Julien Agro Infratech Ltd Auditor Reports

To The Members of M/s JULIEN AGRO INFRATECH Limited
Report on the audit of financial statements
Opinion

We have audited the accompanying financial statements of M/s JULIEN AGRO INFRATECH LIMITED which comprises 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 Cash Flows for the year ended, and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information (hereinafter 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 aforesaid financial statements
give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and 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 in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies
Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the
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 together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies Act, 2013 and the Rules there under, 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 on the financial statements.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises
the information included in the Boards Report including Annexure to Boards Report, but does not include the financial
statements and our auditors report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the 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 Companys Board of Directors are 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 of the Company in accordance with the accounting principles generally accepted in India, including the
accounting Standards 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 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 statement 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 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 companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about 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 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 financial
statements.

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

• Identify and assess the risks of material misstatement of the 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 Companies Act, 2013, 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 managements 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 Companys 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 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 financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

B. 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.

C. 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.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Companies Act, 2013, The order is applicable to the company for the year under
audit as given in the "Annexure- A", a statement on the matters specified in paragraph 3 and 4 of the order.

I. As required by Section 143(3> of the Act, 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 and cash flow statement dealt with by this Report are in agreement
with the books of account.

d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

c. 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 over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in "Annexure B"

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

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, in our opinion and to the best of our information and according to the explanations
given to us:

i. The Company does not have any pending litigations which would impact its financial position;

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

iii. There were no amounts 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, no funds (which are material either
individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity
(Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

(b)The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity
(Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has
come to 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 misstatement.

\. The company has not declared or paid any dividend during the year. As such, provisions of section 123 of the Companies
Act, 2013 are not applicable.

vi. Based on our examination which included test checks, the Company has used accounting software 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 is under the process of implementation.

Annexure A to the Independent Auditors Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date
to the Members of M/s JULIEN AGRO INFRATECH Limited on financial statements for the year ended 31 March, 2025)

1. a. A) The company has maintained proper records showing full particulars, including quantitative details and situation
of Property, Plant and Equipment.

B) According to the information and explanation given to us, the Company does not have any Intangible Assets. As such,

the provisions of this clause are not applicable.

b. According to the information and explanation given to us, the Property, Plant and equipments have been
physically verified by the management at reasonable intervals. No material discrepancies were noticed on such
physical verification.

c. According to the information and explanations given to us, the company does not hold any immoveable
property. As such, the provisions of this clause are not applicable.

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, there are no proceedings initiated or pending against the Company for holding any benami
property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

2. a. According to the information and explanations given to us, the Company does not have any Inventory. As such, the
provisions of this clause are not applicable.

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 been sanctioned working capital limits in excess of five crore rupees, in
aggregate, from banks on the basis of security of current assets.

3. According 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 investments, provided guarantee or security or granted any advances in the

nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any other parties during the
year. The company has granted loans during the year, details of the loan is stated in sub clause (a) below:

a. According to the information and explanations given to us and based on the audit procedures conducted by us, we are
of the opinion that the terms and conditions of the loans given are, prima facie, not pre-judicial to the interest of 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, in the case of loans given, there is no stipulation of repayment of principal and payment of interest as the

loans are repayable on demand. So, we are unable to comment on the regularity of repayment.

c. 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 overdue amount for more than ninety days in respect of loans given.

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 granted any loans and advances in the nature of loans that are repayable on demand:

		All Parties	Promoters (including Directors)		Related Parties
Aggregate amount of loan/advance in the nature of loans payable on demand (A)	5.80.216
Percentage of Loan/ Advances in nature of loans to the total Loans	100%

4 According to the information and explanations given to us and on the basis of our examination of the records, the
Company has not given any loans, or provided any guarantee or security as specified under Section 185 of the Companies
Act, 2013 and the Company has not made any investments, provided any guarantee or security as specified under Section
186 of the Companies Act, 2013.

5. The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be
deposits within the meaning of sections 73 to 76 of the Companies Act and the rules made there under, to the extent
applicable. Accordingly, the provisions of the clause 3 (v) of the Order are not applicable to the Company.

ft. As informed to us, to maintenance of Cost Records has not been specified by the Central Government under sub-section
(1) of section 148 of the Act, in respect of the activities carried on by company. Accordingly, clause 3(vi) of the Order is
not applicable.

7. a. According to the information and explanations given to us and on the basis of our examination of the records of the
Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including Goods
and Services Tax(GST), Provident fund. Employees State Insurance. Income-tax, Duty of Customs, Cess and other
material statutory dues have generally been regularly deposited with the appropriate authorities. There are no
undisputed amounts payable in respect of GST, Provident fund. Employees State Insurance, Income-tax, Duty of Customs,
Cess and other material statutory dues were in arrears as at 31 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, there are no dues of GST, Provident fund, Employees State
Insurance, Income-tax, Sales tax, Service tax. Duty of Customs, Value added tax, Cess or other statutory dues which
have not been deposited by the Company on account of disputes.

As per the information and explanations given to us, the dues outstanding of Income Tax on account of any dispute is as
follows:

Nature of Statute	Nature of Dues	Disputed Amt Including Accrued Interest (INR)	Accrued Interest			Amount paid under protest (INR)	Financial Year to which it relates		Forum where the dispute is pending
Income Tax	Income Tax on Assessment	10,22,049					2009-10		CIT Appeal
Income Tax	Income Tax on Assessment	1,19,47,510	53,10,000				2010-11		CIT Appeal
Income Tax	Income Tax on Assessment	4,85.34,090	1,33,13,750				2011-12		CIT Appeal
Income Tax	Income Tax on Assessment	35,78,432	"			"	2012-13		CIT Appeal
Income Tax	Income Tax on Assessment	5,25,60,560	73,38,327				2013-14		CIT Appeal
Income Tax	Income Tax on Assessment	1,96,67,605		75,01,395	-			2014-15		CIT Appeal
Income Tax	Income Tax on Assessment	27,39.064		13,39,437	•			2016-17		CIT Appeal

8. There are no such transactions which are not recorded in the books of account which have been surrendered or disclosed
in income during the year in the tax assessment under the Income Tax Act, 1961.

9. 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 does not have any loans or borrowings from government, financial institutions or banks.

Accordingly, clause 3(ix)(a) of the Order is not applicable.

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 been declared a wilful defaulter by any bank or financial institution or government or

government authority.

c. According to the information and explanations given to us by the management, the Company has not obtained any
term loans. Accordingly, clause 3(ix)(c) of the Order is not applicable.

d. According to the information and explanations given to us and on an overall examination of the balance sheet of the
Company, we report that no funds have been raised on short-term basis by the Company. Accordingly, clause 3(ix(d) of
the Order is not applicable.

i. According to the information and explanations given to us and on an overall examination of the financial
statements of the Company, we report that the Company has not taken any funds from any entity or person on
account of or to meet the obligations of its subsidiaries as defined under the Companies Act, 2013. Accordingly,
clause 3(ix)(e) of the Order is not applicable.

ii. According to the information and explanations given to us and procedures performed by us, we report that the
Company has not raised loans during the year on the pledge of securities held in its subsidiaries as defined under
the Companies Act, 2013. Accordingly, clause 3(ix)(f) of the Order is not applicable.

10. a. According to the information and explanations given to us and procedures performed by us, the Company has not
raised any moneys by way of initial public offer or further public offer (including debt instruments). Accordingly, clause
3(x)(a) of the Order is not applicable.

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 or partly
convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable.

11. a. Based on the examination of the books and records of the company and according to the information and explanations
given to us, considering the principles of materiality outlined in the Standards of Auditing, we report that no fraud by
the company or on the Company has been noticed or reported during the course of the audit.

b. According to the information and explanations given to us, no report under sub-section (12) of section 143 of the
Companies Act, 2013 has been filed by the auditors in form ADT-4 as prescribed under Rule 13 of the Companies (Audit
and Auditors) Rules, 2014 with Central Government.

c. According to the information and explanations given to us. no whistle blower
complaints were received during the year. Accordingly, clause 3(xi)(c) is not applicable.

12. The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable to the
Company.

I V In our opinion and according to the information and explanations given to us, all transactions with the related parties
are in compliance with Section 177 and 188 of Companies Act, 2013, where applicable, and the details have been
disclosed in the standalone financial statements as required by the applicable Indian Accounting Standards.

14. a. According to the information given to us, the company has an internal audit system that commensurate with the size
and nature of the organization.

b. The reports of the internal auditors for the period under audit have been considered by us.

15. In our opinion and according to the information and explanations given to us, during the year 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.

lf>. The Company is not a NBFC and hence registration under section 45-IA of the Reserve Bank of India Act, 1934 is not
required. Hence, reporting under paragraph 3(xvi) of the Order is not applicable.

17. According to the information and explanations provided to us, the Company has not incurred cash losses in the current
year and in the immediately preceding financial year. Accordingly, the requirement to report on clause 3 (xvii) of the
Order is not applicable.

18. There has been no resignation of the statutory auditors during the year and therefore, the requirement to report on
clause 3 (xviii) of the Order is not applicable.

19. According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected
dates of realization 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.

20. According to the information and explanations given to us, the company is not required to undertake any corporate social
responsibility activities as per section 135 of the Companies Act, 2013. Accordingly, clause 3(xx) of the order is not
applicable.

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

"Annexure B" to the Independent Auditors Report of even date on the Financial Statements of M/s Julien Agro Infratech
Limited.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the
Act")

We have audited the internal financial controls over financial reporting of M/s Julien Agro Infratech Limited ("the Company") as
of March 31, 2025 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The companys management is responsible for establishing and maintaining internal financial control 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".

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 Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting 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") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section
143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an
audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. 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 over financial reporting 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 system
over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial reporting, 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 auditors judgment, 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 system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A companys internal financial control over financial reporting 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 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
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 authorizations 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 over Financial Reporting

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 over financial reporting to future periods are subject to the risk
that the internal financial 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.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting
and such internal financial controls over financial reporting were operating effectively as at March 31, 2025, 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".

For M K Kothari ft Associates

Chartered Accountants

Firm Registration No. 323929E

 

M K Kothari

Partner

Membership No. 059513

UDIN: 25059513BMII5H1669

 

Place: Kolkata

Date: 28th May 2025