We have audited the accompanying standalone financial
statements of ATV Projects (India) Limited (“the Company”),
which comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (statement of changes in equity) and
statement of Cash Flow for the year then ended, and notes to the
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 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, 2025 and profit, 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 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 these matters that, in our professional
judgment, were of most significance in our Audit of Standalone
financial statement of the current period. These matters were
addressed in the context of our Audit of Standalone financial
statement as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters. There are no
significant key audit matters observed by us except the matters
reported in the notes to accounts.

Information Other than the Financial Statements and Auditor's
Report Thereon ('other information')

The Board of Directors of the Company is responsible for the other
information. The other information comprise the information
included in the Management Discussion and Analysis, Board's
Report including Annexures to Board's Report, Business
Responsibility & Sustainability 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 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 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
material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.

Responsibility of Management for the Standalone 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 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 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 Financial Statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, management 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.

Auditors Responsibility for the audit of Financial Statements

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

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:

a) 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 non¬

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.

b) Obtain an understanding of internal financial control 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.

c) Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.

d) 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 ability of the group to continue as a going
concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our Auditors' Report to the
related disclosures in the standalone financial statement or, if
such disclosures are inadequate, to modify our opinion. Our
conclusion are based on the audit evidence obtained upto the
date of our Auditors' Report. However, future events or
conditions may cause the group to cease to continue as a
going concern.

e) Evaluate the overall presentation, structure and content of
the standalone financial statement, including the disclosure
and whether the standalone financial statements represent
the underline transactions and events in a manner that
achieves fair presentation.

f) Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities
within the group to express an opinion on the standalone
financial statements. We are responsible for the direction,
supervision and performance of the audit of the financial
statement of such entities include in the standalone financial
statements.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it
probable that the economic decision of a reasonably
knowledgeable user of the financial statements may be influenced.
We consider quantitative materiality and qualitative factor in (I)
planning the scope of our audit work and in evaluating the results of
our work, and (II) to evaluate the effect of any identified
misstatements in the financial statements.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance with a statement
that we have compiled 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 of
the current period and are therefore the key audit matters. We
describe these matters in our Auditors' Report unless law or
regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that matter should not
be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh 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” 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 accounts 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 the written representations received from the
directors as on 31st March, 2025 taken on record by the
board of directors, none of the directors is disqualified as on
31st March, 2025 from being appointed as a director in terms
of section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls
over financial reporting of the company and operating
effectiveness of such controls, refer to our separate report in
“Annexure A”.

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:

1) The Company has disclosed the impact of pending litigations
on its financial position in its Financial Statements, refer to
Note 24 to the Financial Statements.

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

3) There has been no delay in transferring amounts, required to
be transferred, to the investor education and protection fund
by the company.

4) (i) The management has represented that, to the best of its
knowledge and belief, other than as disclosed in the notes to
the accounts, 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.

(ii) The management has represented, that, to the best of its
knowledge and belief, other than as disclosed in the notes to
the accounts, 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

(iii) Based on audit procedures which we considered
reasonable and appropriate in the circumstances, nothing
has come to their notice that has caused them to believe that
the representations under sub-clause (i) and (ii) contain any
material mis-statement.

5) The company has neither declared nor paid any dividend
during the year.

6) Based on our examination which included test checks, the
Company has used accounting software(s) for maintaining its
books of account for the financial year ended March 31,2025,
which have a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all
relevant transactions recorded in the software(s). Further,
during the course of our audit, we did not come across any
instance of 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
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
31,2025.

For R H A D & Co.

Chartered Accountants

Firm Registration No: 102588W

Ankit Bangar

(Partner)

M. No. : 172618

UDIN :- 25172618BMMJTN3850

Place: Mumbai

Date: 28/05/2025