Shri Ahimsa Naturals Ltd Auditor Reports

To the Members of

SHRI AHIMSA NATURALS LIMITED

(Formelry: Shri Ahimsa Mines and Minerals Limited)

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of SHRI AHIMSA NATURALS LIMITED (FORMERLY KNOWN AS SHRI AHIMSA MINES AND MINERALS LIMITED) ("the Company") which comprise the Standalone Balance Sheet as at 31 st March, 2025, the Standalone Statement of Profit and Loss and the Standalone Statement of Cash Flows for the year then ended, and notes to the standalone 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 ("the Act") in the manner so required and give a true and fair view in conformity with the Accounting Standards prescribed under section 133 of the Act read with Companies (Accounting Standard Rules), 2021 ("AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 st March, 2025, of the profit 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 (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs 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 ICAIs 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.

Emphasis of Matter

(i) We draw attention to Note - 38 of the Standalone Financial Statements, which describes the advance payment of 21 Lacs made on 24.01.2023 for purchase of Agriculture Land but the agreement is yet to be executed. The said amount is included in "Long Term Loans and Advances" in the Standalone Financial Statements.

(ii) We draw attention to Note ?€“ 39 of the Standalone Financial Statements, which describes the claim of

58.49 Lacs lodged with the United Insurance Company accounted for in financial year 2023-24 which is still pending for approval from the said insurance company. The said amount is included in "Short Term Loans and Advances" in the Standalone Financial Statements.

Our opinion is not modified in respect of above matters.

Other Information

The Companys Management and Board of Directors are responsible for the preparation of the other information. The other information comprises the information included in the Companys Annual Report, but does not include the Consolidated Financial Statements, Standalone Financial Statements and our auditors report thereon.

Our opinion on 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 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.

Managements and Board of Directors Responsibilities for the Standalone Financial Statements

The Companys Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the state of affairs, profit/loss and cash flows 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 standalone financial 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 respective Management and Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone 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 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 of 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 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 financial controls 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 respect 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 the Management and Board of Directors.

?€? Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in preparation of Standalone 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 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 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 mis-statements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 mis-statements 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.

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 Section 143(11) of the Act, we give in the Annexure "A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss and the Standalone 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 Accounting Standards specified under Section 133 of the Act; e) On the basis of the written representations received from the directors as on 1 st April, 2025 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2025 from being appointed as a director in terms of Section 164(2) of the Act; f) 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; In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 of the Act. g) 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 B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to Standalone Financial Statements, and 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 has disclosed the impact of pending litigations as on 31 st March, 2025 on its financial position in its Standalone Financial Statements. Refer Note 32 to the Standalone Financial Statements.

(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 entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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 entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Parties ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed 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) hereinabove, contain any material misstatement.

(v) The Company has neither declared nor paid any dividend during the year.

(vi) Based on our examination which includes test checks in our opinion, the Company has used such accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for records retention.

For Ummed Jain & Company

Chartered Accountants (Firms Registration No. 119250W)

(Akhil Jain)

Partner Place: Jaipur Membership No. 137970 Date: 27 th May, 2025 UDIN: 25137970BMLFJC7713

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in Paragraph 1 under "Report on Other Legal and Regulatory Requirements section of our Independent Auditors Report of even date to the members of Shri Ahimsa Naturals Limited (Formerly Shri Ahimsa Mines and Minerals Limited) on the Standalone Financial Statements for the year ended 31 st March, 2025)

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

(1) In respect of Companys Property, Plant and Equipment and intangible assets: (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

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

(b) The property, plant and equipment were physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification.

(c) Based on our examination of registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title deeds of all immovable properties (other than immovable properties where the Company is 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.

(d) The Company has not revalued any of its Property, Plant and Equipment (including Right of-use assets) or intangible assets or both during the year. Accordingly, the reporting under Clause 3(i) (d) of the Order is not applicable to the Company.

(e) No proceedings have been initiated during the year or are pending against the Company as at 31 st March, 2025 for holding benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder.

(2) (a) The physical verification of inventory other than materials lying with third party (which have been confirmed) has been conducted at reasonable intervals by the Management during the year. In our opinion, the frequency of such verification is reasonable and procedures and coverage as followed by management were appropriate. No discrepancies were noticed on verification between the physical stocks and the book records that were more than 10% in the aggregate for each class of inventory.

(b) During the year, the Company has been sanctioned working capital limits in excess of 5 Crores in aggregate, from bank on the basis of security of current assets. The Company has filed quarterly returns or statements with such bank, which are in agreement with the books of account of the Company other than those as set out below. The Company has not been sanctioned any working capital limit from the financial institutions.

Name of Bank	Quarter Ended	Amount as per		Amount as per	Difference
		Quarterly Returns		Books of Account	( in Lacs)
		(	in Lacs)	( in Lacs)
Canara Bank	30.06.2024		4480	4376	(+) 104
Canara Bank	30.09.2024		4452	4584	(-) 132
Canara Bank	31.12.2024		2382	2375	(+) 7
Canara Bank	31.03.2025		5265	5251	(+) 14

(3) During the year, the Company has not provided any guarantee or security to companies, firms, limited liability partnerships or any other parties. The Company has granted unsecured loan and has made investment in its subsidiary company. a) During the year, the Company has granted loans in respect of which:

(i) Aggregate amount of loan given to its subsidiary is 155 Lacs and outstanding balance of such loan is 161.02 Lacs as on 31 st March, 2025.

(ii) During the year, aggregate amount of loan provided to other parties (Employees) is

Nil and balance outstanding at the balance sheet date is Nil.

(7) In respect of statutory dues:

(a) The amounts deducted / accrued in the books of account in respect of undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues applicable to it were regularly deposited during the year with the appropriate authorities although there has been delay in some cases.

No undisputed amounts payable in respect of the Goods and Service Tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues were in arrears as at 31 st March, 2025 for a period of more than six months from the date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) hereinabove which have not been deposited by the Company as at 31 st Mar ch , 2025 on account of any disputes are as under: -

Name of the Statute	Nature of Dues	Amount ( )	Period to which the	Forum where
			amount relates	dispute is pending
The Customs Act,	Custom Duty	24.64 Lacs	05.12.2017 to	Customs, Excise
1962			11.01.2019	and Service Tax
				Appellate Tribunal
The Income Tax Act,	Tax Deducted at	0.59 Lacs	Assessment Years	Income Tax officer
1961	Source		2008-09, 2009-10,
			2011-12, 2013-14,
			2021-22 and
			2024-25

b) In respect of investments made and terms and conditions of the grant of loan during the year, prima facie, not prejudicial to the interest of the Company. c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest have not been stipulated, therefore reporting under clauses 3(iii) (c), (d) and (e) are not applicable. d) The Company has granted the loan or advances in the nature of loan either repayable on demand or without specifying any terms or period of repayment during the year. Aggregate amount of such loan is

155 Lacs which is hundred percent of total loans granted and the entire amount has been given to a related party (i.e. subsidiary company) as defined in clause (76) of Section 2 of Companies Act, 2013.

(4) In our opinion, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans and investments made and the Company has not given and guarantee or security during the year.

(5) The Company has not accepted any deposits or amounts which are deemed to be deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and Companies (Acceptance of Deposit) Rules, 2014 with regard to the deposits accepted from public are not applicable to the Company and no order has been passed by the Company Law Board or National

Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal on the Company.

(6) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(8) There were no transactions relating to previously unrecorded income in the books of account that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(9) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest to any lender.

(b) The Company has not been declared a willful defaulter by any bank or financial institution or government or any government authority except that the name of the Company has been included in defaulter list due to wrongful demand of foreclosure and other charges by Aditya Birla Finance Limited. The Company has filed an application (no. 79/2023) before the Court of Permanent Lok Adalat, Jaipur Mahanagar-II against Aditya Birla Finance Limited for closure of its loan account, issuance of no dues certificate and removal of the name of the Company from defaulter lists of credit agencies.

(c) The Company has neither obtained any term loan during the year, nor any term loan was outstanding at the beginning of the year. Accordingly, the reporting under clause 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the standalone balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the Company.

(e) 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 Act. The Company does not hold any investment in any associate or joint venture (as defined under the Act) during the year ended 31 st March , 2025. (f) The Company has not raised any loan during the year on pledge of securities held in its subsidiaries (as defined under the Act.) The Company does not hold any investment in any associate or joint venture (as defined under the Act) during the year ended 31 st March, 2025.

(10) (a) The Company has raised a sum of 5002.28 Lakhs by way of initial public offer on 29 th March, 2025 which was lying in a separate bank account at the end of the year. As the funds raised in initial public offer were received two days before the end of the year, therefore, the said amount could not be utilized for the purposes for which it was raised. The Company has not raised any money by way of further public offer (including debt instruments) during the year.

(b) The Company has made preferential allotment or private placement of equity shares during the year and the requirements of Section 42 and Section 62 of the Act has been complied with. The funds raised through preferential allotment or private placement have been used for purposes for which the funds were raised. The Company has not issued convertible debentures during the year.

(11) (a) Based on the audit procedures performed for the purpose of reporting the true and fair view of the standalone financial statements and as per the information and explanations given to us, we report that no fraud by the Company or on the Company has been noticed or reported during the course of the audit.

(b) No report under sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central

Government of India, during the year and up to the date of this report.

(c) As represented to us by the Management, the Company has not received any whistle-blower complaints during the year.

(12) The Company is not a Nidhi Company. Accordingly, clauses 3(xii) (a) to (c) of the Order is not applicable to the Company.

(13) In our opinion, the transactions with related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable, and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

(14) The Company is not required to conduct Internal Audit under the provisions of Section 138 of the Act. Accordingly, clause 3(xiv) of the Order is not applicable to the Company.

(15) In our opinion 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 Act are not applicable to the Company. (16) (a) In our opinion, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

(b) In our opinion, there is no core investment Company with in the Group as defined in Core Investment Companies (Reserve Bank) Directions, 2016. Accordingly, reporting under clause 3(xvi) (d) of the Order is not applicable.

(17) The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year. Accordingly, clause 3(xvii) of the Order is not applicable to the Company.

(18) There has been no resignation of the statutory auditors of the Company during the year. Accordingly, the reporting under Clause 3(xviii) of the Order is not applicable to the Company.

(19) On the basis of the financial ratios (refer Note 37 to the standalone financial statements), ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements and 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 indicating 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) (a) There is no unspent amount under sub-section (5) of Section 135 of the Act in respect of other than ongoing projects. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable.

(b) There is no unspent amount under sub-section (5) of section 135 of the Companies Act, pursuant to ongoing projects. Accordingly, reporting under clause 3(xx)(b) of the Order is not applicable.

	For Ummed Jain & Company
	Chartered Accountants
	(Firm\u2019s Registration No. 119250W)
	(Akhil Jain)
	Partner
Place: Jaipur	Membership No. 137970
Date: 27 th May, 2025	UDIN: 25137970BMLFJC7713

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in Paragraph 2(g) under "Report on Other Legal and Regulatory Requirements section of our Independent Auditors Report of even date to the members of Shri Ahimsa Naturals Limited (Formerly Shri Ahimsa Mines and Minerals Limited) on the Standalone financial statements as of and for the year ended 31 st March, 2025)

Report on the Internal Financial Controls with reference to the Standalone financial 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 Shri Ahimsa Naturals Limited (Formerly Shri Ahimsa Mines and Minerals Limited) ("the Company") as of 31 st March, 2025 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to the Standalone Financial Statements 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 (the "Guidance Note") 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 Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to Standalone Financial Statements based on our audit. We conducted our audit in accordance with the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013 and the Guidance Note issued by the ICAI, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Standalone Financial Statements were established and maintained and whether 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 the Standalone Financial Statements and their operating effectiveness. Our audit of

50 SHRI AHIMSA NATURALS LIMITED internal financial controls with reference to the Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to the 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 assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Standalone 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 with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A Companys internal financial controls with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Financial Statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial controls 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 Standalone 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 unauthorised acquisition, use, or disposition of the Companys assets that could have a material effect on the Standalone Financial Statements.

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

Because of the inherent limitations of internal financial controls with reference to Standalone Financial Statements, 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 controls 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 31 st March, 2025 based on the criteria for internal financial controls 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.

For Ummed Jain & Company

Chartered Accountants (Firms Registration No. 119250W)

(Akhil Jain)

Partner Place: Jaipur Membership No. 137970 Date: 27 th May, 2025 UDIN: 25137970BMLFJC7713