wire Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit & Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. 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 and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. 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. Auditor''s Responsibility.

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

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 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, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2015 ("the order"), issued oy the Central Government of India in terms of sub-section (11) of Section 143 of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 ofthe 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, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

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

(e) On the basis of written representations received from the Directors as on 31st March 2015 taken on records by the Board of Directors, none of the director is disqualified as on 31st March 2015 from being appointed as a director in terms of section 164(2) of the Act; and

(f) 2G, 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 litigation on it''s financial position in it''s financial statements- Refer Note 26.1 (d) to the financial statements;

(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(iii) Following are the instances of delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the company.

S. Date by which the Amount Actual date Amount Number of No.should have been Credited of payment days of delay

1. 30/10/2014 04/12/2014 33,428 35

ANNEXURE TO THE AUDITOR''S REPORT

(As referred to in our Independent Auditor''s Report of even date)

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As informed and explained to us, the management, during the year, has physically verified the items of the fixed assets of the company at reasonable interval and no significant discrepancies were noticed on such physical verification.

(ii) (a) As informed and explained to us the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion the procedure of physical verification of inventories followed by the management is adequate having regard to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

(iii) (a) The company has granted unsecured loans to one body corporate (Previous Year- Nil) covered in the register maintained under Section 189 of the Companies Act, 2013 ("the Act").

(b) In the case of the loans granted to body corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in payment of the interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand.

(c) Accordingly, paragraph 4(iii)(c) of the Order is not applicable to the Company in respect of repayment ofthe principal amount.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and nature of the business with regard to the purchase of fixed assets and the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

(v) According to the information and explanations given to us the company has not accepted any deposits under sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148(1) of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(vii) (a) According to the books of accounts and records examined by us according to generally accepted auditing practices in India, in our opinion, the company has been regular in depositing undisputed statutory dues. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income tax, Sales Tax, Customs Duty, Excise Duty, Service Tax, Cess and other material statutory dues which have remained outstanding as at 31st March 2015 for a period of more than six months from the date they became payable.

(b) There are no disputed dues on account of Custom Duty/Wealth Tax/Excise Duty/ Cess that have not been deposited. The disputed dues on account of the Sales Tax/ Income Tax and the Service Tax are as under:-

Particulars Final Year Amount ( Rs. )

Income Tax Act, 1961 2009-10 2,51,760

Income Tax Act, 1961 2010-11 4,86,650

Income Tax Act, 1961 2003-04 1,53,457

Income Tax Act, 1961 2003-04 2,00,000

Income Tax Act, 1961 2011-12 9,11,440

Central Sales Tax 2012-13 14,50,198 VAT/Entry Tax

Service Tax 2005-06 5,84,233

Particulars Forum where the Dispute is pending

Income Tax Act, 1961 CIT Appeal-2, Indore

Income Tax Act, 1961 CIT Appeal-2, Indore

Income Tax Act, 1961 ITAT, Indore Bench

Income Tax Act, 1961 CIT Appeal-2, Indore

Income Tax Act, 1961 CIT Appeal-2, Indore

Central Sales Tax Additional Commissioner (Appeals), Indore Vat/Entry Tax

Service Tax Customs, Central Excise and Service tax Appellant Tribunal New Delhi

(c) There has been delay of 35 days for transferring the amount, that is required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under.

(viii) There are no accumulated losses of the company at the end of the financial year. The company has neither incurred cash losses during the financial year covered by our audit and nor in the immediately preceding financial year.

(ix) According to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

(x) The company has given corporate guarantee for loans taken by its wholly owned subsidiary M/s. Rajratan Thai Wire Company Limited. As per our information and according to the explanations given to us the terms and conditions are not prima facie prejudicial to the interest ofthe company.

(xi) According to the information and explanations given to us, the term loans have been applied for the purpose for which they were received.

(xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year under audit.

FOR FADNIS & GUPTE Chartered Accountants FRN : 006600C Place of Signature: Indore (CA.Vikram Gupte) Date: 18.05.2015 Partner M.No. 074814

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Mar 31, 2014

1. We have audited the accompanying Financial Statements of M/s. RAJRATAN GLOBAL WIRE LIMITED, INDORE ("the Company"), which comprise the Balance Sheet as at 31st March 2014, and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements:

2. Management is responsible for the preparation of these Financial Statements that give true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standard referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular No. 15/2013 dated 13th September 2013 issued by the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and of internal control 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.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments; the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

8. As required by section 227(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 account as required by law have been kept by the Company so far as appears from our examination of those books [and proper returns adequate for the purposes of our audit have been received from branches not visited by us]:

(c) The Balance Sheet, Statement of Profit & Loss, and Cash Flow Statements dealt with by this Report are in agreement with the books of account:

(d) In our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956 read with the General Circular No. 15/2013 dated 13th September 2013 issued by the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013.

(e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITOR''S REPORT (As referred to in paragraph 3 of our report of even date)

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As informed and explained to us, the management, during the year, has physically verified the items of the fixed assets of the company at reasonable interval and no significant discrepancies were noticed on such physical verification.

(c) As per our information and according to the explanations given to us, no substantial part of the fixed assets have been disposed off by the company during the previous year which could affect it''s going concern.

(ii) (a) As informed and explained to us the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion the procedure of physical verification of inventories followed by the management is adequate having regard to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

(iii) (a) The company had given unsecured loans to parties covered in the register maintained under Section 301 of the Companies Act, 1956 which was squared up during the year, number of parties involved One (Previous Year One) and the balance outstanding as at Balance Sheet date is Rs. NIL (Previous Year Rs. 3,67,19,188/-).

(b) In our opinion and according to the information and explanations given to us, the rate of interest and the terms and conditions on which loans have been given are not prima facie prejudicial to the interest of the company.

(c) The company was in receipt of the principal amount and interest on a regular basis.

(d) Since there is no outstanding at the year, the clause (iii(d)) is not applicable to the company.

(e) The company has taken unsecured loan from the parties covered under section 301 of the Companies Act, 1956. There is one party (Previous year Two) and the balance outstanding as at Balance Sheet date is Rs. 95,85,609/- (Previous Year Rs. 93,58,623/-).

(f) In our opinion and according to the information and explanations given to us, the rate of interest and the terms and conditions on which loans have been taken are not prima facie prejudicial to the interest of the company.

(g) As informed to us, no stipulation is fixed for repayment of the loans received. The loans are repayable on demand. In view of the above, no amount is overdue.

(iv) In our opinion and according to the information and explanations given to us, the internal control systems for the purchases of inventory, fixed assets and for sale of goods commensurate with the size of the company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) The transactions which need to be entered into the register maintained u/s. 301 of the Act have been so entered.

(b) In our opinion, the transaction exceeding the value of Rs. 5 lacs, in respect of any party covered under Section 301 of the Act during the year, have been made at prices which are prima facie reasonable, having regard to prevailing market prices at the relevant time where such prices are available.

(vi) According to the information and explanations given to us the company has not accepted any deposits under section 58A, 58AA or any other relevant provisions of the Companies Act, 1956.

(vii) In our opinion the Company has an internal audit system commensurating with its size and nature of its business.

(viii) We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(ix) (a) According to the books of accounts and records examined by us according to generally accepted auditing practices in India, in our opinion, the company has been regular in depositing undisputed statutory dues. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Sales Tax, Customs Duty, Excise Duty, Service Tax, Cess and other material statutory dues which have remained outstanding as at 31st March 2014 for a period of more than six months from the date they became payable.

(b) There are no disputed dues on account of Sales Tax/ Custom Duty/ Wealth Tax/ Excise Duty/ Cess that have not been deposited. The disputed dues on account of the Income Tax and the Service Tax are as under:-

Name of the Nature of the Amount Statute Dues (Rs.)

Income Tax Tax demanded 4,86,650 Act, 1961 after assessment

Income Tax Tax demanded 2,51,760 Act, 1961 after assessment

Income Tax Tax demanded 1,53,457 Act, 1961 after assessment

Finance Act, Service Tax 5,84,233 1994

Central Tax demanded 90,380 Sales Tax after assessment

Name of the Period to which Forum where the Statute the amount relates Dispute is pending

Income Tax Act, 1961 2010-11 CIT Appeal-2, Indore

Income Tax Act, 1961 2009-10 CIT Appeal-2, Indore

Income Tax Act, 1961 2003-04 ITAT, Indore Bench

Finance Act, 1994 2005-06 Customs, Central Excise & Service Tax Appellate Tribunal, New Delhi

Central Sales Tax 2005-06 Additional Commissioner (Appeals), Indore

(x) There are no accumulated losses of the company at the end of the financial year. The company has neither incurred cash losses during the financial year covered by our audit and nor in the immediately preceding financial year.

(xi) According to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

(xii) According to the information and explanations given to us the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/ society. Therefore, the provisions of clause (xiii) of Para 4A of the said order are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause (xiv) of Para 4A of the said order are not applicable to the company.

(xv) The company has given corporate guarantee for loans taken by its wholly owned subsidiary M/s. Rajratan Thai Wire Company Limited. As per our information and according to the explanations given to us the terms and conditions are not prima facie prejudicial to the interest of the company.

(xvi) According to the information and explanations given to us and on the basis of our examination of book of accounts, no term loans were received.

(xvii) According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that no short-term funds have been utilized for long term purposes.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act during the period under audit.

(xix) As the company has not issued debentures this clause is not applicable to the company.

(xx) According to the information and explanations given to us, during the period covered by our audit report the company has not raised any money by public issues.

(xxi) According to the information and explanations given to us, no fraud has been committed by or against the company during the year under audit.

FOR FADNIS & GUPTE Chartered Accountants FRN : 006600C (CA. Vikram Gupte) Partner M.No. 074814

INDORE - 452 001 DATED - 28th May 2014

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Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying Financial Statements of M/s. RAJRATAN GLOBAL WIRE LIMITED, INDORE ("the Company"), which comprise the Balance Sheet as at 31st March 2013, and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements:

2. Management is responsible for the preparation of these Financial Statements that give true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standard referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and of internal control 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.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments; the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation ofthe financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March31,2013;

(b) in the case ofthe Statement of Profit and Loss, ofthe profit for the year ended on that date; and

(c) in the case ofthe Cash Flow Statement, ofthe cash flows for the year ended on that date

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 ofthe Order.

8. As required by section 227(3) ofthe 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 account as required by law have been kept by the Company so far as appears from our examination of those books [and proper returns adequate for the purposes of our audit have been received from branches notvisitedbyus]:

(c) The Balance Sheet, Statement of Profit & Loss, and Cash Flow Statements dealt with by this Report are in agreement with the books of account:

(d) In our opinion, the Balance Sheet, Statement of Profit & Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 ofthe Companies Act, 1956;

(e) On the basis of written representations received from the directors as on March 31,2013, and taken on record by the Board of Directors, none ofthe directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 ofthe Companies Act, 1956.

(f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITOR''S REPORT

(As referred to in paragraph 3ofour report of even date)

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As informed and explained to us, the management, during the year, has physically verified the items of the fixed assets of the company at reasonable interval and no significant discrepancies were noticed on such physical verification.

(c) As per our information and according to the explanations given to us, no substantial part of the fixed assets have been disposed off by the company during the previous year which could affect it''s going concern.

(ii) (a) As informed and explained to us the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion the procedure of physical verification of inventories followed by the management is adequate having regard to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

(iii) (a) The company has given unsecured loans to its wholly owned subsidiary M/s. Rajratan Thai Wire Company Limited covered in the register maintained under Section 301 ofthe Companies Act, 1956. There is one party (Previous Year One) involved and the balance outstanding as at Balance Sheet date is Rs.3,67,19,188/- (Previous Year Rs.3,15,66,350/-).

(b) In our opinion and according to the information and explanations given to us, the rate of interest and the terms and conditions on which loans have been given are not prima facie prejudicial to the interest ofthe company.

(c) The company is in receipt ofthe principal amount and interest on aregular basis.

(d) The loans are not overdue.

(e) The company has taken unsecured loan from the parties covered under section 301 ofthe Companies Act, 1956. The number of parties are Two (Previous year Three) and the balance outstanding as at Balance Sheet date is Rs. 93,58,623/- (Previous Year Rs.57,02,048/-)

(f) In our opinion and according to the information and explanations given to us, the rate of interest and the terms and conditions on which loans have been taken are not prima facie prejudicial to the interest ofthe company.

(g) As informed to us, no stipulation is fixed for repayment of the loans received. The loans are repayable on demand. In view ofthe above, no amount is overdue.

(iv) In our opinion and according to the information and explanations given to us, the internal control systems for the purchases of inventory, fixed assets and for sale of goods commensurate with the size of the company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) The transactions which need to be entered into the register maintained u/s. 301 of the Act have been so entered.

(b) In our opinion, the transaction exceeding the value of Rs. 5 lacs, in respect of any party covered under Section 301 ofthe Act during the year, have been made at prices which are prima facie reasonable, having regard to prevailing market prices at the relevant time where such prices are available.

(vi) According to the information and explanations given to us the company has not accepted any deposits under section 58A, 58AAor any other relevant provisions ofthe Companies Act, 1956.

(vii) In our opinion the Company has an internal audit system commensurating with its size and nature of its business.

(viii) We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(l)(d) ofthe Companies Act, 1956 and are ofthe opinion that prima facie, the prescribed accounts andrecords have been made and maintained.

(ix) (a) According to the books of accounts and records examined by us according to generally accepted auditing practices in India, in our opinion, the company has been regular in depositing undisputed statutory dues. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Sales Tax, Customs Duty, Excise Duty, Service Tax, Cess and other material statutory dues which have remained outstanding as at 31st March 2013 for a period of more than six months from the date they became payable.

(b) There are no disputed dues on account of Sales Tax/ Custom Duty/ Wealth Tax/ Excise Duty/ Cess that have not been deposited. The disputed dues on account ofthe Income Tax and the Service Tax are as under:-

Name of the Nature of Amount Period to which Forum where the Statute the Dues (Rs.) the amount relates Dispute is pending

Income Tax Income Tax Nil 2008-09 CIT Appeal-2, Indore Act, 1961

Income Tax Income Tax 251,760 2009-10 CIT Appeal-2, Indore Act, 1961

Finance Act, Service Tax 584,233 2005-06 Customs, Central Excise 1994 & Service Tax Appellate Tribunal, New Delhi

(x) There are no accumulated losses ofthe company at the end ofthe financial year. The company has neither incurred cash losses during the financial year covered by our audit andnor in the immediately preceding financial year.

(xi) According to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

(xii) According to the information and explanations given to us the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures andother securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/ society. Therefore, the provisions of clause (xiii) of Para 4A ofthe said order are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause (xiv) of Para 4Aof the said order are not applicable to the company.

(xv) The company has given corporate guarantee for loans taken by its wholly owned subsidiary M/s. Rajratan Thai Wire Company Limited. As per our information and according to the explanations given to us the terms and conditions are not prima facie prejudicial to the interest ofthe company.

(xvi) According to the information and explanations given to us and on the basis of our examination of book of accounts, the term loans received by the company during the year were applied for the purpose for which they were sanctioned.

(xvii) According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that no short-term funds have been utilized for long term purposes.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 ofthe Companies Act during the period under audit.

(xix) As the company has not issued debentures this clause is not Applicable to the company.

(xx) According to the information and explanations given to us, during the period covered by our audit report the company has not raised any money by public issues.

(xxi) According to the information and explanations given to us, no fraud has been committed by or against the company during the year under audit.

FOR FADNIS & GUPTE

INDORE -452001 Chartered Accountants

DATED - 30th May 2013 FRN : 006600C

(CA. Virkram Gupte)

Partner

M.No. 074814

---

Mar 31, 2012

We have audited the attached Balance Sheet of M/S RAJRATAN GLOBAL WIRE LIMITED, INDORE as at 31st March, 2012, the Statement of Profit and Loss and the Cash Flow Statement of the company for the year ended on that date. These financial statements are the responsibility of the management of the company. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidences supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors' Report) Order, 2003 [as amended by Companies (Auditor's Report) (Amendment Order, 2004)] issued by the Company Law Board in terms of Section 227 (4A) we enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order.

2. Further to our comments in the annexure referred to paragraph 1 above we wish to report as under:-

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 appeared 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 accounts.

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report comply with the Accounting Standards prescribed under sub section (3C) of section 211 of Companies Act, 1956.

e. On the basis of declarations obtained and taken on record by the Company from the Directors, we confirm that none of the Director of the company is disqualified from being appointed as a Director of the company under clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with the notes thereon, give a true and fair view

I. In the case of Balance Sheet of the state of affairs of the company as at 31st March, 2012.

II. In the case of the Statement of Profit and Loss of the profit for the year ended on that date.

III. In the case of Cash Flow Statement of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT (As referred to in paragraph 3 of our report of even date)

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As informed and explained to us, the management, during the year, has physically verified the items of the fixed assets of the company at reasonable interval and no significant discrepancies were noticed on such physical verification.

(c) As per our information and according to the explanations given to us, no substantial part of the fixed assets have been disposed off by the company during the previous year which could affect it's going concern.

(ii) (a) As informed and explained to us the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion the procedure of physical verification of inventories followed by the management is adequate having regard to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

(iii) (a) The company has given unsecured loans to its wholly owned subsidiary

M/s. Rajratan Thai Wire Company Limited covered in the register maintained under Section 301 of the Companies Act, 1956. There is one party (Previous Year None) involved and the balance outstanding as at Balance Sheet date is Rs. 3,15,66,350/- (Previous Year Nil).

(b) In our opinion and according to the information and explanations given to us, the rate of interest and the terms and conditions on which loans have been given are not prima facie prejudicial to the interest of the company.

(c) The company is in receipt of the principal amount and interest on a regular basis.

(d) The loans are not overdue.

(e) The company has taken unsecured loan from the parties covered under section 301 of the Companies Act, 1956. The number of parties are Three (Previous year Three) and the balance outstanding as at Balance Sheet date is Rs.57,02,048/- (Previous Year Rs.40,85,911/-).

(f) In our opinion and according to the information and explanations given to us, the rate of interest and the terms and conditions on which loans have been taken are not prima facie prejudicial to the interest of the company.

(g) As informed to us, no stipulation is fixed for repayment of the loans received. The loans are repayable on demand. In view of the above, no amount is overdue.

(iv) In our opinion and according to the information and explanations given to us, the internal control systems for the purchases of inventory, fixed assets and for sale of goods commensurate with the size of the company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) The transactions which need to be entered into the register maintained u/s. 301 of the Act have been so entered.

(b) In our opinion, the transaction exceeding the value of f 5.00 lacs, in respect of any party covered under Section 301 of the Act during the year, have been made at prices which are prima facie reasonable, having regard to prevailing market prices at the relevant time where such prices are available.

(vi) According to the information and explanations given to us the company has not accepted any deposits under section 58A, 58AAor any other relevant provisions of the Companies Act, 1956.

(vii) In our opinion the Company has an internal audit system commensurating with its size and nature of its business.

(viii) We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(l)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(ix) (a) According to the books of accounts and records examined by us according to generally accepted auditing practices in India, in our opinion, the company has been regular in depositing undisputed statutory dues. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Sales Tax, Customs Duty, Excise Duty, Service Tax, Cess and other material statutory dues which have remained outstanding as at 31st March 2012 for a period of more than six months from the date they became payable.

(b) There are no disputed dues on account of Sales Tax/ Custom Duty/ Wealth Tax/ Excise Duty/ Cess that have not been deposited. The disputed dues on account of the Income Tax and the Service Tax are as under:-

Name of the Nature of Amount Period to which Forum where the Statute the Dues (Rs) the amount relates Dispute is pending

Income Tax Income Tax Nil 2007-08 CIT Appeal-2, Indore Act, 1961

Income Tax Income Tax Nil 2008-09 CIT Appeal-2, Indore Act, 1961

Finance Act, Service Tax 5,84,233 2005-06 Customs, Central Excise 1994 & Service Tax Appellate Tribunal, New Delhi

(x) There are no accumulated losses of the company at the end of the financial year. The company has neither incurred cash losses during the financial year covered by our audit and nor in the immediately preceding financial year.

(xi) According to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

(xii) According to the information and explanations given to us the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/ society. Therefore, the provisions of clause (xiii) of Para 4A of the said order are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause (xiv) of Para 4A of the said order are not applicable to the company.

(xv) The company has given corporate guarantee for loans taken by its wholly owned subsidiary M/s. Rajratan Thai Wire Company Limited. As per our information and according to the explanations given to us the terms and conditions are not prima facie prejudicial to the interest of the company.

(xvi) According to the information and explanations given to us and on the basis of our examination of book of accounts, the term loans received by the company during the year were applied for the purpose for which they were sanctioned.

(xvii) According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that no short-term funds have been utilized for long term purposes.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301of the Companies Act during the period under audit.

(xix) As the company has not issued debentures this clause is not Applicable to the company.

(xx) According to the information and explanations given to us, during the period covered by our audit report the company has not raised any money by public issues.

(xxi) According to the information and explanations given to us, no fraud has been committed by or against the company during the year under audit.

FOR FADNIS & GUPTE

Chartered Accountants

FRN : 006600C

INDORE - 452 001 (CA.Manoj Fadnis)

DATED - 28th May 2012 Partner

M.No. 072707

---

Mar 31, 2011

We have audited the attached Balance Sheet of M/S RAJRATAN GLOBAL WIRE LIMITED, INDORE as at 31st March, 2011 and Profit & Loss Account of the company for the year ended on that date. These financial statements are the responsibility of the management of the company. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statementsare free ofmatenal misstatement. An audi includes examining, on a test basis, evidences supporting the amounts and disclosures in the financial statements. An audi also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors' Report) Order, 2003 [as amended by Companies (Auditor's Report) (Amendment Order, 2004)] issued by the Company Law Board interms of Section2 27(4A) been closed the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order.

2. Further to our comments in the annexure referred to paragraph 1 above we wish to report as under:-

a. We have obtained all the information and explanations, which to the best ofourknowledgeandbeliefwerenecessaryforthepurposeof our audit.

b. In our opinion, proper books of accounts as required by Law have been kept by the Company so far as appeared from our examination of the books

c. The Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by thisreport are in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and Profit & Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards prescribed under sub section (3C) of section 211 of Compamel Act, 1956.

e. OnthebasisofdeclarationsobtainedandtakenonrecordbytheCompany from the Directors, we confirm that none of the Director of the company is disqualified from being appointed as a Director of the company under clause (g) of sub section(l) of section274 oftheCompamesAct, 1956.

f hr our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with the notes thereon, give atrueandfairview :-

I. In the case of Balance Sheet of the state of affairs of the company as at 31 st Mach,2011.

II. hr the case of the Profit & Loss Account of the profit for the year ended on that date.

III. hr the case of Cash Flow Statement of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT (As referred to in paragraph 3 of our report of even date)

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets

(b) As informed and explained to us, the management, during the year, has physically verified the items of the fixed assets of the company at reasonable interval and no significant discrepancies were noticed on such physicalvenfication.

(c) As per our information and according to the explanations given to us, no substantial part of the fixed assets has been disposed off by the company during the previous year which could affect it's going concern.

(u) (a) As informed and explained to us the inventory has been physically verified during the year by the management, hr our opinion the frequency of verification is reasonable.

(b) hr our opinion the procedure of physical verification of inventories followed by the management is adequate having regard to the size of the company and the nature of is business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

(in) (a) The company has not given any secured or unsecured loans to the companyffirms or other parties covered in the register maintained under Section 301 oftheCompamesAct, 1956.

(b) As the company has not given any loans the sub-clauses (b), (c) and (d) of clause(iii)of Para 4A of the said order are not applicable to the company.

(c) The company has taken unsecured loan from the parties covered under section 301 of the Companies Act, 1956. The number of parties are 3 (Three) and the balance outstanding as at Balance Sheet is Rs. 40,85,911/- (Previous YearRs.2,18,24,599/-)

(d) hr our opinion and according to the information & explanations given to us, the terms and conditions on which loans have been taken are notpnma facie prejudicial to the interest of the company.

(e) As informed to us no stipulation is fixed for repayment of the loans received. The loan is repayable on demand, hr view of the above, no amount is overdue.

(iv) In our opinion and according to the information and explanations given to us, the internal control systems for the purchases of inventor^ fixed assets and for sale of goods and services commensurate with the size of the company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a)The transactions which need to be entered into the register maintained u/s. 301of the Act have been so entered.

(b)In our opnion,the transaction exceeding the value of Rs. 5 lacs respect of any party during the year have been made at prices which are prima facie reasonable, having regard to prevailing market prices at the relevant time where such prices are available.

(vi) According to the information and explanations given to us the company has not acceptedany deposits under section 58 A, 5 8AA or any other relevant provisions oftheCompamesAct, 1956. (

vii) hr our opinion the Company has an internal audit system commensuratmg with is size andnature of is business.

(vin) To the best of our knowledge the Central Government has not prescribed the maintenance of cost record! by the company under section 209 (1) (d) of the CompamesAct,1956.

(ix) (a) According to the books of accounts and records as produced and examined by us according to generally accepted auditing practices in hrdia, in our opinion, the company has been regular in depositing undisputed statutory dues. According to the information and explanations given to us, there were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance: Income tax, Sales Tax, Customs Duty, Excise Duty, Service Tax, Cess and other material statutory dues which have remained outstanding as at 31st March 2011 for a period of more than six months from the date they became applicable. (b) According to the books of accounts and records as produced and examined by us in accordance with the generally accepted auditing practices in India, as informed and explained to us, the particulars and dues of Income Tax as 31st March 2011 which have not been deposited on account of dispute are as follows:

Particulars Pertaining to Amount (Rs.) Authority where pending Financial Year

IncomeTax 2006-07 1,34,891 Commissioner of Income Tax, Indore

(x) There are no accumulated losses of the company at the end of the financial year. The company has neither incurred cash losses during the financial year covered by our audit and nor in the immediately preceding financial year.

(xi) According to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, banks or debenture holders.

(xii) According to the information and explanations given to us the company has not granted loans and advances on the balls of security by way of pledge of shares, debenturesandothersecuriies.

(xiu) In our opinion, the company is not a chit fund or a mdhi mutual benefit fund/ society. Therefore, the provisions of clause

(xiu) of Para 4Aof the said order are notapplicabletothecompany.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities. debentures and other investments. Accordingly, the provisions of clause

(xiv) of Para 4A of the said order are not applicable to the company.

(xv) The company has given corporate guarantee for loans taken by its wholly owned subsidiary M/s. Rljratan Thai Wife Company Limited. As per our information and according to the explanations given to us the terms and conditions are not prima facie prejudicial to the interest of the company.

(xvi) According to the information and explanations given to us and on the basis of our examination of book of accounts, the term loans received by the company dunng the year were applied for the purpose for which they were sanctioned

(xvu) According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, we report that no short-term funds have been utilized for long term purposes.

(xvin) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act during the period under audit.

(xix) As the company has not issued debentures this clause is not Applicable to the company.

(xx) According to the information and explanations given to us, during the period covered by our audi report the company has not raised any money by public issues.

(xxi) According to the information and explanations given to us, no fraud has been committed by or against the company during the year under audit.

FOR FADNIS & GUPTE

INDORE-452001 Chartered Accountants DATED-11th May 2011 FRN : 006600C

(CA.Manoj Fadnis) Partner M.No. 072707

---

Mar 31, 2010

We have audited the attached Balance Sheet of M/S RAJRATAN GLOBAL WIRE LI MITED. INDORE as at 31 st March, 2010 and Profit & Loss Account of the company for the year ended on that date. These financial statements are the responsibility of the management of the company. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidences supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion.

1 As required by the Companies (Auditors Report) Order, 2003 [as amended by Companies (Auditors Report) (Amendment Order, 2004)] issued by the Company Law Board in terms of Section 227 (4A) we enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order.

2.Further to our comments in the annexure referred to 1 paragraph 1 above we wish to report as under: -

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 appeared from our examination of the books

c. The Balance Sheet and Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and Profit & Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards prescribed under sub section (3C) of section 211 of Companies Act, 1956.

e. On the basis of declarations obtained and taken on record by the Company from the Directors, we confirm that none of the Director of the company is disqualified from being appointed as a Director of the company under clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

f In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read with the notes thereon, give a true and fair view :-

I. In the case of Balance Sheet of the state of affairs of the company as at 31 st Mach,2010.

II. In the case of the Profit & Loss Account of the profit for the year ended on that date.

III. In the case of Cash Flow Statement of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (As referred to in paragraph 3 of our report of even date)

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets,

(b) As informed and explained to us, the management, during the year, has physically verified the items of the fixed assets of the company at reasonable interval and no significant discrepancies were noticed on such physical verification.

(c) As per our information and according to the explanations given to us, no substantial part of the fixed assets has been disposed off by the company during the previous year which could affect its going concern.

(ii) (a) As informed and explained to us the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion the procedure of physical verification of inventories followed by the management is adequate having regard to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.

(iii) (a) The company has not given any secured or unsecured loans to the company, firms or other parties covered in the register maintained under Section301 of the Companies Act, 1956.

(b) As the company has not given any loans the sub-clauses (b), (c) and (d) of clause (iii) of Para 4A of the said order are not applicable to the company.

(c) The company has taken unsecured loan from the parties covered under section 301 of the Companies Act, 1956. The number of parties are 3 (Three) and the balance outstanding as at Balance Sheet is Rs. 2,18,24,599/-(Previous Year Rs. 1,04,26,939/-).

(d) In our opinion and according to the information & explanations given to us, the terms and conditions on which loans have been taken are not prima facie prejudicial to the interest of the company.

(e) As informed to us no stipulation is fixed for repayment of the loans received. The loan is repayable on demand. In view of the above, no amount is overdue.

(iv) In our opinion and according to the information and explanations given to us. the internal control systems for the purchases of inventory, fixed assets and for sale of goods and services commensurate with the size of the company and the nature of its business. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) The transactions which need to be entered into the register maintained u/s 301 of the Act, have been so entered.

(b) In our opinion, the transaction exceeding the value of Rs. 5 lacs in respect of any party during the year have been made at prices which are prima facie reasonable, having regard to prevailing market prices at the relevant time where such prices are available.

(vi) According to the information and explanations given to us the company has not accepted any deposits under section 58A, 58AA or any other relevant prpvisions of the Companies Act, 1956

(vii) In our opinion the Company has an internal audit system commensurating with its size and nature of its business.

(viii) To the best of our knowledge the Central Government has not prescribed the maintenance of cost records by the company under section 209 (I) (d) of the Companies Act, 1956.

(ix) (a) According to the books of accounts and records as produced and examined by us according to generally accepted auditing practices in India, in our opinion, the company has been regular in depositing undisputed statutory dues. According to the information and explanations given to us. there were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Sales Tax, Customs Duty, Excise Duty, Service Tax, Cess and other material statutory dues which have remained outstanding as at 31st March 2010 for a period of more than six months from the date they became applicable.

(b) According to the books of accounts and records as produced and examined . by us in accordance with the generally accepted auditing practices in India, as informed and explained to us, the particulars and dues of Income Tax as 31st March 2010 which have not been deposited on account of dispute are as follows:

Particulars Pertainingto Amount(Rs) Authority where pending

Financial Year

IncomeTax 2006-07 1.34,891 Income TaxAppellate Tribunal.

Indore

(x) There are no accumulated losses of the company at the end of the financial year The company has neither incurred cash losses during the financial yearcovered by our audit and nor in the immediately preceding financial year.

(xi) According to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, banks or debenture holders.

(xii) According to the information and explanations given to us the company has not granted loans and advances on the basis of security by way of pledge of shares. debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/ society. Therefore, the provisions of clause (xiii) of Para 4A of the said order are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities. debentures and other investments. Accordingly, the provisions of clause (xiv) of Para 4A of the said order are not applicable to the company.

(xv) The company has given corporate guarantee for loans taken by its whol ly owned subsidiary M/s. Rajratan Thai Wire Company Limited As per our information and according to the explanations given to us the terms and conditions are not prima facie prejudicial to the interest of the company.

(xvi) As per our information and according to explanations given to us no terms loans are raised during the year,

(xvii) According to the information and explanations given to us. and on an overall examination of the balance sheet of the company, we report that no short-term funds have been utilized for long term purposes

(xviii) According to the information and explanations given to us. the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act during the period underaudit.

(xix) As the company has not issued debentures this clause is not Applicable to the company.

(xx) According to the information and explanations given to us, during the period covered by our audit report the company has not raised any money by public issues.

(xxi) According to the information and explanations given to us, no fraud has been committed by or against the company during the year under audit.

FOR FADNIS & GUPTE

Chartered Accountants

INDORE - 452001 (CA.Manoj Fadnis)

DATED - 05th May 2010 Partner

M.No 072707