We have audited the accompanying financial statements of Bambino Agro Industries Limited (“the Company"),
which comprise the Balance Sheet as at 31 st March 2025, the Statement of Profit and Loss, the Statement of
Changes in Equity and statement of Cash Flows for the year then ended, and Notes to the Financial Statements,
including a summary of significant accounting policies and other explanatory information.

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 in the manner so required and
give a true and fair view in conformily 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 other
accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2025,
and its Profit changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements 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 ofthe Companies Act 2013 and the Rules there under, 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 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 ofthe current period. These matters were addressed in the context of our audit ofthe
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 that there are no key audit matters to communicate in our report

Information Other than Financial Statements and Auditors Report

The Company's Board of Directors is responsible for the other information. The other information obtained at the
date of this auditor's report comprises the information included in the Management Discussion and Analysis,
Board's Report including Annexures to Board's Report 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 ofthe 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 in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor's
report 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 Financial Statements

The accompanying financial statements have been approved by the companies Company's Board of Directors.
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act
2013 ("the Art") with respect to the preparation of these financial statements that give a true and fair view of the
financial position, financial performance, total comprehensive income, changes in equity and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the Ind AS
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 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, the 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 the management either intends to liquidate the Company or to cease
operations, or has no realistic alternative butto 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 Financial Statements

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 Standards on Auditing 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 Standards on Auditing, 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, orthe 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 Board of Directors 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 fairpresentation.

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 ouraudit

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 those charged with governance, we determine those matters that were of most significance in
the audit of 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 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 issued by the Central Government of India in
terms of sub-section (11) of Section 143 of the Act (hereinafter referred to the "Order"), and on the basis of
such checks of the books and records of the Company as we considered appropriate and according to the
information and explanations given to us, we give in the Annexure-1 a statement on the matters specified in
paragraphs 3 and 4 ofthe Order.

2. As required by section 143(3) ofthe Act, based on our audit we report to the extent applicable that

a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary forthe purpose of our audit ofthe accompanying financial statements.

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.

d The Balance Sheet the Statement of Profit and Loss, the statement of cash flows and the statement of
changes in equity dealt with by this Report are in agreement with the books of account

d) In our opinion, the aforesaid said financial statements comply with the Ind AS specified under Section
133 ofthe Act read with Rule 7 ofthe Companies (Accounts) Rules, 2014.

e) On the basis of written representations received from the Directors as on 31 st March, 2025, and taken
on record by the Board of Directors, none ofthe directors is disqualified as on 31st March, 2025, from
being appointed as a director in terms of Section 164(2) ofthe Act

f) With respect to the adequacy ofthe internal financial controls over financial reporting ofthe Company
and the operating effectiveness of such controls, referto our separate Report in "Annexure -2".

g) With respect to the other matters to be included in the Auditor's Report in accordance with the
requirements of section 197(16) ofthe Act as amended, we report that the remuneration paid by the
Company to its directors during the year, in our opinion and to the best of our information and
according to the explanations given to us, is in accordance with the provisions of section 197 of the
Acf'read with schedule V.

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), 2014, 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 on its financial position in its financial
statementsin note no. 38 regarding petition filed by Substantial shareholders before National
Company Law Tribunal, Hyderabad u/s 241, 242 & 245 of the Companies Act 2013 the
proceedings are in progress.

ii. In our opinion and as per the information and explanations provides to us, the Company has not

entered into any long-term contracts including derivative contracts, requiring provision under
applicable laws or accounting standards, for material foreseeable losses, and

iil. There has been no delay in transferring the amounts 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, as disclosed in
note no 44, 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 or
entity, including foreign entities ("Intermediaries’'), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, 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 orthe like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that to the best of its knowledge and belief, as disclosed in
note no 44, no funds have been received by the Company from any person or entity, 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 ofthe Funding Party ("Ultimate Beneficiaries")
or provide any guarantee, security orthe like on behalf ofthe Ultimate Beneficiaries

(c) Based on the audit procedures performed 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) contain any material mis¬
statement

v. The dividend declared and paid during the year by the company is in compliance of section 123 of
the Companies Act 2013.

vi. Based on our examination which included test checks and information given to us, the Company
has used accounting software for maintaining its books of account which did not have a feature
of recording audit trail (edit log) facility throughout the yearfor all relevant transactions recorded in
the respective software, hence we are unable to comment on audit trail feature of the said
software. (It is informed to us that a new accounting software i.e. 'Netsuite' is being introduced
and migration of accounts is under process)

For PRV Associates

Chartered Accountants,

(FRN: 006447S)

P. Manohar

Partner

Membership No. 231829

UDIN: 25231829BMIGJA6297

Place: Hyderabad

Date : 21st May, 2025