We have audited the accompanying financial statements of M/S. MUKTA AGRICULTURE LIMITED
(“the Company”), which comprises the Balance Sheet as of March 31, 2025, the Statement of Profit and
Loss (including the statement of Other Comprehensive Income), the Cash Flow Statement, and the
Statement of Changes in Equity for the year then ended, and 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 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 Indian Accounting
Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, ('Ind AS') and other accounting principles generally accepted in
India, of the state of affairs of the company as at March 31, 2025, its Loss, (including statement of
other comprehensive Income), its cash flows and the changes in equity for the year ended on that
date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the
Auditor's Responsibility 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 there under, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code
of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.

Information Other than the Financial Statements and Auditor's Report Thereon

• The Company's Board of Directors is responsible for the other information. The other
information comprises the information included in the company's Annual Report but does not
include the financial statements and our auditor's report thereon.

• The Other Information to the extent not made available to us as of the date of the signing of
this report is expected to be made available to us after the date of this Auditor's Report.

• Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

• In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements, or our knowledge obtained in the audit or
otherwise appears to be materially misstated.

• When we read the other information, if we conclude that there is material misstatement
therein, we are required to communicate the matter to those charged with Governance.

Managements and Board of Director's Responsibilities for the Financial Statements

The Company's 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 financial position, financial performance including other comprehensive income, Cash
Flows and changes in equity of the Company in accordance with the Indian Accounting Standards
(Ind AS) prescribed under Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules 2015, as amended, and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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; design, implementation and
maintenance of adequate internal financial controls, that are operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of
the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Com pany's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's 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 auditor's 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 Standards on Audit ('SA's) 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, specified under section 143(10) of the act, we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:

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

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we
are also responsible for expressing our opinion on whether the company has adequate
internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls;

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management;

• Conclude on the appropriateness of management's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's 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 auditor's report. However, future events or
conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation;

• Obtain sufficient appropriate audit evidence regarding the financial statements of the
company to express an opinion on 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
relationship and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements of the current period and are
therefore, the key audit matters. We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order, 2020 (“the Order”) issued by the Central
Government of India in terms of Section 143(11) of the Act, we give in “Annexure A” a statement on
the matters specified in paragraph 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we further 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 purpose of our audit of the accompanying financial
statements.

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

c) The Balance Sheet, the statement of Profit and Loss (including Other Comprehensive Income), the
Cash Flow Statement, and the Statement of Changes in Equity dealt with by this Report are in
agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with applicable Ind AS specified under
Section 133 of the Act.

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

f) With respect to the adequacy of internal financial controls over the financial reporting 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
Company's internal financial controls over financial reporting.

3.With respect to the other matters included in the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended, 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 on the financial position in the Ind AS
Financial statements -refer to Note no 24 to for the financial position.

ii. The Company did not have any long-term contracts including derivative contracts as such the
question of commenting on any material foreseeable losses thereon does not arise.

iii. There were no amounts that were required to be transferred to the investor and Education and
Protection Fund by the Company for the year ended March 31, 2025.

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

b) The management has represented, that, to the best of its knowledge and belief, no funds (which are
material either individually or in the aggregate) have been received by the Company from any person
or entity, including foreign entity ("Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the company shall, whether directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the ultimate
Beneficiaries.

C) Based on the audit Procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to the 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) above, contain any material
misstatement.

v. The company has not proposed, declared and paid any dividend during the year; accordingly
reporting under Rule 11(f) is not applicable to the company.

vi. Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant 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. [Since proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is
applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors)

Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not
applicable for the financial year ended March 31, 2025.

For Sunil Vankawala & Associates
Chartered Accountants
Firm Registration No: 110616W

Place: Mumbai (Sunil T. Vankawala)

Dated: 27.05.2025 Proprietor

Membership No. 033461
UDIN:-25033461BMNSHZ8415