Best Agrolife Ltd Auditor Reports

To the Members of Best Agrolife Limited

Report on the Audit of the Standalone Financial Statements

OPINION

1. We have audited the accompanying standalone
financial statements of Best Agrolife Limited (Rs.the
CompanyRs.), which comprise the Standalone Balance
Sheet as at 31 March 2026, the Standalone Statement
of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Cash Flow
and the Standalone Statement of Changes in Equity
for the year then ended, and notes to the standalone
financial statements, including material accounting
policy information and other explanatory information.

2. In our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid standalone financial statements give the
information required by the Companies Act, 2013
(Rs.the ActRs.) in the manner so required and give a true
and fair view in conformity with the Indian Accounting
Standards (Rs.Ind ASRs.) specified under section 133 of
the Act read with the Companies (Indian Accounting
Standards) Rules, 2015 and other accounting
principles generally accepted in India, of the state
of affairs of the Company as at 31 March 2026, and
its profit (including other comprehensive income),
its cash flows and the changes in equity for the year
ended on that date.

BASIS FOR OPINION

3. We conducted our audit in accordance with the
Standards on Auditing specified under section 143(10)
of the Act. Our responsibilities under those standards
are further described in the AuditorRs.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 (Rs.ICAIRs.) 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 thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these

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

EMPHASIS OF MATTER - SEARCH AND
SEIZURE ON THE COMPANY

4. We draw attention to Note 51 to the accompanying
standalone financial statements relating to a search
and seizure operation carried out by the Income Tax
Department (Rs.the DepartmentRs.) during the year ended
31 March 2024, at the head office of the Company
along with other premises of the Company, its
subsidiaries and residence of certain Key Managerial
Persons (KMP) from 26 September 2023 to 30
September 2023 under Section 132 of the Income
Tax Act, 1961. During the current year, the Company
has received a demand order for assessment year
(AY) 2021-22 against which the management has
filed a rectification request with the appropriate
authority. Further, the Company has also received
notice for reassessment of income for AY 2018-19 to
AY 2020-21. However, the Company is yet to receive
any order on the findings of such investigation by the
relevant authorities for these assessment years.

Accordingly, the impact of this matter on the
standalone financial statements for the year ended 31
March 2026 and the adjustments, if any required to
the accompanying standalone financial statements,
is presently not ascertainable. Our opinion is not
modified in respect of this matter.

KEY AUDIT MATTER

5. Key audit matters are those matters that, in our
professional judgment, were of 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.

6. We have determined the matter described below to be the key audit matters to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
Estimation of provision for sales returns, discounts and schemes on sales impacting revenue from sale of products.	Our audit procedures included, but were not limited to, the following procedures:
Refer to the CompanyRs.s material accounting policy information in note 2 and the revenue related disclosures in note 25 of the standalone financial statements.	a) Obtained an understanding of the process followed by the Company to determine the amount of accrual of sales returns, discounts and schemes;
Revenue from sale of products is presented net of returns, discounts and schemes in the standalone financial statements.	b) Assessed the accounting policies of the Company regarding accounting for sales returns, discounts and schemes as against the criteria given in the accounting standards;
The estimates associated with sales returns, discounts and schemes on sale of products has a significant impact on the recognized revenue and the management is required to make certain judgements in respect of revenue recognition and level of expected discounts, schemes and returns which are deducted while arriving at the revenue for the year.	c) Tested the CompanyRs.s process and relevant internal financial controls over the accrual of sales returns, discounts and schemes;
Estimation of sales returns involves significant judgement and estimates. The estimation is dependent on various internal and external factors. These factors include, for example, climatic conditions, the length of time when a sale is made and when the sales return takes place, some of which are beyond the control of the Company.	d) Selected samples of revenue transactions and marketing circulars and recomputed accrual for discounts and schemes calculated in accordance with the eligibility criteria mentioned in the schemes;
The recognition and measurement of discounts and schemes involves significant judgement and estimates, particularly the expected level of claims of each of the customers. Assumption of level of customer- wise claims for discounts and schemes relates to estimating which of the CompanyRs.s customers will ultimately be subject to a related discount and/or scheme.	e) Ensured completeness and accuracy of the data used by the Company for accrual of sales returns, discounts and schemes;
Considering the materiality of the amount involved, complexities, management judgements involved and the significant auditor attention required to test such managementRs.s judgement, we have identified this as a key audit matter for current year audit.	f) Obtained the historical trends for revenue and corresponding sales returns based on the accounting records maintained by the Company;
	g) Verified, if any credit notes were issued and/or their adjustment after the balance sheet date and their impact on standalone financial statements;
	h) Evaluated the appropriateness of disclosures made in the standalone financial statements in accordance with the applicable accounting standards.

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS AND
AUDITORRs.S REPORT THEREON

7. The CompanyRs.s Board of Directors are responsible for
the other information. The other information comprises
the information included in the Annual Report, but
does not include the standalone financial statements
and our auditorRs.s report thereon. The Annual report is
expected to be made available to us after the date of
this auditorRs.s 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 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 Annual Report, if we conclude
that there is a material misstatement therein, we are
required to communicate the matter to those charged
with governance.

RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR
THE STANDALONE FINANCIAL STATEMENTS

8. The accompanying standalone financial statements
have been approved by the CompanyRs.s Board
of Directors. The CompanyRs.s 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 standalone 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.

9. In preparing the standalone financial statements, the
Board of Directors is responsible for assessing the
CompanyRs.s ability to continue as a going concern,
disclosing, as applicable, matters related to going
concern and using the going concern basis of
accounting unless the Board of Directors either intends
to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

10. The Board of Directors is also responsible for
overseeing the CompanyRs.s financial reporting process.

AUDITORRs.S RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

11. 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 auditorRs.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 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 standalone financial statements.

12. As part of an audit in accordance with Standards on
Auditing, specified under section 143(10) of the Act
we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

- 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;

- 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 with reference to
financial statements 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 Board of
DirectorsRs. 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 CompanyRs.s ability to
continue as a going concern. If we conclude
that a material uncertainty exists, we are required
to draw attention in our auditorRs.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 auditorRs.s report. However, future events or
conditions may cause the Company to cease to
continue as a going concern; and

- 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.

13. 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.

14. 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.

15. 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 auditorRs.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

16. 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.

17. As required by the Companies (AuditorRs.s Report) Order,
2020 (Rs.the OrderRs.) issued by the Central Government
of India in terms of section 143(11) of the Act we
give in the Annexure A, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

18. Further to our comments in Annexure A, as required
by section 143(3) of the Act based on our audit, we
report, to the extent applicable, that:

a) 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
standalone financial statements;

b) Except for the matters stated in paragraph 18(h)
(vi) below on reporting 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 standalone financial statements dealt with
by this report are in agreement with the books of
account;

d) In our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under
section 133 of the Act;

e) On the basis of the written representations
received from the directors and taken on record
by the Board of Directors, none of the directors
is disqualified as on 31 March 2026 from being
appointed as a director in terms of section 164(2)
of the Act;

f) The qualification relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph 18(b) above on
reporting under section 143(3)(b) of the Act and
paragraph 18(h)(vi) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 (as amended);

g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31 March
2026 and the operating effectiveness of such
controls, refer to our separate report in Annexure
B wherein we have expressed an unmodified
opinion; and

h) With respect to the other matters to be included
in the AuditorRs.s 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, as detailed in note 35 to
the standalone financial statements, has
disclosed the impact of pending litigations
on its financial position as at 31 March 2026;

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at 31 March 2026;

iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company during the year ended 31
March 2026;

iv. a. The management has represented

that, to the best of its knowledge and
belief, as disclosed in note 52 (e) to the
standalone financial statements, 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 (Rs.the intermediariesRs.),
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 (Rs.the
Ultimate BeneficiariesRs.) 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, as disclosed in note 52 (f) to
the standalone financial statements,
no funds have been received by
the Company from any person(s) or
entity(ies), including foreign entities
(Rs.the Funding PartiesRs.), 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
(Rs.Ultimate BeneficiariesRs.) or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and

c. 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.

v. The final dividend paid by the Company
during the year ended 31 March 2026 in
respect of such dividend declared for the
previous year is in accordance with section
123 of the Act to the extent it applies to
payment of dividend.

As stated in note 53 to the accompanying
standalone financial statements, the Board
of Directors of the Company have proposed
final dividend for the year ended 31 March
2026 which is subject to the approval
of the members at the ensuing Annual
General Meeting. The dividend declared is
in accordance with section 123 of the Act
to the extent it applies to declaration of
dividend.

vi. As stated in note 54 to the standalone
financial statements and based on our
examination which included test checks,
the Company, in respect of financial year
commencing on 1 April 2025, has used
an accounting software for maintaining its
books of account which has a feature of
recording audit trail (edit log) facility and

the same has been operated throughout
the year for all relevant transactions
recorded in the software. Further, the
accounting software used for maintenance
of accounting records is operated by a
third-party software service provider. In the
absence of any information on existence
of audit trail (edit logs) for any direct
changes made at the database level in the
Independent Service AuditorRs.s Assurance
Report on the Description of Controls, their
Design and Operating effectivenessRs. (Rs.Type 2
reportRs. issued in accordance with SAE 3402,
Assurance Reports on Controls at a Service
Organization), we are unable to comment
on whether audit trail feature with respect
to the database of the said software was
enabled and operated throughout the year.
Further, during the course of our audit we
did not come across any instance of audit
trail feature being tampered with in respect
of the accounting software where such
feature is enabled. Furthermore, the audit
trail has been preserved by the Company
as per the statutory requirements for record
retention from the date the audit trail was
enabled for the accounting software.

For Walker Chandiok & Co LLP

Chartered Accountants

FirmRs.s Registration No.: 001076N/N500013

Rahul Kool

Partner

Membership No.: 425393
UDIN: 26425393GFEEUX7800

Place: New Delhi
Date: 27 May 2026

Annexure A

Referred to in Paragraph 17 of the Independent AuditorRs.s Report of even date to the members of Best Agrolife
Limited on the standalone financial statements for the year ended 31 March 2026

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:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and

situation of property, plant and equipment, capital work-in-progress and relevant details of right-of-use
assets.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(b) The Company has a regular programme of physical verification of its property, plant and equipment, capital
work-in-progress and relevant details of right-of-use assets under which the assets are physically verified in a
phased manner over a period of three years, which in our opinion, is reasonable having regard to the size of the
Company and the nature of its assets. In accordance with this programme, certain property, plant and equipment,
capital work-in-progress and relevant details of right-of-use assets were verified during the year and no material
discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties held by the Company (other than properties where the Company
is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in Note 3 to the
standalone financial statements, are held in the name of the Company, except for the following properties, for
which the CompanyRs.s management is in the process of getting the registration in the name of the Company:

Description of property	Gross carrying value (Rs. In crores)	Held in name of	Whether promoter, director or their relative or employee	Period held	Reason for not being held in name of Company
Building	2.40	Best Agrochem Private Limited	No	With effect from 01 April 2018	The title deeds are held in the name of Best Agrochem Private Limited which were transferred as a result of amalgamation of companies.

For properties where the Company is a lessee, the lease arrangements have been duly executed in favour of the
Company except in following cases:

Description of property	Right-of-Use Asset Value (Rs. In crores)	Location	Details of Lessor	Period held	Reason for non-execution of lease agreement
Land	2.73	Gajraula	UP State Industrial Development Corporation Limited	With effect from 01 April 2018	The title deeds are held in the name of Best Agrochem Private Limited which were transferred as a result of amalgamation of companies.

For properties where the Company is a lessee, the lease arrangements have been duly executed in favour of the
Company except in following cases: (contRs.d)

Description of property	Right-of-Use Asset Value (Rs. In crores)	Location	Details of Lessor	Period held	Reason for non-execution of lease agreement
Building	5.44	Noida	New Okhla Industrial Development Corporation Authority	With effect from 01 April 2018	The title deeds are held in the name of Best Agrochem Private Limited which were transferred as a result of amalgamation of companies.

(d) During the year, the Company has revalued land, classified under right-of-use assets, Such revaluation is based
on the valuation by a registered valuer. The class of right-of-use assets where the change is 10% or more in the
aggregate of the respective net carrying value, is as below:

(Rs. in Crore)

Class of Right of use assets	Carrying value as on 31 March 2026 (pre-revaluation)	Amount of Change	Carrying value as on 31 March 2026 (post-revaluation)	Percentage change
Land (ROU)	2.82	0.39	3.21	13.95%

(e) No proceedings have been initiated or are pending against the Company for holding any benami property under
the Prohibition of Benami Property Transactions Act, 1988 (as amended) and rules made thereunder.

(ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year. In our

opinion, the coverage and procedure of such verification by the management is appropriate and no discrepancies
of 10% or more in the aggregate for each class of inventory were noticed as compared to book records.

(b) As disclosed in Note 18 (b) to the standalone financial statements, the Company has been sanctioned a working
capital limit in excess of Rs. 5 crores by banks and financial institutions based on the security of current assets. The
quarterly returns/statements, in respect of the working capital limits have been filed by the Company with such
banks and financial institutions and such returns/statements are in agreement with the books of account of the
Company for the respective periods, which were subject to audit/review.

(iii) The Company has not made investments in, provided any guarantee or security or granted any loans or advances in
the nature of loans to firms, limited liability partnerships and any other parties during the year. Further, the Company
has not made investments in any company during the year. Furthermore, the Company has granted unsecured loans
to companies during the year, in respect of which:

(a) The Company has provided loans to Subsidiaries during the year as per details given below:

(Rs. in Crore)

Particulars	Loans
Aggregate amount provided/granted during the year: - Subsidiaries	85.80
Balance outstanding as at balance sheet date: - Subsidiaries	43.28

(b) In our opinion, and according to the information and explanations given to us, the investments made, guarantees
provided, security given and terms and conditions of the grant of all loans and advances in the nature of loans
and guarantees provided are, prima facie, not prejudicial to the interest of the Company.

(c) In respect of loans granted by the Company, the schedule of repayment of principal and the payment of interest
has not been stipulated and accordingly, we are unable to comment as to whether the repayments/receipts of
principal and interest are regular.

(d) In the absence of stipulated schedule of repayment of principal and payment of interest in respect of loans, we
are unable to comment as to whether there is any amount which is overdue for more than 90 days. Reasonable
steps have been taken by the Company for recovery of such principal amounts and interest.

(e) In respect of loans granted by the Company, the schedule of repayment of principal has not been stipulated.
According to the information and explanation given to us, such loans have not been demanded for repayment as
on date.

(f) The Company has granted loan which are repayable on demand, as per details below:

(Rs. in Crore)

Particulars	All Parties Promoters	Related Parties
Aggregate of loans
- Repayable on demand (A)	99.58 -	99.58
- Agreement does not specify any terms or period of repayment (B)	- -	-
Total (A+B)	99.58 -	99.58
Percentage of loans to the total loans	100% -	100%

(iv) In our opinion, and according to the information and explanations given to us, the Company has complied with the
provisions of section 186 of the Act in respect of investment made, loans granted and guarantees provided by it, as
applicable. Further, the Company has not entered into any transaction covered under section 185 and section 186 of
the Act in respect of security provided by it.

(v) In our opinion, and according to the information and explanations given to us, the Company has not accepted any
deposits or there are no amounts which have been deemed to be deposits 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 Companies (AuditorRs.s Report) Order, 2020 (Rs.OrderRs.) is not applicable to the Company.

(vi) The Central Government has not specified maintenance of cost records under sub-section (1) of section 148 of the
Act, in respect of CompanyRs.s products/services/business activities. Accordingly, reporting under clause 3(vi) of the
Order is not applicable.

(vii) (a) In our opinion and according to the information and explanations given to us, undisputed statutory dues including

goods and services tax, provident fund, employeesRs. state insurance, income-tax, duty of customs, cess and other
material statutory dues, as applicable, have generally been regularly deposited with the appropriate authorities
by the Company, though there have been slight delays in a few cases. Further, no undisputed amounts payable
in respect thereof were outstanding at the year-end for a period of more than six months from the date they
became payable.

(b) According to the information and explanations given to us, we report that there are no statutory dues referred in
sub-clause (a) which have not been deposited with the appropriate authorities on account of any dispute except
for the following:

(Rs. in Crore)

Name of the statute	Nature of dues	Gross Amount	Amount paid under Protest	Period to which the amount relates	Forum where dispute is pending	Remarks, if any
		0.95	-	AY 2021- 2022	CIT (A) Delhi	-
Income Tax		15.81	-	AY 2024- 2025	Jurisdictional AO	-
Act, 1961	Income Tax	3.29	-	AY 2020- 2021	Jurisdictional AO	-
		30.62	-	AY 2023- 2024	Jurisdictional AO	-

(viii) According to the information and explanations given
to us, we report that no transactions were surrendered
or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (43 of
1961) which have not been previously recorded in the
books of accounts.

(ix) (a) In our opinion and according to the information

and explanations given to us, the Company
has not defaulted in repayment of its loans or
borrowings or in the payment of interest thereon
to any lender.

(b) According to the information and explanations
given to us including representation received
from the management of the Company, and on
the basis of our audit procedures, we report that
the Company has not been declared a willful
defaulter by any bank or financial institution or
government or any government authority.

(c) In our opinion and according to the information
and explanations given to us, money raised by
way of term loans were applied for the purposes
for which these were obtained.

(d) In our opinion and according to the information
and explanations given to us, and on an overall
examination of the financial statements of the
Company, funds raised by the Company on short
term basis have, prima facie, not been utilised for
long term purposes.

(e) In our opinion and according to the information
and explanations given to us and on an overall
examination of the financial statements of the
Company, the Company has not taken any funds
from any entity or person on account of or to
meet the obligations of its subsidiaries.

(f) In our opinion and according to the information
and explanations given to us, the Company
has not raised any loans during the year on the
pledge of securities held in its subsidiaries.

(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 explanations
given to us and on the basis of our examination
of the records of the Company, 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.

(xi) (a) To the best of our knowledge and according to

the information and explanations given to us,
no fraud by the Company or no fraud on the
Company has been noticed or reported during
the period covered by our audit.

(b) According to the information and explanations
given to us including the representation made
to us by the management of the Company, no
report under sub-section 12 of section 143 of
the Act has been filed by the auditors in Form
ADT-4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014, with the Central
Government for the period covered by our audit.

(c) According to the information and explanations
given to us 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.

(xii) The Company is not a Nidhi Company and the Nidhi
Rules, 2014 are not applicable to it. Accordingly,
reporting under clause 3(xii) of the Order is not
applicable to the Company.

(xiii) In our opinion and according to the information and
explanations given to us, 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
standalone financial statements, as required under
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.

(xiv) (a) In our opinion and according to the information

and explanations given to us, the Company has
an internal audit system which is commensurate
with the size and nature of its business as required
under the provisions of section 138 of the Act.

(b) We have considered the reports issued by the
Internal Auditors of the Company till date for the
period under audit.

(xv) According to the information and explanation given to
us, the Company has not entered into any non-cash
transactions with its directors or persons connected
with its directors and accordingly, reporting under
clause 3(xv) of the Order with respect to compliance
with the provisions of section 192 of the Act are not
applicable to the Company.

(xvi) (a) The Company is not required to be registered

under section 45-IA of the Reserve Bank of
India Act, 1934. Accordingly, reporting under
clauses 3(xvi)(a), (b) and (c) of the Order are not
applicable to the Company.

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

(xvii) The Company has not incurred any cash losses in
the current financial year as well as the immediately
preceding financial year.

(xviii) There has been no resignation of the statutory
auditors during the year. Accordingly, reporting
under clause 3(xviii) of the Order is not applicable to
the Company.

(xix) According to the information and explanations given
to us and on the basis of the financial ratios, ageing
and expected dates of realisation of financial assets
and payment of financial liabilities, other information
in the standalone 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 indicating 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 explanations given
to us, the Company does not have any unspent
amounts towards Corporate Social Responsibility in
respect of any ongoing or other than ongoing project
as at the end of the financial year. Accordingly,
reporting under clause 3(xx) of the Order is not
applicable to the Company.

(xxi) The reporting under clause 3(xxi) of the Order is
not applicable in respect of audit of standalone
financial statements of the Company. Accordingly,
no comment has been included in respect of said
clause under this report.

For Walker Chandiok & Co LLP

Chartered Accountants

FirmRs.s Registration No.: 001076N/N500013

Rahul Kool

Partner

Membership No.: 425393
UDIN: 26425393GFEEUX7800

Place: New Delhi
Date: 27 May 2026

Annexure B

Independent AuditorRs.s Report on the internal financial controls with reference to the standalone financial
statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (Rs.the ActRs.)

1. In conjunction with our audit of the standalone
financial statements of Best Agrolife Limited (Rs.the
CompanyRs.) as at and for the year ended 31 March
2026, we have audited the internal financial controls
with reference to standalone financial statements of
the Company as at that date.

RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR
INTERNAL FINANCIAL CONTROLS

2. The CompanyRs.s Board of Directors is responsible for
establishing and maintaining internal financial controls
based on the internal financial controls with reference
to financial statements 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 (Rs.the Guidance NoteRs.) issued by the Institute
of Chartered Accountants of India (Rs.ICAIRs.). 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 the CompanyRs.s
business, including adherence to the CompanyRs.s
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 Act.

AUDITORRs.S RESPONSIBILITY FOR THE AUDIT
OF THE INTERNAL FINANCIAL CONTROLS
WITH REFERENCE TO STANDALONE
FINANCIAL STATEMENTS

3. Our responsibility is to express an opinion on the
CompanyRs.s internal financial controls with reference
to standalone financial statements based on our
audit. We conducted our audit in accordance with the
Standards on Auditing issued by the ICAI prescribed
under Section 143(10) of the Act, to the extent
applicable to an audit of internal financial controls with
reference to standalone financial statements, and the
Guidance Note issued by the ICAI. 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 with reference to standalone
financial statements were established and maintained
and if such controls operated effectively in all material
respects.

4. Our audit involves performing procedures to obtain
audit evidence about the adequacy of the internal
financial controls with reference to standalone
financial statements and their operating effectiveness.
Our audit of internal financial controls with reference
to standalone financial statements includes obtaining

an understanding of such internal financial controls,
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 auditorRs.s
judgement, including the assessment of the risks of
material misstatement of the standalone financial
statements, whether due to fraud or error.

5. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for
our audit opinion on the CompanyRs.s internal financial
controls with reference to standalone financial
statements.

MEANING OF INTERNAL FINANCIAL
CONTROLS WITH REFERENCE TO
STANDALONE FINANCIAL STATEMENTS

6. A companyRs.s internal financial controls with reference to
standalone financial statements is a process designed
to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of
standalone financial statements for external purposes
in accordance with generally accepted accounting
principles. A companyRs.s internal financial controls with
reference to standalone financial statements include
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 standalone
financial statements in accordance with generally
accepted accounting principles, and that receipts and
expenditures of the company are being made only in
accordance with authorisations of management and
directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the
companyRs.s assets that could have a material effect on
the standalone financial statements.

INHERENT LIMITATIONS OF INTERNAL
FINANCIAL CONTROLS WITH REFERENCE
TO STANDALONE FINANCIAL STATEMENTS

7. Because of the inherent limitations of internal financial
controls with reference to standalone financial
statements, 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 with reference to
standalone financial statements to future periods are
subject to the risk that the internal financial controls
with reference to standalone financial statements
may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

OPINION

8. In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to
standalone financial statements and such controls were operating effectively as at 31 March 2026, based on the
internal financial controls with reference to standalone financial statements criteria established by the Company
considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For Walker Chandiok & Co LLP

Chartered Accountants

FirmRs.s Registration No.: 001076N/N500013

Rahul Kool

Partner

Membership No.: 425393

UDIN: 26425393GFEEUX7800

Place: New Delhi

Date: 27 May 2026