Harshdeep Hortico Ltd Auditor Reports

The Members of,

WeOpinion have audited the accompanying financial statements of

Company), which comprise the Balance Sheet as at March 31, 2025, the statement of Harshdeep Hortico Profit and LossLimited (‘the includingand the statementa summaryof ofCashmaterialFlow foraccountingthe yearpoliciesended onandthatotherdateexplanatoryand notes informationto financial (hereinafterstatements, referred to as the "Financial Statements") In our opinion and to the best of our information and according to the explanations given to us, the generally accepted in India, of the State of Affairs of the Company as at March 31, 2025, its profit and its^{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 accounting principles cash flows for the year ended on that date. Basis We conductedof Opinion our audit in accordance with the Standards on Auditing (SAs) specified under section in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described Accountantsindependent of the Company in accordance with the Code of Ethics issued by the Institute of Charteredof India together with the ethical requirements that are relevant to our audit of the have fulfilled our other ethical responsibilities in accordance with these requirements and the Code offinancial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we basis for our opinion.Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a The Companys Board of Directors is responsible for Information Other than the Financial Statements and the preparation of the other information. The otherAuditors Report Thereon information comprises the information included in the Management Discussion and Analysis, Boards ^{Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance}thereon.and Shareholders Information, but does not include the financial statements and our auditors report form of assurance conclusion thereon.Our opinion on the financial statements does not cover the other information and we do not express any information and, in doing so, consider whether the other information is materially inconsistent with theIn connection with our audit of the financial statements, our responsibility is to read the other be materially misstated.financial statements or our knowledge obtained during the course of our audit or otherwise appears to other information, we are required to report the same to those charged with governance.If, based on the work we have performed, we conclude that there is a material misstatement of this TheResponsibility Companys of BoardManagement of Directorsfor the Financial is responsibleStatements for the matters stated in Section 134(5) of the Companiesstatements Act,that 2013give a("thetrue Act")and fairwithviewrespectof theto thefinancialpreparationpositionandandpresentationfinancial performanceof these financialof the AccountingCompany in Standardsaccordancespecifiedwith theunderaccountingSectionprinciples133 of thegenerallyAct. Thisacceptedresponsibilityin India, alsoincludingincludesthe safeguardingmaintenance oftheadequateassets ofaccountingthe Companyrecordsandin foraccordancepreventingwithandthedetectingprovisionsfraudsof theandActotherfor irregularities;estimates that are reasonable and prudent; and design, implementation and maintenance of adequateselection and application of appropriate accounting policies; making judgments and ^{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 cease operations, or has no realistic alternative but to do so.going concern basis of accounting unless management either intends to liquidate the Company or to The Board of Directors are also responsible for overseeing the Companys financial reporting process. Our objectives are to obtain reasonable assurance about whether the financial statements as a wholeAuditors Responsibility includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anare free from material misstatement, whether due to fraud or error, and to issue an auditors report that auditMisstatementsconductedcanin ariseaccordancefrom fraudwith SAsor errorwill alwaysand aredetectconsidereda materialmaterialmisstatementif, individuallywhen orit inexists.the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the ^{basis of these financial statements.}skepticism throughout the audit. We also:As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional

? Identify and assess the risks of material misstatement of the financial statements, whether dueto 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 error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or thenot detecting a material misstatement resulting from fraud is higher than for one resulting from override of internal control. ??procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Obtain an understanding of internal control relevant to the audit in order to design audit Act,adequate2013,internalwe are financialalso responsiblecontrols forsystemexpressingin placeourandopinionthe operatingon whethereffectivenessthe Companyof such has controls.

??estimates and related disclosures made by management. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting ??and,Conclude on the appropriateness of managements use of the going concern basis of accounting based on the audit evidence obtained, whether a material uncertainty exists related to g events or conditions that may cast significant doubt on the Companys ability to continue as oing concern. If we conclude that a material uncertainty exists, we are required to draw a disclosuresattention in our auditors report to the related disclosures in the financial statements or, if such are inadequate, to modify our opinion. Our conclusions are based on the audit may cause the Company to cease to continue as a going concern. evidence obtained up to the date of our auditors report. However, future events or conditions

? Evaluatethe disclosures, and whether the financial statements represent the underlying transactions and the overall presentation, structure and content of the financial statements, including events in a manner that achieves fair presentation.

Materialityaggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of theis the magnitude of misstatements in the Financial Results that, individually or in (i) Financial Results may be influenced. We consider quantitative materiality and qualitative factors inplanning the scope of our audit work and in evaluating the results 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.}Werelevantalso provideethical thoserequirementscharged regardingwith governanceindependence,with a statementand to communicatethat we have withcompliedthemwithall where applicable, related safeguards.relationships and other matters that may reasonably be thought to bear on our independence, and

1. Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in theAs required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the "Annexure- A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act, we report that: a) knowledge and belief were necessary for the purposes of our audit. We have sought and obtained all the information and explanations which to the best of our b) so far as it appears from our examination of those books; In our opinion proper books of account as required by law have been kept by the Company c) this Report are in agreement with the books of account; The Balance Sheet, the statement of profit and loss and statement of cash flow, dealt with by d) Inspecified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,our opinion, the aforesaid financial statements comply with the Accounting Standards 2014; e) taken on record by the Board of Directors, none of the directors is disqualified as on MarchOn the basis of the written representations received from the directors as on March 31, 2025 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act; f) financial statements of the Company and the operating effectiveness of such controls, referWith respect to the adequacy of the internal financial controls with reference to these g) to our separate Report in "Annexure B" to this report. the requirements of Section 197(16) of the Act, as amended, in our opinion and to the bestWith respect to the other matters to be included in the Auditors Report in accordance with the Company to its directors during the year is in accordance with the provisions of Sectionof our information and according to the explanations given to us, the remuneration paid by 197 read with Schedule V of the Act. h) Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion andWith respect to the other matters to be included in the Auditors Report in accordance with ^{to the best of our information and according to the explanations given to us:} i. position. The Company does not have any pending litigations which would impact its financial ii. for which there were any material foreseeable losses.The Company did not have any long term contracts including derivatives contracts iii. Education and Protection Fund by the Company.There were no amounts which were required to be transferred, to the Investors

iv. funds(i) The management has represented that, to the best of its knowledge and belief, no (which are material either individually or in the aggregate) have been advancedentities, includingor loanedforeignor investedentitiesby("Intermediaries"),the Company to orwithin anythe understandingother person(s)that or orthe intermediary shall whether directly or indirectly lend or invest in other persons entities identified in any manner by or on behalf of the Company (ultimate beneficiaries)beneficiaries; or provide any guarantee, security or the like on behalf of ultimate no(ii) fundsThe management has represented that, to the best of its knowledge and belief, have been received by the Company from any person(s) or entities includingCompany shallforeignwhether,entitiesdirectly("Fundingor indirectly,Parties") lendwith ortheinvestunderstandingin other personsthat such or (ultimate beneficiaries) or provide guarantee, security or the like on behalf of the entities identified in any manner whatsoever by or on behalf of the funding party ultimate beneficiaries.

(iii) the circumstances, nothing has come to our notice that has caused us to believe that Based on such audit procedures as considered reasonable and appropriate in the representation under sub-clause (i) and (ii) contain any material misstatement. v. The Company neither declared nor paid any dividend during the year. vi. Based on our examination, which included test checks, the Company has used accounting software systems for maintaining its books of account for the financial year ended March 31, 2025 which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software systems. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For Chartered AccountantsKailash Chand Jain & Co.

112318W ICAI Firm registration no.: PartnerRonak Visaria

Membership Number: 159973 UDIN: 25159973BMJDIU8477Place: Mumbai Date: May 06, 2025

Annexure The Annexure - to referred to in the Independent the Independent Auditors Report Auditors Report to the members of the Company on the ^{standalone financial statements for the year ended March 31, 2025, we report that:} (i) (a)quantitativeA. The Companydetails andhas situationmaintainedof properProperty,recordsPlantshowingand Equipment,full particulars,and Investment including properties.

(b) The Property, Plant & Equipment of the company have been physically verified by the ^{management during the year and no material discrepancies have been identified on such} verification. In our opinion the frequency of verification is reasonable. examination(c) Accordingoftothetherecordsinformationof the andCompany,explanationsthe titlegivendeedsto ofus immovableand on thepropertiesbasis of our as disclosed in Note No. 30 in the financial statements are held in the name of the Company ^{except for immoveable properties as disclosed in Note 30 (xiii) to the financial statement} where the company is in the process of registration of properties in the companys name. (d) The Company has not revalued any of its Properties, Plant, and Equipment (including ^{right-of-use assets) during the year.} initiated or pending against the Company for holding benami property under the Benami (e) According to the information and explanations given to us, no proceeding has been Transactionsprovisions stated in clause 3(i) (e) of the Order are not applicable to the Company. (Prohibition) Act, 1988 and rules made thereunder. Accordingly, the (ii) verification of inventory has been conducted at reasonable intervals by the management (a) According to the information and explanations provided by the management, physical andreasonable having regards to size of the Company and nature of its assets. no material discrepancies were noticed on verification which in our opinion is (b) in aggregate from Banks/ financial institutions on the basisThe Company has not been sanctioned working capital limits in excess of Rs. 5 crores of security of current assets. examination of the records, statements and returns filed by the company to the bank are According to the information and explanations given to us and on the basis of our ^{in agreement with the books of accounts of the company and no material discrepancies} have been observed. (iii) ^{According to the information and explanations given to us, the company has not granted} any loans or advances in the nature of loans secured or unsecured, to companies, firm, of the Order is not applicable to the Company. limited liability partnership or any other parties. Accordingly, reporting under clause 3(iii) (iv) In our opinion and according to the information and explanations given to us, the ^{Company has complied with the provisions of section 185 and 186 of the Act, in respect of} loans granted, investments made, guarantees and security provided, as applicable. (v) In our opinion and according to the information and, explanations given to us, the ^{Company has not accepted any deposits from the public within the meaning of Sections 73} to 76 of the Act and the rules framed thereunder.

(vi) ^{According to the information and explanations given to us, maintenance of cost records has} not been specified by the Central Government under sub-section (1) of section 148 of the to the Company. Companies Act 2013; and hence reporting under clause 3 (vi) of the Order is not applicable (vii) Company examined by us, in our opinion, the Company is generally regular in depositing (a) According to the information and explanations given to us and the records of the tax, duty of customs, service tax, goods and service tax, cess and other material statutory undisputed statutory dues in respect of provident fund, income tax, sales tax, value added ^{dues though there has been a slight delay in few cases, with the appropriate authorities.} Accordingpayable in torespectthe informationof providentandfund,explanations areincome tax, salesgiventax,to valueus, noaddedundisputedtax, theamounts duty of customs, service tax, goods and service tax, cess, and other material statutory dues were i arrears as at March 31, 2025, for a period of more than six months from the date they n became payable.

(b) Company examined by us, no dues of income tax, sales tax, service tax, the duty of customs According to the information and explanations given to us and the records of the anddeposited on account of a dispute. duty of excise duty, value added tax as at March 31, 2025, which have not been (viii) are not accounted for in the books of account which have been surrendered or disclosed as According to the information and explanations given to us, there are no transactions which unrecordedincome during the year in the Tax Assessment of the Company. Also, there is no previously income that has been now recorded in the books of account. Accordingly, reporting under clause 3(viii) of the Order is not applicable to the Company.

(ix) (a) InCompanyour hasopinionnot defaultedand accordingin repaymentto the informationof loans or andborrowingsexplanationsor in giventhe paymentto us, the of interest thereon to any lender during the year. procedures, we report that the Company has not been declared a wilful defaulter by any (b)According to the information and explanations given to us and on the basis of our audit bank or financial institution or government or any government authority. r (c) aised by way of term loans during the year. In our opinion and according to the information explanation provided to us, no money by us, and on an overall examination of the financial statements of the Company, we report (d)According to the information and explanations given to us, the procedures performed that no fund has been raised on short term basis during the year. the financial statements of the Company, we report that the Company has not taken any (e) According to the information explanation given to us and on an overall examination of funds from any entity or person on account of or to meet the obligations of its subsidiaries, by us, we report that the Company has not raised loans during the year on the pledge of ^{associates or joint ventures.} (f) According to the information and explanations given to us and procedures performed securities held in its subsidiaries, joint ventures, or associate companies.

(x) (a) Theoffer (includingCompanydebthas notinstruments)raised moneysduringbythewayyearof initialand hencepublicreportingoffer or furtherunder clause public 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and based on our ^{examination of the records of the Company, the Company has not raised any fund through} CompanyQualified Institutionaldid not makePlacementspreferential(QIP)allotment/during the privateyear. Further,placementduringof thefully/year,partly the convertible debentures.

(xi) ^{(a) During the course of our audit, examination of the books and records of the Company,} carried out in accordance with the generally accepted auditing practices in India, and any instance of material fraud by the Company or on the Company. according to the information and explanations given to us, we have neither come across (b) 2013 has been filed in form ADT-4 as prescribed under Rule 13 of Companies (Audit and During the year, no report under sub-section (12) of section 143 of The Companies Act, clause 3(xi) (b) of the Order is not applicable to the Company. Auditors) Rules, 2014 with the Central Government. Accordingly the provisions stated in (c) No whistle-blower complaint has been received during the year by the company. (xii) In our opinion and according to the information and explanations given to us, the ^{Company is not a Nidhi Company. Accordingly, the provisions stated in clause 3(xii) of the} order are not applicable. (xiii) In our opinion and according to the information and explanations given to us and based on ^{our examination of the records of the company, the transactions with related parties are in} the details of the related party transactions have been disclosed in the financial statements compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable, and as required by the applicable Accounting Standards.

(xiv) nature of its business. a) The company has an adequate internal audit system commensurate with the size and b the company, in determining the nature, timing and extent of our audit procedure. ) We have considered, the internal audit reports for the financial year 2024-25, issued to (xv) the Company has not entered into any non-cash transactions with its directors or persons According to the information and explanations given to us, in our opinion during the year connected with its directors2013 are not applicable to the Company. and hence, provisions of section 192 of the Companies Act, (xvi) (a) In our opinion, the Company is not required to be registered under section 45-IA of the ^{Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a) and 3(xvi)(b) of} the Order is not applicable. made(b)ThebyCompanythe Reserveis notBanka Core Investmentof India. Accordingly,Companyclause(CIC) 3(xvi)(c)as definedof inthetheOrderregulations is not applicable.

(c) audit, the Group does not have any CIC. Accordingly, the requirements of clause 3(xvi)(d) According to the information and explanations provided to us during the course of the are not applicable.

(xvii) Accordinglosses in current and in the immediately preceding financial year. to information and explanation given to us, company has not incurred cash (xviii)consideration the issues, objections or concerns raised by outgoing auditor. There has been resignation of statutory auditor during the year and we have taken into (xix) According to information and explanation given to us and on the basis of the financial ^{ratios, aging and expected dates of realization of financial assets and payment of financial} theliabilities, other information accompanying the financial statements and our knowledge of Board of Directors and Management plans and based on our examination of the to believe that any material uncertainty exists as on the date of the audit report indicating evidence supporting the assumptions, nothing has come to our attention, which causes us thatsheet as and when they fall due within a period of one year from the balance sheet date. Company is not capable of meeting its liabilities existing at the date of the balance We further state that our reporting is based on the facts up to the date of the audit report We, however, state that this is not an assurance as to the future viability of the Company. period of one year from the balance sheet date, will get discharged by the Company as and and we neither give any guarantee nor any assurance that all liabilities falling due within a when they fall due.

(xx) WeResponsibility (CSR) on ongoing projects. Accordingly, reporting under clause 3 (xx) (a) have been informed that there are no unspent amount towards Corporate Social and (b) of the Order are not applicable for the year.

(xxi) Hence, no comment is given. The clause 3 (xxi) of the Order is not applicable to the standalone financial statements. Chartered AccountantsFor Kailash Chand Jain & Co.

ICAI Firm Registration No.: 112318W PartnerRonak Visaria

Place: MumbaiMember Reg. No.: 159973 UDIN:Date: May 06, 2025 25159973BMJDIU8477

Referredstatements ofHarshdeep Horticoto in Paragraph 2 (f) of ‘ReportLimited onfor Otheryear Legalended and Regulatory March 31, 2025 Requirements section of our Report of even date.

Wethe Companies have auditedAct, the2013 internal("the financialAct") controls over financial reporting of

("the Company") as Harshdeep Hortico Limited statements of the Company for the year ended on that date. of March 31, 2025 in conjunction with our audit of the financial TheManagements Responsibility Companys management isfor responsibleInternal Financial for establishingControls and maintaining internal financial considering the essential components of internal control stated in the Guidance Note on Audit ofcontrols based on the internal control over financial reporting criteria established by the Company AccountantsInternal Financialof IndiaControls(‘ICAI).overTheseFinancialresponsibilitiesReportingincludeissued theby design,the Instituteimplementationof Charteredand ^{maintenance of adequate internal financial controls that were operating effectively for ensuring the}safeguardingorderly and efficientof its assets,conductthe preventionof its business,and detectionincluding ofadherencefrauds andto errors,companysthe accuracypolicies, andthe information, as required under the Companies Act, 2013. completeness of the accounting records, and the timely preparation of reliable financial Auditors Our responsibilityResponsibility is to express an opinion on the Companys internal financial controls over Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and thefinancial reporting based on our audit. We conducted our audit in accordance with the Guidance CompaniesStandards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of theAct, 2013, to the extent applicable to an audit of internal financial controls, both Accountants of India. Those Standards and the Guidance Note require that we comply with ethicalapplicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered requirementsadequate internal financial controls over financial reporting was established and maintained and ifand plan and perform the audit to obtain reasonable assurance about whether such controls operated effectively in all material respects. internalOur auditfinancialinvolvescontrolsperformingsystemproceduresover financialto obtainreportingauditandevidencetheir operatingabout theeffectiveness.adequacy of Ourthe internalaudit of internal financial controls over financial reporting included obtaining an understanding offinancial controls over financial reporting, assessing the risk that a material weakness onexists, and testing and evaluating the design and operating effectiveness of internal control basedthe assessed risk. The procedures selected depend on the auditors judgment, including the or error. assessment of the risks of material misstatement of the financial statements, whether due to fraud for our audit opinion on the Companys internal financial controls system over financial reporting. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

Meaning of Internal Financial Controls over Financial Reporting reasonable assurance regarding the reliability of financial reporting and the preparation of financialA companys internal financial control over financial reporting is a process designed to provide 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 preparation^{transactions and dispositions of the assets of the company;} (2) Provideofreasonablefinancial statementsassuranceinthataccordancetransactionswith generallyare recordedacceptedas accountingnecessary principles, to permit authorisations of management and directors of the company; and and that receipts and expenditures of the company are being made only in accordance with acquisition,(3) Provide use,reasonableor dispositionassuranceof theregardingcompanyspreventionassets thator couldtimelyhavedetectiona materialof unauthorised effect on the financial statements.

Inherent Because of the inherent limitations of internal financial controls over financial reporting, includingLimitations of Internal Financial Controls over Financial Reporting duethe possibility of collusion or improper management override of controls, material misstatementsto error or fraud may occur and not be detected. Also, projections of any evaluation of the internalinternal financial controls over financial reporting to future periods are subject to the risk that thefinancial 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. In our opinion, the Company has, in all material respects, an adequate internal financial controlsOpinion operating effectively as at March 31, 2025 based onsystem over financial reporting and such internal financial controls over financial reporting werethe internal control over financial reporting in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by thecriteria established by the Company considering the essential components of internal control stated Institute of Chartered Accountants of India.

Fo Chartered Kailash Accountants Cha nd Jain & Co.

Firms Reg. No.: 112318W

Ronak PartnerMember Reg. No.:Visaria 159973

Date: May 06, 2025 Place: Mumbai

UDIN: 25159973BMJDIU8477