M.V.K. Agro Food Product Ltd Auditor Reports

Examination report of Independent Auditor on the Restated Financial Statements of M.V.K. Agro Food Product Limited

To,

The Board of Directors

M.V.K. Agro Food Product Limited

GUT NO. 44 AND 46,

Kusumnagar, at

Waghalwada, Umari, Nanded, Mumbai - 431807, Maharashtra, India

Dear Sir,

1. We have examined the attached Restated Financial Statements of M.V.K. Agro Food Product Limited, ("Company" ) comprising the Restated Standalone Financial Statements of the Company constituting Restated Statement of Assets and Liabilities as at 31st March 2023, 2022 and 2021, the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the year ended 31st March 2023, 2022 and 2021 and Restated Consolidated Financial Statements of the Company comprising the Restated Consolidated Statement of Assets and Liabilities as at 30^th September 2023, the Restated Statements of Profit and Loss and the Restated Cash Flow Statement for the period ended 30^th September 2023, the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these

Restated Financial Statements (collectively, the "Restated financial statement"), as approved by the Board of Directors of the Company at their meeting held on 27th December, 2023 for the purpose of inclusion in the Draft offer document/ offer document ("Draft offer document/ offer document") prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares ("SME IPO") prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the "Act"); b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations"); and c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered

Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").

Managements Responsibility for the Restated Financial Statements

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Statements for the purpose of inclusion in the Draft offer document/ offer document

3. The Restated Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Annexure 4 to the Restated Financial Statements. The Board of Directors of the Companys responsibility includes designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Statements. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations, and the Guidance Note.

Auditors Responsibilities

4. We have examined such Restated Financial Statements taking into consideration:

a. The terms of reference and terms of our engagement agreed with you in accordance with our engagement letter; requesting us to carry out the assignment, in connection with the proposed IPO of equity shares of the Company

b. The Guidance Note. The Guidance Note also requires that we comply with the ethical requirements of the Code of

Ethics issued by the ICAI;

c. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Statements; and

d. The requirements of Section 26 of the Act and the ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations, and the Guidance Note in connection with the proposed initial public offer of its equity shares of the Company.

5. The Restated Financial Statements have been compiled by the management of the Company from:

i. Audited Consolidated Financial Statements of the company as at and for the period ended 30th September 2023 which were prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India ("Special Purpose interim audited Financial Statements");

The consolidated financial statements includes financial and other financial information in relation to subsidiary which are audited by other auditor are listed below:-

Name of Entity	Status		Relation ship	Name of Audit	Year audited by other auditors
Sai Krupa Dairy & Food Products Private Limited	Private company	limited	Subsidiary	Kabra and Maliwal Chartered accountants	April 2023 to September 2023

ii. The audited financial statements of the Company as at and for the financial year ended March 31, 2023 which were prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India ("Audited Financial Statements 2023");

iii. The audited financial statements of the Company as at and for the financial year ended March 31, 2022 which were prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India ("Audited Financial Statements 2022");

iv. The audited financial statements of the Company as at and for the financial year ended March 31, 2021 which were prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India ("Audited Financial Statements 2021").

The statutory audits of the for the for financial year ended on March 31, 2023, March 31, 2022 and March 31, 2021 were conducted by the Previous statutory Auditor i.e. Kabra & Maliwal., Chartered Accountants ("Previous Auditor"). Accordingly, reliance has been placed on the financial information examined by him for the said years. The examination report included for these years is based solely on the report submitted by him and no audit has been carried out by us.

6. For the purpose of our examination, we have relied on:

a. the Special Purpose Interim Auditors reports issued by us dated December 27^th, 2023 on Special Purpose Interim Audited Financial Statements as at and for the period ended September 30, 2023 as referred in Paragraph 5 above;

b. the Auditors reports issued by Previous Auditor dated September 01, 2023 on Audited Financial Statements 2023 as at and for the year ended March 31, 2023 as referred in Paragraph 5 above;

c. the Auditors reports issued by Previous Auditor dated September 01, 2022 on Audited Financial Statements 2022 as at and for the year ended March 31, 2022 as referred in Paragraph 5 above;

d. the Auditors reports issued by Previous Auditor dated February 02, 2022 on Audited Financial Statements 2021 as at and for the year ended March 31, 2021 as referred in Paragraph 5 above;

7. Based on our examination and according to the information and explanations given to us, we report that the Restated financial information have been prepared:

a) have been prepared after incorporating adjustments for changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the period/financial years ended September 30, 2023, March 31, 2023, March 31, 2022 and March 31, 2021 to reflect the same accounting treatment as per the accounting policies and groupings/classifications as at and for the period ended September 30, 2023; b) There are no qualifications in the auditors reports on the consolidated financial statements of as at and for the period ended 30th September 2023 and standalone financial statements of as at and for the year ended 31st March 2023, 31st March 2022, and 31st March 2021, which require any adjustments to the Restated financial Statements.

c) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

d) We did not audit the financial statements of subsidiary as at and for the period ended 31st March 2023, whose financial statements reflect total revenues included in the consolidated financial statements, for the relevant year is tabulated below: ( in lakhs)

Particulars of Subsidiary	As at / for the period ended 30th September 2023
Total Assets	3847.46
Total Income	861.45
Net Cash Inflow	4.32

8. We have been subjected to the peer review process of the ICAI and hold a valid peer review certificate issued by the "Peer Review Board" of the ICAI.

9. The Restated Financial Statements do not reflect the effects of events that occurred subsequent to the respective dates of the reports on Audited Financial Statements mentioned in paragraph 7 above.

10. The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by us or Previous Auditor nor should this report be construed as a new opinion on any of the financial statements referred to therein.

11. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

12. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents to be filed with SEBI, Stock Exchange, and ROC in connection with the proposed IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

For N B T and Co Chartered Accountants ICAI FRN.: 140489W

Ashutosh Biyani Partner

Membership No.: 165017 Place: Mumbai Date: 27/12/2023 UDIN: 23165017BGXFEI3912