We have audited the accompanying Standalone Ind AS Financial Statements of Natraj Proteins Ltd, (the Company)
which comprises the Balance Sheet as at March 31, 2024 and 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 ended as on
that date, a summary of the material accounting policies and other explanatory information.

Opinion:

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone
Financial Statements gives the information required by the Companies Act 2013("the Act") in the manner so required
and gives a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act
read with the Companies ( 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 on 31st March 2024, the Loss including other
comprehensive income, its cash flows and Changes in equity for the year ended as on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing ( SA) as
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 Ethics issued by The Institute of Chartered Accountants of India ( ICAI)
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 thereunder and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI's Code of Ethics. We believe that the audit evidence that is obtained by us, is sufficient
and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Kev Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements for the financial year ended 31st March 2024. 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. For the matter below our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have
fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the Financial Statement section of our
report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the Financial Statement. The results of our audit
procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on
the accompanying Financial Statement.

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

The Company's Management Board of Directors are responsible for the preparation of the other information and
presentation of its report (Hereinafter called as “Board Report”). The other information comprises the information included
in the Board' s Report including Annexure to Board's Report and Shareholders Information, Management Discussion and
Analysis Report and report on corporate governance, but does not include the financial statements and our auditor's
report thereon. The other information as stated above is expected to be made available to us after the date of this Auditor's
Report.

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 identified above when it becomes available 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 communicate the matters to those charged with governance
and describe necessary actions required as per applicable laws and regulations.

Responsibility of Management and those charged with Governance for the Financial Statements:

The Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the
Companies Act 2013 (the Act) with respect to the preparation of these Ind AS Financial Statements that give a true and fair
view of the financial position, financial performance (including other comprehensive income), cash flows and changes in

equity of the Company in accordance with the Accounting principles generally accepted in India ,including the Indian
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 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 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 Ind AS 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.

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

Auditor’s Responsibilities for the audit of Financial Statements:

Our responsibility is to express an opinion on these financial statements based on our report. In conducting our audit, we
have taken into account the provisions of the act: the accounting and auditing standards and matter which are required to
be included in audit report under the provisions of the Act and Rules made thereunder.

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's (SA) 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 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 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 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 standalone
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. (ii) to evaluate the effect of any identified
misstatements in the standalone 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 financial 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 therefore the key
audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure
about the matters or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequence 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 (Auditors 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, as a statement on the maters
specified in paragraphs 3 and 4 of the order, to the extent applicable.

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 purpose of our audit.

(b) In our opinion proper books of accounts 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 (including other comprehensive income), the statement
of Changes in the 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 Indian Accounting Standards
specified under section 133 of the Act.

(e) On the basis of written representations received from the directors as on March 31, 2024, and taken on
record by the Board of Directors, none of the directors are disqualified as on March 31, 2024, from being
appointed as a director in terms of section 164(2) of the Act.

(f) With respect to adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer our separate report in Annexure B to this report. Our report
expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal
financial controls over financial reporting.

(g) With respect to the other matters to be included in the Auditors Report in accordance with 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 of the Act.

(h) With respect to the other matters to be included in the Auditors 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 on its financial position in its Ind AS Financial
Statements as on 31/03/2024. Refer to Note No 30. B , 20 (4) to the Financial Statements.

ii. The company did not have any long-term contract including derivative contracts as at the year-end 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 kinds of funds) by the company to or in any other
person(s) or entities, including foreign entities ( “Intermediaries”), with the understanding, whether recorded
in writing 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
either individually or in the aggregate) have been received by the company from the any persons or
entities, 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 of the funding parties ( “ Ultimate Beneficiaries”) or provide any
guarantee, security or like on behalf of the Ultimate beneficiaries:

(c) Based on such audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused to us to believe that the representations
under sub clause (i) and (ii) of the Rule 11 (e), as provided above contains any material mis- statement.

v. The company has neither declared dividend nor paid any dividend during the year.

vi. The Company is maintaining its books of account manually during the year. Consequently, the company is
not required to comply with the provisions related to audit trail and reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules 2014 is not applicable.

For BHUTORIA GANESAN & CO
ICAI Firm Reg No: 004465c
Chartered Accountants

ca. r gokulakrishnan
partner

M.NO 402792

Place: Bhopal

Date: 27.05.2024

UDIN: 24402792BKHHOH6472