Wc have audited the accompanying standalone financial statements of Indogulf Cropseiences
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 and the
Statement of Cash Flows for the year then ended, and notes to the financial statements, including a
summary of the material accounting policies and other explanatory information (hereinafter referred
to as "the standalone financial statements").

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 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, find AS") and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31,2025, the profit and
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 standalone 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 Standalone Financial
Statements section of our report. We are independent of the Company in accordance with the Code of
Ftlucs issued by the Institute of Chartered Accountants of India (1CAI) together with the ethical
requirements that are relevant to our audit of the Standalone 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 ICAPs Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
standalone financial statements.

Key Audit Matter

Key Audit Matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone financial statements of the current period Since the Company was not
listed as on March 31, 2025, reporting of Key Audit Matters as required under SA
701, Communicating Key Audit Matters in the Independent Auditor 's Report, is not applicable for
the year.

Information Other than the Standalone 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 in the Management Discussion and
Analysis, Board’s Report including Annexures to Board's Report. Corporate Governance and
Shareholder’s Information but does not include the standalone financial statements and our auditor’s
report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do
not express any form of assurance or conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the
other information and. in doing so. consider whether the other information is materially inconsistent
with the standalone financial statements, or our know ledge 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 that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone
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 standalone financial statements that give a true and fair view
of the financial position, financial performance, total comprehensive income, changes in equity and
cash Hows of the Company in accordance with Ind AS 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 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 pnident; 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 standalone financial statements that give a true and fair view and
arc free from material misstatement, whether due to fraud or error.

In preparing the standalone 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.

The Board of Directors arc also responsible for overseeing the Company’s financial reporting 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 arc 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 aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone financial statements.

As pan of an audit in accordance with SAs, wc 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 financial controls relevant to the audit in order to design
audit procedures that arc appropriate in the circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing out opinion on whether the Company has an 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 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.

• Lvaluate the overall presentation, structure, and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone 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.

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the standalone 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, wc
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 section 143 (II) 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. 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 front our examination of those books except for the matters stated in paragraph
2(i)(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.
Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in
agreement with the relevant books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS 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 31.2025 taken
on record by the Board of Directors, none of the directors is disqualified as on March 31. 2025
from being appointed as a director in terms of Section l(>4 (2) of the Act.

f) With respect to the maintenance of accounts and other matters connected therewith, reference is
made to our remarks in the paragraph 2(b) above on reporting under Section 143(3 Kb) of the Act
and paragraph 2(i)(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
statement 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
operating effectiveness of the Company’s internal financial controls with reference to financial
statements.

h) 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 prov isions of section 197 of the Act.

i) 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 has disclosed the impact of pending litigations as on March 31, 2025 in
its financial position in its standalone financial statements. Refer Note 49 to the
standalone financial statements.

ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including
derivative contracts.

iii. There were no amounts which 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 (cither 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 provide 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 cither 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. (a) The Company has not proposed final dividend during the previous year.

(b) No interim dividend has been declared and paid by the Company during the year.

(c) The Company has not proposed final dividend for the year.

vi. Based on our examination which included test checks, the Company, in respect of
financial year commencing on April 1, 2024, has used an accounting software for
maintaining its books of account which has feature of recording audit trail (edit log) and
the same has operated throughout the year for all relevant transactions recorded in the
software except that the audit trail feature of aforesaid software at the database level
was not enabled during the year. Further, during our audit we did not come across any
instance of the audit trail feature being tampered with on accounting software where
this feature is enabled.

Additionally, the audit trail has been preserved by the company as per the statutory
requirements for record retention.

For Devesh Parckh & Co.

Chartered Accountants

Firm's registration number: 013338N

Sd/-

Devesh Parekh

Partner

Membership number: 092160

Place: Delhi

Date: July 24. 2025

UDIN: 25092160BMGJYB8039