We have audited the accompanying Ind AS financial statements of ASHOKA REFINERIES
LIMITED("the Company"), which comprise the Balance Sheet as at March 31, 2024, and the
Statement of Profit and Loss and Statement (including other comprehensive income), the Statement
of Changes in Equity and the Statement of Cash Flows for the year then ended, and a summary of
significant accounting policies and other explanatory information (hereinafter referred to as "the
Ind AS financial Statements), which we have signed under reference to this report.

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 31 March, 2024 and its Profit
(including other Comprehensive income), its changes in equity and its cash flows for the year ended
on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further
described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the 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 Ind AS 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 opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, were of most significance
in our audit of the Ind AS financial statements of the current period. These matters were addressed
in the context of our audit of the Ind AS financial statements as a whole, and informing our opinion
thereon, and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to be communicated in our report.

Information Other than the Ind AS Financial Statements and Auditors' Report Thereon

The Company's management and Board of Directors are responsible for the other information. The
other information comprises the information included in the Company's annual report, but does not
include the financial statements and our auditors' 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 Ind as 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 state of affairs , profit/loss (including other
comprehensive income), changes in equity and cash flows of the Company in accordance with
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind
AS) prescribed 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 the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate implementation
and maintenance of 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 gives true and
fair view and are free from material misstatement, whether due to fraud or error.

In preparing the 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.

The Board of Directors Are Also Responsible for Overseeing the Company's Financial Reporting
Process.

Auditor's Responsibilities for the Audit of Ind as Financial Statement

Our objectives are to obtain reasonable assurance about whether the 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 Ind AS financial statements.

A further description of the auditor's responsibilities for the audit of the Ind AS financial statements
is included in Annexure A. This description forms part of our auditor's report.

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Report on Other Legal and Regulatory Requirements

1.

A. As required by Section 143 (3) of the Act, based on our audit, 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.

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(b) In our opinion proper books of account as required by law have been kept by the Company
so far as it appears horn our examination of those books;

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(c) The Balance sheet, the Statement of Proht and loss, the Statement of Changes in Equity and

the Statement of Cash hows dealt with by this Report are in agreement with the books of
account;

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(d) In our opinion, the aforesaid Ind AS statements comply with the Accounting Standards
specified under Section 133 of the Act.

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(e) On the basis of the written representations received from the directors of the Company as
on 31 March, 2024 taken on record by the Board of Directors, none of the directors is
disqualified as on 31 March, 2024 from being appointed as a director in terms of Section 164
(2) of the Act;

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(f) With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate report in
"Annexure B", our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's Internal financial controls over financial reporting, and

(g) With respect to the other matters to be included in the Auditors 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 did not have any pending litigations which would impact its financial

positions.

(ii) The Company did not have any long-term contracts including derivative contracts

for which there were any foreseeable losses.

(iii) There were no amounts which were required to be transferred to the Investor

Education and Protection Fund by the Company.

(h) With respect to the matter to be included in the Auditors' Report under Section 197(16) of
the Act:

In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 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) of the Act which are required to be
commented upon by us.

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(i)With respect to reporting regarding advances, loans & investments, further lending or
investing other than disclosed in the notes to financial statements: -

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a) The management has represented that, to the best of its knowledge and belief, no funds
have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other
person(s) or entity(ies), including foreign entities ("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;

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b) The management has represented that, to the best of its knowledge and belief, no funds
have been received by the Company from any person(s) or entity(ies), including foreign
entities ("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; and

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c) Based on such audit procedures that were 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 (a) and (b) contain any material misstatement.

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(j) The Company has not declared any dividend during the year under audit.

(k) Based on our examination, which included test checks, 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 (edit log) facility and was
operated throughout the year for all relevant transactions recorded in the software,
except for the for the period of 1 April 2023 to 25 April 2023. Thus in our opinion the
audit trail feature has not operated throughout the year.

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The feature of recording audit trail (edit log) facility was not enabled at the database
level to log any direct data changes for the accounting softwares used for maintaining
the books of account relating to Payroll and Stock. Thus in our opinion the audit trail
feature has not operated for all relevant transactions recorded in the software.

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Further, for the periods where audit trail (edit log) facility was enabled and operated
throughout the year for the respective accounting software, we did come across instance
of the audit trail feature being tampered with. We have observed that the edit log feature
was disabled and enabled later on. Thus, in our opinion the audit trail has been
tampered with.

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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 trail as per the statutory requirements for record retention is not
applicable for the financial year ended March 31 2024.

2. 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 C", a statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.

FOR, AGRAWAL SHUKLA & CO.
CHARTERED ACCOUNTANTS
FIRM REG. NO. 326151E

Sd/-

(CA PANKAJ JAIN)
PARTNER
M. NO. 407917
Place: Raipur
Date:22.05.2024