We have audited the accompanying Standalone Financial Statements of Mangalam Seeds Limited
("the Company"), which comprise the Balance Sheet as at 31st March, 2025, 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 ended on that date and notes to the Standalone Financial
Statements, including a summary of material accounting policies and other explanatory information
(herein after 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
(herein after referred to as "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
the Companies (Indian Accounting Standards) Rules, 2015 as amended (herein after referred as "the
IND AS") and other accounting principles generally accepted in India, of the state of affairs of the
Company as at 31st March, 2025 and its profit, total comprehensive income, changes in equity and
its cash flows for the year ended on that date.

Basis of Our Opinion

We conducted our audit of Standalone Financial Statements in accordance with the Standard on
Auditing (herein after referred to as "SAs") specified under section 143(10) of the Act. Our
responsibilities under those standards 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 (herein after referred as "ICAI") together with ethical requirements that are relevant to our
audit of Standalone Financial Statements under the provisions of the Act and Rules made
thereunder, and we have fulfilled our ethical responsibilities in accordance with these requirements
and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained 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 year. 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 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 Standalone Financial Statements a nd Auditor's
Report Thereon

The Company's Board of Directors are responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and Analysis,
Board's Report, Business Responsibility and Sustainability Report, Corporate Governance and
Shareholder's Information, but does not include the Standalone Financial Statements, Consolidated
Financial Statements and our auditors' report thereon.

Our opinion on the 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 the 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 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. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the
Standalone Financial Statements

The Company's Board of Directors is 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, total comprehensive income, changes in equity
and cash flows of the Company in accordance with the Indian Accounting Standards (IND AS)
specified under the Section 133 of the Act and other 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 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 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 management 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.

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 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 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 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.

• 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.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Standalone 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 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.

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 should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

Report on Other Legal and Regulatory Requirements

1. A. 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.

c) The Standalone balance sheet, the Standalone Statement of profit and loss including
Comprehensive Income, Statement of Changes in Equity and the 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 IND AS
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 31^st March,
2025, 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 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". Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial control over with reference to the
Standalone Financial Statements of the Company.

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 information 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 read with Schedule V of the Act.

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 litigation on its Standalone Financial
Statement. Refer Note 45 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. During the year, there were no amounts which are required to be transferred, to the
Investor's Education and Protection Fund by the company.

iv. 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:

• directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Holding
Company or its subsidiary companies incorporated in India or

• provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries

ii) 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 to or any other 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 ("Ultimate Beneficiaries") by or on behalf of the Funding Parties
or

• provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries

iii) Based on such audit procedures as 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)
above, contain any material misstatement.

v. The company or its holding company has not declared and paid any dividend during the
year.

vi. Based on our examination, which includes test checks, the company has used accounting
software for maintaining its books of accounts for the financial year ended March 31, 2025
which has a feature of recording an audit trail (edit log) facility and the same has operated
throughout the year for all the 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 for record retention.

2. 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" a statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

For MAAK & Associates
Chartered Accountants
F.R.No.: 135024W

CA Marmik G. Shah
Partner

M. No.: 133926
UDIN:

Place: Ahmedabad
Date: 28th May, 2025