Shri Ahimsa Naturals Ltd Auditor Reports

INFORMATION OF SHRI AHIMSA NATURALS LIMITED (FORMERLY SHRI AHIMSA MINES AND MINERALS LIMITED)

To,

The Board of Directors,

Shri Ahimsa Natural Limited,

(Formerly Shri Ahimsa Mines and Minerals Limited), E-94, RIICO Industrial Area, Bagru Extension, Bagru- 303007 Rajasthan

Dear Sirs,

1. We have examined, the attached Restated Consolidated Financial Information of Shri Ahimsa Naturals Limited (Formerly Shri Ahimsa Mines and Minerals Limited ("the Company") (CIN: U14101RJ1990PLC005641), and its subsidiary (The Company and its subsidiary together referred to as the "Group") comprising the Restated Statement of

Assets and Liabilities (Balance Sheet) as at September 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, the Restated Statement of Profit and Loss and the Restated Statement of Cash Flow for the half year ended September 30, 2024, for the years ended March 31, 2024, March 31, 2023 and March 31, 2022, the Summary of Significant Accounting Policies and other explanatory information (collectively the "Restated Consolidated Financial Information"), as approved by the

Board of Directors of the Company at their meeting held on 21st January, 2025 for the purpose of inclusion in Red Herring

Prospectus ("RHP") / Prospectus (collectively referred to as ‘Offer Documents) prepared by the Company in connection with its proposed Initial Public Offer of Equity Shares (‘IPO) prepared in terms of the requirements of:-

a. Section 26 of Part I of Chapter III of the Companies Act, 2013 ("the Act");

b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended

(the "ICDR Regulations"); and

c. The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of

India as amended from time to time ("the Guidance Note").

2. The Companys Board of Directors is responsible for the preparation of the Restated Consolidated Financial Information for the purpose of inclusion in RHP to be filed with Securities and Exchange Board of India ("SEBI"), relevant stock exchanges where the equity shares of the Company are proposed to be listed, in connection with the proposed IPO. The Restated Consolidated Financial Information have been prepared by the management of the Company on the basis of preparation stated in the Significant Accounting Policies and Notes to Accounts as set out in Restated Consolidated Financial Information. The responsibility of the respective Board of Directors of the Companies included in the Group includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Information. The respective Board of Directors are also responsible for identifying and ensuring that the Group complies with the Act, ICDR Regulations and the Guidance Note.

3. We have examined such Restated Consolidated Financial Information taking into consideration:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 5^th December, 2024 in connection with the proposed IPO of equity shares of the Company.

b) The Guidance Note. The Guidance Note also requires that we comply with the ethical requirements of the code of ethics issued by ICAI.

c) Concepts of test check and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Consolidated Financial Information, and

d) The requirements of section 26 of the Act and the ICDR Regulation.

Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the proposed IPO of the company.

4. The Restated Consolidated Financial Information of the Company have been compiled by the management from:

(i) Audited Consolidated Financial Statements of the Group as at and for the half year ended September 30, 2024 prepared in accordance with the Accounting Standards prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India which was approved by the Board of Directors at their meeting held on 13^th January, 2025.

(ii) Audited Consolidated Financial Statements of the Group as at and for the year ended March 31, 2024 prepared in accordance with the Accounting Standards prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India which was approved by the Board of Directors at their meeting held on 10^th June, 2024.

(iii) Audited Consolidated Financial Statements of the Group as at and for the year ended March 31, 2023 prepared in accordance with the Accounting Standards prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India which was approved by the Board of Directors at their meeting held on 31^st August, 2023.

(iv) Audited Standalone Financial Statements of the Company as at and for the year ended March 31, 2022 prepared in accordance with the Accounting Standards prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India which was approved by the Board of Directors at their meeting held on 31^st August, 2022.

5. For the purpose of our examination, we have relied on: -

(a) Auditors Report issued by us on dated 13^th January, 2025 on the Consolidated Financial Statements of the Group as at and for the half year ended September 30, 2024 as referred in paragraph 4(i) above which included Basis of Qualified Opinion paragraph as mentioned below:

(i) We draw your attention to Note No. 35 of the consolidated financial statements regarding purchases of agricultural land and payment of advance of Rs. 21 Lacs for such purchase, as more fully described in the said Note. We are unable to make any further comments in this regard in absence of agreement/ Conveyance Deed in favour of the Company.

(ii) We draw your attention to Note No. 36 of the consolidated financial statements regarding accounting for Insurance Claim Rs. 58.49 Lacs which is yet to be approved as more described in the said Note. We are unable to make any further comment in this regard in absence of approval of claim by the respective insurance company.

(b) Auditors Report issued by M/s Jain Vinod and Company on dated 10^th June, 2024 on the Consolidated Financial Statements of the Group as at and for the year ended March 31, 2024 as referred in paragraph 4(ii) above which included Basis of Qualified Opinion paragraph as mentioned below:

(i) We draw your attention to Note No. 37 of the consolidated financial statements regarding purchases of agricultural land and payment of advance of Rs. 21 Lacs for such purchase, as more fully described in the said Note. We are unable to make any further comments in this regard in absence of agreement/ Conveyance Deed in favour of the Company.

(ii) We draw your attention to Note No. 38 of the consolidated financial statements regarding accounting for Insurance Claim Rs. 58.49 Lacs which is yet to be approved as more described in the said Note. We are unable to make any further comment in this regard in absence of approval of claim by the respective insurance company.

(c) Auditors Report issued by M/s Jain Vinod and Company on dated 31st August, 2023 on the Consolidated Financial

Statements of the Group as at and for the year ended March 31, 2023 as referred in paragraph 4(iii) above which included Basis of Qualified Opinion paragraph as mentioned below:

(i) We draw your attention to Note No. 37 of the consolidated financial statements regarding purchases of agricultural land and payment of advance of Rs. 21 Lacs for such purchase, as more fully described in the said Note. We are unable to make any further comments in this regard in absence of agreement/ Conveyance Deed in favour of the Company.

(d) Auditors Report issued by M/s Jain Vinod and Company on dated 31st August, 2022 on the Standalone Financial Statements of the Company as at and for the year ended March 31, 2022 as referred in paragraph 4(iv) above which included Basis of Qualified Opinion paragraph as mentioned below:

(i) We draw attention to Note No. 34 of the financial statements regarding non-provision of doubtful debts and advances amounting to Rs. 23.71 lacs. We further report that, had this observation made by us herein above been considered, the Profit for the year would have been lower by Rs. 23.71 lacs, Reserves and Surplus would have been Rs. 2178.89 lacs instead of Rs. 2202.60 lacs, Trade Receivables would have been Rs. 370.35 lacs instead of Rs. 392.06 lacs and Long-Term Loans and Advances would have been Rs. 38.17 lacs instead of Rs. 40.17 lacs. This matter was also qualified in our report on the financial statements for earlier years.

Now the provision for doubtful debts and advances of Rs. 23.71 lacs was made in year ended 31^st March, 2022 in the Restated Financial Statements. Therefore, the impact of the above qualification has been considered in Restated Financial Statements.

6. Based on our examination and according to the information and explanations given to us we report that the Restated Consolidated Financial Information:

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2024, March 31, 2023, and March 31, 2022 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the half year ended September 30, 2024;

b) contains qualifications as mentioned paragraph 5(a), 5(b) and 5(c) hereinabove and the effect of above qualifications is not ascertainable; therefore, no any adjustments have been made in the Restated Financial Statements for the half year ended September 30, 2024 and for the years ended 31^st March, 2024 and 31^st March, 2023. However, those qualifications in the Companies (Auditors Report) Order, 2020 issued by the Central Government of India in terms of sub section (11) of section 143 of the Act, which do not require any corrective adjustments in the Restated Consolidated Financial Information have been disclosed in the Note No. 51 of Annexure V to the Restated Consolidated Financial Information; and

c) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

7. We have not audited any financial statements of the Group as of any date or for any period subsequent to 30^th September, 2024. Accordingly, we express no opinion on the financial position, results of operations and cash flows of the Group as of any date or for any period subsequent to 30^th September, 2024.

8. The Restated Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited Consolidated Financial Statements in paragraph 4 above.

9. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us, nor should this report be construed as a new opinion on any of the consolidated financial statements referred to herein.

10. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

11. Our report is intended solely for use of the Board of Directors for inclusion in the RHP to be filed with SEBI and the stock exchanges where the equity shares of the company are proposed to be listed in connection with the proposed IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

	For Ummed Jain and Company
	Chartered Accountants
	Firms Registration No. 119250W
Place: Jaipur	Sd/-
Dated: 21st January, 2025	(CA Akhil Jain)
	Partner
	Membership No. 137970
UDIN:25137970BMLFFU6110