We have audited the accompanying Standalone financial statements of RAGHUVANSH
AGROFARMS LIMITED (“the company”), which comprises the Balance Sheet as at 31^st
March 2025, the Statement of Profit and Loss (including Other Comprehensive Income),
the Cash Flow Statement and the Statement of Changes in Equity (not present, Hence NOT
APPLICABLE) for the year then ended, and a summary of significant accounting policies
and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134 (5)
of the Companies Act, 2013 (“the Act”) with respect to the preparation of these Standalone
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 accounting principles generally accepted in India,
including the Accounting Standards prescribed under Section 133 of the Act.

This responsibility also includes the maintenance of adequate accounting records in
accordance with the provision 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; and design, implementation and maintenance of adequate internal financial
control, 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone financial statements based
on our audit. In conducting our audit, we have taken into account the provisions of the Act,
the accounting and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made thereunder. We
conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the standalone financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the standalone financial statements. The procedures selected depend on the
auditor's judgment, including the assessment of the risks of material misstatement of the
standalone financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant to the Company's
preparation of the standalone financial statements that give a true and fair view, in order
to design audit procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by Company's Directors, as well as
evaluating the overall presentation of the standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the standalone financial statements.

Emphasis of Matter

The balances of Loans and advances, Sundry Debtors, Sundry Creditors, Current Liabilities &
Provisions and other personal accounts are subject to confirmation and reconciliation, if any.
Our opinion is not qualified in respect of this matter.

Opinion

In our opinion and to the best of our information and according to the explanations
given to us, except for the effects/possible effects of the matter described in the basis of
emphasis matter in above paragraphs, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in India,

a) In the case of the Balance Sheet, of the state of affairs of the Company as at
31s^tMarch2025,

b) In the case of the Statement of Profit & Loss, of the Profit for the year ended on that
date;

c) In the case of the Cash Flow Statement, of the Cash flows for the year ended on that
date; and

d) In the case of the Income, of the Comprehensive Income for the year ended on that
date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020(‘the Order') and
issued by the Central Government of India in terms of sub-section (11) of section
143 of the Act, we give in the Annexure A, a statement on the matters specified in
paragraphs 3 and 4 of the said 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 including Other
Comprehensive Income, the Cash Flow Statement and statement of Changes in
Equity dealt with by this Report are in agreement with the books of account;

d) Except for the effects/possible effects of the matter described in the Basis of
Qualified Opinion Paragraph, the aforesaid standalone Financial Statements
comply with the Accounting Standards specified under Section 133 of the Act;

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

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
to our separate report in Annexure B, and

g) With respect to the other matter to be included in the Auditor's 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. We have been informed that the Company does not have any pending
litigation which would impact its financial position.

ii. We have been informed that the Company did not have any long-term
contracts including derivatives contracts for which there were any material
foreseeable losses.

iii. We have been informed that there were no amounts which required to be
transferred by the company to the Investor Education and Protection Fund

h) Based on our examination which included test checks, the Company, in respect of
financial year commencing on 1 April 2023, 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 been 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. As
proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from
April 01, 2023.

On the basis of the written representations received from the directors as on
31march, 2025;

a) The management has represented that, to the best of it's knowledge and belief,
other than as disclosed in the notes to the Accounts, no funds 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(s) or entity (ies),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 has represented, that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts, no funds have been received
by the company from any person(s) or entity (ies), including foreign entities
("Funding Parties'),n with the understanding, whether recorded in writing or
otherwise, that the company shall, whether, directly or indirectly, lend or invest
other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party ("Ultimate Beneficiaries") or provided any guarantee, security
or the like on behalf of the Ultimate Beneficiaries; and

c) Nothing has come to our notice that has caused us to believe that the
representations under sub-clause (a) and (b) contain any material mis¬
statement.

d) No dividend declared or paid during the year by the company is in compliance

with section 123 of the Companies Act, 2013

For KAMAL GUPTA ASSOCIATES
CHARTERED ACCOUNTANTS
(FRN. 000752C)

CA. NEHA AGARWAL
(PARTNER)

(MRN 406713)

Place: Kanpur

Date: 29/05/2025

UDIN: 25406713BMOQOH7620