We have audited the accompanying Ind AS financial statements of ASHOKA REFINERIES
LIMITED( "the Company"), which comprise the Balance Sheet as at March 31, 2025, 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.

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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,

2025 and its Loss (including other Comprehensive income), its changes in equity and its
cash flows for the year ended on that date.

Basis for opinion

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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.

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

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

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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.

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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.

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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.

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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.

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.

(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, the Statement of Profit and loss, the Statement of Changes in

Equity and the Statement of Cash flows dealt with by this Report are in agreement
with the books of account;

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

(e) On the basis of the written representations received from the directors of the
Company as on 31 March, 2025 taken on record by the Board of Directors, none of
the directors is disqualified as on 31 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 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.

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

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;

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

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.

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

(a) 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, 2025 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.

Further, for the periods where audit trail (edit log) facility was enabled and
operated throughout the year for the respective accounting software, we did not
come across instance of the audit trail feature being tampered with. However, We
have observed that the edit log feature was disabled and enabled later on.

The audit trail has been preserved by the Company as per the statutory
requirements for record retention .

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, Batra Deepak & Associates
Chartered Accountants

(Vidhan Chandra Srivastava)

Partner

Membership No. 0073712
Firm Reg. No.: 005408C
Date:27/05/2025
Place: Raipur
UDIN: 250073712B MJRL K2973