We have audited the accompanying standalone financial
statements of Dharmaj Crop Guard Limited ("the
Company"), which comprise the Balance Sheet as at March
31, 2026, 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 then
ended, and notes to the standalone financial statements,
including material accounting policy information and other
explanatory information (hereinafter referred to as the
"standalone financial statements").

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 Indian Accounting Standards prescribed under section
133 of the Act read with Companies (Indian 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 at March 31, 2026, and
its profit (including other comprehensive income), changes
in equity 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 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 we have
obtained is sufficient and appropriate to provide a basis
for our opinion.

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 matter described below to be the key audit matters to be communicated in our
report.

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS AND
AUDITOR'S REPORT THEREON

The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Director's report but does
not include the standalone financial statements and our
auditor's report thereon. The Director's report 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 will not express any form of
assurance conclusion thereon.

In connection with our audit of the standalone 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 standalone financial statements or our
knowledge obtained in the audit, or otherwise appears to
be materially misstated.

When we read the Director's report, if we conclude that
there is a material misstatement therein, we are required to
communicate the matter to those charged with governance
under SA 720 'The Auditor's responsibilities Relating to
Other Information'.

RESPONSIBILITIES OF MANAGEMENT AND
BOARD OF DIRECTORS 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
financial position, financial performance, changes in equity
and cash flows 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 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
statement 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 Board
of Directors of the Company 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.

AUDITOR'S 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.

We give in "Annexure A" a detailed description of Auditor's
responsibilities for Audit of the Standalone Financial
Statements.

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 sub-section (11)
of section 143 of the Act, we give in "Annexure B" 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, 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 of the aforesaid standalone
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, except for the matters stated in the
paragraph 2(h)(vi) below on reporting under
Rule 11(g).

(c) The Balance Sheet, the Statement of Profit and
Loss (including other comprehensive income),
the Statement of Changes in Equity and the
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account
maintained for the purpose of preparation of the
standalone financial statements.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Ind AS specified
under Section 133 of the Act.

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

(f) The modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph 2(b) above on
reporting under Section 143(3)(b) and paragraph
2(h)(vi) below on reporting under Rule 11(g).

(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 C".

(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 on its financial position
in its standalone financial statements -
Refer Note 28 to the standalone financial
statements.

ii. 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 -
Refer Note 34 to the standalone financial
statements.

iii. There are no amounts which are required to
be transferred to the Investor Education and
Protection Fund by the Company during the
year ended March 31, 2026.

iv. a. To the best of our knowledge and
belief, as disclosed in the note 40(v)(i)
to the standalone financial statements,
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 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. To the best of our knowledge and
belief, as disclosed in the note 40(v)(ii)
to the standalone financial statements,
no funds 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 Party
("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 (a) and (b) of Rule 11(e) contain
any material mis-statement.

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

vi. Based on examination which included test checks,
the Company has used an accounting software
for maintaining its books of account (managed
and maintained by a third-party software service
provider) which has a feature of recording audit
trail (edit log) facility and the same has been
operated throughout the year for all relevant
transactions recorded in the software except
that we are unable to comment on audit trail at
database level due to absence of SOC report as
explained in Note 41 to the standalone financial
statements.

Further, except for above, audit trail feature has
operated throughout the year for all relevant
transactions recorded in the accounting
software. Also, during the course of our audit, we
did not come across any instance of audit trail
feature being tampered with except for above.
Additionally, the audit trail of prior years has been
preserved by the Company as per the statutory
requirements for record retention to the extent it
was enabled and recorded in respective years.

3. In our opinion, according to information, explanations
given to us, the remuneration paid or provided by
the Company to its directors is within the limits laid
prescribed under Section 197 read with Schedule V of
the Act.

For M S K A & Associates LLP
(Formerly known as M S K A & Associates)

Chartered Accountants

ICAI Firm Registration No.: 105047W / W101187

Samip Shah

Partner

Membership No.: 128531
UDIN: 26128531AOZLHO5315

Place: Ahmedabad
Dated: May 27, 2026