Auditor Report of Shri Ahimsa Naturals Ltd.

Mar 31, 2025

We have audited the accompanying Standalone Financial
Statements of SHRI AHIMSA NATURALS LIMITED
(FORMERLY KNOWN AS SHRI AHIMSA MINES AND
MINERALS LIMITED) ("the Company”) which comprise
the Standalone Balance Sheet as at 31^st March, 2025, the
Standalone Statement of Profit and Loss and the Standalone
Statement of Cash Flows for the year then ended, and
notes to the standalone 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 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
Standards prescribed under section 133 of the Act read with
Companies (Accounting Standard Rules), 2021 ("AS”) and
other accounting principles generally accepted in India, of
the state of affairs of the Company as at 31^st March, 2025, of
the profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements
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 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 made 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 obtained by us
is sufficient and appropriate to provide a basis for our audit
opinion on the Standalone Financial Statements.

Emphasis of Matter

(i) We draw attention to Note - 38 of the Standalone
Financial Statements, which describes the advance
payment of '' 21 Lacs made on 24.01.2023 for
purchase of Agriculture Land but the agreement is

yet to be executed. The said amount is included in
"Long Term Loans and Advances” in the Standalone
Financial Statements.

(ii) We draw attention to Note - 39 of the Standalone
Financial Statements, which describes the claim of
'' 58.49 Lacs lodged with the United Insurance Company
accounted for in financial year 2023-24 which is still
pending for approval from the said insurance company.
The said amount is included in "Short Term Loans and
Advances” in the Standalone Financial Statements.

Our opinion is not modified in respect of above matters.
Other Information

The Company’s Management and Board of Directors are
responsible for the preparation of the other information.
The other information comprises the information included
in the Company’s Annual Report, but does not include the
Consolidated Financial Statements, Standalone Financial
Statements and our auditor’s report thereon.

Our opinion on Standalone 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 Standalone Financial
Statements, our responsibility is to read the other information
and, in doing so, consider whether the other information
is materially inconsistent with the Standalone 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 that fact. We have nothing to report
in this regard.

Management’s and Board of Directors’ Responsibilities
for the Standalone Financial Statements

The Company’s Management and 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 state of affairs,
profit/loss 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 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, the
respective Management and Board of Directors are
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 intends
to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Board of Directors are also responsible for overseeing
the Company’s financial reporting process.

Auditors’ Responsibilities for the Audit of the
Standalone 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 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 Standalone
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 Standalone 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 controls
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 with respect to
Standalone 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 the Management and
Board of Directors.

• Conclude on the appropriateness of the Management
and Board of Director’s use of the going concern basis
of accounting in preparation of Standalone Financial
Statements 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 mis-statements in the
Standalone 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 mis-statements 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 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.

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
of India in terms of Section 143(11) of the Act, we
give in the Annexure "A” a statement on the matters
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
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;

c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss and the Standalone
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account;

d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Accounting Standards
specified under Section 133 of the Act;

e) On the basis of the written representations received
from the directors as on 1^st April, 2025 and taken
on record by the Board of Directors, none of the
directors is disqualified as on 31^st March, 2025
from being appointed as a director in terms of
Section 164(2) of the Act;

f) 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;

In our opinion and according to the information
and 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.

g) With respect to the adequacy of the internal
financial controls with reference to Standalone
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 Company’s
internal financial controls with reference to
Standalone Financial Statements, and

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,
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 as on 31^st March, 2025
on its financial position in its Standalone
Financial Statements. Refer Note 32 to the
Standalone Financial Statements.

(ii) The Company did not have any long¬
term contracts including derivative
contracts 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 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 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
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 of the Funding Parties ("Ultimate
Beneficiaries”) or provide any guarantee,
security or the like on behalf of the
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), as provided under
(a) and (b) hereinabove, contain any

material misstatement.

(v) The Company has neither declared nor paid
any dividend during the year.

(vi) Based on our examination which includes
test checks in our opinion, the Company
has used such accounting software for
maintaining its books of account which has a
feature of recording audit trail (edit log) facility
and the same has been operated throughout
the year for all transactions recorded in the
software. Further, during the course of our
audit we did not come across any instance
of audit trail feature being tampered with and

the audit trail has been preserved by the
Company as per the statutory requirements
for records retention.

For Ummed Jain & Company

Chartered Accountants
(Firm’s Registration No. 119250W)

(Akhil Jain)

Partner

Place: Jaipur Membership No. 137970

Date: 27^th May, 2025 UDIN: 25137970BMLFJC7713

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Mar 31, 2024

We have audited the accompanying standalone financial statements of SHRI AHIMSA
NATURALS LIMITED (FORMERLY SHRI AHIMSA MINES AND MINERALS
LIMITED) (“the Company”) which comprise the Standalone Balance Sheet as at 31st March,
2024, the Standalone Statement of Profit and Loss and the Standalone Statement of Cash Flows
for the year then ended, and notes to the standalone financial statements, including a summary
of significant accounting policies and other explanatory information.

Basis for Qualified Opinion

(i) We draw your attention to Note No. 37 of the standalone financial statements regarding
purchases of agricultural land and payment of advance of Rs. 21 Lacs in respect of such
purchases, as more fully described in the said Note. We are unable to make any further
comment in this regard in absence of Agreement/Conveyance Deed in favour of the
Company.

(ii) We draw your attention to Note No. 38 of the standalone financial statements regarding
accounting for Insurance Claim Rs. 58.49 Lacs which is yet to be approved as more
described in the said Note. We are unable to make any further comment in this regard in
absence of approval of claim by the respective insurance company.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us,
except for the possible effects of the matters described in the Basis of Qualified Opinion
paragraph above, 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 Standards prescribed under section 133 of the Act read with
Companies (Accounting Standard Rules), 2021 (“AS”) and other accounting principles
generally accepted in India, of the state of affairs of the Company as at 31^s'' March, 2024 and its
Profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements 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 Chartered Accountants of India (“1C A I”)
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 made 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 obtained by us is sufficient and appropriate to provide
a basis for our audit opinion on the standalone financial statements.

Other Information

The Company''s Management and Board of Directors are responsible for the preparation of the
other information. The other information comprises the information included in the Company’s
Annual Report, but does not include the standalone financial statements and our auditor’s report
thereon.

Our opinion on standalone 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 standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the standalone 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 that fact. We have nothing to report in this
regard.

Management’s and Board of Directors’ Responsibilities for the Standalone
Financial Statements

The Company’s Management and 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 state of affairs, profit/loss 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
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, the respective Management and Board of
Directors are 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 intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting
process.

Auditors’ Responsibilities for the Audit of the Standalone 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 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 standalone 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 standalone 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 controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section I43(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the Company
has adequate internal financial controls with respect to standalone 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 the Management and Board of
Directors.

• Conclude on the appropriateness of the Management and Board of Director’s use of the
going concern basis of accounting in preparation of standalone financial statements 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 mis-statements 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 mis-statements 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 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.

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 of India in terms of Section 143(11) of the Act, we give in the

Annexure “A” a statement on the matters 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 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;

c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss and
the Standalone Statement of Cash Flows dealt with by this Report are in agreement
with the books of account;

d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act;

e) On the basis of the written representations received from the directors as on I^s’
May, 2024 and taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2024 from being appointed as a director in terms of
Section 164(2) of the Act;

0 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;

In our opinion and according to the information and 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. The Ministry of Corporate Affairs
has not prescribed other details under Section 197(16) of the Act which are
required to be commented upon by us.

g) With respect to the adequacy of the internal financial controls with reference to
standalone 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
Company’s internal financial controls with reference to standalone financial
statements, and

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, 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 as on 3I^sl
March, 2024 on its financial position in its standalone financial statements.
Refer Note 31 to the standalone financial statements.

(ii) The Company did not have any long-term contracts including derivative
contracts 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 kind of funds)
by the Company to or in any other person(s) or entity(ies), 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 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 materia! either individually or in the aggregate)
have been received by the Company from any person(s) or entity(ies),
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 the like on behalf of
the 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), as provided under (a) and (b)
hereinabove, contain any material misstatement.

(v) The Company has neither declared nor paid any dividend during the year.

(vi) Based on our examination which includes test checks in our opinion, the
Company has used such accounting software for maintaining its books of
account which has a feature of recording audit trail (edit log) facility and
the same has been operated throughout the year for all transactions
recorded in the software. Further, during the course of our audit we did not
come across any instance of audit trail feature being tampered with.

As provisions to Rule 3(1) of Companies (Accounts) Rules, 2014 is
applicable from I^s'' April, 2023, reporting under Rule 11(g) of Companies
(Audit and Auditors) Rule, 2014 on preservation of audit trail as per the
statutory requirements for record retention is not applicable for the
financial year ended 31^S1 March, 2024.

FOR JAIN V1NOD & COMPANY

® CHARTERED ACCOUNTANTS
(Firm’s Registration No. 005420C)

(VINOD GANGWAL)

PLACE: JAIPUR PARTNER

DATE: 10th June, 2024

Membership No.073827
UD1N: 4.3^3,