We have audited the standalone financial statements of Chatha
Foods Limited (Formerly known as Chatha Foods Private
Limited) (“the Company”), which comprise the balance sheet as
at March 31,2025, the statement of profit and loss, statement of
cash flows for the year then ended, and notes to the standalone
financial statements, including a summary of the material
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 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 accounting principles generally
accepted in India, of the state of affairs of the Company as at
March 31,2025, 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 Act. Our
responsibilities under those SAs 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 CharteredAccountants of India 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
Code of Ethics.We believe that the audit evidence obtained by us
is sufficient and appropriate to provide a basis for our opinion on
the standalone 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
Standalone Financial Statements of the current period. These
matters were addressed in the context of our audit of the
Standalone 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 the matters described below
to be the key audit matters to be communicated in our report.

Information other than the financial statements and
Auditor's Report thereon

The Company's management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the Company's Annual
Report, but does not include the financial statements and our
auditor's report thereon.These reports are expected to be made
available to us after the date of this audit 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 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, we conclude that there
is a material misstatement of this other information, we are
required to report that fact, since these reports are expected to
be made available to us after the date of this audit report hence
currently, we have nothing to report in this regard.

The Company's Board of Directors are 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
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,
read with Rule 7 of the Companies (Accounts) Rules, 2014.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 standalone financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error. In
preparing the standalone 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
the Board of Directors either intend to liquidate the Company
or to cease operations, or have no realistic alternative but to do
so.The Board of Directors is 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 standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and
to issue an auditors' 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 part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the auditWe 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 through a separate report on the complete set of
financial statements on whether the company has
adequate internal financial controls with reference to
financial statements 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.

• Evaluate the appropriateness and reasonableness of
disclosures made by the Board of Directors in terms of
the requirements specified under Regulation 33 of the
Listing Regulations.

• 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.

• Obtain sufficient appropriate audit evidence regarding the
financial information of the company to express an
opinion on the statement.

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.

Report on Other Legal and Regulatory Requirements

• As required by the Companies (Auditor's Report) Order,
2020 ('the Order') issued by the Central Government of
India in terms of section 143(11) of the Act, we give in the
Annexure I a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

• Further to our comments in Annexure I, as required by
section 143(3) of the 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 for the purpose of our audit of the
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;

c) The financial statements 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 the Companies (Accounting
Standards) Rules,2021;

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

f) With respect to the adequacy of the internal financial
controls with reference to financial statements of the
Company as on 31 March 2025 and operating
effectiveness of such controls, refer to our separate
report in Annexure II wherein we have expressed
unmodified opinion;and

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 of theAct.

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:

a. The company has disclosed the impact of pending
litigation on its financial position in its financial
statements - Refer Note No. 36 to the financial
statements.

b. The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses as at 31
March 2025;

c. There were no amounts which were required to
be transferred to the Investor Education and
Protection Fund by the Company during the year
ended 31 “March 2025:

i. The management has represented that, to the best
of its knowledge and belief, as disclosed in Note
No. 37(a) to the financial statements, no funds have

been advanced or loaned or invested (either from
borrowed funds or securities premium or any
other sources or kind of funds) by the Company to
or in any person or entity, including foreign entities
('the 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 ('the Ultimate
Beneficiaries') or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries;

ii. The management has represented that,to the best
of its knowledge and belief, as disclosed in Note
No.37(a) to the financial statements, no funds have
been received by the Company from any person
or entity, including foreign entities ('the 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;and

iii. Based on such audit procedures performed as
considered reasonable and appropriate in the
circumstances, nothing has come to our notice
that has caused us to believe that the management
representations under sub-clauses (a) and (b)
above contain any material misstatement.

I. Based on our examination which included test checks, 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 the same has operated
throughout the year for all relevant transactions recorded
in the software. Further, during the course of our audit we
did not come across any instance of the audit trail feature
being tampered with & the audit trail has been preserved
by the company as per the statutory requirements.

ForA Bafna& Co.

Chartered Accountants

FRN:003660C

Sd/-

(Vivek Gupta)

Partner

M.No. 400543

UDIN:- 25400543BMLIGG4738

Place: Mohali

Date: 16^th May 2025