Bangalore Fort Farms Ltd Auditor Reports

To the Members of Bangalore Fort Farms Limited Report on the Audit of the financial statements Opinion

We have audited the financial statement of Bangalore Fort Farms Limited ("the Company") which comprise the Balance Sheet as at 31^st March2024, the statements of Changes in Equity and Statement of Cash flows for the year ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to best of our information and according to the explanations given to us, the aforesaid financial statements given the information required by the Act in the manner so required and given 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 March2024, its profit, changes 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 Act2013. Our responsibilities under those standers are further described in the Auditors 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 provision of the Companies Act2013 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 in sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement, 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.

We have determined that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the financial statements and our auditors report thereon.

Our opinion on the financial statements does not cover the other information and we do not express my form of assurance conclusion thereon.

In connecting with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the 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.

Managements Responsibility for the financial statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act2013 ("the Act") with respect to the preparation of these 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 Accounting Standers 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 implementation and maintenance of accounting policies making judgements 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 materials misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys 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.

Those Board of Directors are also responsible for overseeing the companys financial reporting process.

Auditors 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 materials misstatement, whether due to fraud or error, and to issue and auditors 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 materials misstatement can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economics decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatements for the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materials misstatements 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.

• Obtained 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 Companies act2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial control 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 managements use of the going concern basis of accounting and based on the audit evidence obtained, whether a materials uncertainty exists related to events or conditions that may cause significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainly exists, we are required to draw attention in out auditors report to the related disclosers in the financial statements or if such disclosers are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, further events or conditions may cause the company to ceases 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 under lying transactions and events in a manner that achieves fair presentation.

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 the charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all the relationships and other matters that may reasonably be though to bear on our independence, and where applicable, related safeguard.

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 auditors 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 reasonable be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2020 ("The Order") issued by the Central Government of India in terms of sub section (11) of section 143 of the Companies Act2013, we give in the "Annexure-A" a statement on the matters specified in paragraph 3 & 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.

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 Sheets, the Statement of Profit & Loss, 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 Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accountants) Rules2014.

e. On the basis of the written representation received from the directors as on 31^st March2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March2024 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 B".

g. With respect to the other matters to be included in the Auditors 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 explanations given to us, the company has not paid any remuneration to its directors during the financial year.

h. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit & Auditors) Rules2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The company does not have any pending litigations which would impact its financial position.

ii. The company did not have any long-term contracts including derivative contracts for which there were any materials foreseeable losses.

iii. There are 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 their 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;

B) The management has represented, that, to the best of their 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 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 Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

C) Based on Audit procedures that has 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) contain any material misstatement.

v. No dividend has declared or paid by the Company during the financial year.

vi. As proviso to rule 3(1) of the Companies (Accounts) Rules2014 is applicable for the Company only w.e.f. April 12023, we are reporting under rule 11(g) that the companys accounting software has a feature for recording an audit trail (edit log) that is non-configurable and has been operational throughout the year for all transactions recorded in the software.

Annexure "A" to the Independent Auditors Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

i) (A) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant & Equipment.

(b) There is no intangible assets in the Company as at the Balance Sheet date, hence reporting under clause (i)(A)(b) of the Order is not applicable.

(B) The Property, Plant & Equipment have been physically verified by the management at reasonable intervals and no materials discrepancies were noticed on such verification.

(C) Based on the examination of the registered sale deed/ transfer deed/ conveyance deed provided to us, we report that title deeds of all the immovable properties (other than immovable properties where the company is the lessee and the lease agreements are duly executed in favour of the Company) are disclosed in the financial statements are held in the name of the company as on the Balance Sheet date.

(D) The Company has not revalued any of its Property, Plant & Equipment assets, during the year, hence reporting under clause (i)(D) of the Order is not applicable. The Company does not have any Right of use assets or intangible assets or both as at the Balance Sheet date.

(E) No proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

ii) (A) The physical verification of inventory has been conducted at reasonable intervals by the management and in our opinion, the coverage and procedure of such verification by the management is appropriate, having regard to size of the company. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories when compared with books of account.

(B) The company has not been sanctioned any working capital limits in excess of five crore rupees, in aggregate, during any point of time of the year, from banks or financial institutions on the basis of security of current assets, hence reporting under clause (ii)(B) of the Order is not applicable.

iii) A) The company has granted loans or advances in the nature of loans, secured or unsecured to companies, firms, limited liability partnerships or any other parties during the year, in respect of which:

a) The company has provided loans during the year and details of which are given below:

Others-Inter-Corporate Deposits	Rs. Nil thousand
b) Balance outstanding as on 31st March2024
Others-Inter-Corporate Deposits	Rs. Nil thousand

The company has no subsidiaries, joint ventures and associates, hence reporting under clause (iii)(A)(a) of the Order is not applicable.

The company has not made investments in and provided any guarantee or security to companies, firms, limited liability partnerships or other parties.

B) The loans or advances in nature of loans granted, in our opinion, prima facie are not prejudicial to the Companys interest.

The company has not made any investments and provided any guarantee or given any security or granted any advances in the nature of guarantees during the year.

C) According to the information and explanations given to us, in respect of loans and advances in the nature of loans, the schedule of repayment of principal and payment of interest has been stipulated and the repayments or receipts are regular.

D) There is no overdue amount of loan for more than ninety days as on 31^st March2024.

E) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the over dues of existing loans given to the same parties.

F) The Company has converted an advance of Rs. 2,56,72,664.99 to an unsecured loan at the end of the year since the company, Ramdurlabhpur Tea Co. Ltd. to whom advance was given for supply of tea, they had not supplied anything during the year. Hence, reporting under clause 3(iii)(F) is applicable.

iv) The Company has complied with the provisions of section 185 & 186 of the Act in respect of loans, investments, guarantees and security.

v) According to the information and explanations given to us, the Company has not accepted any deposit during the year. Hence, reporting under clause 3(iv) is not applicable.

vi) The maintenance of cost records has not been specified by the Central Government under sub section (1) of section 148 of the Companies Act,2013 for the business activities carried out by the Company. Hence, reporting under clause(vi) of the Order is not applicable to the Company.

vii) According to the information and explanations given to us, in respect of statutory dues:

a) The Company has generally been regular in depositing undisputed statutory dues, including Income Tax, Goods and Service Tax, Provident Fund, Employees State

Insurance, cess and other material statutory dues applicable to it to the appropriate authorities.

b) There were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Goods and Service Tax, Value Added Tax, cess and other material statutory dues in arrears as at 31^st March2024 for a period of more than six months from the date they became payable.

viii) There were no transaction relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,1961.

ix) a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

b) The Company has not been declared wilful defaulter by any bank or financial institutions or government or any government authority.

c) The Company has applied the terms loans for the purpose for which the loans were obtained.

d) On an overall examination of the financial statements of the company, funds raised on short term basis have, prima facie, not been used during the year for long term purposes by the Company.

e) The Company has no subsidiary, hence reporting on clause 3(ix)(e)(f) of the Order is not applicable.

x) a) The company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

xi) a) No fraud by the company or any fraud on the company has been noticed or reported during the year.

b) During the year, no fraud by the company or any fraud on the company has been noticed or reported, accordingly no such report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Firm ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules,2014 with a Central Government.

c) The Company has a mechanism or policy for whistle-blower complaints to lodge. As represented to us by the management, there are no whistle blower complaints received by the company during the year.

xii) The company is not a Nidhi Company, hence reporting under clause (xii) of the Order is n applicable.

xiii) All transactions with the related parties are in compliance with section 177 & 188 i Companies Act,2013 and the details have been disclosed in the Financial Statements etc. a required by the applicable accounting standards.

xiv) a) IN our opinion and based on our examination, the company has an adequate intern audit system commensurate with size and nature of its business.

b) We have considered, the internal audit reports for the year under audit, issued to th company during the year and till date, in determining the nature, timing and extent i our audit procedures.

xv) The Company has not entered into any cash transactions during the year, with directors < persons connected with its directors and hence the provisions of section 192 of Company Act,2013 are not applicable to the Company.

xvi) The Company is not required to be registered as a non-banking financial company und< section 45-IA of the Reserve Bank of India Act,1934, hence report under clause (xvi)(a), (b) (c) of the Order is not applicable.

As represented to us by the management, the group has no CIC.

xvii) The Company has not incurred cash losses in the financial year and in the immediate preceding financial year.

xviii) There has been no resignation of the statutory auditors of the Company during the yea

xix) On the basis of the financial ratios, ageing and expected dates of realisation of financi assets and payments of financial liabilities, other information accompanying the financi statements, the auditors knowledge of the Board of Directors and management plans, th auditors is of the opinion that no material uncertainly exists as on the date of the audit repo that company is capable of meeting its liabilities existing at the date of Balance Sheet as ar when they fall due within a period of one year from the Balance Sheet date.

xx) According to the information and explanations given to us, provisions of section 135 are not applicable to the Company as the Company is not the meeting the criteria of applicability as prescribed in section 135, hence reporting under clause (xx) of the Order is not applicable.

Annexure "B" to the Independent Auditors Report

Annexure to the Independent Auditors Report to the Members of Bangalore Fort Farms Limited referred to in paragraph 2 (g) of Report on Other Legal and Regulatory Requirements in our Report of even date

Report on the Internal Financial Controls under Clause (i) of Sub section 3 of section 143 of the Companies Act, 2013 ("the Act")

We have audited Internal Financial Controls over financial reporting of Bangalore Fort Farms Limited as of March312024 in conjunctions with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Control

The Companys management is responsible for establishing and maintaining internal financial controls based on the "the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance note on Audit of "Internal Financial Controls over financial reporting issued by the Institute of Chartered accountants of India". These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act,2013.

Auditors Responsibility

Our Responsibility is to express an opinion on the Companys Internal Financial Controls over Financial Reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting ("the Guidance Note") and the Standards on Auditing to the extent applicable to an audit of Internal Financial Controls, both issued by the Institute of Chartered accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtained reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all materials respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining and understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedure selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A companys internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial controls over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, materials misstatements due to error or fraud may occur and not be deducted. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the company has, in all materials respects, an adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 312024, based on " the internal financial controls over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of "Internal Financial Controls over financial reporting issued by the Institute of Chartered accountants of India"