We have audited the accompanying standalone financial statements of Baba Food Processing
(India) Limited (“the company”) which comprise the Balance Sheet as at 31 March 2025, the
Statement of Profit and Loss and cash flow statement for the year ended on that date, and a
summary of the significant accounting policies and other explanatory information (hereinafter
referred to as “the financial statements”).

In our opinion and to the best of our information and according to the explanations give to us,
the aforesaid standalone 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 Accounting Standards prescribed under section 133 of the Act read with the
Companies (Accounting Standards) Rules, 2021, as amended (“AS”) and other accounting
principal generally accepted in India, of the state of affairs of the company as at 31 March
2025, and its profit and cash flow statement for the year ended on that date.

Basis for opinion

We conduct our audit of the standalone financial statements in accordance with the Standards
on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of 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 (ICAI) together with
the independence requirements that are relevant to our audit of the financial statements under
the provisions of the Act and the Rules made thereunder, and we have fulfilled our other Ethical
responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We
believe that audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the financial statements.

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.

Reporting of key audit matters as per SA 701, There are no any Key Audit Matters during the
period under audit of the Company.

Other Information - Board of Director’s Report

The Company’s Board of Directors is responsible for the preparation and presentation of its
report (herein after called as “Board Report”) which comprise various information required
under section 134(3) of Companies Act, 2013 but does not include the financial statements and
our auditor’s report thereon.

Our opinion on the financial statements does not cover the board report and we do not express
any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the Board
Report and is doing so, consider whenever the Board Report is materially inconsistent with the
financial statements or our knowledge obtained during the course of our 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 Board Report, we are required to report that fact. We have nothing to report in this regard.

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 of the Company in accordance with Accounting Standard and other accounting
principles generally accepted in India. 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 judgments and estimate
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 free from material misstatement, whether
due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters relating to
going concern and using the going concern basis of accounting unless management either
intends to liquidate the company or to cease operation, or has no realistic alternative but to do
so.

The board of directors are responsible for overseeing the Company’s financial process.

Auditor’s Responsibilities for the Audit of the standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone 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.

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 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 financial controls 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 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 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 a reasonably knowledgeable
user 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 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (“the Order”), issued by
the Central Government of India in terms Section 143(11) of the Companies Act, 2013,
we give in “Annexure A” statement on the matters specified in paragraph 3 and 4 of the
order.

2. As required by section 143(3) of the Act, based on our audit 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 and Statement of Profit and Loss and cash flow statement dealt
with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid 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 the written representations received from the directors as on 31
March 2025 taken by Board of Directors, none of the director is disqualified as on

31 March 2025 from being appointed as directors 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”. Our report expresses an unmodified opinion
on the adequacy and operative effectiveness of the Company’s internal financial
controls over financial reporting.

g) 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 as
amended, in our opinion and to the best of our information and according to the
explanations given to us:

i) The Company does not have any pending litigations which would impact its
financial position.

ii) The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the investor
Education and Protection Fund by the Company.

iv) (a) The Management has represented that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate)
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 or entity, including foreign entity (“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 provided 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, no funds (which are material either individually or in the aggregate)
have been received by the Company from any person or entity, including
foreign entity (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company shall, whether, 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;

(c) Based on the audit procedures 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), as provided under (a) and (b) above, contain any material
misstatement.

v) The company has not declared and paid dividend during the year,
accordingly compliance u/s 123 of the Act is not applicable to the company.

vi) Based on the examination, which included the test check, the company has
used an accounting software’s for maintaining its books of accounts 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’s. Further during our audit, we did not come across any instance of
the audit trail feature being tampered with. [Additionally, the audit trail has
been preserved by the company as per the statutory requirements for record
retention.]

For Sumit Mohit & Company

Chartered Accountants
FRN: 021502N

Sumit Garg

(Partner)

M. No.: 506945

Place: New Delhi

Date: May 22, 2025

UDIN: 25506945BMGORT2973