Vegorama Punjabi Angithi Ltd Auditor Reports

To the Members of Vegorama Punjabi Angithi Limited (formerly known as Vegorama Punjabi
Angithi Private Limited)

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Vegorama Punjabi Angithi Limited (formerly
known as Vegorama Punjabi Angithi Private Limited) ("the Company"), which comprise the
Balance Sheet as at 31 March, 2025, the Statement of Profit and Loss, and Statement of Cash
Flows for the year then ended, and notes to the financial statements, including a summary of the
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 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, of the state of affairs of the Company as at 31
March, 2025, and profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Sectionl43(10) of the Act. Our responsibilities under those SAs 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 Act and the Rules thereunder, 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.

Other Information

The Companys management and Board of Directors are responsible for the other information.
The other information comprises the information included in the Companys Annual 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 identified above when it becomes available 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, 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 Responsibility for the 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 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 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, the 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 is also responsible for overseeing the Companys financial reporting
process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditors report that includes our opinion. Reasonable assurance is a high level of assurance but
is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

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

• Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing opinion on the effectiveness of entitys internal controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness q?>

accounting estimates and related disclosures in the financial statements made bjyp?

Management and Board of Directors. fv/ (("

• Conclude on the appropriateness of the Management and Board of Directors use afohe
going concern basis of accounting and, based on the audit evidence obtained, whethN^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.

Materiality is the magnitude of misstatements in the 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 misstatements in the 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 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, we report that:

(a) We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purposes of our audit:

(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books:

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt
with by this report are in agreement with the books of account:

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

Rules, 2014 as amended:

(e) On the basis of the written representations received from the and taken on recordto-tbe.

Board of Directors, none of the directors is disqualified as on 31 March, 2C^^ram^\
being appointed as a director in terms of Section 164 (2) of the Act: 1*^

(f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer Annexure B of our
report.

(g) 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 on its financial position in
its 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 of the Company has represented that, to the best of its
knowledge and belief, other than as disclosed in the financial statements, no
funds have been advances or loaned or invested (either from the borrowed
funds or share premium or any other sources or any kinds 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, 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 of the Company has represented that, to the best of its
knowledge and belief, other than as disclosed in the financial statements, no
funds have been received by the Company in any other person or entity,
including foreign entities ("Funding Parties"), with the understanding, that
Company had recorded in writing or otherwise, 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 Parties ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries; and

(c) Based on such audit procedures that we have considered reasonable and
appropriate in the circumstances nothing has come to the notice that has
occurred them to believe that the representations under sub-clause (a) and (b)
contain any material misstatement.

The Company has not declared and paid any dividend during the year.

Vi. Based on our examination, which included test check, the company has used an
accounting software for maintaining its books of account during the year.
Further as inform by the management company is in the process of establishing
necessary controls and documentations regarding audit trail. Consequently, we
are unable to comment on audit trial feature of the said software.

Annexure A to the Independent Auditors Report of even date on the financials
statements of Vegorama Punjabi Angithi Limited (formerly known as Vegorama Punjabi
Angithi Private Limited) for the year ended March 31,2025

(a) (A) The Company has maintained proper records showing full particulars, including
quantitative details and situation of property, plant and equipment.

(B) The Company is maintaining proper records showing full particulars of
intangible assets.

(b) The Company has a regular programme of physical verification of its fixed assets by
which all the physical fixed assets are verified at reasonable intervals (i.e. once in
every 3 years). In our opinion, this periodicity of physical verification is reasonable
having regard to the size of the company and the nature of its assets.

(c) The Company own immovable property during the year, therefore paragraph 3(i)(c)
of the Order is applicable to the Company.

(d) The Company has not revalued its property, plant and equipment during the year.

(e) As per information and explanation provided to us, no proceedings have been
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.

II. (a) The inventory except goods-in-transit has been physically verified by the
management during the year at reasonable intervals.

(b) The company has not been sanctioned working capital limits in excess of five crores
rupees, in aggregate, from banks or financial institutions on the basis of security of
current assets. Hence reporting under clause 3(ii)(b) of the order is not applicable.

III. The Company has not made investments in and granted loans to companies and other
parties during the year.

IV. The Company has not provided any guarantee or security to any other entity during the
year.

V. According to the information and explanations given to us, the Company has complied
with the provision of Section 185 and 186 of the companies Act, 2013.

VI. According to the information and explanations given to us, the Company has not
accepted any amount as mentioned in the provisions of section 73 to 76 or any other
relevant provisions of the Companies Act and rule made thereunder.

VII. According to the information and explanations given to us, the Central Government has

not prescribed the maintenance of cost records under Section 148(1) of the Act
services provided by it. Therefore, the provisions of Clause (vi) of paragraph 3 oUtra>
order are not applicable to the company. [*(

SVfw

VIII. (a) According to information and explanations given to us and on the basis
examination of the books of account and records, the Company has been generally**-
regular in depositing undisputed statutory dues including provident fund, employees
state insurance, income-tax, sales tax, duty of customs, duty of excise, value added tax, j
goods and service tax and other statutory dues with the appropriate authorities. ^

Further, there were no outstanding dues as of March 31, 2025, for a period of more than
six months from the date they become payable.

(b) According to information and explanations given to us, there are no dues in respect
of Income-tax and Provident Fund which have not been deposited by the Company with
the appropriate authorities on account of dispute.

IX According to information and explanations given to us, there are no such transactions
that have been disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961 [43 of 1961), which are not recorded in the books of account.

X. [a) According to information and explanations given to us, there was no default in the
repayment of loans and interest thereon to banks.

[b) The Company has not been declared wilful defaulter by any bank or financial
institutions.

fc) m our opinion and according to the information and explanations given to us, the
Company has utilized the money obtained by way of terms loans during the year for the
purposes for which they were obtained.

fd) According to the information and explanations given to us, and the procedures
performed by us, and on an overall examination of the financial statements of the
Company, we report that no funds raised on short-term basis have been used for long-
term purposes by the Company.

(e) According to the information and explanations given to us and on an overall
examination of the financial statements of the company, we report that the company has
not taken any funds from any entity or person on account of or to meet the obligations
of its subsidiaries, associates or joint ventures.

XI. (a) According to the information and explanations given to us, the company has not
raised any money by way of initial public offer or further public offer [including debt
instruments), during the year. Accordingly, paragraph 3(x)[a) of the Order is not
applicable to the Company.

[b) According to the information and explanations given to us, the Company has not
made any preferential allotment or private placement of shares or fully, partially, or
optionally convertible debentures during the year. Accordingly, paragraph 3(x)[b) of the
Order is not applicable to the Company.

XII. [a) According to the information and explanations given to us, no fraud by the Company
or on the Company by its officers or employees has been noticed or reported during the
year.

[b) According to the information and explanations given to us, no report under section
143 (12) of the Act has been filed by the auditors with the Central Government.

(c) According to the information and explanations given to us, no whistle-blower,

complaint received by the Company during the year. &

XIII. According to the information and explanations given to us, the Company is not a Ni<iffil_f

Company. Accordingly, paragraph 3(xii) is not applicable to the Company. W

XIV. According to the information and explanations given to us, all transactions with the
related parties are in compliance with section 188 of the Act where applicable and the
details have been disclosed in the financial statements, as required by the applicable

accounting standards. The Company is a private Company and accordingly the
requirements as stipulated by the provisions of section 177 of the Act are not applicable
to the Company.

XV According to the information and explanations given to us, the Company has not entered
into any non-cash transactions with directors or persons connected with them.
Therefore, paragraph 3(xv) is not applicable to the Company.

XVI. The Company is not required to be registered under section 45-IA of the Reserve Bank
of India Act, 1934. Therefore, paragraph 3(xvi) is not applicable to the Company.

XVII. The Company has not incurred cash losses in the financial year and in the immediately
preceding financial year.

XVIII. There has been no resignation of the statutory auditors during the year and accordingly
this clause is not applicable.

XIX According to information and explanations given to us, and 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 balance sheet as and when they fall due within a period of one year from the
balance sheet date.

XX In our opinion and according to information and explanations given to us, there is no
unspent amount under sub-section (5) of Section 135 of the Act pursuant to any project.
Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the order are not applicable.

Annexure B to the Independent Auditors Report of even date on the financials
statements of Vegorama Punjabi Angithi Limited (formerly known as Vegorama
Punjabi Angithi Private Limited) for the year ended 31 March, 2025

(Report on the internal financial controls with reference to the aforesaid financial
statements under clause (i) of sub-section 3 of Section 143 of the Act)

Opinion

We have audited the internal financial controls with reference to financial statements of
Vegorama Punjabi Angithi Limited (formerly known as Vegorama Punjabi Angithi
Private Limited) ("the Company") as of 31 March 2025 in conjunction with our audit of
the financial statements of the Company for the year ended on that date.

In our opinion, the Company has, in all material respects, adequate internal financial
controls with reference to financial statements and such internal financial controls were
operating effectively as at 31 March 2025, based on the internal financial controls with
reference to 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 issued by the Institute of Chartered
Accountants of India (the "Guidance Note").

Managements and Board of Directors Responsibilities 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 financial statements criteria established by the Company considering the
essential components of internal control stated in the Guidance Note. 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls
with reference to financial statements based on our audit. We conducted our audit in
accordance with the Guidance Note and the Standards on Auditing, prescribed under
Section 143(10) of the Act, to the extent applicable to an audit of internal financial
controls with reference to financial statements. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal financial controls with
reference to financial statements were established and maintained and if such controls
operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy \
of the internal financial controls with reference to financial statements and their
operating effectiveness. Our audit of internal financial controls with reference to
financial statements included obtaining an understanding of internal financial controls
re erence to financial statements, assessing the risk that a material weakness

exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected depend on the auditors
judgement, 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 with
reference to financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

A companys interna! financial controls with reference to financial statements is a
process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A companys internal
financial controls with reference to financial statements include those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being
made only in accordance with 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 financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Financial
Statements

Because of the inherent limitations of internal financial controls with reference to
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 financial statements to future periods are subject to the risk that the
internal financial controls with reference to financial statements may become
inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

For Raj Gupta & Co.

Chartered Accountant

Firm Registration

 

Ms. Geetanjali Nagpal

Partner

Membership No.: 533274

UDIN: 25532274RHIDZ13868

 

Place: New Delhi

Date: 29 May 2025