Axiom Gas Engineering Ltd Auditor Reports

ONRESTATED STANDALONE FINANCIAL STATEMENTS

To,

The Board of Directors of

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,

Bhailly, Vadodara- Gujarat- 391410

Dear Sir,

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

1. We have examined the attached Restated Standalone Financial Statements of AXIOM GAS ENGINEERING LIMITED (hereunder referred to "the Company", "Issuer") comprising the Restated Statement of Assets and Liabilities as on March 31, 2026, as on March 31, 2025, and as on March 31, 2024, the Restated Statement of Profit & Loss, the Restated Cash Flow Statement for the financial year ended on March 31, 2026, March 31, 2025, and March 31, 2024, 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 25th August, 2026 (or the purpose of inclusion in the Prospectus (being collectively referred as "Offer Document") in connection with its proposed Initial Public Offering (IPO) on the SME Platform of NSE Limited ( NSE - Emerge)

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

a) Section 26 of Part I of Chapter III 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 financial year ended March 31, 2026, March 31, 2025, and March 31, 2024, 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 Directors 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 ICAI;

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 financial year ended March 31, 2026, March 31 2025, and March 31, 2024, which has been approved by the board of directors.

a) We have audited the special purpose financial information of the company for the financial year ended March 31, 2026 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 25-08-2026 on this special purpose financial information which have been approved by the Board of Directors at their meeting held on 25-08-2026.

b) Audited financial statements of the Company for the years ended March 31, 2025, 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 25-08-2026 for the financial year ended on March 31, 2026 and dated 05-09-2025 for the financial year ended March 31, 2025 as referred in Paragraph 5(a) and 5(b) above; and

B) Auditors Report issued by SVSG & Co Chartered Accountants (the "Auditors") dated 24th June, 2024, on the Financial Statements of the Company for the year ended March 31, 2024, 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 by them.

7. Emphasis of 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 Honble Adjudicating office, Registrar of companies, Gujarat at Ahmedabad. However, the outcome of the said proceedings 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.

b) 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 proceedings 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 I to this report, of the Company as at March 31, 2026, March 31, 2025, and March 31, 2024, 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 the financial year ended on March 31, 2026, March 31, 2025, and March 31, 2024, 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 set out in Annexure IV to this Report

c) The "Restated Summary Statement of Cash Flow" as set out in Annexure III to this report, of the Company for the financial year ended on March 31, 2026, March 31, 2025, and March 31, 2024, 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 Summary 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) The 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 on March 31, 2026, March 31, 2025, and 2024 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 Policies and Notes to Accounts as set out in Annexure 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, which 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	I.1
Restated Statement of Reserves & Surpluses	I.2
Restated statement of Money received against share warrants	I.3
Restated Statement of Long-Term Borrowings	I.4
Restated Statement of Deferred Tax Liabilities/ Assets	I.5
Restated Statement of Other long-term Liabilities	I.6
Restated Statement of Long-Term Provisions	I.7
Restated Statement of Short-Term Borrowings	I.8
Restated Statement of Trade Payables	I.9
Restated Statement of Other Current Liabilities	I.10
Restated Statement of Short-Term Provisions	I.11
Restated Statement of Fixed Assets, Depreciations and Capital Work-in Progress	I.12
Restated Statement of Non-Current Investment	I.13
Restated Statement of Long-Term Loans and Advances	I.14
Restated Statement of Deferred tax assets	I.15
Restated Statement of Other Non-current assets	I.16
Restated Statement of Current investments	I.17
Restated Statement of Inventories	I.18
Restated Statement of Trade Receivables	I.19
Restated Statement of Cash & Cash Equivalents	I.20
Restated Statement of Short-Term Loans and Advances	I.21
Restated Statement of Other Current Assets	I.22
Restated Statement of Profit & Loss	II
Restated Statement of Revenue from operations	II.1
Restated Statement of Other Income	II.2
Restated Statement of Purchase of stock in trade	II.3
Restated Statement of Changes in Inventories	II.4
Restated Statement of Employees Benefit Expenses	II.5
Restated Statement of Finance Costs	II.6
Restated Statement of Depreciation and amortization expenses	II.7
Restated Statement of Other Expenses	II.8
Restated Statement of Current Tax	II.9
Restated Statement of Deferred Tax	II.10
Restated Statement of Earnings per share	II.11
Other Annexures:
Cash Flow Statement	III
Notes On Accounts Forming Part of Restated Financial Statements and Significant Accounting Policies	IV
Additional Regulatory Information	V
Adjustments made in restated financial statements/ regrouping notes	VI
Statement of Related Parties & Transactions	VII
Statement of Tax Shelter, As Restated	VIII
Statement of Capitalization, As Restated	IX

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 reassurance 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, we do not accept or assume any liability or any duty of care for any other purpose or to any 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

Partner

Membership No: 227633

UDIN: 26227633CKAYTB6111

Date: 25-08-2026

Place: Hyderabad