Advance Agrolife Ltd Auditor Reports

To,

The Board of Directors

Advance Agrolife Limited

E-39, Riico Industrial Area Ext. Bagru,

Jaipur, Rajasthan, India, 303007

Dear Sirs,

1. We have examined the Restated Financial Information of Advance Agrolife Limited (‘the Company) (Formerly known as Advance Agrolife Private Limited), comprising the Restated Statement of Assets and Liabilities as at September 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, the Restated Statement of Profit and Loss, the Restated Statement of Cash Flow, the Summary of Material Accounting Policies, and other explanatory information (collectively, the “Restated Financial Information”), as approved by the Board of Directors of the Company at their meeting held on March 21, 2025 for the purpose of inclusion in the Draft Red Herring Prospectus (“DRHP”) prepared by the Company in connection with its proposed Initial Public Offering of equity shares (“IPO”) and prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (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 2019) issued by the Institute of Chartered Accountants of India (“ICAI”), as amended from time to time (the “Guidance Note”).

Management Responsibility for the Restated Financial Information

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the DRHP to be filed with Stock Exchange where the equity shares of the Company are proposed to be listed (“Stock exchanges”), Securities and Exchange Board of India (“SEBI”) and Registrar of Companies in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in Note 2 to the Restated Financial Information.

The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

Auditors Responsibility for the Restated Financial Information

3. We have examined the Restated Financial Information taking into consideration:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated October 11, 2024 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 Financial Information; 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 proposed IPO of the equity share of the Company.

Restated Financial Information

4. These Restated Financial Information have been compiled by the management from:

a. Audited Special Purpose Interim Financial Statements of the Company as at and for the six-months period ended September 30, 2024 prepared in accordance with recognition and measurement criteria laid down in Indian Accounting Standard (Ind AS) 34 “Interim Financial Reporting”, specified under Section 133 of the Act and other accounting principles generally accepted in India and they do not contain corresponding figures for the previous period as required by Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) (the “Special Purpose Interim Financial Statements”) which have been approved by the Board of Directors at their meeting held on March 21, 2025; and

b. As at and for the years ended March 31, 2024, March 31, 2023 and March 31, 2022:

The Audited Special Purpose Ind AS Financial Statements as at and for the years ended March 31, 2024, March 31, 2023 and March 31, 2022 have been prepared in accordance with the Indian Accounting Standards, as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India , after making suitable adjustments to the accounting heads from their Indian GAAP values following accounting policies (both mandatory exceptions and optional exemptions) availed as per Ind AS 101 for the transition date of 1st April 2021 and as per the presentation, accounting policies and grouping/classifications followed as at and for the stub period ended September 30, 2024 which have been approved by the Board of Directors at their meeting held on March 21, 2025 ;and

c. As at and for the year ended March 31, 2024, from the financial statements prepared by the company in accordance with the Indian GAAP and re-audited by us, as the previous auditor was not required to undergo Peer Review and there was the requirement of re-audit as per the SEBI Guidelines. The same have been approved by the board of directors at their meeting held on March 21, 2025.

5. For the purpose of our examination, we have relied on:

a. Auditors report issued by us dated March 21, 2025 on the Special Purpose Interim Ind AS financial statements of the Company as at and for the six-months period ended September 30, 2024 as referred in Paragraph 4 (a) above.

The auditors report on the audited special purpose interim Ind AS financial statements of the Company as at and for the period ended September 30, 2024, have been prepared by the Company for the purpose of preparation of the Restated Financial Information, which will be included in the Draft Red Herring Prospectus in connection with the proposed issue of equity shares of the Company by way of initial public offer. Accordingly, the attached special purpose interim Ind AS financial statements may not be suitable for any other purpose and this report should not be used, referred to or distributed for any other purpose. Our respective opinion on the financial statements was not modified in respect of this matter.

b. Auditors reports issued by us dated March 21, 2025 on the audited Special Purpose Ind AS financial statements of the Company as at and for the years ended March 31, 2024, March 31, 2023 and March 31, 2022 as referred in Paragraph 4 (b) above. These audited special purpose Ind AS financial statements are prepared in accordance with basis of preparation as referred to Note 2 of the audited special purpose Ind AS financial statements for the years ended March 2024, March 31, 2023 and March 31, 2022.

6. Based on the above and according to the information and explanations given to us, we report that Restated Financial Information:

a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 to reflect the same accounting treatment as per the accounting policies and grouping / classifications followed as at and for the six-months period ended September 30 2024;

b. does not contain any qualifications requiring adjustments. However, those qualifications in the Annexure to the auditors" report issued under Companies (Auditors Report) Order, 2020 / Companies (Auditors Report) Order, 2016, issued by the Central Government of India in terms of sub section (11) of section 143 of the Act, as applicable, on the financial statements for the years ended March 31, 2024, March 31, 2023 and March 31, 2022, which do not require any corrective adjustments in the Restated Financial Information have been disclosed in Note 3 to the Restated Financial Information; and

c. the Restated Financial Information have been prepared in accordance with Act, ICDR regulation and Guidance Note.

7. The Restated Financial Information does not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Special Purpose Interim Ind AS Financial Statements and Special Purpose Ind AS Financial Statements mentioned in paragraph 4 above.

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

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

10. Our report is intended solely for use of the Board of Directors for inclusion in the DRHP to be filed with SEBI and 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 into whose hands it may come without our prior consent in writing.