We have audited the accompanying statement of Audited Financial Results of Rajasthan Gases
Limited (“the Company") which comprise the Balance Sheet as at March 31,2025, the Statement of
Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the
Statement of Changes in Equity for the year then ended, and notes to the Financial Statements,
including a summary of material accounting policies and other explanatory information (hereinafter
referred to as “Financial Statements."

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Financial Statements give the information required by the Companies Act, 2013 (“ the
Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (“Ind AS") and other 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, its Cash Flows and the Statement of Changes in Equity for the year
ended on that date.

Basis for Opinions

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

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 of the current period. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

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 management discussion and analysis and director's report included in the annual
report but does not include the Financial Statements and our auditors' report thereon. The above
information is expected to be made available to us after the date of this auditors' report.

Our opinion on the 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 Financial Statements, our responsibility is to read the other
information identified above when it becomes available 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.

When we read the above other information, if we conclude that there is material misstatement
therein, we are required to communicate the matter to those charged with governance.

Management's Responsibility 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 Financial Statements that give a true and fair view of the
Financial Position, Financial Performance including Other Comprehensive Income, Cash Flows and
the Statement of Changes in Equity of the Company in accordance with the IND AS and other
accounting principles generally accepted in India.

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 the appropriate accounting
policies; making judgements 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 fair 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 is also responsible for overseeing the Company's financial reporting
process.

Auditors responsibilities for the Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the Statement as a wholeis free
from material misstatement, whether due to fraud or error, and to issue an auditor'sreport that
includes our opinion. Reasonable assurance is a high level of assurance, but isnot a guarantee that
an audit conducted in accordance with SAs will always detect amaterial misstatement when it exists.
Misstatements can arise from fraud or error and areconsidered material if, individually or in the
aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on
the basis of the Statement.

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

• Identify and assess the risks of material misstatement of the Statement, whether dueto fraud
or error, design and perform audit procedures responsive to those risks, andobtain audit
evidence that is sufficient and appropriate to provide a basis for ouropinion. The risk of not
detecting a material misstatement resulting from fraud ishigher 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 Act, we
are also responsible for expressing our opinion on whether theCompany has adequate
internal financial controls with reference to financialstatements 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 Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the going concernbasis of
accounting and, based on the audit evidence obtained, whether a materialuncertainty exists
related to events or conditions that may cast significant doubt onthe Company's ability to
continue as a going concern. If we conclude that a materialuncertainty exists, we are required
to draw attention in our auditor's report to therelated disclosures in the financial results or, if
such disclosures are inadequate, tomodify our opinion. Our conclusions are based on the
audit evidence obtained up tothe date of our auditor's report. However, future events or
conditions may cause theCompany to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events in
a manner that achieves fair presentation.

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

We also provide those charged with governance with a Statement that we have compliedwith
relevant ethical requirements regarding independence, and to communicate with themall
relationships and other matters that may reasonably be thought to bear on ourindependence,
and where applicable, related safeguards.

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 ofIndia in terms of sub-section (11) of section 143 of the Act,we
give in the “Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of
the Order.

2. As required by Section 143(3) of the Act, we report that:

a. We have sought and obtained all the information andexplanations which to the
best of our knowledge andbelief were necessary for the purposes of our audit;

b. In our opinion, proper books of account as requiredby law have been kept by the
Company so far asappears from our examination of those books;

c. The Balance Sheet, Statement of Profit and Lossincluding Other Comprehensive
Income, theStatement of Cash Flows and Statement of Changes inEquity dealt
with by this report are in agreement withthe books of account;

d. In our opinion, the aforesaid Financial Statementscomply with the accounting
standards specifiedunder section 133 of the Act;

e. On the basis of written representations received fromthe directors as on March
31, 2025 taken on recordby the Board of Directors, none of the directorsis
disqualified as on March 31,2025, from beingappointed as a director in terms of
section 164(2) ofthe Act;

f. With respect to the adequacy of the internal financialcontrols with reference to
Financial Statements andthe operating effectiveness of such controls, refer toour
separate Report in “Annexure B".

g. With respect to the other matters to be included in the Auditors' 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 according to the explanations
given to us, the remuneration paid or provided by the Company, to its directors
during the year is in accordance with the provisions of section 197 read with
Schedule V of the Act. The company has not paid any remuneration during the
year under review.

h. With respect to the other matters to be included inthe 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 and as represented by the management:

i. The company does not have any pending litigation having impact on its
Financial Position;

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

iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.

iv. (a) Management has represented to us that, to the best of its knowledge

and belief, as disclosed in the notes to the Financial Statements,
during the year 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 persons or
entities, 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;

(b) Management has represented to us that, to the best of its knowledge
and belief, as disclosed in the notes to the Financial Statements,
during the year 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

(c) Based on our audit procedure conducted that have been considered
reasonable and appropriate in the circumstances, not hingh as
come to our attention that causes us to believe that the
representation given by the management under paragraph (2) (h)
(iv) (a)& (b) contains any material misstatement.

v. The company has not declared or paid any dividend during the year and
has also not proposed dividend for the year.

vi. Based on our examination which included test checks,the company has
used accounting software(s) formaintaining its books of account which has
a featureof recording audit trail (edit log) facility and the samehas operated
throughout the year for all relevanttransactions recorded in the software.

For RAHUL S GUPTA & ASSOCIATES
Chartered Accountants
(FRN. 131447W)

Sd/-

(RAHUL S GUPTA)
Proprietor
Membership No. 133745
UDIN:25133745BMNTXU9823

Place: Nagpur
Dated: 30-05-2025