We have audited the accompanying "Statement of Standalone Audited Financial Results
for the Quarter/ Year ended 31 March, 2024 (refer 'Other Matter' section below) of
NATURO INDIABULL Limited ("the Company") ("the Statement"), attached herewith,
being submitted by the Company pursuant to the requirement of Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as
amended ("the Listing Regulations").

In our opinion and to the best of our information and according to the explanations
given to us, the statement:

i. is presented in accordance with requirements of the Listing Regulations in this
regard; and

ii. gives a true and fair view in conformity with the recognition and measurement
principles laid down in the Indian Accounting Standards and other applicable
accounting standards and other accounting principles generally accepted in India of
the net profit and other financial information of the Company for the quarter and
year ended 31 March, 2024.

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, (as amended) ("the Act"). Our
responsibilities under those Standards are further described in the "Auditor's
Responsibilities for the Audit of the Standalone Financial Results" 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 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 obtained by us is sufficient and appropriate to provide a
basis for our qualified opinion.

Emphasis of Matter

1. We draw attention uncertainty relating to recoverability from Trade Receivables
Rs. 1153.84 Lakhs due to no direct confirmation received from debtors.

2. We unable to comment on Loans and Advances to others due to no interest
income / other income booked against loans to others. Management not
providing any provision for doubtful debts against recoverability of loans and
advances.

3. We unable to comment on valuation of inventory. Management valued the
Inventory only at Cost which is noncompliance of Ind AS 2”Inventories” which
requires inventory valuation at lower of cost or NRV (Net Realizable value) and
also we are unable to obtain physical inventory counting so cannot comment on
quality and quantity of Inventory as required by SA 501.

4. We draw your attention to that Closing Balances are relied upon as per books of
accounts wherever the confirmations from debtors and creditors are not
available. Debtors and Creditors Balances are subject to Confirmation. Debtors
& Creditors Balances are as per Management representation and relied upon by
the auditors.

5. It was observed that the company doing substantial sales & purchase
transaction with related parties, the management not provide compliance
document with respect to section 188 of Companies Act, 2013

6. The Company has not recovered the requisite goods & service taxes (GST) on
sales made during the year amounting to Rs. 38,98,36,995/-, where GST was
applicable. Consequently, the company has not provided all determinable
liabilities under Goods and Service Tax Act (GST), as applicable.

7. We note that company is not maintaining books of accounts in software which
having audit log features as prescribed under Rule 3 (1) of the Companies
(Accounts) Rules, 2014 for the review period.

Our opinion is not modified in respect of the above matter.

Management's Responsibility for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial
statements. The Board of Directors of the Company are responsible for the preparation
and presentation of the Statement that gives a true and fair view of the net profit of the
Company and other financial information in accordance with the accounting standards
specified under section 133 of the Act, read with the relevant rules issued thereunder and
other accounting principles generally accepted in India and in compliance with Regulation
33 of the Listing Regulations. This responsibility also includes 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 judgements and
estimates that are reasonable and prudent; and the 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 Statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the Statement, 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 Board
of Directors 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 Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statements as a
whole is 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 the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain

professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone 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, but not for purpose of
expressing an opinion on the effectiveness of the Company's internal controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the Board of Directors

• 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 standalone 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 standalone 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 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.

Others Matters

1. The Statement includes the results for the half year ended 31 March, 2024
being the balancing figure between the audited figures in respect of full
financial year ended 31 March, 2024 and the published unaudited year-to-
date figures up of the current financial year, which were subjected to a
limited review by us, as required under the Listing Regulations.

2. Financial Results for the quarter ended 30th September, 2023 and prior
periods were reviewed / audited Statutory Auditor ie Ajay Kumar
Vijayvergia and Associates, Chartered Accountants. We have relied upon
Limited Review Reports / Audit Reports of the preceding Auditor for all such
previous periods.

Our opinion is not modified in respect of this matter.

For H. RAJEN & CO
Chartered Accountants
FRN- 108351W

SD/-

CA Rajendra Desai
Partner

M. No. : 011307

UDIN : 24011307BKEQYF3173

Date : 11.06.2024

Place: Mumbai.