Bhagawati Gas Ltd Auditor Reports

To

The Members Bhagawati Gas Limited

Report on the Financial Statements

Qualified Opinion

We have audited the accompanying Financial Statements of Bhagawati Gas Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as "the Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matters described in the ‘Basis for Qualified Opinion section of our report, the aforesaid 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 Indian Accounting Standards prescribed under section 133 of the Act, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

We draw attention to the matters described in Annexure A the possible effects of which, individually or in aggregate, are material but not pervasive to the Financial Statements and matters where we are unable to obtain sufficient and appropriate audit evidence. The effects of matters described in said Annexure A which could be reasonably determined are quantified and given therein. Our opinion is qualified in respect of these matters as per Annexure-A.

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in Auditors Responsibilities for Audit of the Financial Statements for the year ended March 31, 2025, 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 ("the ICAI") together with the ethical requirements that are relevant to our audit of the Financial Statements for the year ended March 31, 2025 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our qualified opinion on 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. In addition to the matter described in the Basis for Qualified Opinion section we have determined the matters described below to be the key audit matters to be communicated in our report:

No. Key audit matter	How our audit addressed the key audit matters
The Company had recognized Minimum Alternate Tax (MAT) credit under current tax assets in last year. This MAT credit is eligible to be carried forward for set-off against future income-tax liabilities in accordance with Section 115JB of the Income-tax Act, 1961.	Our audit procedures to address this key audit mater, included but were not limited to the following:
During the current year, the Company had opted to shift to the concessional tax regime under Section 115BAA of the Income-tax Act, which does not allow for the utilization of previously accumulated MAT credit. As a result, the entire MAT credit balance had been written off in the books during the year.	Verifying the computation of MAT credit with reference to tax returns and relevant provisions of the Income-tax Act, 1961.
	Obtaining reasoning from management for opting out of the MAT regime.
	Reviewing managements evaluation of both tax regimes and their rationale for opting for taxation under Section 115BAA.

Other Information

The Companys Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Companys annual report, but does not include the financial statements and auditors report thereon. The Companys annual report is expected to be made available to us after the date of this auditors report.

Our opinion on the standalone financial statements does not cover the other information and we will 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 identified above when it becomes available 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.

When we read the Companys annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take necessary actions, as applicable under the relevant laws and regulations.

Emphasis of Matter- Other Income

We draw attention to Note 21 of the accompanying financial statements, which describes that the Company has recognized income on account of a claim receivable arising from arbitration order covered under Vivad Se Vishwas II Scheme. Based on legal opinions obtained, a review by legal expert and managements assessment thereof, the management is of the view that the entire amount is receivable and that no uncertainty exists regarding its recoverability. Our opinion is not modified in respect of this matter.

Other Matters

1. Company has following Statutory dues unpaid as on 31.03.2025:

- Service Tax Payable Rs. 1,96,853/-

- Income Tax Demand as per Traces Portal Rs. 2,46,300/-

2. The Company has not deducted Tax under Income Tax Act on Loan repayment to NBFC and Legal & Professional Fees paid during the year.

3. The Company has failed to discharge Goods and Service Tax under reverse charge mechanism on Legal services received from advocates during the year which is a non-compliance of section 9(3) of CGST Act, 2017.

4. Company is not classifying its creditors under classification as prescribed under the MSME Act. So, we cannot comment upon the liability if any may arise in future on the company under the said act.

5. The trading of the companys shares was suspended on exchange and equity shares of the company has been delisted from platform of the exchange of BSE Limited w.e.f. May 11, 2018 as per public notice of BSE as published in financial express newspaper dated 12.05.2018.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The accompanying financial statements have been approved by the Companys Board of Directors. The Companys Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS specified under section 133 of the Act and other accounting principles generally accepted in India. 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 financial statements, management is responsible for assessing the Companys 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 Companys financial reporting process.

Auditors Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 Standards on Auditing 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 financial statements.

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

Identify and assess the risks of material misstatement of the 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 control 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 managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the 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 auditors 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 financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the statements of our work; and

(ii) to evaluate the effect of any identified misstatements in the financial statements.

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 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters (if any). We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other Legal and Regulatory Requirements

1. As required by section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.

2. As required by the Companies (Auditors Report) Order, 2020 (the ‘Order) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure B, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

3. As required by Section 143(3) of the Act, we report, to the extent applicable, that:

i. 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 of the accompanying financial statements except matters stated in the Basis of Qualified Opinion section of our report.

ii. 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 except for the matters stated in the Basis of Qualified Opinion Section of our report.

iii. Except matters stated in the Basis of Qualified Opinion section of our report the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

iv. In our opinion, the aforesaid financial statements comply with the IND AS specified under Section 133 of the Act, except for the matters stated in the Basis of Qualified Opinion Section of our report.

v. On the basis of the written representations received from the directors of the Company as on March 31, 2025, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164(2) of the Act.

vi. 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 C". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to financial statements subject to the possible effect of matters stated in the Basis for Qualified Opinion section of our main audit report.

4. 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 does not have any pending litigations which would impact its financial position except the following:

Delisting matter:

The Company has filed an appeal before the Securities Appellate Tribunal ("SAT"), Mumbai, against the order dated 11th May, 2018 by which the appellant Company has been delisted under Regulation 22(2) of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, for condoning the delay but an appeal for condonation of delay was rejected and dismissed by SAT by passing the order dated November 11, 2019. Subsequently, the company filed a civil appeal against SATs order before the Supreme Court. Further, during the period under review, the Company received an order from the Honorable Supreme Court directing the submission of an undertaking by the authorized officer by March 18, 2024.

In response to the Supreme Court order dated February 19, 2024, in Civil Appeal No. 335-336 of 2020, the Company submitted an undertaking on March 7, 2024, committing to comply with all required norms within 90 days to BSE Limited. Upon meeting these compliances, the Companys status will change from "Delisted" to "Listed".

In accordance with communication to BSE dated May 29, 2024, the Company was required to complete pending formalities for the revocation of suspension by June 17, 2024, within the 90-day from the date of order. The Company diligently submitted an application with most of the required information, annexures along with fees and fines on and before June 17, 2024. Subsequently, the Companys request for an extension to BSE on June 18, 2024, was declined by BSE. However, in a communication dated June 24, 2024, BSE highlighted several outstanding compliances, incomplete shareholding patterns, and website stating the due to the Companys non-compliance with the Supreme Court order, its securities will remain compulsorily delisted from the Exchange platform.

The Company filed a civil appeal on 30th April 2025 (Appeal No. 335-336 of 2020) stating that the non-compliances highlighted by BSE were duly rectified by 11th January 2025. However, the non-compliance relating to non-dematerialization of promoter shareholding still persists, as it can only be resolved after revocation of the delisting. With respect to filing of the shareholding pattern in XBRL format, the Company explained that, due to delisting, it does not have valid login credentials. Accordingly, the shareholding pattern was submitted through an alternative mode.

The Company therefore believes it has complied with all terms and conditions prescribed by BSE and has filed this civil appeal seeking Waiver/extension of the compliance period from 17th June 2024 to 11th January 2025, and Directions to BSE for revocation of the Companys delisting.

ii. The Company did not have any material foreseeable losses on long term contracts including derivative contracts.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

5. (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 securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (‘the 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 (‘the Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf 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 (‘the 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 based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.

6. Based on our examination, the Company has used accounting softwares for maintaining its books of account for the financial year ended March 31, 2025 which does not has a feature of recording audit trail (edit log) facility. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention. Company has not preserved audit trail for the financial year ended March 31, 2025.

7. The Company has not declared or paid any dividend during the year ended 31^st March 2025.

8. During the period under audit the composition of Board of the Company was not duly constituted due to not having minimum no of independent directors required and accordingly Composition of Audit Committee and Nomination and Remuneration Committee is not as per the Provisions of Companies Act, 2013 and as per the regulation of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

9. Company has its functional website but the same was not maintained as per the requirement of the SEBI Guidelines during the financial year.

10. The Company has not complied with the requirement of appointing a Whole-Time Company Secretary during the year as mandated under the applicable provisions of the Companies Act, 2013.

For JAIN PARAS BILALA & CO.

Chartered Accountants

Firm Registration No.: 011046C

Sd/-

(CA. Piyush Goyal)

Partner

Membership No.:466010

Place: Jaipur

Date: 04/07/2025

UDIN: 25466010BMGYGK5253

Annexure A Referred in our Report under "Basis of Qualified Opinion Paragraph"

1. Advances Given by the Company Considered Doubtful for recovery & non recognition of Expected Credit Loss (ECL) as per IND AS 109:

The Company provided Advances for property amounting to Rs. 79.10 Lacs and Advances to Material and Service providers amounting to Rs. 226.50 Lacs these advances are outstanding since long time without any partial recovery, raising significant doubt regarding their recoverability. Furthermore, in the case of advances to material and service providers, no agreements or supporting documentation such as copies of purchase/work orders were available on record to substantiate the purpose or terms of such advances.

Therefore, we are unable to comment on the consequential impact of the same if any on the statement because of uncertainty about recoverability of these advances.

Due to the prevailing uncertainties regarding the recoverability and settlement of these balances recognition of provision for expected credit loss was considered necessary in accordance with Ind As-109. However, in the absence of a formally documented Expected Credit Loss (ECL) policy or assessment to evaluate the collectability of these balances, no provision has been made. Consequently, we are unable to determine the potential impact, if any, of non-recognition of such provision on the accompanying financial statements.

2. Bank Statement not available on record:

During the course of audit, company has not provided bank statement and confirmation of the current status of ICICI Bank Account having a balance of Rs. 0.53 Lacs shown as part of cash and cash equivalents as on 31st March 2025. Accordingly, we are unable to comment upon the consequential impact, if any, on the statement.

Our report for year ended 31^st March 2024 was also qualified in this matter.

3. Disputed Payable Relating to Machinery Purchase:

The financial statements contain an amount of Rs. 235.23 lacs under Other Payables relating to the purchase of machinery, as informed by the management. The management has stated that this amount has been under dispute since 1994. However, no documents regarding the dispute were provided to us. Therefore, we are unable to comment on the possible impact, if any, of this matter on the financial statements.

Our report for year ended 31^st March 2024 was also qualified in this matter.

4. No records of confirmation related to liabilities:

The Company has not provided us with external balance confirmations in respect of borrowings amounting to Rs. 27.00 Lacs and Other payables amounting to Rs. 4.96 Lacs.

Therefore, we are unable to comment on the existence, accuracy, and completeness of these balances. These amounts have remained outstanding for a long period, and there exists an uncertainty regarding their ultimate settlement. Consequently, we are unable to determine the potential impact, if any, on the accompanying financial statements.

5. No reconciliation available for Income Tax Receivable:

The Company has recognized Income Tax Receivable under current tax asset amounting to Rs. 60.63 Lacs. However, no year-wise working or reconciliation supporting the said balance was made available to us for verification. The management could only provide details of tax receivable for the following assessment years:

Assessment Year	Amount of Tax Receivable (Rs. in Lacs)
2024-25	5.53
2025-26	6.75

Accordingly, we are unable to verify and comment on the existence, accuracy, and completeness of the balance tax receivable amounting Rs.48.35 Lacs. In the absence of such evidence, we are unable to determine the potential impact, if any, on the accompanying financial statements.

For JAIN PARAS BILALA & CO.

Chartered Accountants

Firm Registration No.: 011046C

Sd/-

(CA. Piyush Goyal)

Partner

Membership No.:466010

Place: Jaipur

Date: 04/07/2025

UDIN: 25466010BMGYGK5253

Annexure-B: The Annexure referred to in paragraph 2 of Our Report on "Other Legal and Regulatory Requirements" of even date to the members of Bhagawati Gas Limited on the financial statements for the year ended 31^st March 2025

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

Property Plant & Equipment and Intangible Assets:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment and right of use assets. (B) The company is not having any intangible assets; hence this clause is not applicable.

(b) All the Property, Plant and Equipment have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) As explained to us, all the title deeds of immovable properties are held in the name of the company (other than properties where the Company is the Lessee and the lease agreements are duly executed in favor of the lessee).

(d) The Company has not revalued its Property, Plant and Equipment and Right of Use assets or intangible assets during the year.

(e) No proceedings have been initiated or are pending against the Company as at 31^st March 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

Inventory & Working Capital:

(ii) (a) All the Inventory have been physically verified by the management during the year and there is a regular prog ramme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(b) The Company has not been sanctioned working capital limits in excess of 5 crore, in aggregate, at any points of time during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable.

Investments, any guarantee or security or advances or loans given:

(iii) (a) (A) According to the information and explanation given to us and the records produced to us for our verification, the company has not provided any loans or advances and guarantees or security to subsidiaries, joint ventures and associates during the year and there are no such balances outstanding as at the balance sheet date;

(a) (B) According to the information and explanation given to us and the records produced to us for our verification, the company has not provided any loans or advances and guarantees or security to others during the year.

(b) In our opinion, and According to the information and explanation given to us and the records produced to us for our verification, the investments made and terms and conditions of the grant of all loans are, prima facie, not prejudicial to the interest of the Company. Further the Company has not provided any guarantees, advances in the nature of loans or given any security.

(c) According to the information and explanation given to us and the records produced to us for our verification, in respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments/receipts of principal and interest are outstanding. In respect of advance in the nature of loans granted by the Company, the schedule of repayment of principal has been stipulated and the repayment of principal is outstanding. - Refer note no. 9 of the Financial Statements.

(d) There is an overdue amount in respect of loans granted to such companies or other parties. The Company is taking reasonable steps for the recovery of the principal and interest; however, as on the balance sheet date, the recovery of interest remains overdue. - Refer note no. 9 of the Financial Statements.

(e) The Company has not renewed or extended any loan or advance which has fallen due during the year. Further no fresh loans have been granted during the year to settle over dues of existing loans of the same parties.

(f) As explained to us and the records produced to us for our verification, the Company has not granted loans which are repayable on demand or issued any loan without specifying any terms or period of repayment.

Loan to directors:

(iv) According to the information and explanation given to us and the records produced to us for our verification, the Company has complied with the provisions of sections 185 and 186 of the Act in respect of loans and investments as applicable. There are no guarantees or security given by the Company.

Deposits accepted:

(v) According to the information and explanation given to us and the records produced to us for our verification, the Company has not accepted any deposits or there is no amount which has been considered as deemed deposit within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting under clause 3(v) of the Order is not applicable to the Company.

Maintenance of costing Records:

(vi) According to the information and explanation given to us and the records produced to us for our verification, the Central Government has not specified maintenance of cost records under sub-section (1) of section 148 of the Act, in respect of Companys business activity. Accordingly, reporting under clause 3(vi) of the Order is not applicable.

Deposit of statutory liabilities:

(vii) (a) According to the information and explanation given to us and the records produced to us for our verification, undisputed statutory dues, including goods and services tax, provident fund, employees state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues applicable to the Company have generally been regularly deposited by it with the appropriate authority subject to point no. 2 and 3 of other matter paragraph included in our main audit report.

There were no undisputed amounts payable in respect of goods and services tax, provident fund, employees state insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues in arrears as at 31st March, 2025 for a period of more than six months from the date they became payable except as stated below:

Nature of the Statute	Nature of Dues	Amount in Rs.	Period to which Amount relates	Due date	Date of Payment
Service Tax (Indirect Tax)	Service Tax	1,96,853	Opening Balance, and April 2017 to June 2017	6th of Succeeding month	Not paid
TDS (Direct Tax)	TDS	2,46,300	Multiple Years till 31st March 2025

Note: TDS demand has been taken as per Traces Portal

(c) According to the information and explanations given to us and the records produced before us for our verification, the following statutory dues have not been deposited on account of disputes:

Nature of the Statute	Nature of Dues	Amount in Rs.	Period to which Amount relates	Due date	Date of Payment
Income Tax	Sec 143(1) of the income tax act 1961	3,47,04,003 (Tax+ Interest)	AY 2007	-	Not paid- Disputed
Income Tax	Sec 143(1) of the income tax act 1961	28,02,232 (Tax+ Interest)	AY 2008	-	Not paid- Disputed

Default in repayment of borrowings:

(ix)(a) In our opinion and according to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

Nature of borrowing, including debt securities	Name of lender*	Amount not paid on due date	Whether principal or interest	No. of days delay or unpaid	Remarks, if any
	Nil

(b) According to the information and explanations given to us, the records produced before us for our verification, and based on the representation received from the management, we report that the Company has not been declared a willful defaulter by any bank or financial institution or any other lender.

(d) According to the information and explanation given to us and the records produced to us for our verification and representation received from the management of the company, company has used the amount of bank overdraft for the purpose for which loan is obtained.

(e) According to the information and explanations given by the management and the records produced to us for our verification, the funds raised by the company on short term basis have not been utilized for long term purposes.

(f) Reporting under this clause not applicable as the company does not have subsidiaries, joint venture or associate companies.

(g) Reporting under this clause not applicable as the company does not have subsidiaries, joint venture or associate companies.

Funds raised and utilization:

(x) (a) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments), during the year. Accordingly, reporting under clause 3(x) (a) of the Order is not applicable to the Company.

(b) According to the information and explanation given to us and the records produced to us for our verification, the Company has not made any preferential allotment or private placement of shares or (fully, partially or optionally) convertible debentures during the year. Accordingly, reporting under clause 3(x) (b) of the Order is not applicable to the Company.

Fraud and whistle-blower complaints:

(xi) (a) According to the information and explanation given to us and the records produced to us for our verification, no fraud by the Company or on the Company has been noticed or reported during the period covered by our audit.

(b) No report under section 143(12) of the Act has been filed with the Central Government for the period covered by our audit.

(c) According to the information and explanation given to us and the records produced to us for our verification including the representation made to us by the management of the Company, there are no whistle-blower complaints received by the Company during the year.

Compliance by a Nidhi Company:

(xii) The Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly, the provisions of clause 3(xii) of the Companies (Auditors Report) Order, 2020 are not applicable

Related Party:

(xiii) According to the information and explanation given to us and the records produced to us for our verification, all transactions entered into by the Company with the related parties are in compliance with sections 177 and 188 of the Act, where applicable. Further, the details of such related party transactions have been disclosed in the financial statements, as required Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified in Companies (Indian Accounting Standards) Rules 2015 as prescribed under section 133 of the Act.

Internal audit system:

(xiv)(a) According to the information and explanation given to us by the management, the Company does have an internal audit system.

(b) As per requirement of Sec. 138 of the Act read with Rule 13(1) of the Companies (Accounts) Rules 2014, the company is required to appoint internal Auditor. However, for the current year, we have not been provided with the internal audit report. In the absence of the internal audit report, we are unable to comment on the appropriateness of the internal audit system in accordance with the size and nature of the entitys business.

Non-cash dealings with directors:

(xv) According to the information and explanation given to us and the records produced for our verification, the Company has not entered into any non-cash transactions with its directors or persons connected with them and accordingly, provisions of section 192 of the Act are not applicable to the Company.

Registration under section 45-IA of RBI Act, 1934:

(xvi)(a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

(b) The company has not conducted any non-banking finance or housing finance activity therefore, reporting under this clause is not applicable to the company.

(c) The company is not a Core Investment Company therefore, reporting under this clause is not applicable to the company.

(d) Based on the information and explanations given to us and as represented by the management of the Company, the company (as defined in Core Investment Companies (Reserve Bank) Directions, 2016) does not have any CIC as part of the group

Cash losses:

(xvii) The Company has not incurred cash loss in the current Year 2024-25 and in the immediately preceding financial year i.e. 2023-24.

Resignation of statutory auditors:

(xviii) There has been no resignation of the statutory auditor during the year therefore, reporting under this clause is not applicable.

Material uncertainty on meeting liabilities:

(xix) According to the information and explanation given to us and the records produced to us for our verification and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the plans of the Board of Directors and management and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

(xx) According to the information and explanation given to us and the records produced to us for our verification, the Company does not fulfill the criteria as specified under section 135(1) of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 and accordingly reporting under clause 3(xx) of the Order is not applicable to the Company.

For JAIN PARAS BILALA & CO.

Chartered Accountants

Firm Registration No.: 011046C

Sd/-

(CA. Piyush Goyal)

Partner

Membership No.:466010

Place: Jaipur

Date: 04/07/2025

UDIN: 25466010BMGYGK5253

"ANNEXURE C" TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENT OF

BHAGAWATI GAS LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Bhagawati Gas Limited ("the Company") as of March 31, 2025 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls

The Companys Board of Directors is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility for the Audit of the Internal Financial Controls with Reference to Financial Statements

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by the Institute of Chartered Accountants of India ("ICAI") and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, and the Guidance Note issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls system over financial reporting, subject to the possible effect of the matters stated in "Annexure A" of our Audit Report such internal financial controls over financial reporting were operating effectively as at March 31, 2025, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For JAIN PARAS BILALA & CO.

Chartered Accountants

Firm Registration No.: 011046C

Sd/-

(CA. Piyush Goyal)

Partner

Membership No.:466010

Place: Jaipur

Date: 04/07/2025

UDIN: 25466010BMGYGK5253