We have audited the standalone financial statements of Sagar Soya Products Limited
("the Company"), which comprise the balance sheet as at 31st March 2024, and the
statement of Profit and Loss, (statement of changes in equity) and statement of cash
flows for the year then 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 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 March 31, 2024, and profit, (changes in equity) 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 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 judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on these
matters.

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, (changes in equity) ⁱ and cash flows of the Company in

accordance with¹ 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
implementation and maintenance of 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 statement 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
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. Those 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 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.

An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. The procedures selected depend on the
auditor's judgment, including the assessment of the risks of material misstatement of
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 financial statements, that give a true and fair view, in order to design audit
procedures that are appropriate in circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by the Company's Directors, as well as evaluating the overall
presentation of the financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion on
financial Statements.

Report on Other Legal and regulatory Requirements

1. As required by required by the Companies (Auditor's Report) Order,2020 ("the
Order") issued by 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 paragraph 3 & 4 of the Order.

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;

(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, Statement of Profit and Loss Account, Cash Flow
Statement and Statement of changes in Equity dealt with this report are in
agreement with the books of Accounts;

(d) In our opinion, the aforesaid financial statements comply with the applicable
Accounting Standards specified under Section 133 of the Act, read with
relevant rules thereunder as amended;

(e) On the basis of written representation received from the directors as on
March 31, 2024 and taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2024 from being appointed as the
directors in terms of Section 164(2) of the Act;

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

(g) According to information and explanations given to us and based on our
examination of the records of the Company, the Company had not
paid/provided managerial remuneration hence requisite approvals mandated
by the provisions of Sec 197 of the Act is not applicable;

(h) 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.

(i) In our opinion and to the best of our information and according to the
explanations given to us, we report as under with respect to other matters to
be included in the Auditor's Report in accordance with Rule 11 of the
Companies (Audit & Auditors) Rules, 2014:

1. The Company does not have any pending litigation which would
impact its financial position.

2. 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.

3. There has not been an occasion in case of the Company during the year
under report to transfer any sums to the Investor Education & Protection
Fund. The question of delay in transferring such sums does not arise.

4. (a) The management has represented that, to the best of its knowledge
and belief, 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 persons or entities, including
foreign entities ("Intermediaries"), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall directly or
indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company or any of such
subsidiaries ("Ultimate Beneficiaries") or provide any guarantee,
security or the like to or on behalf of the Ultimate Beneficiaries.

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

(c) Based on such audit procedures as considered reasonable and
appropriate in the circumstances, nothing has come to our notice that
has caused us to believe that the representations under sub-clause (iv)(a)
and (iv)(b) contain any material mis-statement.

5. The company has not paid/ declared any dividend during the years and
hence compliance of section 123 of the Act is not applicable on such
audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (iv)(a) and (iv)(b)
contain any material mis-statement.

FOR C.P.Jaria & Co
Chartered Accountants

(P.K.Jain)

M.No.112020

F.No.104058W

PLACE : Mumbai

DATE : 09/05/2024

UDIN: 24112020BKEYBA2731