We have audited the financial statements of Prataap
Snacks Limited (the "Company")for the year ended March
31, 2025 [in which are included the financial statements
of Prataap Snacks Employees Welfare Trust (the 'Trust')],
which comprise the balance sheet as at March 31, 2025,
and the statement of profit and loss (including other
comprehensive income), statement of changes in equity
and statement of cash flows for the year then ended,
and notes to the financial statements, including 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, and based on
the consideration of the report of the other auditor on
the financial statements of the Trust which was audited
by the other auditor, the aforesaid financial statements
give the information required by the Companies Act, 2013
("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, and its loss and other
comprehensive loss, changes in equity and its cash flows

fnr tho \/onr onHoH nrt thnt Hnto

Basis for 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 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 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 along with the
consideration of report of the other auditor referred to
in paragraph (a) of the "Other Matters" section below,
is sufficient and appropriate to provide a basis for our
opinion on the financial statements.

Key Audit Matter(s)

Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the financial statements of the current period.
These matters were addressed in the context of our audit
of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate
opinion on these matters.

Other Information

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 auditor's report thereon.
The Company's annual 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 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 financial statements or our
knowledge obtained in the audit, or otherwise appears
to be materially misstated.

When we read the annual report, if we conclude that
there is a material misstatement therein, we are required
to communicate the matter to those charged with
governance and take necessary actions, as applicable
under the relevant laws and regulations.

Management's and Board of Directors'/ Board
of Trustees' Responsibilities for the 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
financial statements that give a true and fair view of the
state of affairs, profit and other comprehensive income,
changes in equity and cash flows of the Company in
accordance with the accounting principles generally
accepted in India, including the Indian Accounting
Standards (Ind AS) specified under Section 133 of the
Act. The respective Management and Board of Directors
of the Company/Board of Trustees of the Trust are
responsible for maintenance of adequate accounting
records in accordance with the provisions of the
Act for safeguarding of the assets of the Company/
the Trust 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 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 respective
Management and Board of Directors of the Company/
Board of Trustees of the Trust are responsible for assessing
the ability of the Company/ the Trust to continue as a
going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of
accounting unless the respective Board of Directors of the
Company/ Board of Trustees of the Trust either intends to
liquidate the Company/Trust or to cease operations, or
has no realistic alternative but to do so.

The respective Board of Directors of the Company/ Board
of Trustees of the Trust are responsible for overseeing the
financial reporting process of the Company/ the Trust.

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 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 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 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 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 the Management
and Board of Directors.

• Conclude on the appropriateness of the Management
and Board of Directors use of the going concern basis
of accounting in preparation of 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 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 statements of the Trust of the Company
to express an opinion on the financial statements. For
the Trust included in the financial statements, which
has been audited by other auditor, such other auditor
remain responsible for the direction, supervision and
performance of the audit carried out by them. We
remain solely responsible for our audit opinion. Our
responsibilities in this regard are further described in
paragraph (a) of the section titled "Other Matters" in
this audit report.

We communicate with those charged with governance
of the Company 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.

Other Matter(s)

a. We did not audit the financial statements of the Trust
included in the financial statements of the Company
which reflect total assets (before consolidation
adjustments) of ' 1,707.08 Lakhs as at March 31, 2025,
total revenue (before consolidation adjustments) of
' 85.41 Lakhs, total net profit after tax of ' 4.71 Lakhs,
total comprehensive income (before consolidation
adjustments) of ' 4.71 Lakhs and net cash outflows
(before consolidation adjustments) amounting
to ' 13.81 Lakhs for the year ended on that date, as
considered in the financial statements. The financial
statements of the Trust has been audited by the
other auditor whose report has been furnished to us,
and our opinion in so far as it relates to the amounts
and disclosures included in respect of the Trust, is
based solely on the reports of such other auditor.

b. Our opinion is not modified in respect of this matter.

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 A. As required by Section 143(3) of the Act, 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 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 and the report
of the other auditor except for the matters

stated in the paragraph below on reporting
under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

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.

d. In our opinion, the aforesaid 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 on April 3, 2025
and April 9, 2025 respectively, 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. the modifications relating to the
maintenance of accounts and other
matters connected therewith are as
stated in the paragraph [2A(b)] above on
reporting under Section 143(3)(b) of the Act
and paragraph [2B(f)] below on reporting
under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

g. 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".

B. 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:

a. The Company has disclosed the impact
of pending litigations as at March 31, 2025
on its financial position in its financial
statements - Refer Note 36 and 37 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.

c. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company.

d (i) The management has represented
that, to the best of its knowledge and
belief, as discussed in the Note 48 to the
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 persons
or entities, 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 to or on behalf of the
Ultimate Beneficiaries.

(ii) The management has represented, that,
to the best of its knowledge and belief, as
disclosed in the Note 48 to the financial
statements, no funds have been received
by the Company from any persons or
entities, 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 from or on behalf of the
Ultimate Beneficiaries.

(iii) Based on the audit procedures that
have been considered reasonable
and appropriate in the circumstances
performed by us, nothing has come
to our notice that has caused us to
believe that the representations under
sub-clause (d) (i) and (d) (ii) contain any
material mis-statement.

e. The final dividend paid by the Company during
the year, in respect of the same declared for the
previous year, is in accordance with Section 123
of the Act to the extent it applies to payment
of dividend.

As stated in Note 16 to the financial statements,
the respective Board of Directors of the
Company have proposed final dividend for
the year which is subject to the approval of the
respective members at the ensuing Annual
General Meeting. The dividend declared is in
accordance with Section 123 of the Act to the
extent it applies to declaration of dividend.

f. Based on our examination which included test
checks, except for the instances mentioned
below, the Company has used accounting
softwares for maintaining its books of account,
which have a feature of recording audit trail
(edit log) facility and the same has operated
throughout the year for all relevant transactions
recorded in the respective software:

(i) The feature of recording audit trail (edit
log) facility was not enabled at the
application layer to log any data changes
in the following:

a. certain fields/tables of the accounting
software related to the revenue
process and certain non-editable
fields/tables of the accounting
software relating to general ledger
from April 1, 2024 to June 13, 2024.

b. certain fields/tables of the accounting
software related to the payroll process
during the period April 1, 2024 to June 13,
2024/ February 25, 2025, as applicable.

c. certain non-editable fields/tables
of the accounting software used for
maintaining inventory records during
the period April 1, 2024 to June 13, 2024/
February 25, 2025, as applicable.

(ii) The feature of recording audit trail (edit
log) facility was also not enabled during
the period from April 1, 2024 to June 13,
2024 for another software used by the
Company for maintaining certain records
related to procurement, inventory and
revenue process.

iii) The feature of audit trail was not enabled
at the database level for the accounting
software used for maintaining the books
of account to log any direct data changes.

Further, wherever the audit trail (edit log)
facility was enabled and was operating
for the respective accounting software,
we did not come across any instance of
the audit trail feature being tampered
with. Additionally, the audit trail has been
preserved by the Company as per the
statutory requirements for record retention.

. With respect to the matter to be included in the
Auditor's Report under Section 197(16) of the Act:

We draw attention to Note 38 to the financial
statements for the year ended March 31, 2025
according to which the remuneration paid or
payable to its directors is in excess of the limit
laid down under Section 197 of the Act. As per the
provisions of the Act, the excess remuneration is
subject to approval of the shareholders through
special resolution which the company has obtained
through postal ballot on May 23, 2023. 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.

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No.:101248W/W-100022

Place: Indore Ashwin Bakshi

Date: May 05, 2025 Partner

Place: Indore
Membership No.: 506777
Date: May 05, 2025
ICAI UDIN:25506777BMOSRN6542