HMA Agro Industries Ltd Auditor Reports

<dhhead>INDEPENDENT AUDITORS REPORT</dhhead>

To the Members of HMA Agro Industries Limited
OPINION

We have audited the accompanying standalone financial
statements of HMA Agro Industries Limited ("the Company"),
which comprise the balance sheet as at March 31, 2025, the
statement of Profit and Loss (including Other Comprehensive
Income), the statement of changes in equity and the statement
of cash flows for the year ended on that date and a summary
of significant accounting policies and other explanatory
information (hereinafter referred to as the "standalone
financial statements").

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 (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, ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2025 and its profit, total
comprehensive income, changes in equity and its cash flows
for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing ("SA"s) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditors
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 ("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 made thereunder, 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 obtained by us is sufficient and appropriate
to provide a basis for our audit opinion on the standalone
financial statements.

KEY AUDIT MATTERS

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
financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these
matters.

On the facts and circumstances of the company and the
audit, we determine that there are no key audit matters to
communicate.

INFORMATION OTHER THAN THE FINANCIAL
STATEMENTS AND AUDITORS REPORT THEREON

The Company’s Board of Directors is responsible for the
other information. The other information comprises the
information included in the Management Discussion and
Analysis, Board’s Report including Annexures to Board’s
Report, Business Responsibility and Sustainability Report,
Corporate Governance and Shareholders Information, but
does not include the consolidated financial statements,
standalone financial statements and our auditors report
thereon.

Our opinion on the standalone financial statements does not
cover the other information and we do 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 during the course of
our audit or otherwise appears to be materially misstated.

If, based on the 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.

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

The Company’s Board of Directors is responsible for the
matters stated in section 134(5) of the Companies Act, 2013
("the Act") with respect to the preparation of these financial
statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company

Key audit matters are those matters that, in our professional

in accordance with the accounting principles generally
accepted in India, including the Accounting Standards (AS)
specified under section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding o
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 interna
financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records
relevant to the preparation and presentation of the financia
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
management and Board of Directors are is responsible
for assessing the Companys ability to continue as a going
concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting
unless management either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to
do so.

Those Board of Directors are also responsible for overseeing
the Company’s financial reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THI
STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance abou
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditors report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered materia
if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taker
on the basis of these standalone financial statements.

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

? Identify and assess the risks of material misstatement ol
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 sufficieni

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 Companies Act, 2013, we are also responsible
for expressing our opinion on whether the company
has adequate internal financial controls system 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 and Board of
Directors.

? Conclude on the appropriateness of management and
Board of Directors use of the going concern basis of
accounting in preparation of financial statements 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 auditors 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 auditors report. However, future events or conditions
may cause the Company to cease to continue as a going
concern.

? Evaluate the overall presentation, structure and content
of the 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
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) to evaluate 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 auditors report unless law
or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such
communication.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by Section 143 (3) of the Act, based on
our audit we report 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 purposes of our audit.

b) 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, Statement
of Changes in Equity and the Statement of Cash Flows
dealt with by this Report are in agreement with the
books of account.

d) In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified under
Section 133 of the Act subject to the matters specified
in key audit matters and other matters.

e) On the basis of the written representations received
from the directors as on 31st March, 2025 taken

on record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2025 from
being appointed as a director in terms of Section 164
(2) of the Act.

f) 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 A". Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Company’s internal financial
controls with reference to standalone financial
statements.

g) With respect to the matter to be included in the
Auditors Report in accordance with requirements of
section 197(16) of the Act, as amended:

In our opinion and to the best of our information and
according to the information and explanations given
to us, the remuneration paid by the Company to its
directors during the current year is in accordance
with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in
the Auditors Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
as amended, in our opinion and to the best of our
information and according to the explanations given
to us:

i. The Company has disclosed the impact of
pending litigations on its financial position in its
standalone financial statements. Refer Note no.
39 to the standalone financial statements.

ii. The Company has not made any provision
against the pending litigation as the company
believes that these claims are not tenable and
hence no provisioning made by the company.

iii. There were no amounts as on 31^st March 2025,
which 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,
other than as disclosed in the notes to the
Financial Statements, no funds 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(s)
or entity(ies), including foreign entities
("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,
other than as disclosed in the notes to
the Financial Statements, no funds have
been received by the company from
any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with
the understanding, whether recorded in
writing or otherwise, that the company
shall, whether, directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever by or
on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries; and

(c) Based on such audit procedures that
have been considered reasonable and
appropriate in the circumstances, nothing
has come to our 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 mis-statement.

v. As stated in note 2.16 to the accompanying
standalone financial statement, the Board
of Directors of the company has recognizes
a liability to pay dividend to equity holders
when the distribution is authorized, and the
distribution is no longer at the discretion of

the company. As per corporate laws in India, a
distribution is authorized when it is approved
by the shareholders. A corresponding amount
is recognized directly in equity. Company
has declared and paid dividend (0.30 paise
per Share) during the period under review
pertaining to the financial year ended March 31,
2024.

vi. Based on our examination, which included
test checks, the Company has used accounting
softwares for maintaining its books of account
for the financial year ended March 31, 2025
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’s. Further, during the
course of our audit we did not come across
any instance of the audit trail feature being
tampered with. As proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 is applicable
from April 1, 2023, reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules,
2014 on preservation of audit trail as per the
statutory requirements for record retention
is not applicable for the financial year ended
March 31, 2025.

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

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements section of our report to the
Members of HMA Agro Industries Limited of even date)

Report on the Internal Financial Controls with reference
to Standalone Financials Statements under Clause (i) of
sub-section 3 of Section 143 of the Companies Act, 2013
(the "Act")

We have audited the internal financial controls with reference
to standalone financial statements of HMA Agro Industries
Limited (the "Company") as of March 31, 2025 in conjunction
with our audit of the standalone financial statements of the
Company for the year ended on that date.

Managements and Board of Directors Responsibility for
Internal Financial Controls

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

Auditors Responsibility

Our responsibility is to express an opinion on the Company’s
internal financial controls with reference to standalone
financial statements based on our audit. We conducted our
audit in accordance with the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting (the
"Guidance Note") issued by the ICAI and the Standards on
Auditing 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. 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 was established and maintained and if
such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial controls
with reference to standalone financial statements and
their operating effectiveness. Our audit of internal financial
controls with reference to standalone financial statements
included obtaining an understanding of internal financial
controls with reference to standalone financial statements,
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 auditor’s judgement, including the
assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.

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

Meaning of Internal Financial Controls with reference to
standalone financial statements

A companys internal financial control with reference to
standalone financial statements is a process designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted
accounting principles. A companys internal financial
control with reference to standalone financial statements
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures
of the company are being made only in accordance with
authorisations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or
disposition of the companys assets that could have a material
effect on the financial statements.

Inherent Limitations of Internal Financial Controls with
reference to Standalone Financial Statements

Because of the inherent limitations of internal financial
controls over financial reporting, including the possibility
of collusion or improper management override of controls,
material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of
the internal financial controls with reference to standalone
financial statements to future periods are subject to the risk
that the internal financial control 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

In our opinion, to the best of our information and according
to the explanations given to us, the Company has, in all
material respects, an adequate internal financial controls
with reference to standalone financial statements and such

internal financial controls with reference to standalone
financial statements were operating effectively as at March
31, 2025, based on the criteria for internal financial control
with reference to standalone financial statements established
by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued
by the ICAI.

ANNEXURE ‘B TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report to the

Members of HMA Agro Industries Limited of even date)

To the best of our information and according to the
explanations provided to us by the Company and the books of
account and records examined by us in the normal course of
audit, we state that:

We report that:

(i) ( a) (A) The company is maintaining proper records
showing full particulars, including quantitative
details and situation of Property, Plant and
Equipment;

(B) No Intangible assets during the period under
review;

(b) As explained to us and on the basis of our examination
of the records of the company, the Company has a
regular programme of physical verification of its
property, plant and equipment by which all Property,
plant and equipment are verified in a phased manner
over a period of three years. In accordance with the
programme, certain Property, plant and equipment
were verified during the year. In our opinion, this
periodicity of physical verification is reasonable
having regard to the size of the Company and the
nature of its assets. No material discrepancies were
noticed on such verification.

(d) 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 revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible assets
or both during the year.

(e) According to the information and explanations
given to us and on the basis of our examination of
the records of the Company and as explained to us,
no proceedings have been initiated or are pending
against the company for holding any benami property
under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder.

(ii) (a) In our opinion and according to the information given
to us, the company has maintained proper records
of its inventories. Physical verification of inventory
has been conducted at reasonable intervals by the
management. In our opinion, the coverage and
procedure of such verification by the management is
appropriate. No discrepancy of 10% or more in the
aggregate for each class of inventory were noticed on
physical verification of stocks by the management as
compared to book records.

(c) According to the information and explanations given
to us and on the basis of our examination of the
records of the Company, the title deeds of immovable
properties (other than immovable properties where
the Company is the lessee and the lease agreements
are duly executed in favour of the lessee) disclosed in
the standalone financial statements are held in the
name of the company.

(b) The Company has been sanctioned working capital
limits in excess of 5 crore, in aggregate, from banks
or financial institutions on the basis of security
of current assets at any point of time during the
year. The quarterly returns/statements filed by the
Company with such banks or financial institutions
are not fully in agreement with the books of account.
The details of discrepancies are as follows:

Stock Statement Details

( in millions)

Month	As Per Books				Stock Statement Submitted In Bank				Diff (A-B)
	Debtors	Creditors	Inventory	Total (A)	Debtors	Creditors	Inventory	Total (B)
April	3,553.69	620.32	1,234.33	5,408.34	3,828.83	342.01	1,230.86	5,401.70	6.64
May	3,765.19	642.01	1,263.99	5,671.19	3,937.41	454.14	1,261.46	5,653.01	18.18
June	3,974.71	772.12	1,213.83	5,960.66	3,913.59	909.82	1,139.90	5,963.30	-2.65
July	4,040.72	1,015.13	1,462.16	6,518.01	4,080.47	984.89	1,462.12	6,527.48	-9.47
August	4,154.64	869.90	1,534.95	6,559.49	4,277.81	737.39	1,535.31	6,550.52	8.97
September	5,872.04	908.04	1,502.39	8,282.47	5,876.23	904.21	1,502.39	8,282.83	-0.36
October	4,249.36	471.69	1,077.50	5,798.55	4,251.18	475.58	1,077.50	5,804.26	-5.71
November	4,135.53	410.47	957.69	5,503.70	4,170.83	367.23	956.15	5,494.21	9.48
December	5,945.67	40.02	917.42	6,903.11	5,975.74	13.49	917.42	6,906.65	-3.54
January	6,342.97	501.50	855.57	7,700.04	6,418.68	425.99	855.57	7,700.24	-0.20
February	6,034.39	588.45	1,011.97	7,634.81	6,021.22	599.72	1,012.34	7,633.28	1.53
March	5,587.83	646.01	926.97	7,160.82	5,637.11	596.33	926.97	7,160.41	0.41

(iii) (a) 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 made
investments, provided guarantee or security or
granted any loans or advances in the nature of loans,
secured or unsecured, to companies, firms, limited

liability partnerships or any other parties, details as
mentioned below.

(A) The company has provided loans or advances
and guarantees or security to subsidiaries, joint
ventures and associates. The details are as given
below: -

(B) The company has not provided any loans or
advances and guarantees or security to parties
other than subsidiaries, joint ventures and
associates.

(b) According to the information and explanations given
to us, the investments made, guarantees provided,
security given and the terms and conditions of the
grant of all loans and advances in the nature of loans
and guarantees provided are not prejudicial to the
companys interest.

(c) There is no stipulation of schedule of repayment
of principal and payment of interest and therefore
we are unable to comment on the regularity of
repayment of principal & payment of interest.

(d) Since the term of arrangement do not stipulate any
repayment schedule we are unable to comment
whether the amount is overdue or not.

(e) No loan or advance in the nature of loan granted
which has fallen due during the year, has been
renewed or extended or fresh loans granted to settle
the overdues of existing loans given to the same
parties.

(f) The company has granted loans or advances in

the nature of loans either repayable on demand or
without specifying any terms or period of repayment,
details as mentioned below.

Particulars	Amount ( in millions)	% of Total Loans Granted
Total such loans and advances	63.77	100%
Of which - Loans to Related Parties*	63.77	100%

*Related parties as defined in Clause (76) of Section
2 of the Companies Act, 2013.

(iv) In our opinion and according to the information and
explanation given to us, the company has complied with
the requirements of section 185 and 186 ofthe Companies
Act, 2013 in respect of loans granted, investment made
and guarantees and securities provide as applicable.

(v) The company has not accepted any deposits or amounts
which are deemed to be deposits covered under sections
73 to 76 of the Companies Act, 2013, hence clause 3(v) is
not required to report.

(vi) The maintenance of cost records has not been specified
by the Central Government under sub-section (1) of
section 148 of the Companies Act, 2013 for the business

S.No. Company	Aggregate Amount provided during financial year 2024- 2025 ( in millions)	Balance as on 31st March, 2025 ( in millions)
Guarantee Given
United Farm Products Pvt Ltd (subsidiary of HMA Agro 1 Industries Ltd)	650.00	650.00
Loan provided
1 Indus Farmers Food Co. LLP	8.00	35.55
2 HMA Natural Foods Private Limited	27.57	28.22
Advances to related Party
1 Laal Agro Food Private Limited	-	75.07
2 JFF Export Private Limited	-	404.35
3 HMA Food Export Private Limited	58.12	127.48
4 Reliable Agro Foods	81.90	162.33
5 Swastik Bone and Gelatines Private Limited	0.85	23.87

activities carried out by the Company. Hence, reporting
under clause (vi) of the Order is not applicable to the
Company.

(vii) (a) According to the records made available to us and on

the basis of our examination of the records of the
company, company is regular in depositing undisputed
statutory dues including Goods and Services Tax,
provident fund, employees state insurance, income-
tax, sales-tax, service tax, duty of customs, duty of
excise, value added tax, cess and any other statutory
dues to the appropriate authorities. According to
the information and explanation given to us and on
the basis of our examination of the records of the
company there were no outstanding statutory dues as
on 31st of March, 2025 for a period of more than six
months from the date they became payable.

(b) According to the information and explanations given
to us and on the basis of our examination of the records
of the company, there is no statutory dues referred
to in sub-clause (a) that have not been deposited on
account of any dispute, hence clause 3(vii)(b) is not
required to report.

(viii) According to the information and explanations given by
the management and on the basis of our examination of
the records of the company, there were no transactions
related to previously unrecorded income that have been
surrendered or disclosed as income during the year in
the tax assessments under the Income Tax Act, 1961.

(ix) (a) According to the information and explanations given

to us and on the basis of our examination of the
records of the Company, the Company did not have
any loans or borrowings from any lender during the
year, except the facility of packing credit availed from
the financial institutions and there is no default has
been noticed in the payment of this facility or in the
payment of interest thereon.

(b) According to the information and explanations given
by the management, the company is not declared
willful defaulter by any bank or financial institution
or other lender.

(c) In our opinion and according to the information
and explanations given by the management, the
Company has not obtained any term loans during the
year, hence clause 3(ix)(c) is not required to report.

(d) In our opinion and according to the information and
explanations given by the management, funds raised
on short term basis have not been utilized for long
term purposes.

(e) In our opinion and according to the information
and explanations given by the management, the
company has not taken any funds from any entity or
person on account of or to meet the obligations of its
subsidiaries, associates or joint ventures.

(f) In our opinion and according to the information and
explanations given by the management, the company
has not raised loans during the year on the pledge of
securities held in its subsidiaries, joint ventures or
associate companies.

(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. hence clause 3(x)
(a) is not required to report.

(b) The company has not made any preferential
allotment or private placement of shares or
convertible debentures (fully, partially or optionally
convertible) during the year, hence clause 3(x)(b) is
not required to report.

(xi) (a) According to the information and explanations

given by the management and on the basis of our
examination of the records of the Company, no fraud
by the company or any fraud on the company has been
noticed or reported during the year;

(b) No report under sub-section (12) of section 143 of
the Companies 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;

(c) According to the information and explanations
given to us by the management, no whistle-blower
complaints had been received by the company.

(xii) The company is not a Nidhi Company. Therefore, clause
3(xii) is not applicable on the company.

(xiii) In our opinion and according to the information and
explanations given to us, the transactions with related
parties are in compliance with Sections 177 and 188 of the
Companies Act, 2013, where applicable, and the details
of the related party transactions have been disclosed in

the standalone financial statements as required by the
applicable Indian Accounting Standards.

(xiv) (a) Based on information and explanations provided

to us and our audit procedures, in our opinion, the
Company has an internal audit system commensurate
with the size and nature of its business.

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

(xv) In our opinion and according to the information and
explanations given to us, the Company has not entered
into any non-cash transactions with its directors or
persons connected to its directors and hence, provisions
of Section 192 of the Companies Act, 2013 are not
applicable to the Company.

(xvi) (a) In our Opinion and based on our examination, the

Company is not required to be registered under
section 45-IA of the Reserve Bank of India Act, 1934
(2 of 1934). hence clause 3(xvi)(a) is not required to
report

(b) In our Opinion and based on our examination, the
Company is not required to be registered under
section 45-IA of the Reserve Bank of India Act, 1934
(2 of 1934). hence clause 3(xvi)(b) is not required to
report.

(c) In our Opinion and based on our examination, the
Company is not a Core Investment Company (CIC)
as defined in the regulations made by the Reserve
Bank of India, hence clause 3(xvi)(c) is not required
to report.

(d) According to the information and explanations given
by the management, the Group does not have any CIC
as part of the Group. hence clause 3(xvi)(d) is not
required to report.

(xvii) Based on our examination, the company has not
incurred cash losses in the current financial year and in
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
accompanying the financial statements, our knowledge
of the Board of Directors and management plans and
based on our examination of the evidence supporting
the assumptions, nothing has come to our attention,
which causes us to believe that any material uncertainty
exists as on the date of the audit report that the 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) In our opinion and according to the information
and explanations given to us and on the basis of our
examination of the records of the Company, there is no
unspent amount under sub-section (5) of Section 135
of the Companies Act, 2013 pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order
are not applicable.

(xxi) There have been no qualifications or adverse remarks
in the Companies (Auditors Report) Order (CARO)
reports of the companies included in the consolidated
financial statements. Accordingly, clause3(xxi) of the
Order is not applicable.

For MAPSS AND COMPANY

Chartered Accountants

Firm Regn No. 012796C

CA GYAN CHANDRA MISRA

Partner

Membership No. 078183

UDIN: 25078183BMJFQQ6093

Date: 29-05-2025

Place: Ghaziabad