We have audited the accompanying Standalone Financial
Statements of AUTOLINE INDUSTRIES LIMITED (hereinafter
referred as "the Company"), which comprise the Balance
sheet as at March 31, 2025, the Statement of Profit and
Loss (including Other Comprehensive Income), the Cash
Flow Statement and the Statement of Changes in Equity for
the year ended March 31,2025 and Notes to the Standalone
Financial Statements, including a summary of material
accounting policies and other explanatory information
(hereinafter collectively referred as the "Standalone
Financial Statements").

In our opinion and to the best of our information and
according to the explanations given to us, except for the
effects of the matter specified under "Basis for qualified
opinion" section of our report, the aforesaid Standalone
Financial Statements give the information required by the
Companies Act, 2013 (hereinafter referred as "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 read with the Companies
(Indian Accounting Standards) Rules, 2015 as amended
(hereinafter referred as "Ind AS") and other accounting
principles generally accepted in India, of the state of affairs
(financial position) of the Company as at March 31,2025, its
profit, total comprehensive income, its cash flows and the
changes in equity for the year ended on that date.

BASIS FOR QUALIFIED OPINION

The company had recognised credit for Minimum Alternate
Tax (MAT) for the Assessment Years 2011-12 and 2012-13
corresponding to financial years 2010-11 and 2011-12 under
section 115 JAA of the provisions of the Income Tax Act,
1961, totalling to Rs. 1,193.61 Lakhs. As per the provisions
of the Income Tax Act, 1961, these MAT Credits are available
for utilization for a period of 15 years from the year in which

it is recognized. The Company expects to utilise the MAT
credit within the remaining period.

However, in our opinion, based on the financial projections
made available to us as well as the existence of accumulated
carry forward losses as per tax laws, it is unlikely that such
MAT Credit of Rs. 1,193.61 Lakhs can be utilized within the
designated period. Accordingly, the MAT Credit Asset, total
comprehensive income & retained earnings in the financial
statement are overstated to that extent.

We conducted our audit in accordance with the Standards
on Auditing (hereinafter referred to as "SAs") specified
Under Section 143(10) of the Act. Our responsibilities
under those Standards are further described in 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 (hereinafter
referred as "ICAI") together with the ethical requirements
that are relevant to our audit of the Standalone Financial
Statements 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 ICAI's Code of Ethics.

We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
qualified opinion.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional
judgment, were of the most significance in our audit of
the standalone financial statements of the current period.
These matters were addressed in the context of our audit
of the standalone financial statements as a whole, and
in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the
matters described below to be the key audit matters to be
communicated in our report.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR'S REPORT
THEREON (HEREINAFTER REFERRED AS "OTHER
INFORMATION")

The Company's Board of Directors is responsible for the other
information. The other information comprises the Board's
report, management discussion and analysis included in the
annual report but does not include the financial statements
and our auditor's report thereon. The Annual Report is
expected to be made available to us after the date of this
auditor's report.

Our opinion on the standalone financial statements does
not cover the other information and we do not express any
form of assurance opinion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information identified above and, in doing so, consider
whether the other information is materially inconsistent
with the standalone financial statements, or our knowledge
obtained during the course of our audit or otherwise appears
to be materially misstated.

If, based on 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.

BOARD OF DIRECTORS' RESPONSIBILITIES FOR THE
STANDALONE FINANCIAL STATEMENTS

The Company's Management and Board of Directors are
responsible for the matters stated in Section 134(5) of 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, cash flows and
changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including
the Ind AS. 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
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 Standalone 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, the
Company's Management and Board of Directors are
responsible for assessing the Company's ability to continue
as a going concern, disclosing, as applicable, matters
related to the going concerned 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 responsible for overseeing the
Company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE
STANDALONE FINANCIAL STATEMENTS

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 scepticism throughout the audit. We also:

a) 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.

b) 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

an adequate internal financial controls system in place
and the operating effectiveness of such controls.

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

d) 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.

e) Evaluate the overall presentation, structure, and content
of the Standalone Financial Statements, including the
disclosures, and whether the Standalone Financial
Statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or in the
aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the Standalone
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 results
of our work, and (ii) evaluating the effect of any identified
misstatements in the Standalone 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 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.

From the matters communicated with those charged with
governance, we determine those matters that were of

most significance in the audit of the standalone financial
statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor's
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 the Companies (Auditor's Report) Order,
2020 ("the Order"), issued by the Central Government
in terms of Section 143 (11) of the Act, we give in
"Annexure A", a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143 (3) of the Act and based on
our audit we report that:

a) We have sought and except for the matter described
in the Basis for Qualified Opinion paragraph
obtained all the information and explanations
which to the best of our knowledge and belief
were necessary for the purposes of our audit;

b) Except for the matter described in the Basis for
Qualified Opinion paragraph and for the matters
stated in paragraph 2(i)(vi) below on reporting
in relation to audit trail as required under Rule
11(g) of the Companies (Audit and Auditors)
Rules, 2014 (as amended), 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 (including Other Comprehensive Income),
the Statement of Changes in Equity and the
Statement of Cash Flows statement dealt with by
this report agree with the books of account.

d) Except for the matter described in the Basis
for Qualified Opinion paragraph, in our opinion,
the aforesaid Standalone Financial Statements
comply with the Ind AS specified under section
133 of the Act.

e) On the basis of the written representations
received from the directors 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;

f) the modification relating to the maintenance of
accounts and other matters connected therewith
as the matter described in the Basis for Qualified
Opinion paragraph above, and the paragraph 2(b)
above on reporting under Section 143(3)(b) of
the Act and paragraph 2 (i)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.

g) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate report in "Annexure B". Our report
expresses a modified opinion on the adequacy
and operating effectiveness of the Company's
internal financial controls with reference to
financial statements; and

h) With respect to the other matters to be included
in the auditor's report in accordance with the
requirements of section 197(16) of the Act, as
amended, we report that 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 section 197 of
the Act. The remuneration paid to directors 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)
which are required to be commented upon by us.

i) 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 according to the explanations given to us:

i. The Company has disclosed the impact of
pending litigations as of March 31, 2025,
on its financial position in its Standalone
Financial Statements - Refer to note 40 to the
Standalone Financial Statements.

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

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

iv. (a) The Management has represented that,
to the best of its knowledge and belief,
no funds (which are material either
individually or in the aggregate) 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 or entity, including
foreign entity ("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 (which are material
either individually or in the aggregate)
have been received by the Company
from any person or entity, including
foreign entity ("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;

(c) Based on the audit procedures that
have been considered reasonable
and appropriate in the circumstances,
nothing has come to the notice that
has caused us to believe that the

representations under sub-clause (i)
and (ii) of Rule 11(e), as provided under
(a) and (b) above, contain any material
misstatement; and

v. During the year Company has not declared/
paid any dividend hence reporting under rule
11 (f) is not applicable to that extent.

vi. Based on our examination, which included
test checks, except for the instance
mentioned below, the company has used
accounting software for maintaining its
books of account which has a feature of
recording audit trail (edit log) facility and
the same has operated throughout the year
for all relevant transactions recorded in the
software. Further, during the course of our
audit we did not come across any instance
of audit trail feature being tampered with.

Additionally, the audit trail has been
preserved by the company as per the
statutory requirements for record retention,
other than the consequential impact of
exceptions given below:

- Spine payroll - except that no audit trail
enabled at the database level to log any
direct data changes made.

- The organization has used accounting
software SAP B1, which does not have
the feature of recording an audit trail.

SHARP & TANNAN ASSOCIATES

Chartered Accountants
Firm's Registration No: 0109983W
by the hand of

CA Arnob Choudhuri

Partner

Membership No: (F) 156378
Pune, May 24, 2025. UDIN: 25156378BMMJYM2564