We have audited the accompanying financial Statements of "ARUNAYA ORGANICS
LIMITED" (the Company) having CIN: U24100GJ2010PLC061794, which comprise the
Balance Sheet as at March 3 I, 2025, the Statement of Profit and Loss and the Statement of Cash
Flows for the year ended and a summary of significant accounting policies and other explanatory
information (hereinafter referred to as the "financial statements").

In our opinion and to the best of our information and according to the explanations given to us,
except for the effects of the matter described in the Basis for Qualified Opinion, the aforesaid
Financial Statements give the information required by the Companies Act, 2013 (the Ad) 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. and its
profit and its cash flows for the year ended on that date

Basts fur Qualified Opinion

During the course of our audit, we have observed that certain payments in respect of import
transactions under taken by the Company have remained outstanding for a period exceeding six
months from the date they became due tor payment Similarly, we have noted that receivables from
export transactions have also remained unpaid tor a period exceeding six months from the due date
of receipt.

The existence of such long-outstanding import payables and export receivables may have
implications on the Company's compliance with the applicable provisions of the Foreign Exchange
Management Act, 1999 (FEMA) and the rules and regulations framed thereunder. It also reflects
on the Company's working capital management and may potentially impact its creditworthiness
and business relationships with overseas supplier's and customers.

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing
specified under Section 143(10) of the Act (SAs) Our responsibilities under those Standards are
further described in the Auditor’s Responsibility 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 (JCAl) together with the ethical requirements that
are relevant to our audit of the Financial Statements under the provisions of the Act and the Rules
made there under and we have fulfilled our Other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe the evidence obtained by us is
sufficient and appropriate to provide a basis for our financial Statements.

Key Audit Matters

Key audit matter is the matter that, in our professional judgement, was of most significance in our
audit of the Financial Statements of the current period. This matter was addressed in the context of
our audit of the Financial Statements us a whole and in forming our opinion thereon and we do not
provide a separate opinion on this matter We have nothing to report in this regard

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

the Board of Directors of the Company is responsible for the other information. The other
information comprises the information included in the operational highlights, Directors' Report
and its annexure, Management Discussion and Analysis, Business Responsibility Report.
Corporate Governance and Shareholder’s information and performance trend, but does net include
the Financial Statements and our Auditor's Report thereon These reports are expected to be made
available to US after the date of 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 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 requited to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Financial Statements

the Board of Directors of the Company is responsible for the matters staled in section 134(5) of
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 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 judgements and estimates that are
reasonable and prudent, and design, implementation and maintenance or 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 ability of
the Company 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 ernative but to do so.

the 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 .insurance 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 can reasonably be expected to influence (he
economic decisions of users taken on the basis or these Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgement 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 Id 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(3Hn 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 the Management.

• Conclude on the appropriateness of use of the going concern basis of accounting by the
Management and based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the ability of the Company 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. ¹

* Obtain sufficient appropriate audit evidence regarding the financial information of the Company
to express an opinion on the Financial Statements.

Materiality is the magnitude of misstatements in the 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 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,
we determine that a matter must not be communicated in our report because the adverse
consequences of doing so will 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 in terms of Section 143( 1 1) of the Act, we give in 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, 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 out audit.

b) in our opinion, proper books of account as requited 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 and the Statement of Cash Flows dealt

with by this Report are in agreement with the books

d) In our opinion, the aforesaid Financial Statements company with the Accounting Standards
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 164 (2) of the Act

f) With respect to the adequacy of the internal financial controls with reference to financial
statements 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 internal financial controls with reference to financial
statements.

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 out opinion and to the best of our information and according to the explanations given to us.
the remuneration paid by the Company to 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 Auditor’s Report in accordance with
Rule II of the Companies [Audit and Auditor;,) Rules, 2014, as amended in our opinion and 10
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 Statements- Refer Note 26 to the Financial Statements.

2) The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses

3) The Company is not liable to transfer any amounts, required to be transferred, to the
investor Education and Protection Fund by the Company during the year ended March 31,
2025.

4)

i) 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 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;

ii) The Management has represented that, to the best of its knowledge and belief, no funds
(which are materia) either individually or in the aggregate) have been received by the
Company from any person or entity, intruding 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;

iii) 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
represervations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) anti (b)
above, contain any material misstatement.

5) the Company has not declared or paid any dividend in the year and hence reporting
requirement for compliance with Section 123 of the Act is not applicable.

6) Based on our examination which included test checks, the company has not 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 tor all. relevant
transactions recorded in the Software.

For, ABHISHEK KUMAR & ASSOCIATES

Chartered Accountants

Firm Registration Number: 130052W

ABHISHEK AGRAWAL

Membership Number: 132305
UDIN;25132305BMHVYG8781
Dale: May 30, 2025
Place: Ahmedabad

1

Evaluate the overall presentation, structure and content of the Financial Statements, including
me disclosures and whether the Financial Statements represent the underlying transactions and
events in a manner that achieves fair presentation.