Naturite Agro Products Ltd Auditor Reports

To

e Members of Naturite Argo Products Limited

Report on e Audit of Ind AS Financial atements

Opinion

We have audited e accompanying financial atements of Naturite Argo Products Limited ("e Company"), which comprise e Balance Sheet as on March 31, 2025 and e atement of Profit and Loss (including Oer Comprehensive Income), e Cash Flow atement and e atement of Changes in Equity for e year en ended, and notes to e financial atements, including a summary of significant accounting policies and oer explanatory information (hereinafter referred to as e "financial atements").

In our opinion and to e be of our information and according to e explanations given to us, e aforesaid financial atements give e information required by e Companies Act, 2013 ("e Act") in e manner so required and give a true and fair view in conformity wi e Indian Accounting andards prescribed under section 133 of e Act read wi e Companies (Indian Accounting andards) Rules, 2015, as amended, ("Ind AS") and oer accounting principles generally accepted in India, of e ate of affairs of e Company as at March 31, 2025, and its Loss, its cash flows and e changes in equity for e year ended on at date.

Basis for Opinion

We conducted our audit of e financial atements in accordance wi e andards on Auditing specified under section 143(10) of e Act (SAs). Our responsibilities under ose andards are furer described in e Auditors Responsibility for e Audit of e Financial atements section of our report. We are independent of e Company in accordance wi e Code of Eics issued by e Initute of Chartered Accountants of India (ICAI) togeer wi e eical requirements at are relevant to our audit of e financial atements under e provisions of e Act and e Rules made ereunder, and we have fulfilled our oer eical responsibilities in accordance wi ese requirements and e ICAIs Code of Eics. We believe at e audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on e financial atements.

Key Audit Matters

Key audit matters are ose matters at, in our professional judgment, were of mo significance in our audit of e financial atements of e current period. ese matters were addressed in e context of our audit of e financial atements as a whole, and in forming our opinion ereon, and we do not provide a separate opinion on ese matters.

We do not have any key audit matters at needs to be communicated in our report.

Information Oer an e Financial atements and Auditors Report ereon

e Companys Board of Directors is responsible for e oer information. e oer information comprises e information included in e Directors report, but does not include e financial atements and our auditors report ereon.

Our opinion on e financial atements does not cover e oer information and we do not express any form of assurance conclusion ereon.

In connection wi our audit of e financial atements, our responsibility is to read e oer information and, in doing so, consider wheer e oer information is materially inconsient wi e financial atements or our knowledge obtained during e course of our audit or oerwise appears to be materially misated.

If, based on e work we have performed, we conclude at ere is a material misatement of is oer information, we are required to report at fact. We have noing to report in is regard.

Managements Responsibility for e Financial atements

e Companys Board of Directors is responsible for e matters ated in section 134(5) of e Act wi respect to e preparation of ese financial atements at give a true and fair view of e financial position, financial performance including oer comprehensive income/(loss), cash flows and changes in equity of e Company in accordance wi e Ind AS and oer accounting principles generally accepted in India. is responsibility also includes maintenance of adequate accounting records in accordance wi e provisions of e Act for safeguarding e assets of e Company and for preventing and detecting frauds and oer irregularities; selection and application of appropriate accounting policies; making judgments and eimates at are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, at were operating effectively for ensuring e accuracy and completeness of e accounting records, relevant to e preparation and presentation of e financial atement at give a true and fair view and are free from material misatement, wheer due to fraud or error.

In preparing e financial atements, management is responsible for assessing e Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using e going concern basis of accounting unless management eier intends to liquidate e Company or to cease operations, or has no realiic alternative but to do so.

ose Board of Directors are also responsible for overseeing e Companys financial reporting process.

Auditors Responsibility for e Audit of e Financial atements

Our objectives are to obtain reasonable assurance about wheer e financial atements as a whole are free from material misatement, wheer due to fraud or error, and to issue an auditors report at includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee at an audit conducted in accordance wi SAs will always detect a material misatement when it exis. Misatements can arise from fraud or error and are considered material if, individually or in e aggregate, ey could reasonably be expected to influence e economic decisions of users taken on e basis of ese financial atements.

As part of an audit in accordance wi SAs, we exercise professional judgment and maintain professional scepticism roughout e audit. We also:

Identify and assess e risks of material misatement of e financial atements, wheer due to fraud or error, design and perform audit procedures responsive to ose risks, and obtain audit evidence at is sufficient and appropriate to provide a basis for our opinion. e risk of not detecting a material misatement resulting from fraud is higher an for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or e override of internal control.

Obtain an underanding of internal financial control relevant to e audit in order to design audit procedures at are appropriate in e circumances. Undersection 143(3)(I) of e Act, we are also responsible for expressing our opinion on wheer e Company has adequate internal financial controls syem in place and e operating effectiveness of such controls.

Evaluate e appropriateness of accounting policies used and e reasonableness of accounting eimates and related disclosures made by e management.

Conclude on e appropriateness of managements use of e going concern basis of accounting and, based on e audit evidence obtained, wheer a material uncertainty exis related to events or conditions at may ca significant doubt on e Companys ability to continue as a going concern. If we conclude at a material uncertainty exis, we are required to draw attention in our auditors report to e related disclosures in e financial atements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on e audit evidence obtained up to e date of our auditors report. However, future events or conditions may cause e Company to cease to continue as a going concern.

Evaluate e overall presentation, ructure and content of e financial atements, including e disclosures, and wheer e financial atements represent e underlying transactions and events in a manner at achieves fair presentation.

Materiality is e magnitude of misatements in e financial atements at, individually or in aggregate, makes it probable at e economic decisions of a reasonably knowledgeable user of e financial atements may be influenced. We consider quantitative materiality and qualitative factors in (I) planning e scope of our audit work and in evaluating e results of our work; and (ii) to evaluate e effect of any identified misatements in e financial atements.

We communicate wi ose charged wi governance regarding, among oer matters, e planned scope and timing of e audit and significant audit findings, including any significant deficiencies in internal control at we identify during our audit.

We also provide ose charged wi governance wi a atement at we have complied wi relevant eical requirements regarding independence, and to communicate wi em all relationships and oer matters at may reasonably be ought to bear on our independence, and where applicable, related safeguards.

From e matters communicated wi ose charged wi governance, we determine ose matters at were of mo significance in e audit of e financial atements of e current period and are erefore e key audit matters. We describe ese matters in our auditors report unless law or regulation precludes public disclosure about e matter or when, in extremely rare circumances, we determine at a matter should not be communicated in our report because e adverse consequences of doing so would reasonably be expected to outweigh e public intere benefits of such communication. From e matters communicated wi ose charged wi governance, we determine ose matters at were of mo significance in e audit of e financial atements of e current period and are erefore e key audit matters. We describe ese matters in our auditors report unless law or regulation precludes public disclosure about e matter or when, in extremely rare circumances, we determine at a matter should not be communicated in our report because e adverse consequences of doing so would reasonably be expected to outweigh e public intere benefits of such communication.

Report on Oer Legal and Regulatory Requirements

1. As required by Section 143(3) of e Act, based on our audit we report at:

a) We have sought and obtained all e information and explanations which to e be of our knowledge and belief were necessary for e purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by e Company so far as it appears from our examination of ose books.

c) During e year, e company has no branch offices hence reporting under section 143(8) of e act is not applicable to e company.

d) e Balance Sheet, e atement of Profit and Loss including e atement of Oer Comprehensive Income, e Cash Flow atement and atement of Changes in Equity dealt wi by is Report are in agreement wi e books of account.

e) In our opinion, e afore said financial atements comply wi e Indian Accounting andards specified under Section 133 of e Act, read wi Companies (Indian Accounting andards) Rules, 2015, as amended.

f) On e basis of e written representations received from e directors as on March 31, 2025 taken on record by e Board of Directors, none of e directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164(2) of e Act.

g) Wi respect to e adequacy of e internal financial controls over financial reporting of e Company and e operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on e adequacy and operating effectiveness of e Companys internal financial controls over financial reporting.

h) Wi respect to e oer matters to be included in e Auditors Report in accordance wi e requirements of Section 197 of e Act, as amended:

In our opinion and based upon e audit procedures performed and e information and explanation given by e management, e provisions of section 197 read wi Schedule V to e Act is compiled by e company.

i) Wi respect to e oer matters to be included in e Auditors Report in accordance wi Rule 11 of e Companies (Audit and Auditors) Rules,2014, as amended in our opinion and to e be of our information and according to e explanations given to us:

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

ii. e Company did not have any long-term contracts including derivative contracts for which ere were any material foreseeable losses.

iii. ere were no amounts which were required to be transferred to e Inveor Education and Protection Fund by e Company.

iv. (a) e Management has represented at, to e be of its knowledge and belief, no funds (which are material eier individually or in e aggregate) have been advanced or loaned or inveed (eier from borrowed funds or share premium or any oer sources or kind of funds) by e Company to or in any oer person or entity, including foreign entities ("Intermediaries"), wi e underanding, wheer recorded in writing or oerwise, at e Intermediary shall, wheer, directly or indirectly lend or inve in oer persons or entities identified in any manner whatsoever by or on behalf of e Company ("Ultimate Beneficiaries") or provide any guarantee, security or e like on behalf of e Ultimate Beneficiaries

(b) e Management has represented at, to e be of its knowledge and belief, no funds (which are material eier individually or in e aggregate) have been received by e Company from any person or entity, including foreign entity ("Funding Parties"), wi e underanding, wheer recorded in writing or oerwise, at e Company shall, wheer , directly or indirectly, lend or inve in oer persons or entities identified in any manner whatsoever by or on behalf of e Funding Party ("Ultimate Beneficiaries ") or provide any guarantee, security or e like on behalf of e Ultimate Beneficiaries; and

( c) Based Based on such audit procedures at were considered reasonable and appropriate in e circumances, noing has come to our notice at has caused us to believe at e representations under sub-clause (a) and (b) contain any material misatement.

v. During e year e company has not declared any dividend. erefore compliance wi section 123 of e act was not applicable.

vi. Based on our examination, which included te checks, e Company has used accounting softwares for maintaining its books of account for e financial year ended March 31, 2025, which has a feature of recording audit trail (edit log) facility and e same has operated roughout e year for all relevant transactions recorded in e software. During e course of performing our procedures, we did not notice any inance of e audit trail feature being tampered wi. Furer, e audit trail, to e extent maintained in e prior year, has been preserved by e Company as per e atutory requirements for record retention.

2. As required by e Companies (Auditors Report) Order, 2020("e Order") issued by e Central Government in terms of Section 143(11) of e Act, we give in "Annexure A" a atement on e matters specified in paragraphs 3 and 4 of e Order.

	For M N Rao & Associates
	Chartered Accountants
	Firm Reg.No. 005386S
	Sd/-
	V. Sreekan Reddy
	Partner
	Membership No.023408
Place: Hyderabad
	UDIN: 25023408BMHYFT1571
Date: 26-05-2025

Annexure-A to e Auditors Report (referred to in paragraph 1 of our Report of even date to e

Members of "Naturite Argo Products Limited" for e year ended 31 March, 2025)

In terms of e information and explanations sought by us and given by e Company and e books of account and records examined by us in e normal course of audit and to e be of our knowledge and belief, we report at:

I. (a) (A) e Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

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

(b) e Company has a program of physical verification to cover all e items of Property, Plant and Equipment in a phased manner over a period of every ree years which, in our opinion is reasonable having regard to e size of e Company and e nature of its assets. Pursuant to e program, certain Property, Plant and Equipment were physically verified by e management during e year and no material discrepancies were noticed on such verification.

(c) Title deeds of all e immovable properties (oer an properties where e company is e lessee and e lease agreements are duly executed in favour of e lessee) are held in e name of e Company.

(d) e Company has not revalued its Property, Plant and Equipment (including right-of-use assets) and intangible assets during e year ended 31 March 2025.

(e) ere are no proceedings initiated or are pending again e Company for holding any benami property under e Benami Transactions (Prohibition) Act, 1988 and rules made ereunder.

ii. (a) e management has conducted physical verification of inventory at reasonable intervals during e year. In our opinion e coverage and e procedure of such verification by e management is appropriate. ere were no material discrepancies noticed on such physical verification.

(b) According to e information and explanations given to us, e Company has not been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at any point of time during e year, from banks or financial initutions on e basis of security of current assets. Hence, reporting on e quarterly returns or atements filed by e Company wi such banks or financial initutions hence under clause 3(ii)(b) of e Order is not applicable.

iii. e Company has not made any invements in, provided any guarantee or security, and granted any loans or advances in e nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any oer parties during e year, and hence reporting under clause 3(iii) of e Order is not applicable to e company.

iv. Based on e records examined by us in e normal course of audit, e company has not given any loans, or provided any guarantee or security as specified under Section 185 and 186 of e Companies Act, 2013. erefore e requirement to report on clause 3(iv) of e Order is not applicable to e Company.

v. Based on e records examined by us in e normal course of audit, e Company has not accepted any deposits from e public or accepted any amounts which are deemed to be deposits wiin e meaning of Sections 73 to 76 of e Act and e Companies (Acceptance of Deposits) Rules, 2014 (as amended), to e extent applicable. Accordingly, e requirement to report on clause 3(v) of e Order are not applicable to e Company.

vi. e maintenance of co records has not been specified by e Central Government under section 148(1) of e Companies Act, 2013 for any of e business activities carried out by e Company. us reporting under clause 3(vi) of e order is not applicable to e Company.

vii. (a) Based on e records examined by us in e normal course of audit, e Company is irregular in depositing wi appropriate auorities undisputed atutory dues including Goods and Services tax, Provident Fund, Employees ate Insurance, Income Tax, Sales Tax, Service Tax, Duty of Cuom, Duty of Excise, Value Added Tax, Cess and oer atutory dues applicable to it. According to e information and explanations given to us, no undisputed amounts payable in respect of ese atutory dues were outanding, at e year end, for a period of more an six mons from e date ey became payable.

(b) Based on e records examined by us in e normal course of audit, ere are no dues of income tax, sales tax, service tax, duty of cuoms, duty of excise, value added tax, Goods and Service Tax outanding on account of disputes.

viii. Based on e records examined by us in e normal course of audit, Company has not surrendered or disclosed any transaction, previously unrecorded in e books of account, in e tax assessments under e Income-tax Act, 1961 as income during e year. Accordingly, e requirement to report on clause 3(viii) of e Order is not applicable to e Company.

ix. (a) e company has not defaulted in repayment of loans or oer borrowings or in e payment of intere ereon to any lender.

(b) e Company has not been declared a wilful defaulter by any bank or financial initution or government or any government auority.

(c) Based on e records examined by us in e normal course of audit, e Company has taken term loans during e year and ere are no unutilized term loans at e beginning of e year and hence, reporting under clause 3(ix) (c) of e Order is not applicable.

(d) On an overall examination of e financial atements of e Company, no funds raised on short-term basis have been used for long-term purposes by e company.

(e) e Company did not have any subsidiary or associate or joint venture during e year and hence, reporting under clause 3(ix)(e) of e Order is not applicable.

(f) e Company did not have any subsidiary or associate or joint venture during e year and hence, reporting under clause 3(ix)(f) of e Order is not applicable.

x. (a) e Company has not raised any moneys by way of initial public offer or furer public offer (including debt inruments). Accordingly, clause 3(x)(a) of e Order is not applicable

(b) According to e information and explanations given to us and on e basisof our examination of e records of e Company, e Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during e year. Accordingly, clause 3(x)(b) of e Order is not applicable.

xi. (a) Based on examination of e books and records of e Company and according to e information and explanations given to us, considering e principles of materiality outlined in andards on Auditing, we report at no fraud by e Company or on e Company has been noticed or reported during e course of e audit.

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

(c) As represented to us by e Management, ere were no while blower complaints received by e Company during e year.

xii. e Company is not a Nidhi Company as per e provisions of e Companies Act, 2013. erefore, e requirement to report on clause 3(xii) of e Order is not applicable to e Company.

xiii.According to e information and explanations given to us, transactions wi e related parties are in compliance wi sections 177 and 188 of e Companies Act, 2013, where applicable, and e details of e related party transactions have been disclosed in e notes to e financial atements as required by e applicable accounting andards.

xiv. (a) Based on e information and explanations provided to us and our audit procedures, in our opinion, e Company has an internal audit syem commensurate wi e size and nature of its business

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

xv. In our opinion and according to e information and explanations given to us, Company has not entered into any non-cash transactions wi its Directors or persons connected wi its directors and hence, Provisions of section 192 of e Act, are not applicable and accordingly, requirement to report on clause 3(xv) of e Order is not applicable to e Company.

xvi. (a) e provisions of section 45-IA of e Reserve Bank of India Act, 1934 are not applicable to e Company. Accordingly, e requirement to report on clause 3(xvi)(a) of e Order is not applicable to e Company.

(b) e Company did not have any subsidiary or associate or joint venture during e year and hence, reporting under clause 3(xvi)(d) of e Order is not applicable.

xvii.e Company has incurred cash losses amounting to Rs.326.23 lakhs during e financial year covered by our audit and no cash losses in e immediately preceding financial year.

xviii. ere has been no resignation of e atutory auditors during e year and accordingly requirement to report on clause 3(xviii) of e Order is not applicable to e Company.

xix. On e basis of e financial ratios disclosed in Note 24 to e financial atements, ageing and expected dates of realization of financial assets and payment of financial liabilities, oer information accompanying e financial atements and our knowledge of e Board of Directors and Management plans and based on our examination of e evidence supporting e assumptions, noing has come to our attention, which causes us to believe at any material uncertainty exis as on e date of e audit report at Company is not capable of meeting its liabilities exiing at e date of balance sheet as and when ey fall due wiin a period of one year from e balance sheet date. We, however, ate at is is not an assurance as to e future viability of e Company. We furer ate at our reporting is based on e facts up to e date of e audit report and we neier give any guarantee nor any assurance at all liabilities falling due wiin a period of one year from e balance sheet date, will get discharged by e Company as and when ey fall due.

xx. e Company was not having net wor of rupees five hundred crore or more, or turnover of rupees one ousand crore or more or a net profit of rupees five crore or more during e immediately preceding financial year and hence, provisions of Section 135 of e Act are not applicable to e Company during e year. Accordingly, reporting under clause 3(xx) of e Order is not applicable for e company.

	For M N Rao & Associates LLP
	Chartered Accountants
	Firms Regiration No.005386S/S000195
	Sd/-
	V. Sreekan Reddy
	Partner
Place: Hyderabad	Membership No.023408
Date: 26-05-2025	UDIN: 25023408BMHYFT1571

ANNEXURE B TO E INDEPENDENT AUDITORS REPORT OF EVEN DATE ON E FINANCIAL ATEMENTS OF NATURITE ARGO PRODUCTS LIMITED

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

To e Members of Naturite Argo Products Limited

We have audited e internal financial controls over financial reporting of Naturite Argo Products Limited ("e Company") as of March 31, 2025 in conjunction wi our audit of e financial atements of e Company for e year ended on at date.

Managements Responsibility for Internal Financial Controls

e Companys Management is responsible for eablishing and maintaining internal financial controls based on e internal control over financial reporting criteria eablished by e Company considering e essential components of internal control ated in e Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by e Initute of Chartered Accountants of India. ese responsibilities include e design, implementation and maintenance of adequate internal financial controls at were operating effectively for ensuring e orderly and efficient conduct of its business, including adherence to e Companys policies, e safeguarding of its assets, e prevention and detection of frauds and errors, e accuracy and completeness of e accounting records, and e timely preparation of reliable financial information, as required under e Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on e Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance wi e Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (e "Guidance Note") and e andards on Auditing as specified under section 143(10) of e Companies Act, 2013, to e extent applicable to an audit of internal financial controls and, bo issued by e Initute of Chartered Accountants of India.

ose andards and e Guidance Note require at we comply wi eical requirements and plan and perform e audit to obtain reasonable assurance about wheer adequate internal financial controls over financial reporting was eablished and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about e adequacy of e internal financial controls syem over financial reporting and eir operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an underanding of internal financial controls over financial reporting, assessing e risk at a material weakness exis, and teing and evaluating e design and operating effectiveness of internal control based on e assessed risk. e procedures selected depend on e auditors judgment, including e assessment of e risks of material misatement of e financial atements, wheer due to fraud or error. We believe at e audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on e internal financial controls syem 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 e reliability of financial reporting and e preparation of financial atements for external purposes in accordance wi generally accepted accounting principles. A companys internal financial control over financial reporting includes ose policies and procedures at

(1) Pertain to e maintenance of records at, in reasonable detail, accurately and fairly reflect e transactions and dispositions of e assets of e company;

(2) Provide reasonable assurance at transactions are recorded as necessary to permit preparation of financial atements in accordance wi generally accepted accounting principles, and at receipts and expenditures of e company are being made only in accordance wi auorizations of management and directors of e company; and

(3) Provide reasonable assurance regarding prevention or timely detection of unauorized acquisition, use, or disposition of e companys assets at could have a material effect on e financial atements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of e inherent limitations of internal financial controls over financial reporting, including e possibility of collusion or improper management override of controls, material misatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of e internal financial controls over financial reporting to future periods are subject to e risk at e internal financial control over financial reporting may become inadequate because of changes in conditions, or at e degree of compliance wi e policies or procedures may deteriorate.

Opinion

In our opinion, e Company has, in all material respects, an adequate internal financial controls syem over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2025, based on e internal control over financial reporting criteria eablished by e Company considering e essential components of internal control ated in e Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by e Initute of Chartered Accountants of India.

	For M N Rao & Associates LLP
	Chartered Accountants
	Firms Regiration No.005386S/S000195
	Sd/-
	V. Sreekan Reddy
	Partner
Place: Hyderabad	Membership No.023408
Date: 26-05-2025	UDIN: 25023408BMHYFT1571