The Board of Directors are pleased to present Thirty Seventh Annual Report along with the audited financial statements for the
financial year ended March 31, 2025.

FINANCIAL RESULTS

The financial performance of the Company on standalone basis for the year ended March 31, 2025 is summarized below:

(' in lacs except per share data)

FINANCIAL REVIEW AND HIGHLIGHTS

FY 2024-25 was a year of robust growth and operational excellence
for Atul Auto Limited. The Company recorded a commendable
improvement across all key financial indicators, reflecting its
focus on efficiency, customer satisfaction, and market expansion.
The highlights of the standalone financial performance for the
year are summarized below:

• Strong Growth in Vehicle Sales

The Company sold 32,508 vehicles during FY 2024-25,
compared to 26,039 units in the previous year - registering a
notable increase of 24.84% in volumes.

• Significant Rise in Revenue from Operations

Revenue from operations grew substantially by 34.46%,
reaching '64,596 Lacs, as against '48,040 Lacs in FY 2023¬
24. This growth reflects enhanced market penetration and
efficiency to grab the increased demand.

Impressive Performance in Export Segment

Export revenue witnessed a healthy uptick, rising to '5,228
Lacs from '3,691 Lacs in the previous year - a testimony to
the Company's growing global footprint.

Improved Operating Profitability (EBITDA)

Profit before depreciation, interest, and tax stood at '6,208
Lacs, marking a strong growth over '3,472 Lacs recorded in
FY 2023-24 - highlighting improved operational efficiency.

Sharp Increase in Profit Before Tax (PBT)

PBT for the year surged to '4,641 Lacs, compared to '1,783
Lacs in the previous financial year - a growth of over 160%,
reflecting disciplined cost control and better realizations.

Remarkable Growth in Net Profit (PAT)

Net Profit After Tax stood at '3,462 Lacs, a significant
improvement over '1,347 Lacs in FY 2023-24, underlining
the Company's strong bottom-line performance.

The highlights of consolidated results with performance of
associate and subsidiary companies are described in this
report separately.

DIVIDEND

Aiming to retain profits and support future growth in an
external situation in accordance with the Company's Dividend
Distribution Policy, the Board of Directors of the Company has
not declared any dividend for the year ended March 31, 2025.

CAPITAL STRUCTURE

As on March 31, 2025, the company's authorised share capital
was '15,00,00,000/- (Rupees Fifteen Crores Only) divided into
3,00,00,000 (Three Crore only) equity shares of '5/- (Rupees
Five only) each.

The Company's paid up capital is '13,87,56,400/- (Rupees Thirteen
Crores Eighty Seven Lacs Fifty Six thousand and four hundred
Only) divided into 2,77,51,280 (Two Crore Seventy Seven Lacs
Fifty one thousand and two hundred eighty only) equity shares
of '5/- (Rupees Five only) each.

There is no change in share capital of the Company during the
year.

CONSOLIDATED FINANCIAL STATEMENTS

As per Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (hereinafter referred
to as "Listing Regulations") and applicable provisions of the
Companies Act, 2013 read with the rules issued thereunder,
the Consolidated Financial Statements of the Company for
the financial year 2024-25 have been prepared in compliance
with applicable Accounting Standards and on the basis of
audited financial statements of the Company and its subsidiary
companies, as approved by the respective Board of Directors.

In accordance with Section 136 of the Act, the financial statements,
including consolidated financial statements, auditor's report
and every other document required by law to be annexed or
attached to the financial statements are available for inspection
at Registered Office of the Company during business hours on
all days except Saturdays, Sundays and public holidays upto the
date of the AGM. Any member desirous of obtaining a copy of the
said financial statements may write to the Company Secretary at
the Registered Office of the Company. The financial statements
including consolidated financial statements of subsidiaries
and all other documents required to be attached to this report
have been uploaded on the website of the Company at https://
atulauto.co.in/subsidiaries-reports.aspx

PERFORMANCE OF SUBSIDIARIES, ASSOCIATE
COMPANIES AND JOINT VENTURES

Pursuant to provisions of Section 129(3) of the Act read with
Rule 5 of the Companies (Accounts) Rules, 2014, a statement
containing salient features of the financial statements of the

Company's Subsidiaries, Associates and Joint Ventures in Form
AOC-1 is attached to the consolidated financial statements.

During the year under review, there are no companies which
have become or ceased to be its Subsidiaries, joint ventures or
associate companies. The Company does not have any Associate
Company or Joint Venture. The performance of subsidiary
companies during financial year 2024-25 are as under:

Khushbu Auto Finance Limited

Khushbu Auto Finance Limited (KAFL), Wholly-Owned Retail
Finance Arm of Atul Auto Limited, stood as a backbone to the
financing of AAL's three wheelers during FY 2024-25. In the
previous year, KAFL's market share stood at 37.25% in total retails
of Company's vehicles at KAFL present locations.

The Income from operations during FY 2024-25, showed an
increase of 21.50% as compared to last year but this could not
positively contribute to the bottom line as the company decided
to write off certain portion of COVID affected portfolio in Q1 FY
2024-25. The AUM as at March 31, 2025 stands at '237.21 Crores
showing an increment of more than 15% as compared to last year.

Surpassing its last year's record high disbursement, KAFL
achieved its highest monthly disbursement in FY 24-25 of '14.55
crores in October-2024 and total disbursement of '142.21 crores
during the year. With positive market outlook, KAFL intends to
achieve an even higher revenue from operations and profit in the
upcoming years.

As per explanation provided under the Regulation 24 of
the SEBI (Listing Obligations and Disclosure Requirements)
regulations, 2015, the term "material subsidiary" shall mean a
subsidiary, whose income or net worth exceeds twenty percent
of the consolidated income or net worth respectively, of the
listed entity and its subsidiaries in the immediately preceding
accounting year. KAFL, wholly owned subsidiary of the Company
is to be considered as unlisted material subsidiary for FY 2024-25
since net-worth of KAFL is more than 20% of net-worth of the
Company as on March 31, 2024, end of preceding financial year.

Smt. Aarti J Juneja (DIN: 06872059), Independent Director
of the Company was the Independent Director of KAFL in
compliance with regulation 24 of the SEBI Listing Regulations
till February 08, 2025. Due to completion of her second term in
Atul Auto Limited, she also ceased to be a Director on the board
of KAFL. Shri Gurudeo Madhukar Yadwadkar, Independent
Director (DIN: 01432796) of the Company is the Independent
Director of KAFL in compliance with regulation 24 of the SEBI
Listing Regulations.

During the financial year 2024-25, for the purpose of repayment
of Loan/ ICD and for meeting long term working capital and
general corporate requirement of KAFL, the Company has
additionally invested '24.94 Crore by way of subscription of
1,32,00,000 equity shares of its wholly-owned subsidiary on right
basis in two tranches in September, 2024.

Atul Green Automotive Private Limited

Atul Green Automotive Private Limited is wholly owned
subsidiary of the Company. It is in the business of sales of spare
parts of Atul vehicles to certain international markets.

The Investment in share capital of Atul Green Automotive Private
Limited was '45 Lacs as on March 31, 2025. It does not have any
operating revenue during the year.

Atul Greentech Private Limited

Atul Greentech Private Limited ("AGPL"), incorporated in the year
2020 is in the business of manufacturing electric three wheelers
as well as electric vehicle spares and parts including battery
packs, battery management system, battery charger etc. for the
purpose of L5 Category electric vehicles of Atul Auto Limited and
various other applications and electric motor vehicles.

At the end of financial year 2024-25, the investment in share
capital of AGPL was '30 Crore.

During the FY 2024-25, AGPL has ramped up its sales and
recorded revenue of '6431 Lacs compared to '1454 Lacs in
previous year, and reported post tax loss of '1593 Lacs as
against '957 Lacs during previous year, the Company is taking
all necessary steps for minimizing loss and seizing global and
domestic market requirements.

Recently AGPL has entered into a strategic partnership with
Amara Raja Group to develop and supply of Lithium Iron
Phosphate (LHP) battery packs and chargers for electric vehicles.
This collaboration aims to bolster India's 'Atma Nirbhar Bharat'
initiative by enhancing domestic manufacturing capabilities
in the EV sector.

AGPL has been expanding its presence and sales globally in
the countries like Belgium, France, Italy, South Africa, Peru,
Philippines and expecting to cover Nepal, Bangladesh, Ecuador
South America, European and African Countries in near future.

AGPL has also partnered with Hindustan Petroleum Corporation
Limited to deploy these vehicles through their dealer network.

AGPL jointly with Honda Power Pack Energy India & Valeo have
formed a strategic partnership to launch battery-swapping
technology and infrastructure for electric vehicles (EVs). This
collaboration aims to enhance the efficiency and convenience of
EV operations by providing easily swappable batteries and it will
reduce downtime for re-charging batteries.

Atulease Private Limited

The Company has also incorporated Atulease Private Limited
in June-2024 with 80% equity stake in it for the purpose of
operational leasing of three-wheeler and other vehicles. Atulease
is planning to commence its business in near future.

The Investment in share capital of Atulease Private Limited was
'8 Lacs as on March 31, 2025. It does not have any operating
revenue during the year.

LOANS, GUARANTEES AND INVESTMENTS

Particulars of the loans given, investment made or guarantee
given pursuant to section 186 of the Companies Act, 2013 and
the purpose for which the loan or guarantee or investment is
proposed to be utilized by the recipient of the loan or guarantee
are provided in Note No. 46 to the Standalone Financial
Statements. These loan, guarantee and investments are in
compliance with section 186 of the Companies Act, 2013.

LIQUIDITY

The Company has cash and cash equivalents of '1507 Lacs
as on March 31, 2025. Moreover, the Company has unutilized
sanctioned working capital facilities '3000 Lacs from IDBI Bank,
and '750 Lacs from ICICI Bank as on March 31, 2025 to meet the
liquidity requirement.

TERM DEBT

During the FY 2024-25, the Company has not availed any fund-
based credit facilities and hence, the Company is enjoying
debt-free status.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the financial year 2024-25, second consecutive term
of Smt. Aarti Juneja completed on February 08, 2025 and she
was ceased to be an Independent Director of the Company.
Further with recommendation of Nomination and Remuneration
Committee, the Board has appointed Shri Ramesh Chandra
Maheshwari (DIN: 09343538) and Smt. Honey Sethi (DIN:
10721537) as Additional Independent Directors and shareholders
also approved regularization of their office as Independent
Directors at 36^th AGM of the Company.

Shri Mahendra J. Patel is liable to retire by rotation at the ensuing
AGM in compliance with the provisions of Section 152 of the
Companies Act, 2013 read with the Companies (Appointment
and Qualification of Directors) Rules, 2014 and the Articles of
Association of the Company and being eligible has offered
himself for reappointment. The Independent Directors of
Company are not liable to retire by rotation as per provisions of
section 149(13) of the Companies Act, 2013.

All the directors of the Company have confirmed that they are not
disqualified from being appointed as directors in terms of Section
164 of the Companies Act, 2013. The Company has received
declarations from all the Independent Directors confirming that
they meet the criteria of independence as prescribed under 149(6)
of the Companies Act, 2013 read with rules issued there under as
well as Regulation 16(1)(b) of the Listing Regulations (including
any statutory modification(s) or re- enactment(s) for the time
being in force). The Board is of the opinion that Independent
Directors of the Company hold highest standards of integrity and
possess requisite expertise and experience required to fulfil their
duties as Independent Directors. In terms of Regulation 25(8) of
the Listing Regulations, Independent Directors have confirmed
that they are not aware of any circumstances or situation which

exists or may be reasonably anticipated that could impair or
impact their ability to discharge their duties.

In terms of Section 150 of the Companies Act, 2013 read with
Rule 6 of the Companies (Appointment and Qualification of
Directors) Rules, 2014, Independent Directors of the Company
have confirmed that they have registered themselves with
the databank maintained by the Indian Institute of Corporate
Affairs (IICA). Shri Mohan Jit Walia, Dr. Jaichander Swaminathan,
Shri Ramesh Chandra Maheshwari and Smt. Honey Sethi
have cleared the test. Gurudeo Madhukar Yadwadkar is
exempted from passing the test pursuant to third proviso of
Rule 6 of the Companies (Appointment and Qualification of
Directors) Rules, 2014.

During FY 2024-25, Shri Jayantibhai J Chandra has tendered
his resignation from the post of Chairman and Whole-time
Director of the Company with effect from closing hours on
May 16, 2024 due to his unforeseen medical circumstances and
restricted body functions. The Board of Directors expressed their
deep sense of appreciation and gratitude to Shri Jayantibhai J
Chandra, founder of the Company for his immense contribution
in various capacities.

Shri J J Chandra was founding force behind the Atul Auto Limited;
he has been instrumental in shaping the company's vision,
culture, and trajectory since its inception in 1994. Under his
leadership, Atul grew many fold from a bold idea into a respected
industry leader, known for innovation and growth.

Board of Directors, expresses deepest appreciation to Shri J J
Chandra for his unwavering dedication, entrepreneurial spirit,
and the strong foundation he has built. His legacy will remain
in the DNA of the Company, and his influence will continue to
inspire us as we move forward.

Shri J J Chandra's decision to step down comes at a time
of strength and momentum for the company. We remain
committed to honoring the values and vision that have guided
us from the beginning.

The details of policy on Directors' Appointment, its remuneration
including criteria for determining qualifications, positive
attributes, independence of a director and other matters
provided under subsection (3) of section 178; and performance
evaluation has been described in detail in the report on
Corporate Governance of the Company which forms an integral
part of the report.

There was no change in the Key Managerial Personnel during the
year except mentioned above.

NUMBERS OF MEETINGS OF BOARD

The Board met five times during financial year 2024-25, the details
of which are provided in the Corporate Governance Report. The
gap between any two meetings was within the period prescribed
by the Act and the SEBI Listing Regulations.

COMMITTEES OF THE BOARD

The Board of Directors has the following Committees as on
March 31, 2025:

a. Audit Committee

b. Nomination and Remuneration Committee

c. Stakeholders' Relationship Committee

d. Risk Management Committee

The details of the Committees along with their composition,
number of meetings and attendance at the meetings are provided
in the Corporate Governance Report.

PERFORMANCE EVALUATION

The Nomination and Remuneration Policy of the Company
empowers the Nomination and Remuneration Committee to
formulate a process for evaluating the performance of Individual
Directors, Committees of the Board and the Board as a whole.

In terms of the requirement of the Companies Act, 2013 and the
SEBI Listing Regulations, an annual performance evaluation is
undertaken. The details of the evaluation process, parameters
etc. are set out in the Corporate Governance Report which forms
a part of this Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134 (5) of the Companies Act,
2013, the Directors, based on the information and representations
received from the Management of the company, confirm that:

a) in the preparation of the annual accounts for the financial
year ended March 31, 2025, the applicable accounting
standards had been followed and there are no material
departures from the same;

b) they have selected such accounting policies and applied
them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair view
of the state of affairs of the company at March 31, 2025 and
of the Profit of the company for that period;

c) they have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate
accounting records in accordance with the provisions of
this Act for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;

d) they have prepared the annual accounts on a going
concern basis;

e) they have laid down internal financial controls to be
followed by the company and that such internal financial
controls are adequate and are operating effectively during
the financial year ended March 31, 2025; and

f) they had devised proper systems to ensure compliance
with the provisions of all applicable laws and such systems
were adequate and operating effectively throughout the
financial year ended March 31,2025.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis forms an integral part
of this report and gives details of the overall industry structure,
economic developments, outlook, operational performance and
state of affairs of your Company.

CORPORATE GOVERNANCE

In compliance with Regulation 34 of the Listing Regulations, a
separate report on Corporate Governance along with certificate
from the Auditors on its compliance forms an integral part
of this report.

AUDITORS AND AUDITORS' REPORT
Statutory Auditors

M/s. Maharishi & Co., Chartered Accountants (ICAI Firm
Registration No. 124872W) ("Existing Auditors") were appointed
as statutory auditors of the Compa ny at Thirty Fourth AGM to hold
office upto thirty ninth AGM of the Company to audit the financial
statement from FY 2022-23 to FY 2026-27. They have confirmed
that they are not disqualified from continuing as Auditors of the
Company. The peer review certificate of M/s. Maharishi & Co. is
valid upto May 31, 2028.

The Auditors' Reports for the financial year ended March 31, 2025
on the financial statements (Standalone and consolidated) of the
Company is a part of Annual Report. The auditors' report does
not contain any qualification, reservation or adverse remark.

Secretarial Auditors

The Report of the Secretarial Auditor for FY25 is annexed
herewith as Annexure - A. The said Secretarial Audit Report
does not contain any qualification, reservations, adverse
remarks or disclaimer.

Further, in accordance with the provision of Regulation 24A of
the Listing Regulations, Secretarial Audit of its material unlisted
Indian subsidiary Khushbu Auto Finance Limited is required
to be conducted. The Secretarial Audit Report for the financial
year ended March 31, 2025 of Material Unlisted Subsidiary of the
Company is set out at Annexure - B to this Report.

Pursuant to the provisions of Section 204 of the Act and the
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 and amended Regulation 24A of the SEBI
Listing Regulations, the Board has based on the recommendation
of Audit Committee approved appointment of M/s. Hardik Hudda
& Associates (Unique Code No. S2015GJ306400, CP No.14697),
a peer reviewed Company Secretaries in Practice as Secretarial
Auditors of the Company for a period of five years, i.e., from April
1,2025 to March 31, 2030, subject to approval of the Shareholders
of the Company at the ensuing AGM.

The Company is not required to get its cost records audited for
the financial year 2024-25.

The Board has appointed KPMG Assurance and Consulting
Services LLP as Internal Auditors of the Company for the period

of two years up to FY 24-25 under Section 138 of the Companies
Act, 2013 as per the scope provided by the Board.

REPORTING OF FRAUDS BY AUDITORS

During the year under review, the Statutory Auditors and
Secretarial Auditors have not reported any instances of frauds
committed in the Company by its Officers or Employees to the
Audit Committee or Central Government under section 143(12) of
the Companies Act, 2013, details of which needs to be mentioned
in this Report.

INTERNAL FINANCIAL CONTROLS

The Board has adopted policies and procedures for ensuring the
orderly and efficient conduct of its business, including adherence
to the 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 disclosures.

RELATED PARTY TRANSACTIONS

All transactions entered with related parties for the financial year
2024-25 were on arm's length basis and in the ordinary course
of business and that the provisions of Section 188(1) of the
Companies Act, 2013 and the Rules made thereunder, disclosure
in Form AOC-2 in terms of Section 134 of the Companies Act, 2013
is set out in Annexure -C. Further, there is no material transaction
with any related party during the year under review. The
Company complies with the policy on related party transactions
while identification and monitoring it.

All transactions with related parties were reviewed and approved
by the Audit Committee and are in accordance with the Policy
on Related Party Transactions formulated by the Company. There
are no materially significant related party transactions that may
have potential conflict with interest of the Company at large.

All related party transactions are placed before the Audit
Committee as also to the Board for review and approval. Omnibus
approval of the Audit Committee was obtained for transactions
which are of repetitive nature. Transactions entered into
pursuant to omnibus approval are reviewed by Audit Committee
and a statement giving details of all related party transactions
are placed before the Audit Committee and the Board for review
on a quarterly basis. The Company regularly makes necessary
modifications to the said policy in line with the amendments
as introduced in the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 from time to time.

The details of the related party transactions as per Indian
Accounting Standards (Ind AS) - 24 are set out in Note No. 42 to
the Standalone Financial Statements of the Company.

ANNUAL RETURN

The Companies (Management and Administration) Amendment
Rules, 2020 has done away the requirement of attaching extract of
Annual Return in Form MGT-9 to Board's Report. The annual return
in Form MGT-7 as required under Section 92(3) of the Companies

Act, 2013 read with Rule 12 of the Companies (Management and
Administration) Rules, 2014 is available on the website of the
Company at https://atulauto.co.in/subsidiaries-reports.aspx

EMPLOYEE AND RELATED DISCLOSURES

The remuneration paid to the Directors is in accordance with the
Nomination and Remuneration Policy formulated in accordance
with Section 178 of the Companies Act, 2013 and Regulation 19 of
the Listing Regulations (including any statutory modification(s)
or re-enactment(s) for the time being in force).

As per the provisions of Section 136(1) of the Act and Rule 5
of the Rules, Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 the Report and Financial
Statements are being sent to the Members of the Company
excluding the statement of particulars of employees under Rule
5(2) of the Rules. Any Member interested in obtaining a copy of
the said statement may write to the Company Secretary at the
Registered Office of the Company

Disclosures pertaining to remuneration and other details as
required under Section 197(12) of the Act, read with Rule 5(1) of
the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are annexed to this report as Annexure - D.

CORPORATE SOCIAL RESPONSIBILITY

The Company has always laid emphasis on progress with
social commitment. We believe strongly in our core values of
empowerment and betterment of not only the employees but
also our communities. Following this principle, the Company
had laid the foundation of a comprehensive approach towards
promoting and facilitating various aspects of our surrounding
communities. The Report on CSR activities which is reviewed
by the Board at its meeting held on May 10, 2025 as required
under the Companies (Corporate Social Responsibility Policy)
Rules, 2014 is annexed as Annexure -E and forms an integral part
of this Report.

With notification of the Companies (Amendment) Act, 2020,
the roles and responsibilities of CSR Committee is now be taken
care by Board of Directors. The details of the CSR initiatives as
per the CSR Policy of the Company forms part of the CSR Section
in this Report.

During the financial year 2024-25 and 2023-24, the company was
not liable for any CSR Expenditure. During financial year 2022-23,
the company has spent '22.63 Lacs in excess which is entitled to
be carried forward in next financial year 2025-26 in accordance
with Section 135 of the Companies Act, 2013.

The Board has approved a policy for Corporate Social
Responsibility and same has been uploaded on the website at
https://atulauto.co.in/policiescodes/

VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has adopted a Whistle Blower Policy, as part of
vigil mechanism to provide appropriate avenues to the Directors

and employees to bring to the attention of the management any
issue which is perceived to be in violation of or in conflict with
the Internal Rules/ Code of Conduct of the Company. The details
of the same have been described in more depth in Corporate
Governance Report.

The Company has established system for reporting, investigation
and suitable action in line with the whistle blower policy. The
whistle blower Policy is also available on Company's website at
weblink: https://atulauto.co.in/policiescodes

CREDIT RATING

During FY 2024-25, CRISIL has reaffirmed its rating CRISIL BBB /
Stable for long term bank loan facilities and CRISIL A2 for short
term bank loan facilities of the Company.

CONSERVATION OF ENERGY, RESEARCH AND
DEVELOPMENT, TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars of conservation of energy, research and
development, technology absorption and foreign exchange
earnings and outgo in terms of Section 134 of the Companies Act,
2013 read with the Companies (Accounts) Rules, 2014 for the year
ended March 31, 2025 are annexed to this report as Annexure - F.

RISK MANAGEMENT

Risk management is embedded in your Company's operating
framework. Your Company believes that managing risks help
in maximizing returns. The Company's approach to addressing
business risks is comprehensive and includes periodic review of
such risks and a framework for mitigating controls and reporting
mechanism of such risks. The risk management framework is
reviewed periodically by the Board of Directors.

The Company has Risk Management Committee with the
following Members as on March 31, 2025:

Mahendra J Patel Chairman

Neeraj J Chandra Member

Jaichander Swaminathan Member

Hiren V Patel Member

Some of the risks that the Company is exposed to are: Financial
Risk, Commodity Price Risk, Regulatory Risk, Human Resource
Risk, Strategic Risk, Pandemic Risk etc.

SECRETARIAL STANDARDS OF ICSI

During the financial year under review, the Compa ny has complied
with the applicable provisions of the Secretarial Standard-1
and Secretarial Standard-2 issued by the Institute of Company
Secretaries of India and notified by Ministry of Corporate Affairs.

INDIAN ACCOUNTING STANDARDS

The Company adopted Indian Accounting Standards (Ind AS)
from April 1,2017. Accordingly, the financial statements have been
prepared in compliance with Ind AS as per the Companies (Indian

Accounting Standards) Rules, 2015 as amended and notified
under section 133 of the Act and other relevant provisions of
the Act. In the preparation of financial statements, no treatment
which is different from that prescribed in an Accounting Standard
has been followed.

INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

In accordance with applicable provisions of the Companies
Act, 2013 read with the Investor Education and Protection Fund
(Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF
Rules"), all unclaimed dividends are required to be transferred by
the Company to IEPF, after completion of seven (7) years. Further,
according to IEPF Rules, the shares on which dividend has not
been claimed by the shareholders for seven (7) consecutive years
or more shall be transferred to the demat account of the IEPF
Authority. The details relating to amount of dividend transferred
to IEPF is provided in the General Shareholders Information
section of this Annual Report.

OTHER DISCLOSURES

Few statutory disclosures the Company is required to do are as
under:

• The Board of Director of the Company has not proposed
any amount for transfer to the reserve for the financial year
ended March 31, 2025.

• During the year under review, your Company has not
accepted any deposit within the meaning of Sections 73
and 74 of the Companies Act, 2013 read with the Companies
(Acceptance of Deposits) Rules, 2014 (including any statutory
modification(s) or re-enactment(s) for the time being in force).

• The Company has not paid any commission to any of its
Directors and hence, provision of disclosure of commission
paid to any Director as mentioned in Section 197(14) is
not applicable.

• The Managing Director of the Company has not
received any remuneration or commission from any of
Company's subsidiaries.

• There has been no instance of any revision in the
Board's Report or the financial statement under Section
131(1) of the Act.

• During the year under review, there were no complaints/
cases filed/ pending/ disposed-off pursuant to the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Company has
complied with the provisions relating to the constitution
of Internal Complaints Committee and other provisions
under the said Act.

• The Company has complied with the Maternity Benefit Act,
1961 and all eligible women employees are granted paid
maternity leave as per the Act.

• No application made or any proceeding is pending under
the Insolvency and Bankruptcy Code, 2016 during the
financial year ended March 31, 2025.

• No significant or material orders were passed by the
Regulators or Courts or Tribunals which impact the going
concern status and Company's operations in future.

• There have been no material changes/ commitments,
affecting the financial position of the company which have
occurred between end of the financial year of the company
to which the financial statements relate and the date of the
report. There has been no changes in nature of business
of the Company.

• All the recommendations made by the Audit Committee
were accepted by the Board of Directors.

• The Company does not have any scheme or provision
of money for the purchase of its own shares by
employees/ Directors or by trustees for the benefit of
employees/ Directors.

• The Dividend Distribution Policy is uploaded on https://
atulauto.co.in/policiescodes/

• The details of difference between amount of the valuation
done at the time of one time settlement and the valuation
done while taking loan from the Banks or Financial
Institutions along with the reasons thereof - Not Applicable

APPRECIATION

Your Directors wish to convey their gratitude and place on record
their appreciation for all the employees at all levels for their hard
work, solidarity, cooperation and dedication during the year.

Your Directors sincerely convey their appreciation to dealers,
shareholders, vendors, bankers, business associates, regulatory
and government authorities for their continued support.

For and on behalf of the Board of
Atul Auto Limited

Neeraj J Chandra Mahendra J Patel

Managing Director Whole-time Director & CFO

DIN:00065159 DIN: 00057735

Place: Bhayla (Dist. Ahmedabad)

Date: August 07, 2025