Mukta Agriculture Ltd Auditor Reports

To The Members M/S. MUKTA AGRICULTURE LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the financial statements of M/s. Mukta Agriculture Limited (“the Company”), which comprise the Balance Sheet as at 31st March 2026, 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 then ended on that date and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

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 (Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, including Indian Accounting Standards (Ind-AS) specified 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, 2026 and its loss and including other comprehensive income, its Cash Flow Statement and Changes in Equity 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the 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.

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

Key Audit Matter Description	Auditors Response
Exposure in group entities	Principal Audit Procedures Performed
The exposure within the group entities i.e. Carrying amount of the Companys investments, loans and advances, trade & other receivables (net of payables) accounts for majority of the total assets of the Company.	We compared the carrying value of these investments, loans and advances, trade & other receivable and trade payables with the respective related companies, Associates financial statement to identify whether their net assets were in excess of their carrying amount and assessed whether those companies Associates have historically been profit making.
Their recoverability is dependent on these group companies generating enough cash flows in future, estimation of which requires management judgement.	For those companies & associates where carrying amount exceeds the net asset value of the respective companies, Associates management stated that they have evaluated the relevant companies, Associates projected statement of profit and loss with their assumptions relating to key inputs such as projected long term growth and assessing the managements assumptions over the recoverability of intercompany receivables and we have not verified the same.

Information Other than the Financial Statements and Auditors Report thereon

The Companys Board of Directors is responsible for 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 in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, on the other information obtained prior to the date of this auditors report, 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 on the even date.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Companys 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 standalone financial statements that give a true and fair view of the financial position, financial performance in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act read with rule 7of the Companies (Accounts) Rules, 2014 (as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 charged with governance are 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.

As part of an audit in accordance with Standard on Auditing, we exercise professional judgment and maintain professional skepticism 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 Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone 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.

• Obtain sufficient appropriate audit evidence regarding the financial statement of the Company to express an opinion on the financial statements.

• Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings.

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 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, we give in the Annexure A, a statement on the matters specified in the paragraphs 3 and 4 of the order, to the extent applicable.

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

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 reports on the accounts of the branch offices of the Company audited under Section 143(8) of the Act by branch auditors are not applicable as there are no branches.

d. The financial statements, dealt with by this Report are in agreement with the books of account.

e. 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 (as amended).

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

g. we also audited the internal financial controls with reference to the financial statements of the Company as on 31^st March, 2026 in conjunction with the audit of the financial statements of the Company for the year ended on that date and our report dated 29-05-2026 as per Annexure B expressed unmodified opinion,

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 except those mentioned under Contingent Liabilities in Notes to Accounts.

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, other than as disclosed in the notes to the accounts, 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 accounts, 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 audit procedures which we considered reasonable and appropriate in the circumstances, nothing has come to their notice that has caused them to believe that the representations under sub-clause (i) and (ii) contain any material mis-statement.

v. The Company has not declared or paid any dividend during the year, hence the provisions of section 123 of the Companies Act, 2013 are not applicable on the Company for the reporting period.

vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has not operated throughout the year for all relevant transactions recorded in the software.

vii. With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act, in our opinion and according to the information and explanations given to us, the Company has complied with the limit prescribed by section 197 for maximum permissible managerial remuneration.

For Ashok Shetty & Co

Chartered Accountants

FRN: 117134W

CA Ashok R. Shetty

Partner

M.No: 102524

UDIN: 26102524KMAAFK7744

Place: Mumbai

Date: 15th May 2026

Annexure A to the Independent Auditors Report of even date to the members of the M/s. Mukta Agriculture Limited, on the financial statements for the year ended 31st March, 2026.

Report 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 (Refer to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date) With reference to the Annexure A referred to in the Independent Auditors Report to the members of the Company on the financial statements for the year ended March 31, 2026, we report the following:

i) In respect of Property, Plant & Equipment:

(a) (i) Maintenance of proper records showing full particulars, including quantitative details and situation of Property, Plant & Equipment.

As the Company is not having any intangible asset, the provisions of Clause (i)(a) of paragraph 3 of the order is not applicable to the Company.

(b) Physical Verification of Property, Plant and Equipment by the management at reasonable intervals.

As the Company is not having any intangible asset, the provisions of Clause (i)(b) of paragraph 3 of the order is not applicable to the Company.

(c) Immovable properties (in the nature of “property, Plant & Equipment”) which are not in the name of the Company.

As the Company is not having any intangible asset, the provisions of Clause (i)(c) of paragraph 3 of the order is not applicable to the Company.

(d) Revaluation of Property, Plant and Equipment during the year.

As the Company is not having any intangible asset, the provisions of Clause (i)(d) of paragraph 3 of the order is not applicable to the Company.

(e) Proceedings 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.

As per information provided by the Management and verification of documents provided, no such proceedings are initiated or pending against the Company.

ii) Inventory and Working Capital Limits:

(a) Physical Verification of Inventory:

As the company is not having any inventory, the provisions of Clause (ii)(a) of paragraph 3 of the order are not applicable to the Company.

(b) Working Capital Limits against Current Assets:

As the Company has not been sanctioned working capital limits in excess of ^5 crore, in aggregate, at any point during the year from banks or financial institutions on the basis of security of current assets. Accordingly, clause 3(ii)(b) of the Order is not applicable.

(iii) Investments, guarantees, security and loans/advances

(a) During the year, the Company has made investments in / provided guarantees or security / granted loans or advances in the nature of loans to companies, firms, Limited Liability Partnerships or any other parties as under:

(Rs in lakhs)

Sr. No. Particulars	Name of the Entity	Aggregate amount during the year	Balance as at 31-03-2026
1 Loans	Krishkan Investments Pvt. Ltd.	957.96	948.51
2 Advances in the nature of Loans	Nil	Nil	Nil
3 Guarantees	Nil	Nil	Nil
4 Security	Nil	Nil	Nil
5 Investments	3M Enterprises	-924.65	545.27

(b) In our opinion, the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided and security given during the year are not prejudicial to the interest of the Company.

(c) In respect of loans and advances in the nature of loans, the schedule of repayment of principal and payment of interest has been stipulated and the repayments/receipts are regular.

(d) There is no amount overdue for more than ninety days in respect of loans or advances in the nature of loans granted by the Company.

(e) There are no loans or advances in the nature of loans falling due during the year which have been renewed or extended, or fresh loans granted to settle the overdue amounts of existing loans granted to the same parties.

(f) As per the information and explanations given to us, the Company has granted loans or advances in the nature of loans which are payable on demand without specifying any terms or period of repayment, to promoters, related parties as defined in Section 2(76) of the Act, directors or other parties.

(iv) Compliance with Sections 185 and 186

In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 186 of the Act, as applicable, in respect of loans, investments, guarantees and security. The provisions of Section 185 of the Act are not applicable to the Company in respect of the aforesaid transactions.”.

(v) Deposits

The Company has not accepted any deposits or amounts which are deemed to be deposits within the meaning of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder.

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

(vi) Maintenance of cost records

As the Company is not prescribed to maintain cost records in pursuant to the rules made by the Central Government for maintenance of cost records under Section 148(1) of the Act,, clause 3(vi) of the Order is not applicable.

(vii) Statutory dues

(a) The Company is generally regular in depositing with the appropriate authorities 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 other material statutory dues applicable to it.

According to the information and explanations given to us and based on the examination of records, there were no undisputed statutory dues outstanding for a period of more than six months from the date they became payable, as at the balance sheet date.

(b) According to the information and explanations given to us, there are no dues of income-tax, sales- tax, service tax, GST, duty of customs, duty of excise or value added tax which have not been deposited on account of any dispute.

(viii) Unrecorded transactions

According to the information and explanations given to us and based on our examination of the books and records of the Company, there were no transactions which were not recorded in the books of account and which have been surrendered or disclosed as income during the year in tax assessments under the Income-tax Act, 1961.

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

(ix) Borrowings and utilisation of funds

a) As the company has not borrowed any amount, clause sub-clause (a) of clause ix of the Order is not applicable.

b) As per information given to us the Company has not been declared as a wilful defaulter by any bank or financial institution or other lender.

c) In our opinion and according to the information and explanations given to us, the Company has not raised money by way of term loans during the year and accordingly clause 3(ix) (c) of the Order is not applicable.

d) In our opinion and according to the information and explanations given to us, there are no funds raised on short term basis which have been utilised for long term purposes.

e) In absence of required information, we cannot comment whether 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) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

(x) Funds raised and utilisation

(a) The Company has not raised any money by way of initial public offer or further public offer during the year.

(b) The Company has not made any preferential allotment or private placement of shares or fully/partly/optionally convertible debentures during the year.

(xi) Fraud and whistle-blower complaints

(a) Based on our examination of the books and records of the Company and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the year.

(b) No report under Section 143(12) of the Act has been filed by us in Form ADT-4 with the Central Government during the year and up to the date of this report.

(c) According to the information and explanations given to us, there were no whistle-blower complaints received by the Company during the year.

(xii) Nidhi Company

The Company is not a Nidhi Company. Accordingly, clause 3(xii) of the Order is not applicable.

(xiii) Related party transactions

In our opinion and according to the information and explanations given to us, all transactions with related parties are in compliance with Sections 177 and 188 of the Act, where applicable, and the details of the transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) Internal audit

(a) The Company has an internal audit system commensurate with the size and nature of its business.

(b) The reports issued by the internal auditors during the year covering the period up to the date of our report have been considered by us.

(xv) Non-cash transactions with directors

According to the information and explanations given to us, the Company has not entered into any noncash transactions with directors or persons connected with its directors.

Accordingly, Section 192 of the Act is not applicable.

(xvi) Registration under RBI Act and activities relating to financial services

(a) On the basis of 50:50 test, due to total amount of Financial Assets and total income from Financial Assets, the Company is required to be registered under section 45-IA of The Reserve Bank of India Act, 1934. However, the Company has not obtained the requisite Certificate of Registration (“CoR”) from the Reserve Bank of India as at the balance sheet date., Accordingly, sub-clauses (a), (b), (c) and (d) of clause xvi of the Order are not applicable.

(xvii) Cash losses

The Company has earned cash profit during the year and incurred cash losses amounting to ^ 16.78 lakhs during the immediately preceding financial year.

(xviii) Resignation of statutory auditors

The previous Statutory Auditor did not resign during the year. The auditor ceased to hold office upon completion/expiry of the prescribed term of appointment, and a new Statutory Auditor was subsequently appointed by the Company. Since there was no resignation of the Statutory Auditor during the year, Clause 3(xviii) of the Companies (Auditors Report) Order, 2020 is not applicable.

Accordingly, the existing reporting under Clause 3(xviii), stating that there was no resignation of the statutory auditors during the year and that the clause is not applicable, is appropriate.

(xix) Material uncertainty regarding meeting liabilities

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 the 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 a guarantee as to the future viability of the Company. Our reporting is based on the facts and circumstances existing up to the date of our audit report.

(xx) Transfer of unspent CSR amounts

There is no liability of the Company under the provisions of section 135 of the Companies Act, relating to Corporate Social Responsibility. Therefore, the provisions of Clause (xx) of paragraph 3 of the Order are not applicable to the Company.

(xxi) Qualifications/adverse remarks in CARO reports of subsidiaries, associates and joint ventures

Since the Accounts prepared are on standalone basis and it does not include any amalgamation Accounts, the reporting under clause 3(xxi) is not applicable in respect of audit of financial statements of the Company. Accordingly, no comment has been included in respect of said clause in this report.

Based on the audit procedures performed, the information and explanations obtained, and the records and documents examined by us, the matters required to be reported under the Companies (Auditors Report) Order, 2020 have been reported above, to the extent applicable to the Company.

For Ashok Shetty & CO

Chartered Accountants

FRN: 117134W

CA Ashok R. Shetty

Partner

M. No.: 102524

UDIN: 26102524KMAAFK7744

Place: Mumbai

Date: 15th May 2026