We have audited standalone financial statements of Mitshi
India 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 in
Changes in Equity and the Cash Flow Statement for the year
then ended, and notes to the financial statement, including a
summary of significant accounting policies and other
explanatory information (hereinafter referred to as “the
standalone financial statement”).

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid financial
statements give the information required by the Act in 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, (“Ind AS”) and other
accounting principles generally accepted in india, of the state
of affairs of the company as at 31st March, 2025 and profit and
total comprehensive income, change in equity and its cash
flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those
Standards 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 Companies Act, 2013
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

The company is engaged in business of trading of agriculture
product which highly includes cash transactions.

Emphasis of Matter

We draw attention to certain matters relating to the financial
statements for the period under audit:

• Outstanding balance of trade receivables, trade
payables and unsecured loans received are subject to
confirmation and supporting documents.

Our opinion is not modified in respect of this matter.
Information Other than the 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 Management Discussion and Analysis, Board's
Report including Annexures to Board's Report, Business
Responsibility Report, Corporate Governance and
Shareholder's Information, but does not include the
standalone financial statements and our auditor's 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
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 Responsibility for the Standalone
Financial Statements

The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Companies Act, 2013
(“the Act”) with respect to the preparation and presentation 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, including the Accounting
Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for
preventing and detecting the 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 control, 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, management is
responsible for assessing the Company's ability to continue as
a going concern, disclosing, as applicable, matter related to
going concern and using the going concern basis of
accounting unless management either intends to liquidate the
Company or to cease operations, of has no realistic alternative
but to do so.

Those Board of Directors are also responsible for overseeing
the Company's financial reporting process.

Auditor’s Responsibility

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 financial control
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section
143(3)(i) of the Companies Act, 2013, 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 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 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 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 financial statements
may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work
and evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the financial
statement.

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 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 Balance Sheet, the Statement of Profit and
Loss including Other Comprehensive Income,

Statement of Changes in Equity and the Cash Flow
statement 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 written representations received
from the directors as on 31st March, 2025, taken
on record by the Board of Directors, none of the
directors is disqualified as on 31st 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 controls over
financial reporting.

g) In our opinion and to the best of our information and
according to the explanations given to us, we
report as under with respect to other matters to be
included in the Auditor's Report in accordance with
Rule 11 of the Companies (Audit and Auditors)
Rules, 2014:

i. The Company does not have any pending
litigations to be disclosed in its Ind AS
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;

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

iv. (i) The management has represented that, to
the best of its knowledge and belief, other
than as disclosed in the notes to the
accounts, 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,

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, other
than as disclosed in the notes to the
accounts, 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, 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, and

(iii) As per the information and explanation

provided to us, the representation under sub
clause (i) and (ii) is not contained any
material misstatement.

v. The company has not declared or paid any
dividend during the year under audit.

vi. Based on our examination which included
test checks, performed by us on the
Company, have used accounting software
for maintaining their respective books of
account for the financial year ended March
31, 2025 which has a feature of recording
audit trail (edit log) facility and the same has
operated throughout the year for all relevant
transactions recorded in the software.
Further, during the course of audit, we have
not come across any instance of the audit
trail feature being tampered with.

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.

For S D P M & Co.

Chartered Accountants
Sd/-

Malay Pandit (Partner)

M.No. 046482

Place : Ahmedabad FRN : 126741W

Dated : 30.05.2025 UDIN:25046482BMLDPT4988