1. We have audited the standalone financial statements of Mayank Cattle Food Limited,
Rajkot (the “Company”) (CIN: L01210GJ1998PLC033969) (formerly known as
Mayank Cattle Food Private Limited), which comprise the Balance sheet as at 31
March, 2026 and the Statement of Profit and Loss and Cash Flows Statement for the
period ended on that date and notes to the financial statements, including a summary
of significant accounting policies and other explanatory information.

2. 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 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 31 March, 2026 and its Profit and its cash flows for the period ended on that date.

BASIS FOR OPINION

3. 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
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 opinion.

KEY AUDIT MATTERS:

4. 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 31
March 2026. 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 each matter below, our description of how our
audit addressed the matter is provided in that context.

5. 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 standalone financial statements 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 standalone financial statements. 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 [standalone] financial statements.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR’S REPORT
THEREON:

6. The company’s board of directors is responsible for the preparation of other
information. The other information comprises the Board’s Report including Annexure
to Board’s Report but does not include the financial statements and our auditor’s report
thereon.

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

8. 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 fact. We have nothing to report in this regard.

RESPONSIBILITY OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE
FOR THE STANDALONE FINANCIAL STATEMENTS:

9. 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
financial statements that give a true and fair view of the financial position, financial
performance, and cash flows 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 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 statement that give a true and fair view
and are free from material misstatement, whether due to fraud or error.

10. 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 management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.

11. Those Board of Directors are also responsible for overseeing the company’s financial
reporting process.

12. 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.

13. As a part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism 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 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.

14. 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.

OTHER MATTERS

15. We draw attention to Note No. 2(V) of the significant accounting policies attached
herewith which states that the management of the Company had estimated the useful
life of its assets longer than that prescribed under Schedule-II to the Companies Act,
2013. For that the Company has a report by chartered engineer.

16. We were not physically present at the time of inventory taking and therefore, we relied
on the management's representation as to the position of the Company's inventory.

17. In our opinion, these do not impact the financial positions after having regard to the
size of the Company and industry in which the Company is operating and therefore,
we are not modifying our report these matters.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

18. 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 B statement on the matters specified in the paragraph 3 and
4 of the Order, to the extent applicable.

19. 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 except
for the matters stated in sub-paragraph (J)(h) below on reporting under clause
(g) of Rule 11.

(C) The company has no branches and therefore this clause is not applicable.

(D) The balance sheet, the statement of profit and loss and the cash flow statement
dealt with by this Report are in agreement with the books of account;

(E) 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;

(F) There are no financial transactions or matters which have any adverse effect
on the functioning of the company.

(G) On the basis of the written representations received from the directors as on
31 March, 2026 taken on record by the Board of Directors, none of the directors
is disqualified as on 31 March, 2026 from being appointed as a director in terms
of Section 164 (2) of the Act;

(H) The qualifications relating to the maintenance of accounts and other matters
connected therewith are as stated in sub-paragraph (B) above on reporting
under clause (b) of sub-section (3) of section 143 and sub-paragraph (J)(h)
below on reporting under clause (g) of Rule 11.

(I) 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 A”.

(J) 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,
in our opinion and to the best of our information and according to the
explanations given to us:

a) The Company has disclosed the impact of pending litigations, on its
financial position in its financial statements;

b) 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;

c) The Company is not liable to transfer any funds to the Investor
Education and Protection Fund.

d) The management has represented that, to the best of its knowledge
and belief, as disclosed in the Note No. 44 of the financial statements
attached herewith, 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/s or entity/ies
including foreign entity/ies (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the Intermediaries 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 or the like on the
behalf of the Ultimate Beneficiaries.

e) The management has represented that, to the best of its knowledge
and belief, as disclosed in the Note No. 45 of the financial statements
attached herewith, no funds have been received by the Company from
any person/s or entity/ies including foreign entity/ies (“Funding

Party/ies”), 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 Party/ies ("Ultimate Beneficiaries”) or provide any
guarantee, security or the like on the behalf of the Ultimate
Beneficiaries.

f) Based on the audits 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 representations under sub¬
clauses (i) and (ii) of clause (e) of Rule 11 contain any material mis¬
statement.

g) During the financial period under audit, no dividend has been declared,
or paid by the Company.

h) Based on our examination on test check basis, the company has used
an accounting software for maintaining its books of account which has
a feature of recording audit trail (edit log) facility and except for the
instances mentioned below, the same has operated throughout the year
for all relevant transactions recorded in software.

(a) The feature of recording audit trail (edit log) facility was not
enabled at the database level to log any direct data changes for
the accounting software used for maintain the books of account
for the financial year 01 April, 2025 to 31 March, 2026.

For J C Ranpura & Co.,

Chartered Accountants

Firm’s Registration Number.: 108647W

Ketan Y Sheth

Partner

Membership No 118411

UDIN: 26118411WEHMYM1784

Place: Rajkot

Date: 11 May 2026