Axiom Gas Engineering Ltd Auditor Reports

To,

The Board of Directors of -

M/s AXIOM GAS ENGINEERING LIMITED (FORMERLY KNOWN AS AXIOM GAS ENGINEERING PRIVATE
LIMITED)

# 522 TO 527, SWC HUB, 5TH FLOOR,

OPP RAJPATH COMPLEX, NEAR ESSARPETROL PUMP,

Bhaily, Vadodara- Gujarat- 391410

Dear Sir,

Reference: - Proposed Public Issue of Equity Shares of M/s AXIOM GAS ENGINEERING LIMITED

1. We have examined the attached Restated Standalone Financial Statements of M/s AXIOM
GAS ENGINEERING LIMITED (hereunder referred to "the Company", "Issuer") comprising the
Restated Statement of Assets and Liabilities as on March 31, 2025, as on March 31, 2024 and as on
March 31, 2023, the Restated Statement of Profit & Loss, the Restated Cash Flow Statement for
the year ended on March 31, 2025, March 31, 2024, and March 31, 2023, the statement of
Significant Accounting Policies and other explanatory Information (Collectively the Restated
Standalone Financial Statement or Restated Financial Information), as approved by the Board of
Directors in their meeting held on 05* September, 2025 (or the purpose of inclusion in the
Prospectus (being collectively referred as "Offer Document") in connection with its proposed
Initial Public Offering (IJPO) on the SME Platform of NSE Limited (NSE - Emerge)

I 2. These restated summary statement have been prepared in terms of the requirement of-

a) Section 26 of Part I of Chapter 111 of the Companies Act, 2013 as amended (the "Act"):

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations 2018 as amended ("ICDR Regulations"): and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2020) issued by the
Institute of Chartered Accountants of India as amended from time to time. ("The Guidance
Note")

3. The Companys Board of Directors are responsible for the preparation of the Restated
Standalone Financial Statements for the purpose of inclusion in the offer document to be filed with
Stock Exchange, Securities and Exchange Board of India, and Registrar of Companies, of relevant
state in connection with the proposed IPO. The Restated Standalone Financial Statements have
been prepared by the management of the Company for the year ended March 31,2025, March 31,
2024, and March 31, 2023, on the basis of notes to restatement in note IV to the Restated
Standalone Financial Statements. The Board of Directors responsibility includes designing,
implementing, and maintaining adequate internal controls relevant to the preparation and

presentation of the Restated Standalone Financial Statements. The Board of Direciors are also
responsible for identifying and ensuring that the Company complies with the Act, ICDR
Regulations and the Guidance Note.

4. We have examined such Restated Standalone Financial Statement taking into consideration:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with
our engagement letter dated 21st August, 2025 in connection with the proposed IPO of equity
shares of the Company;

b) The Guidance Note also requires that we comply with the ethical requirements of the Code of
Ethics issued by the 1CAI;

c) Concepts of test checks and materiality to obtain reasonable assurance based on verification
of evidence supporting the Restated Standalone Financial Statements; and

d) The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed
solely to assist you in meeting your responsibilities in relation to your compliance with the Act,
the ICDR Regulations and the Guidance Note in connection with the IPO.

5. This Restated Standalone Financial Statements have been compiled by the management from
audited Standalone financial statements of the company for the year ended on March 31 2025,
March 31, 2024 and March 31, 2023. which has been approved by the board of directors.

a) We have audited the special purpose financial information of the company for the year
ended on March 31, 2025 prepared by the company in accordance with Accounting Standards as
prescribed under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules,
2014. as amended, and other accounting principles generally accepted in India for the limited
purpose of complying with the requirement of Restated Audited Financial statements audited
by an audit firm holding a valid peer review certificate issued by the "Peer Review Board" of
the ICAI as required by ICDR Regulations in relation to proposed IPO. We have issued our
report dated 05-09-2025 on this special purpose financial information which have been
approved by the Board of Directors at their meeting held on 05-09-2025.
b) Audited financial statements of the Company for the years ended March 31, 2024. and March
31. 2023, prepared in accordance with the Accounting Standards which have been approved by
the Board of Directors.

6. For the purpose of our examinations, we have relied on:

a) Auditors Report: issued by us dated 05-09-2025 for the year ended on March 31, 2025 as
referred in Paragraph 5(a) above; and

B) Auditors Report issued by M/s SVSG & Co (the "Auditors") dated 24th June, 2024, and 10th
August 2023, on the Financial Statements of the Company for the year ended March 31, 2024,
and March 31,2023, respectively and Auditors opinion on Financial Statement is not modified
and accordingly reliance has been placed on the financial information examined by them for said
years. The financial information included for these years is based solely on the report submitted
bv them.

V

7. Emphasis oi matter:

a) We draw attention to point no XXI (a) of Annexure-V to the accompanying Restated Financial
Statements on adjudication application filed by the company is pending before the Hon ble
Adjudicating office. Registrar of companies. Gujarat at Ahmedabad. However, the outcome of the
said proceeding and the consequential impact on the Restated Financial Statements on account of
determination of potential liability, if any, with respect to demand, interest and penalties is not
ascertainable. Our opinion is not qualified in respect of this matter.

fa) We draw attention to point no XXI (b) of Annexure-V to the accompanying Restated Financial
Statements on adjudication application filed by the company is pending before the Honble
Adjudicating office. Registrar of companies, Gujarat at Ahmedabad. However, the outcome of the
said proceeding and the consequential impact on the Restated Financial Statements on account of
determination of potential liability, if any, with respect to demand, interest and penalties is not
ascertainable. Our opinion is not qualified in respect of this matter.

8. Based on our examination and according to the information and explanation given to us we report
that:

a) The Restated Summary Statements of Assets and Liabilities" as set out in

Annexure 1 to this report, of the Company as at March 31. 2025, March 31, 2024, and March
31, 2023, and is prepared by the Company and approved by the Board of Directors. These
Restated Consolidated Statement of Assets and Liabilities, have been arrived at after
making such adjustments and regroupings to the individual financial statements of the
Company, as in our opinion were appropriate and more fully described in Significant
Accounting Policies and Notes to Accounts as set out in Annexure IV to this Report.

b) The "Restated Summary Statement of Profit and Loss" as set out in Annexure II to this report,
of the Company for Financial year ended March 31, 2025, March 31, 2024 and March 31,
2023, is prepared by the Company and approved by the Board of Directors. These Restated
Consolidated Statement of Profit and Loss have been arrived at after making such adjustments
and regroupings to the individual financial statements of the Company, as in our opinion were
appropriate and more fully described in Significant Accounting Policies and Notes to Accounts
as sot out in Annexure IV to this Report

c) The "Restated Summary Statement of ("ash Flow" as set out in Annexure 111 to this
report, of the Company for Financial year ended March 31, 2025. March 31, 2024 and March
31, 2023, is prepared by the Company and approved by the Board of Directors. These Statement
of Cash Flow, as restated have been arrived at after making such adjustments and
regroupings to the individual financial statements of the Company, as in our opinion were
appropriate and more fully described in Significant Accounting Policies and Notes to
Accounts as set out in Annexure IV to this Report.

d) The Restated Standalone Summary Statement has been prepared in accordance with the Act,
ICDR Regulations and the Guidance Note

e) The Restated Summary Statements have been made after incorporating adjustments for the
changes in accounting policies retrospectively in respective financial years to reflect the
same accounting treatment as per the changed accounting policy for all reporting periods,
if any;

f) The Restated Summary⁷ Statements have been made after incorporating adjustments for prior
period and other material ! amounts, if any, in the respective financial years to which they
relate, if any and there is no qualification which require adjustments.

g) Hie Restated Summary Statements do not contain any extra ordinary items that need to be
disclosed separately other than those presented in the Restated Financial Statement and do not
contain any qualification requiring adjustments

h) There were no qualifications in the Audit Reports issued by the Statutory Auditors for the
financial year ended March 31, 2025, 2024 and 2023 which would require adjustments in this
Restated Financial Statements of the Company

i) Profits and losses have been arrived at after charging all expenses including depreciation
and after making such adjustments/restatements and regroupings as in our opinion are
appropriate and are to be read in accordance with the Significant Accounting Polices and Notes
to Accounts as set out in Amiexure IV to this report

j) Adjustments in Restated Financial Statement have been made in accordance with the correct
accounting policies

k) There was no change in accounting policies, which needs to be adjusted in the Restated
Financial Statement

l) There are no revaluation reserves, wftich need to be disclosed separately in the Restated
Financial Statements;

m) The Company has not paid/proposed any dividend in past effective for the said period

Particulars	Annexure No.
Restated Statement of Assets & Liabilities	I
Restated Statement of Share Capital	1.1
Restated Statement of Reserves & Surpluses	1.2
Restated Statement of Long-Term Borrowings	1.3
Restated Statement of Deferred T ax Liabilities/ Assets	1.4
Restated Statement of Other long-term Liabilities	1.5
Restated Statement of Long-Term Provisions	1.6
Restated Statement of Short-Term Borrowings	1.6.A
Restated Statement of Trade Payable	1.7
Restated Statement of Other Current Liabilities	1.8
Restated Statement of Short-Term Provisions	1.9
Restated Statement of Fixed Assets, Depreciations and C apital Work-in Progress	1.10
Restated Statement of Non-Current Investment	1.11
Restated Statement of Long-Term Loans and Advances	1.12
Restated Statement of Inventories	1.13
Restated Statement of Trade Receivable	1.14
Restated Statement of Cash & Cash Equivalent	1.15
Restated Statement of Short-Term Loans and Advances	1.16
Restated Statement of Other Current Assets	1.17
Restated Statement of Profit & Loss	1.18
Restated Statement of Revenue from operations	11.1
Restated Statement of Other Income	11.2
Restated Statement of Cost of Material Consumed	11.3
Restated Statement of Changes in Inventories	11.4
Rcstqtcd Statement of Employees Benefit Expenses	11.5
Restated Statement of Finance Costs	11.6
Restated Statement of Depreciation and amortization expenses	11.7
Restated Statement of Other Expenses	11.8
Restated Statement of Cunrenl Tax	11.9
Restated Statement of Deferred T ax	11.10
Restated Statement of Earnings per share	11.11
Other Annexures:
Cash Flow Statement	iii
Notes On Accounts Forming Part of Restated Financial Statements and Significant Accounting Policies	IV
Additional Regulatory7 Information	V
Adjustments made in restated financial statements/ regrouping notes	VI
Statement of Related Parties & Transactions	Vil
Statement of Tax Shelter, As Restated	vm

9. We, Rama Rao & Co, Chartered Accountants have been subjected to the peer review process of the
Institute of Chartered Accountants of India (ICAI) and our peer Review Certificate is valid as on
the date of signing of this report

10. The Restated Financial Information does not reflect the effects of events that occurred subsequent
to the respective dates of the reports on the audited financial statements.

11. This report should not in any way be construed as a reissuance or re-dating of any of the previous
audit reports issued by the Company Auditors, nor should this report be construed as a new opinion
on any of the financial statements referred to herein.

12. We have no responsibility to update our report for events and circumstances occurring after the date
of the report.

13. Our report is intended solely for use of the Board of Directors for inclusion in the Prospectus to be
filed with Stock exchanges in connection with the proposed IPO. Our report should not be used,
referred to or distributed for any other purpose except with our prior consent in writing.
Accordingly, w^re do not accept or assume any liability or any duty of care for any⁷ other purpose or
to any⁷ other person to whom this report is shown or whose hands it may come without our prior
consent in writing.

FOR RAMA RAO & CO.

Chartered Accountants

FRN: 015845S !\

 

V. Rama Rao j

Partner \

Membership No: 227633

UDIN: 25227633BMIUQV5095

 

Date: 05-09-2025

Place: Hyderabad