We have audited the accompanying standalone financial statements of Mahaan Foods Limited
(‘the Company’), which comprise the Balance Sheet as at 31st March, 2024, and the Statement of
Profit and Loss, and statement of cash flow for the year ended, and notes to the 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 in the manner so required and give a true and fair view in conformity
with the Indian accounting Standards prescribed u/s 133 0f the act read with Indian
accounting standards rules 2015 as amended and other accounting principles generally
accepted in India, of the state of affairs of the Company as at 31st March, 2024, and
profit/loss, and its cash flow 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 Companies Act, 2013. Our responsibilities under those standards are
further described in the Auditor’s 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 Companies Act, 2013 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters were
addressed satisfactorily in the context of our audit of the financial statements in forming our
opinion thereon.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in section134(5) of the
Companies Act, 2013 (‘the Act’) with respect to the preparation and presentation of the
standalone Financial statements that give a true and fair view of the financial position,
financial performance, and cash flow of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified under
Section133 of the Act, read with Rule7 of the Companies(Accounts) Rules, 2014. This
responsibility also includes the maintenance of adequate accounting records in accordance
with the provision of the Act for safe guarding of the assets of the Company and for
preventing and detecting the 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 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 Company’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 is also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibility 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 it 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 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 judgement and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risk 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
Companies Act, 2013 we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system 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.

• 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.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timings 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 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 consequence 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 (Auditor’s Report) Order 2020, issued by the Central
Government of India in terms of sub-section (11) of Section 143 of the Act, we enclose in
Annexure ’A’, a statement on the matters specified in paragraphs 3 & 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 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 afore said standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014;

e) On the basis of written representations received from the directors as on 31 March, 2024 taken
on record by the Board of Directors, none of the directors is disqualified as on 31 March,
2024, 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, refers to our separate Report in
“Annexure B” which is based on the Auditor’s Report of the Company. Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the internal financial
controls over reporting of the Company;

g) Attention is invited to Note No. 1 (f) in regard to employee benefits.

h) Attention is invited to Note No. 2 (iv) stating that some of balance of debtors, creditors and
loans and advances are subject to confirmation from respective parties. We have relied on the
representation of the management that no significant impact is expected on the working
results of the company on this account;

i) Attention is invited to Note No. 1(g) relating to Contingent liabilities. We have relied on the
representation of the management that no significant impact is expected on the working
results of the company on this account;

j) With respect to the other matters 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) The Company has disclosed the impact of pending litigation on its financial position in its
financial statements.

(ii) The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including derivatives
contracts in financial statements; and

(iii) There has been no delay whenever applicable, in transferring amounts, required to be
transferred to the Investor Education and Protection Fund by the Company.

(iv) Reporting on accounting software for maintaining its books of account which has a feature
of recording audit trail (edit log) facility is applicable as proviso to Rule 3(1) of the

Companies (Accounts) Rules, 2014 , under rule 11(g) of companies (audit and auditors )
rules 2014 with effect from first April 2023. In this regard we have to report that based on
our examination which included test checks except for instances if any mentioned below, the
Company has used accounting software for maintaining books of accounts which have
feature of recording audit trail (edit log facility). Further the audit trail facility was enabled
and operated throughout the year for all relevant transactions recorded in the software and
we did not come across any instance of audit trail feature being tempered with during the
course of our audit. Further as per information and explanation given to us company has
preserved the audit trail as per statutory requirement for record retention.

For R C SHARMA & ASSOCIATES

Chartered Accountants

(Firm Registration No: 021847N)

Sd/-

(CA. R C SHARMA)

Partner

Membership Number: 083543
Place: New Delhi
Date: 29-05-2024
UDIN: 24083543BKEMMY 5311