We have audited the accompanying standalone financial statements of M/s Atmastco Limited which
comprise the Balance Sheet as at 31st March 2025, the statement of Profit & Loss and the statement of
Cash Flow for the year then ended, and notes to the standalone 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 Companies Act ,2013
("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, 2025, its
profits and 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 standalone 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 (ICAI) together with the ethical requirement that are relevant to our audit
of the Financial Statement under the provisions of the Act 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.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Board's Report including Annexure to the
Board Report, Business Responsibility Report but does not include the standalone financial statements
and our auditor’s report thereon. Our opinion on 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 therein,
we are required to report the matter and take necessary actions, as applicable under relevant laws and
regulations. We have nothing to report in this regard.

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
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 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, read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
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 standalone 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 Responsibility

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

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

♦ 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 not 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.

♦ Obtain an understanding of internal financial controls 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.

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

♦ 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 Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.

♦ Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

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 complied 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.

Emphasis of Matters

a) Management is in process of satisfaction of following charge with ROC and the same are currently

appearing as open charge as at date of the report:-

b) Loan from Oxyzo Financial Services Private Limited is having Rs.8.30 Lacs Dr balance, this
balance is under dispute & ledger confirmation from the party could not be obtained.

c) We draw you attention to the fact certain prior period expenses amounting to Rs. Rs.243.78 Lacs
have been identified during the course of our audit. These expenses pertain to FY 23-24 but recorded
in “other expenses” in Statement of Profit and Loss for the Year ended March 31,2025.

d) The company is maintaining its stock register in a hybrid manner, with part of the records being kept
electronically and part manually. This mixed approach may affect the consistency and efficiency of
stock tracking and reconciliations.

e) Valuation of EPC Stock: The valuation of stock related to Engineering, Procurement, and
Construction (EPC) projects could not be independently ascertained with the assistance of the
project manager due to limitations in project-specific documentation and in the absence of technical
experience. Consequently, we relied on valuations provided by external agencies engaged by the
company and estimates furnished by the project manager. These valuations and estimates involve
inherent uncertainties, and we have not independently verified the assumptions or methodologies
applied.

Our opinion is not modified in respect of the above matters, as we have performed alternative audit

procedures to obtain sufficient appropriate audit evidence. However, these matters are highlighted to

emphasize the limitations in the stock maintenance and valuation processes.

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 "Annexure A",
a statement on the matters specified in the paragraph 3 and 4 of the order.

2. As required by section 143(3) ofthe 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, the company has kept proper books of accounts as required by law. Based on our
examination of those books kept by the company so far as it appears from our examination stock
registers are maintained both in digital form and manual form at various sites. Regarding
valuation of stock reliance has been placed upon the valuation report obtained from IBBI
Registered Valuer in this regard;

c) The Balance Sheet, the Statement of Profit and Loss and the statement of Cash Flow dealt with
by this Report are in agreement with the relevant 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 written representations received from the directors 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 Companies Act, 2013;

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;

g) With respect to the matters to be included in the Auditor's Report under 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 by the Company to its directors during the year is in accordance with
the provisions of the Act.

h) 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 in accordance to the explanations given to us;

i. The Company have pending litigations which would impact its financial position are:

♦ Demand by Income Tax Department for which an appeal is pending with The
Commissioner of Income Tax (Appeals) Raipur relating to Assessment year 2018¬
2019 Rs. 29,63,660/- respectively.

♦ Outstanding Self-assessed Income Tax liability:

♦ Demand by GST Department against which appeal has been filed with the Commissioner of GST-

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

iii. There has been no need to transfer any amount which required to be transferred, to the
Investor Education and Protection Fund by the Company

iv. (a) 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) during the year 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:

♦ Directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever ("Ultimate Beneficiaries") by or on behalf of Company or

♦ Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(b) The management has represented, that, to the best of its knowledge and belief, no funds
have been received by the company from any persons or entities ("Funding Parties"), with
the understanding, whether recorded in writing or otherwise, that the company shall:

♦ Directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever ("Ultimate Beneficiaries") by or on behalf of the funding party or

♦ Provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries; and

(c) Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that
representations under sub clause (iv)(a) and (iv)(b) contain any material misstatement.

v. The Company has not declared or paid any dividend during the year.

vi. Based on our examination, the Company has used accounting software for maintaining its
books of account for the financial year ended March 31, 2025 which has a feature of recording
audit trail (edit log) facility and that has operated throughout the year for all relevant
transactions recorded in the software and we did not come across any instance of the audit trail
feature being tampered with.

For A C Surana & Co
Chartered Accountants

Firm registration No: 010781C
Sd/-

CA Arvind Chand Surana

Membership No: 077783
UDIN No. 25077783BMOBDN2229

Date: May 30, 2025
Place: Bhilai