We have audited the accompanying Ind-AS financial
statements of TASTY BITE EATABLES LIMITED (the
"Company”), which comprise the Balance Sheet as at
March 31, 2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes
in Equity, the Statement of Cash Flows for the year then
ended and the Notes to the Ind-AS financial statements,
including a summary of material accounting policies and
other explanatory information (hereinafter referred to as "
Ind-AS financial statements”).

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Ind-AS 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 with
other accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2025, the
profit, total comprehensive income, changes in equity and
its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Ind-AS financial statements in
accordance with the Standards on Auditing ("SAs”) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditor's
Responsibilities for the Audit of the Ind-AS 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 (the "ICAI”)
together with the ethical requirements that are relevant
to our audit of the Ind-AS 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 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.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the Ind-AS
financial statements of the current period. These matters were
addressed in the context of our audit of the Ind-AS financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the
key audit matters to be communicated in our report.

Other Matter

The financial statements of the Company for the year ended
March 31, 2024 were audited by the predecessor auditors of
the Company who have expressed an unmodified opinion,
vide their audit report dated 17 May 2024. Accordingly, we
do not express any opinion, on the figures reported in the
financial statements for the above period.

Our opinion is not modified in respect of this matter.

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

The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the Board's Report, Business Responsibility and

Sustainability report and Corporate Governance Report but
does not include the Ind-AS financial statements and our
auditor's report thereon.

Our opinion on the Ind-AS 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 Ind-AS financial
statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the Ind-AS
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.

Responsibilities of Management and Those
Charged with Governance for the Ind-AS
Financial Statements

The Company's Board of Directors is responsible for the
matters stated in Section 134(5) of the Act with respect to
the preparation of these Ind-AS financial statements that
give a true and fair view of the financial position, financial
performance, changes in equity 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 judgements 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 Ind-AS financial statements, the Board of
Directors 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 the Board of Directors
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
Ind-AS Financial Statements

Our objectives are to obtain reasonable assurance about
whether the Ind-AS 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 Ind-AS
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 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.

Materiality is the magnitude of misstatements in the
financial statements that, individually or in aggregate,
makes it probable that the economic decisions of the users
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 Ind-AS 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.

From the matters communicated with those charged
with governance, we determine those matters that were
of most significance in the audit of the Ind-AS 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 (Auditor's Report) Order,
2020, ("the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, 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 section143(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
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, except for the matter stated in paragraph
2(h)(vi) below on reporting under Rule 11 (g) of the
Companies (Audit and Auditors) Rules, 2014.

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

d) In our opinion, the aforesaid Ind-AS financial
statements comply with the Accounting
Standards specified under section 133 of the Act,
read with relevant rules issued thereunder.

e) On the basis of the written representations
received from the Directors of the Company and
taken on record by the Board of Directors, none
of the Directors of the Company are disqualified
as on March 31, 2025, from being appointed as a
Director in terms of section 164(2) of the Act.

f) The observations relating to the maintenance
of accounts and other matters connected
therewith are as stated in the sub-paragraph
(b) of paragraph 2 above on reporting under
Section 143(3)(b) and paragraph 2(h)(vi) below
on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014.

g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B”.

h) 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 ("the Rules”), 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 as at March 31, 2025 on
its financial position in its Ind-AS financial
statements - Refer Note 36 to the Ind-AS
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 has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund
by the Company.

iv) The Management has represented that:

a) to the best of its knowledge and belief,
other than as disclosed in Note 48H
to the Ind-AS financial statements,
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 entity(ies) ("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) to the best of its knowledge and belief,
other than as disclosed in Note 48H
to the Ind-AS financial statements,
no funds have been received by
the Company from any person(s)
or entity(ies), 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
by or on behalf of the Funding Party
("Ultimate Beneficiaries”) or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

Based on such audit procedures performed
by us that have been 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 (i) and (ii) of Rule 11 (e) of
the Rules as provided under (a) and (b) above
contain any material misstatement.

v) As per information and explanation
represented by the Management and based
on the records of the Company, the dividend
proposed in the previous year, declared and
paid by the Company during the year is in
accordance with Section 123 of the Act,
as applicable.

As stated in Note 19 to the Ind-AS financial
statements, the Board of Directors of the
Company have proposed final dividend for
the year which is subject to the approval of
the members at the ensuing Annual General
Meeting. The amount of dividend proposed
is in accordance with section 123 of the Act,
as applicable.

vi) Based on our examination which included
test checks, except for instances mentioned
below, the Company has used accounting
softwares for maintaining its books of
account which have a feature of recording
audit trail (edit log) facility and the same has
operated throughout the year for all relevant
transactions recorded in the respective
accounting softwares:

- the audit trail feature was enabled
at application level for purchase
requisition master module of
accounting software used for
property, plant and equipments and
stores, spares and consumables from
6 September 2024.

- the audit trail feature was disabled
at application level for accounting
software used for maintaining general
ledger system on 21 January 2025 and
22 January 2025.

- the audit trail feature was not enabled at
the database level to log any direct data
changes in the accounting softwares
used for maintaining (i) general
ledger, (ii) inventory and (iii) property,
plant, equipments and stores, spares
and consumables.

During the course of our audit, we did not
come across any instance of audit trail
feature being tampered with.

Pursuant to the requirements of Rule 3(1)
of the Companies (Accounts) Rules, 2014,
and as required under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014, the audit trail has been preserved
by the Company in compliance with the
applicable statutory requirements for record
retention, except to the extent mentioned
above and that logs were retained for the
period commencing from 1 April 2024 for
accounting software used for inventory.

3) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements
of Section 197(16) of the Act, as amended:

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions
of Section 197 of the Act.

For KALYANIWALLA & MISTRY LLP

CHARTERED ACCOUNTANTS
Firm Reg. No.: 104607W / W100166

Anil A. Kulkarni

PARTNER

Place: Pune M. No.: 047576

Date: 27 May 2025 UDIN: 25047576BMKXJQ4908