We have audited the accompanying financial statements of Harshdeep Hortico Limited ('the Company'),
which comprise the Balance Sheet as at March 31, 2026, the statement of Profit and Loss and the statement of
Cash Flow for the year ended on that date and notes to financial statements, including a summary of material
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 given to us, the aforesaid
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 principles generally accepted in
India, of the State of Affairs of the Company as at March 31, 2026, its profit and its cash flows for the year
ended on that date.

Basis of 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

Inventory Valuation

Inventories amounting to ?3,821.12 lakhs constitute a significant portion of the Company's total assets. The
Company's inventories comprise raw materials, packaging materials, tools and consumables and finished
goods. Inventories are valued at the lower of cost and net realisable value.

The valuation of inventories involves Raw Material, Packaging Material, Tools and Consumables, and
Finished Goods are valued at lower of Cost or net realizable value. Given the significance of the inventory
balance and the judgement involved in its valuation, we considered the valuation of inventories to be a key
audit matter.

Auditor's Response

Our audit procedures included, amongst others, the following:

We obtained an understanding of the Company's process and controls relating to the procurement,
production, storage and valuation of inventories and evaluated the relevant controls.

We tested, on a sample basis, the cost of inventories with reference to underlying purchase invoices,
production records and other relevant supporting documents.

We evaluated the basis adopted by the management for valuation of work-in-progress and finished goods and
tested the underlying calculations on a sample basis.

We assessed the determination of net realisable value of inventories by comparing the carrying amounts with
the estimated selling prices and, where applicable, subsequent sales transactions.

We performed analytical procedures over inventory balances and inventory movements and considered
whether there were any indicators of slow-moving, obsolete or damaged inventories requiring adjustment.

We evaluated the adequacy and appropriateness of the disclosures relating to inventories in the financial
statements.

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

The Company's Board of Directors is responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board's Report
including Annexures to Board's Report, Business Responsibility Report, Corporate Governance and
Shareholder's Information, but does not include the financial statements and our auditor's report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information 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 other
information, we are required to report the same to those charged with governance.

Responsibility of Management for the 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 and presentation of these financial statements that give a true
and fair view of the financial position and financial performance 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 the assets of the Company and for preventing and detecting
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 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.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility

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.

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 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 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 Results that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Financial Results
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 (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 Act, we give in the "Annexure-

A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 it appears from our examination of those books;

c) The Balance Sheet, the statement of profit and loss and statement of cash flow, 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 March 31, 2026 taken
on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026
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 with reference to these financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure B" to this report.

g) 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 read
with Schedule V of the Act.

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, 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 derivatives contracts for
which there were any material foreseeable losses.

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

vi. (i) 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 by the Company to or in any other person(s) or entities, including foreign
entities ("Intermediaries"), with the understanding that the intermediary shall whether
directly or indirectly lend or invest in other persons or entities identified in any manner by
or on behalf of the Company (ultimate beneficiaries) or provide any guarantee, security or
the like on behalf of ultimate beneficiaries;

(ii) The management has represented that, to the best of its knowledge and belief, no
funds have been received by the Company from any person(s) or entities including foreign
entities ("Funding Parties") with the understanding that such 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
guarantee, security or the like on behalf of the ultimate beneficiaries.

(iii) 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
representation under sub-clause (i) and (ii) contain any material misstatement.

v. The Company neither declared nor paid any dividend during the Relevant Financial Year.

vi. Based on our examination, which included test checks, the Company has used accounting
software systems for maintaining its books of account for the financial year ended March 31,
2026 which have the feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software systems.
Further, during the course of our audit we did not come across any instance of the audit trail
feature being tampered with and the audit trail has been preserved by the Company as per the
statutory requirements for record retention.

For Kailash Chand Jain & Co.

Chartered Accountants ICAI
Firm registration no.:

112318W

Ronak Visaria

Partner

Membership Number: 159973
UDIN:

Place: Mumbai Date:

May 04, 2026