We have audited the accompanying Ind AS Standalone financial
statements of ATUL AUTO LIMITED ("the Company"), which
comprise the Balance Sheet as at 31^st March, 2025, the Statement
of Profit and Loss which also includes Other Comprehensive
Income and Cash Flow Statement and the statement of Changes
in Equity for the year ended, and notes to financial statements
including summary of significant accounting policies and other
explanatory information (hereinafter referred to as 'Standalone
Ind AS Financial Statements').

In our opinion and to the best of our information and according
to the explanations given to us, 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 31^st March, 2025, its profit including
other comprehensive income, its cash flows and the changes in
equity for the year ended on that date.

BASIS OF OPINION

We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the Companies
Act, 2013. Our responsibilities under those Standards are further
described in the Auditor's Responsibilities for the Audit of the
Financial Statements section of our report. We are independent
of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act,
2013 and the Rules there under, and we have fulfilled our other
ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for
our opinion on 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 year ended 31^st
March, 2025. These matters were addressed in the context of our
audit of the Standalone Ind AS financial statements as a whole,
and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

We have determined the matters described below to be the Key Audit Matters to be communicated in our Report: -

OTHER INFORMATION

The Company's Board of Directors is responsible for the
preparation of the other information.

The other information comprises the information included in the
Management Discussion and Analysis, Board's Report including
Annexures to Board's Report, Business Responsibility Report,
Corporate Governance and Shareholder's Information, but does

not include the standalone financial statements and our auditor's
report thereon.

Our opinion on the standalone Ind AS financial statements does
not cover the other information and we do not express any form
of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financial
statements, our responsibility is to read the other information

and, in doing so, consider whether the other information is
materially inconsistent with the standalone Ind AS financial
statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are
required to report that fact. However, we have nothing to report
in this matter.

RESPONSIBILITIES OF MANAGEMENT AND THOSE
CHARGED WITH GOVERNANCE FOR THE STANDALONE
FINANCIAL STATEMENTS

The Company's Management is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation of these standalone Ind AS financial
statements that give a true and fair view of the financial position,
financial performance including comprehensive income, cash
flows and changes in equity of the Company in accordance with
the accounting principles generally accepted in India, including
the Indian Accounting Standards (Ind AS) 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 standalone
Ind AS financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

In preparing the standalone Ind AS financial statements,
management is responsible for assessing the Company's ability
to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the
Company or to cease operations, or has no realistic alternative but
to do so. 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 scepticism
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 an error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate
internal financial controls system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by 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 standalone Ind AS
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 of the current period and are therefore reported as
key audit matters. We describe these matters in our auditor's
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our
report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits
of such communication.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 2020
("the Order"), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we give
in the "Annexure-A", a statement on the matters specified in
paragraphs 3 and 4 of the Order, 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 purpose of our audit;

(b) In our opinion proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books. In
so far as the modification on maintaining an audit
trail in the accounting software is concerned refer
paragraph (l) below;

(c) The Balance Sheet, Statement of Profit and Loss
including the Statement of 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. The company
is having SAP system for maintenance of books of
accounts through which Standard Trial Balance of
both units (Shapar & Bhayla) is being generated and
consolidated through the system.

(d) In our opinion, the aforesaid Ind AS financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read
with relevant rules issued there under.

(e) The observations relating to the maintenance of
accounts and other matters connected therewith are
as stated in the Emphasis of Matter paragraph above.

(f) On the basis of written representations received
from the directors as on 31^st March, 2025 taken
on record by the Board of Directors, none of the
directors is disqualified as on 31^st March, 2025, from
being appointed as a director in terms of Section
164(2) of the Act.

(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 according to the information and
explanations given to us, the managerial remuneration
paid by the Company to its directors during the current
year is in accordance with the provisions of Section
197 of the Act, read with Schedule V of the Act. The
remuneration paid to any director is not in excess of
the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other
details under Section 197(16) which are required to be
commented upon by us.

(h) With respect to the adequacy of the internal financial
controls with reference to financial statements of the
Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure B".

(i) (a) The respective Managements of the Company

and its subsidiaries which are companies
incorporated in India, whose financial
statements have been audited under the Act,
have represented to us that, to the best of their
knowledge and belief, no funds (which are
material either individually or in the aggregate)
have been advanced or loaned or invested
(either from borrowed funds or share premium
or any other sources or kind of funds) by the
Company or any of such subsidiaries to or in any
other person or entity, including foreign entity
("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that
the Intermediary shall, directly or indirectly lend
or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the
Company or any of such subsidiaries ("Ultimate
Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.

(b) The respective Managements of the Company
and its subsidiaries which are companies
incorporated in India, whose financial
statements have been audited under the Act,
have represented to us that, to the best of their
knowledge and belief, no funds (which are
material either individually or in the aggregate)
have been received by the Company or any of
such subsidiaries from any person or entity,
including foreign entity ("Funding Parties"), with
the understanding, whether recorded in writing
or otherwise, that the Company or any of such
subsidiaries shall, 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 performed by us on the Company
and its subsidiaries which are companies
incorporated in India whose financial statements
have been audited under the Act, 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.

(j) The Company has not declared or proposed to declare
any dividend during the year.

(k) 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

Ind AS financial statements - Refer Note No. 35 to
the Ind AS 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 is no instance found where the company
had made any delay in transferring the amount
required to be transferred to Investor education
provident fund.

(l) Based on our examination which included test checks,
the Company has used the SAP S4 Hana accounting
software for maintaining its books of account which
has a feature of recording audit trail (edit log) facility in
respect of the application and the same has operated
throughout the year for all relevant transactions. We
did not come across any instance of the audit trail
feature being tampered with in respect of accounting
software. Normal/Regular users are not granted
direct database or super user level access. However,
unauthorised changes to the database by a super user
specifically does not carry the feature of a concurrent
real time audit trail.

For Maharishi & Co.,

Chartered Accountants
ICAI Firm Registration No. 124872W

Kapil Sanghvi

Partner

Date: 10^th May, 2025 Membership No. 141168

Place: Jamnagar UDIN: 25141168BMJHZI1992