Blue Jet Healthcare Ltd Auditor Reports

To

The Members of

Blue Jet Healthcare Limited

Report on the audit of the Financial Statements

OPINION

1. We have audited the accompanying Financial
Statements of Blue Jet Healthcare Limited (the
Company), which comprise the Balance Sheet
as at 31 March 2026, the Statement of Profit
And Loss (including Other Comprehensive
Income), Statement of Changes in Equity and
Statement of Cash Flows for the year ended on
that date, and notes to the Financial Statements,
including a summary of material accounting
policies and other explanatory information (the
Financial Statements).

2. 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 Companies Act,
2013 (Act) in the 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 31 March 2026,
and its Profit and Other Comprehensive Loss,

Changes in Equity and its Cash Flows for the
year ended on that date.

BASIS FOR OPINION

3. 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
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 (ICAI)
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 we have obtained is
sufficient and appropriate to provide a basis for
our opinion on the Financial Statements.

KEY AUDIT MATTERS

4. 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 year. 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.

Key Audit Matter	How the matter was addressed in our audit
Appropriateness of Revenue Recognition	Our audit procedures include:
-The Company recognises the revenue in accordance with Ind AS 115 "Revenue from Contract with Customers".	-We assessed the revenue recognition policies for compliance with Ind AS 115, specifically the identification of performance obligations and the recognition of revenue upon satisfaction of underlying obligations.
-Revenue from the sale of goods is recognised at a point in time when the control has been transferred, which generally coincides with the terms as agreed by the customers.	-We reviewed underlying customer contracts to identify significant terms, including performance obligations, transfer of control, and conditions affecting the timing of revenue recognition, and evaluated whether revenue is recognised at a point in time in accordance with such terms.
-The above was considered as a key audit matter since revenue is significant to the Ind AS financial statements, and is required to be recognised in accordance with the terms of the customer contracts, which involve management judgements as described above.	-We tested the design and operational effectiveness of internal controls over the revenue recognition process, focusing on contract review and appropriate timing of revenue recognition.
	-We performed substantive testing of revenue transactions (including cut-off procedures) to verify that revenue is recognised upon transfer of control and in accordance with the terms of the customer contracts.
	-We have evaluated the adequacy of presentation and disclosures.

OTHER INFORMATION

5. The Companys Board of Directors are
responsible for the other information. The other
information comprises the information included
in the Companys annual report but does
not include the Financial Statements and our
auditors report thereon. The Other Information
is expected to be made available to us after the
date of this auditors report.

6. Our opinion on the Financial Statements
does not cover the other information and
we do not express any form of assurance
conclusion thereon.

7. I n 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.

8. 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
appropriate action as applicable under the
relevant laws and regulations.

RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR
THE FINANCIAL STATEMENTS

9. The Companys Board of Directors is 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) conformity with the Indian
Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended
and other accounting principles generally
accepted in India. 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 of the appropriate
accounting software for ensuring compliance
with applicable laws and regulations including
those related to retention of audit logs; 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.

10. In preparing the Financial Statements, the
Board of Directors 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 the Board
of Directors either intends to liquidate the
Company or to cease operations, or has no
realistic alternative but to do so.

11. The Board of Directors is also responsible
for overseeing the Companys financial
reporting process.

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF

THE FINANCIAL STATEMENTS

12. 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 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 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.

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

13.1. 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.

13.2. 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) 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.

13.3. Evaluate the appropriateness of accounting
policies used and the reasonableness
of accounting estimates and related
disclosures made by the Management.

13.4. Conclude on the appropriateness of the
Managements 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 Companys ability to continue
as a going concern. If we conclude that
a material uncertainty exists, we are
required to draw attention in our auditors
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
auditors report. However, future events or
conditions may cause the Company to
cease to continue as a going concern.

13.5. 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.

14. 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.

15. 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.

16. 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
year 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 reasonably be expected to outweigh the
public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY

REQUIREMENTS

17. 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 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.

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

18.1. 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.

18.2. I n our opinion, proper books of accounts
as required by law have been kept by
the Company so far as it appears from
our examination of those books except
for the matters stated in paragraph 19.8
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014 (as amended).

18.3. The balance sheet, the statement of profit
and loss (including Other Comprehensive
Income), the Statement of Changes in
Equity and the Cash Flow Statement dealt
with by this Report are in agreement with
the books of account.

18.4. In our opinion, the aforesaid Financial
Statements comply with the Ind AS specified
under Section 133 of the Act read with the
relevant rules thereunder.

18.5. On the basis of the written representations
received from the directors as on 31
March 2026 taken on record by the Board
of Directors, none of the directors is
disqualified as on 31 March 2026 from being
appointed as a director in terms of Section
164(2) of the Act.

18.6. The modification relating to the
maintenance of books of accounts and
other matters connected therewith are
as stated in the paragraph 18.2 above
on reporting under Section 143(3)(b) and
paragraph 19.8 below on reporting under

Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended).

18.7. 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.

18.8. In our opinion and according to the
information and explanations given to us,
the remuneration paid by the Company
to its directors during the current year is in
accordance with the provisions of Section
197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down
under Section 197 of the Act.

19. With respect to the other matters to be included
in the Auditors Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014 (as amended), in our opinion and to the
best of our information and according to the
explanations given to us:

19.1. The Company has disclosed the impact of
pending litigations as at 31 March 2026 on its
financial position in its Financial Statements
- Refer Note 32 to the Financial Statements;

19.2. The Company has made provision, as
required under the applicable law or Ind AS,
for material foreseeable losses, if any, on
long-term contracts including derivative
contracts - Refer Note 49 (A) to the
Financial Statements;

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

19.4. The Management has represented, to
best of their knowledge and belief, that
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.

19.5. The Management has represented, to
best of their knowledge and belief, that 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.

19.6. Based on such 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 representation under sub clause
(i) and (ii) of Rule 11(e), as provided under
para 19.4 and 19.5 above, contain any
material misstatement.

19.7. In our opinion, and according to information
and explanation given to us:

19.7.1 The final dividend proposed for the financial
year 2024-25 and declared and paid by the
Company during the year is in accordance
with Section 123 of the Act, as applicable.

19.7.2 The Board of Directors of the Company has
proposed final dividend for the financial
year 2025-26, which is subject to the
approval of the members at the ensuing
Annual General Meeting. The amount of
the proposed dividend is in accordance
with section 123 of the Act, as applicable.

19.8. 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 softwares:

a. the Company has used an accounting
software, which is operated by a
third-party software service provider,
for maintaining its payroll records. In the
absence of reporting on compliance
with the audit trail requirements in
the independent auditors report of a
service organisation, we are unable to
comment whether audit trail feature
of the said software was enabled and
operated throughout the year for all
relevant transactions recorded in the
software or whether there were any
instances of the audit trail feature
been tampered with.

b. The companys inventory records were
maintained manually in spreadsheets
upto 7 December, 2025 which did not
have a feature of recording audit trail
(edit log) facility.

Further, where audit trail (edit log)
facility was enabled and operated
throughout the year, we did not
come across any instance of audit
trail feature being tampered with.
Additionally, other than for the software
where audit trail (edit log) facility was
not enabled in the previous year or
where independent auditors reports
on audit trail for software operated
by third party service providers were
not available in the previous year
and current year or where inventory
records are maintained is spreadsheet
in the previous year and upto the date
mentioned above in current year,
the audit trail has been preserved by
the Company as per the statutory
requirements for record retention.

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Kamlesh R. Jagetia

Partner

Place: Navi Mumbai ICAI Membership No: 139585
Date: 25 May 2026 UDIN: 26139585PXGMJF5838

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS OF BLUE JET
HEALTHCARE LIMITED FOR THE YEAR ENDED 31 MARCH 2026

(Referred to in paragraph 17 under Report on Other Legal and Regulatory Requirements section of our
report of even date)

i. (a) The Company has maintained proper
records showing full particulars including
quantitative details and situation of
Property, Plant and Equipment (PPE).

The Company is maintaining proper records
showing full particulars of intangible assets.

(b) The Company has a regular programme
of physical verification of its PPE by which
all PPE are verified annually. In our opinion,
this periodicity of physical verification is
reasonable having regard to the size of
the Company and the nature of its assets.
Pursuant to the programme, all PPE were
physically verified by the Management
during the year. In our opinion, and according

to the information and explanations given to
us, no material discrepancies were noticed
on such verification.

(c) In our opinion and according to the
information and explanations given to us
and on the basis of our examination of the
records of the Company, the title deeds
of all the immovable properties (other
than properties where the Company is the
lessee and the lease agreements are duly
executed in favour of the lessee) disclosed
in the financial statements are held in
the name of the Company except for the
following which are not held in the name
of the Company.

Description of property	Gross carrying value ( in millions)	Held in name of	Whether promoter, director or their relative or employee	Period held	Reason for not being held in name of company
Leasehold land	14.75	Blue Circle Organics Private Limited	No	2004 till date	The title of the asset transferred pursuant to the scheme of amalgamation/ merger are in the process of being transferred in the name of the Company.
Leasehold land	18.24	Blue Circle Organics Private Limited	No	2016 till date	The title of the asset transferred pursuant to the scheme of amalgamation/ merger are in the process of being transferred in the name of the Company.
Building	572.83	Blue Circle Organics Private Limited	No	2005 till date	The title of the asset transferred pursuant to the scheme of amalgamation/ merger are in the process of being transferred in the name of the Company.

(d) In our opinion and according to the information and explanations given to us, the Company has not
revalued its PPE (including Right of Use assets) or intangible assets or both during the year.

(e) I n our opinion and according to the information and explanations given to us and on the basis of
our examination of the records of the Company, 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) In our opinion and according to the

information and explanations given to
us, the physical verification of inventories
except goods in transit and stock lying
with third parties has been conducted at
reasonable intervals by the Management
and, the coverage and procedure of
such verification by the Management is
appropriate. No discrepancies were noticed
on verification between the physical stocks
and the book records that were more
than 10% in aggregate of each class of
inventory. For stocks lying with third parties
at the year-end, written confirmations
have been obtained and for goods-in-
transit subsequent evidence of receipts
has been linked with inventory records on
test check basis.

(b) According to the information and
explanations given to us and on the basis
of our examination of the records of the
Company, the Company has not been
sanctioned any working capital limits in
excess of five crore rupees in aggregate
from banks and financial institutions on the
basis of security of current assets at any
point of time of the year. Accordingly, clause
3(ii)(b) of the Order is not applicable
to the Company.

iii. (a) According to the information and

explanations given to us and on the basis
of our examination of the records of the
Company, the Company has not made
any investments in, or provided any
guarantee or security or granted any loans
or advances in the nature of loans, secured
or unsecured, to companies, firms, Limited
Liability Partnerships or any other parties
during the year. Accordingly, the provisions
of clauses 3(iii)(a) to 3(iii)(f) of the Order are
not applicable to the Company.

iv. In our opinion and according to the information
and explanations given to us and on the basis of
our examination of the records of the Company,
the Company has not given any loan or made
investments or provided any guarantee or
security to which the provisions of Sections
185 & 186 of the Companies Act, 2013 ("the Act")

apply. Accordingly, clause 3(iv) of the order is not
applicable to the Company.

v. In our opinion and according to the information
and explanations given to us, the Company has
not accepted any deposits or amounts which
are deemed to be deposits from the public
during the year in terms of directives issued by
the Reserve Bank of India or the provisions of
Sections 73 to 76 or any other relevant provisions
of the Act and the rules framed there under.
Accordingly, paragraph 3(v) of the Order is not
applicable to the Company.

vi. We have broadly reviewed the books of
account maintained by the Company as
specified under section 148(1) of the Act, for
the maintenance of cost records in respect
of products manufactured by the Company,
and are of the opinion that prima facie, the
prescribed accounts and records have been
made and maintained. However, we have
not made a detailed examination of the cost
records with a view to determine whether they
are accurate or complete.

vii. (a) The Company does not have liability in

respect of Service tax, Duty of excise,
Sales tax and Value added tax during
the year since effective 1 July 2017, these
statutory dues has been subsumed into
GST. In our opinion and according to the
information and explanations given to us,
amounts deducted/accrued in the books of
account in respect of undisputed statutory
dues including Goods and Services Tax,
provident fund, employees state insurance,
income-tax, duty of customs, cess and
other statutory dues have generally been
regularly deposited by the Company with
the appropriate authorities though there
has been a slight delay in few cases.

According to the information and
explanations given to us, no undisputed
amounts payable in respect of Goods and
Services Tax, provident fund, employees
state insurance, income-tax, duty of customs,
cess and any other material statutory dues
were in arrears as at 31 March 2026 for a
period of more than six months from the
date they became payable.

(b) In our opinion and according to the information and explanations given to us, we confirm that the
following dues of income-tax have not been deposited to/with the appropriate authority on account
of any dispute.

Name of the Statute	Nature of the Dues	Amount ( in millions)	Period to which the amount relates	Forum where dispute is pending
Income Tax Act, 1961	Tax and Interest	1767.86*	AY 2020-21, > AY 2021-22, AY 2022-23	ppellate Authorit
Income Tax Act, 1961	Tax	1.00	AY 23-24 >	ppellate Authorit

*Net of amount deposited amounting to 165 million

viii. In our opinion and according to the information
and explanations given to us and on the
basis of our examination of the records of the
Company, we confirm that we have not come
across any transactions not recorded in the
books of account which have been surrendered
or disclosed as income during the year in the
tax assessments under the Income Tax Act, 1961.

ix. (a) In our opinion, the Company has not

defaulted in the repayment of loans or
interest thereon to banks. Further, the
Company has not obtained any borrowings
from the Government or any financial
institutions nor has it raised any money by
way of issue of debentures.

(b) According to the information and

explanations given to us and on the basis
of our audit procedures, we report that the
Company has not been declared wilful
defaulter by any bank or financial institution
or government or any government authority
or any other lender.

(c) According to the information and

explanations given to us and on the basis
of our examination of the records of the
Company, the Company has not taken
any term loan during the year and there
are no outstanding term loans at the
beginning of the year and hence, reporting
under clause 3(ix)(c) of the Order is not
applicable to the Company

(d) According to the information and
explanations given to us, and the procedures
performed by us, and on an overall
examination of the financial statements
of the Company, we report that no funds
raised on short-term basis have been used
for long-term purposes by the Company.

(e) The Company does not have any
subsidiaries, associates or joint ventures
and hence, reporting under clause 3(ix)

(e) and (f) of the Order is not applicable
to the Company.

x. (a) The Company did not raise money 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 to the Company.

(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 (x)(b) of the
Order is not applicable to the Company.

xi. (a) In our opinion and according to the

information and explanations given to us,
there has been no fraud by the Company or
any fraud on the Company that has been
noticed or reported during the year.

(b) In our opinion and according to the
information and explanations given to us,
no report under sub section (12) of section
143 of the Act has been filed by the auditors
in Form ADT-4 as prescribed under rule 13 of

Companies (Audit and Auditors) Rules, 2014
with the Central Government.

(c) As represented to us by the Management,
there are no whistle blower complaints
received by the Company during the year.

xii. In our opinion and according to the information
and explanations given to us, the Company is not
a Nidhi company. Accordingly, paragraph 3(xii)
of the Order is not applicable to the Company.

xiii. According to the information and explanations
given to us and based on our examination of the
records of the Company, transactions with the
related parties are in compliance with Sections
177 and 188 of the Act where applicable and
details of such transactions have been disclosed
in the financial statements as required by the
applicable accounting standards.

xiv. (a) In our opinion and based on our examination,

the Company has an internal audit system
commensurate with the size and nature
of its business.

(b) We have considered the internal audit
reports of the Company issued till date, for
the period under audit.

xv. According to the information and explanations
given to us, in our opinion during the year
the Company has not entered into any
non-cash transactions with its directors
or persons connected with its directors.
Accordingly, paragraph 3(xv) of the Order is not
applicable to the Company.

xvi. (a) In our opinion, the Company is not required

to be registered under Section 45-IA
of the Reserve Bank of India Act, 1934.
Accordingly, paragraph 3(xvi) of the Order
is not applicable to the Company.

(b) The Company is not required to be registered
under Section 45-IA of the Reserve Bank
of India Act, 1934. Accordingly, paragraph
3(xvi)(b) of the Order is not applicable
to the Company.

(c) The Company is not a CIC as defined in the
regulations made by Reserve Bank of India.
Accordingly, paragraph 3(xvi)(c) of the
Order is not applicable to the Company.

(d) According to the information and
explanations given to us, the Group does not
have any Core Investment Company (CIC)
as part of the Group as per the definition
of Group contained in the Core Investment
Companies (Reserve Bank) Directions, 2016
and hence the reporting under clause
(xvi)(d) of the Order is not applicable
to the Company.

xvii. The Company has not incurred any cash losses
in the financial year and in the immediately
preceding financial year

xviii. There has been no resignation of the statutory
auditors during the year and accordingly
paragraph 3(xviii) of the Order is not applicable
to the Company.

xix. According to the information and explanations
given to us and on the basis of the financial
ratios, ageing and expected dates of realization
of financial assets and payment of financial
liabilities, other information accompanying
the financial statements, our knowledge of the
Board of Directors and Management plans
and based on our examination of the evidence
supporting the assumptions, nothing has come
to our attention, which causes us to believe that
any material uncertainty exists as on the date
of the audit report that the Company is not
capable of meeting its liabilities existing at the
date of balance sheet as and when they fall due
within a period of one year from the balance
sheet date. We, however, state that this is not
an assurance as to the future viability of the
Company. We further state that our reporting is
based on the facts up to the date of the audit
report and we neither give any guarantee nor
any assurance that all liabilities falling due within
a period of one year from the balance sheet
date, will get discharged by the Company as
and when they fall due.

Also refer to the Other Information paragraph of our main audit report which explains that the other
information comprising the information included in Annual report is expected to be made available to us
after the date of this auditors report.

xx. (a) I n our opinion and according to the information and explanations given to us, there is no unspent
amount under sub-section (5) of Section 135 of the Act pursuant to any project. Accordingly, clauses
3(xx)(a) and 3(xx)(b) of the Order are not applicable to the Company.

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)

Firm Registration Number: 105146W/W100621

Kamlesh R. Jagetia

Partner

ICAI Membership No: 139585
UDIN: 26139585PXGMJF5838

Place: Navi Mumbai
Date: 25 May 2026

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS OF BLUE JET
HEALTHCARE LIMITED FOR THE YEAR ENDED 31 MARCH 2026

(Referred to in paragraph 18.7 under Report on Other Legal and Regulatory Requirements section of our
report of even date)

Report on the Internal Financial Controls with
reference to the aforesaid Financial Statements
under Clause (i) of Sub-section 3 of Section 143 of
the Companies Act, 2013 (the Act).

OPINION

1. We have audited the internal financial controls
with reference to the Financial Statements of
Blue Jet Healthcare Limited (the Company) as
at 31 March 2026 in conjunction with our audit of
the Financial Statements of the Company for the
year ended on that date.

2. In our opinion and according to the information
and explanation given to us, the Company
has established process document and risk
control matrix for certain key processes relating
to internal financial controls with reference
to the financial statements. Considering the
internal controls with reference to the Financial
Statements, criteria established by the company
and the essential components of internal control
as stated in the Guidance note on Audit of Internal
Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants
of India ("the Guidance Note") and to justify
existence and operative effectiveness of the said
controls, in certain areas the Company needs to
strengthen the documentation of identified risk
& controls to make it commensurate with the
size of the Company and nature of its business.

MANAGEMENTS RESPONSIBILITY FOR INTERNAL
FINANCIAL CONTROLS

3. The Companys management is responsible for
establishing and maintaining internal financial
controls based on the internal controls over
financial reporting criteria established by the
Company considering the essential components
of internal control stated in the Guidance
Note. 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
the 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 Act.

AUDITORS RESPONSIBILITY

4. Our responsibility is to express an opinion on
the Companys internal financial controls with
reference to the Financial Statements based on
our audit. We conducted our audit in accordance
with the Guidance Note and the Standards on
Auditing (SA ), prescribed under section 143(10)
of the Act, to the extent applicable to an audit
of internal financial controls with reference to
the Financial Statements. Those SAs and the
Guidance Note require that we comply with the
ethical requirements and plan and perform the
audit to obtain reasonable assurance about
whether adequate internal financial controls
with reference to the Financial Statements
were established and maintained and whether
such controls operated effectively in all
material respects.

5. Our audit involves performing procedures to
obtain audit evidence about the adequacy
of the internal financial controls system with
reference to the Financial Statements and
their operating effectiveness. Our audit of
internal financial controls with reference to
the Financial Statements included obtaining
an understanding of internal financial controls
with reference to the Financial Statements,
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 procedures
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.

6. 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 with reference to the
Financial Statements.

MEANING OF INTERNAL FINANCIAL CONTROLS

WITH REFERENCE TO THE FINANCIAL STATEMENTS

7. A companys internal financial controls with
reference to the Financial Statements 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 with
reference to the Financial Statements include
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 authorisations of
management and directors of the Company;

and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised
acquisition, use, or disposition of the Companys
assets that could have a material effect on the
Financial Statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL
CONTROLS WITH REFERENCE TO THE FINANCIAL
STATEMENTS

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

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)

Firm Registration Number: 105146W/W100621

Kamlesh R. Jagetia

Partner

ICAI Membership No: 139585
UDIN: 26139585PXGMJF5838

Place: Navi Mumbai
Date: 25 May 2026