To the Members of Jayant Agro-Organics Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying Standalone Ind AS financial statementsof Jayant Agro-Organics Limited ("the Company") which comprise the BalanceSheet as at 31^st March 2021 the Statement of Profit and Loss (including thestatement of Other Comprehensive Income) the Statement of Changes in Equity and theStatement of Cash Flows for the year then ended and notes to the financial statementsincluding a summary of significant accounting policies and other explanatory information(hereinafter referred to as "the Standalone Ind AS financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Ind AS financial statements give theinformation required by the Companies Act 2013 as amended ("the Act") in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2021 and its profit including other comprehensive income the changes in equity andits 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 Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of theStandalone Ind AS financial statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on theStandalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Standalone Ind AS financial statements ofthe current period. These matters were addressed in the context of our audit of theStandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. We have determined the mattersdescribed below to be the key audit matters to be communicated in our report.

Information other than the Financial Statements and Auditors' Reportthereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the Standalone Financial Statements and our auditors' reportthereon. Our opinion on the Standalone Financial Statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon. In connectionwith our audit of the Standalone Financial Statements our responsibility is to read theother information and in doing so consider whether such other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. If based on the work we have performed weconclude that there is a material misstatement of this other information we are requiredto report that fact. We have nothing to report in this regard

Responsibility of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone Ind ASfinancial statements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statement that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone FinancialStatements

Our objectives are to obtain reasonable assurance about whether theStandalone Ind AS financial statements as a whole are free from material misstatementwhether 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 auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

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

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls with reference to financialstatements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements for the financial year ended March 31 2021 and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements As required by theCompanies (Auditor's Report) Order 2016 ("the Order") issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Companies Act2013 we give in the "Annexure A" of this report a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of our auditof the aforesaid Ind AS financial statement;

(b) In our opinion proper books of account as required by law havebeen 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 theStatement of Other Comprehensive Income the Statement of Changes in Equity and the CashFlow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Standalone Ind AS financialstatements comply with the Accounting Standards specified under Section 133 of the Actread with the Companies

(Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from thedirectors as on 31^st March 2021 taken on record by the Board of Directorsnone of the directors is disqualified as on 31^st March 2021 from beingappointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company with reference to these Standalone FinancialStatements and the operating effectiveness of such controls refer to our separate Reportin "Annexure B" to this report;

(g) In our opinion the managerial remuneration for the year endedMarch 31 2021 has been paid/provided by the Company to its directors in accordance withthe provisions of section 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations as atMarch 31 2021 on its financial position in its Ind AS standalone financial statements tothe extent determinable/ascertainable. - Refer Note 33 to the Ind AS financial statements.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.- Refer Note 46to the Ind AS financial statements.

iii. There has been no delay in transferring amount required to betransferred to the Investor Education and Protection Fund.- Refer Note 47 to the Ind ASfinancial statements.

ANNEXURE A

To the Independent Auditors' Report on Standalone Ind AS financialstatements of Jayant Agro-Organics Limited as on 31^st March 2021 referred toin paragraph 1 under "Report on Other Legal and Regulatory requirement" sectionof our report of even date we report the following:

(i) (a) The Company has generally maintained proper records showingfull particulars including quantitative details and situations of fixed assets;

(b) The Company has a regular programmeme for physical verification ofits fixed assets by which its fixed assets are verified in a phased manner. In ouropinion this periodically of physical verification is reasonable having regard to thesize of the Company and the nature of its business. However physical verification offixed assets could not be carried out as planned due to outbreak of Covid-19 pandemic. Asrepresented by the management these will be covered for verification in the subsequentperiod;

(c) According to information and explanations given by the managementthe title deeds of immovable properties of the company are held in the name of thecompany.

(ii) Physical verification of inventory has been conducted atreasonable intervals by the management. There is no material discrepancy noticed bymanagement during the year on such physical verification.

(iii) According to information and explanations given to us thecompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnership or other parties covered in the register of maintained under Section189 of the Companies Act 2013. Accordingly the provisions of clause 3(iii) (a) (b) and(c) of the Order are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanationsprovided to us the Company has complied with the provisions of section 185 and 186 of theAct in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

(v) In our opinion and according to the information and explanationsgiven to us the company has not accepted any deposits within the meaning of Sections 73to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3 (v) of the order are not applicable to theCompany.

(vi) We have broadly reviewed the books of accounts maintained by thecompany pursuant to the Rules made by the Central Government for the maintenance of costrecords under sub section (1) of section 148 of the Companies Act in respect to company'sproducts/services and are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. However we have not made a detailed examination ofthe cost records.

(vii) In respect of statutory dues:

(a) The Company is generally regular in depositing with appropriateauthorities undisputed statutory dues including Provident Fund Employee's StateInsurance Income-tax Sales-tax Goods and Service tax Duty of Custom Duty of ExciseValue Added tax Cess and other Statutory dues applicable to it.

(b) According to the information and explanation given to us andaccording to the records of the Company as examined by us no undisputed amounts payablein respect of Provident fund Employees' State Insurance Income tax Sales-tax Goods andServices tax Duty of Custom Duty of Excise Value Added tax Cess and Other materialstatutory dues were outstanding as at March 31 2021 for a period of more than sixmonths from the date on which they become payable except for quantum of Stamp Duty of Rs5600000.

(c) According to the information and explanation given to us and basedon the records of the Company examined by us dues of Service Tax and Income Taxoutstanding as on March 312021 which have not been deposited on account of any disputeare tabulated below:-

(viii) According to the information and explanations given to us thereare no loans or borrowings payable to government and the company has not issued anydebentures. Based on the verification of records of the company the company has notdefaulted in repayment of loans or other borrowings from financial institutions and banks.

(ix) According to the information and explanations provided to us andas per the records of the company examined by us company has not raised funds by way ofpublic issue/ follow-on offer (including debt instruments) during the year. According tothe information and explanations provided to us the term loans raised have been appliedby the company during the year for the purposes for which they were raised.

(x) To the best of our knowledge and belief and according to theinformation and explanation given to us no fraud by the Company or any fraud on theCompany by its officers and employees of the Company has been noticed or reported duringthe year.

(xi) According to the information and explanations provided by themanagement the managerial remuneration has been paid / provided in accordance with therequisite approvals mandated by the provisions of section 197 read with schedule V to theCompanies Act.

(xii) In our opinion and according to information and explanationsgiven to us Company is not a Nidhi Company. Therefore the provisions of clause 3(xii) ofthe Order are not applicable to the Company and hence not commented upon.

(xiii) According to the information and explanation given to us andbased on our verification of the records of the Company and on the basis of review andapproval by the Board and Audit Committee the transactions with related parties are incompliance with Section 177 and 188 of the Act where applicable and the details of suchtransactions have been disclosed in the Standalone Ind AS financial statements as requiredby the applicable accounting standards.

(xiv) During the year under review the company has not made anypreferential allotment / private placement of shares or fully or partly convertibledebentures.

(xv) According to the information and explanation provided by themanagement during the year under review the company has not entered into any non-cashtransactions with directors or persons connected with him as referred to in Section 192 ofthe Act.

(xvi) According to the information and explanation provided to us thecompany is not required to be registered under section 45-IA of Reserve Bank of India Act1934.

ANNEXURE B

To Independent Auditors' Report on the Standalone Ind AS FinancialStatement of Jayant Agro-Organics Limited Report on the Internal Financial Controls underClause (i) of Sub-section 3 of Section 143 of the Act referred to in paragraph 2(f) under"Report on Other Legal and Regulatory requirement" section of our report of evendate.

We have audited the internal financial controls over financialreporting of Jayant Agro-Organics Limited ("the Company") as of 31^stMarch 2021 in conjunction with our audit of the Standalone Ind AS financial statements ofthe Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India ('ICAI').

These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Act to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness.

Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

1) Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

2) Provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

3) Provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting with reference to theseStandalone Financial Statements and such internal financial controls over financialreporting were operating effectively as at 31^st March 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.