INDEPENDENT AUDITOR'S REPORT

On the Standalone Indian Accounting Standards (Ind AS) Financial Statements

To the Members of

ATUL AUTO LIMITED

Opinion

We have audited the accompanying Ind AS Standalone financial
statements of ATUL AUTO LIMITED (“the Company"), which
comprise the Balance Sheet as at March 31,2023, 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
Financial Statements').

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 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 March 31, 2023, 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 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.

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

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.

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 March 31, 2023 taken on record by the
Board of Directors, none of the directors is disqualified as
on March 31,2023, 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. 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. 34 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 - Refer Note No. 35 to the Ind
AS financial statements.

For Maharishi & Co.,

Chartered Accountants

ICAI Firm Registration No. 124872W

Kapil Sanghavi
Partner

Membership No. 141168
UDIN : 23141168BGVRTS9834
Date: May 20, 2023

Place : Jamnagar