Celestial Biolabs Ltd Auditor Reports

To

The Members of Celestial Biolabs Limited

Report on the audit of the Standalone financial statements

OPINION

We have audited the accompanying standalone financial statements of Celestial Biolabs Limited ("die Company"), which comprise the balance sheet as at March 31, 2023, and the statement of profit and loss (including other comprehensive income), the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to die explanations given to us, the aforesaid standalone financial statements give die 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 die 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 die Company as at March 31, 2023, the Loss and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing ("SA"s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the standalone 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 standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN

We draw attention to note 1 (B)(1) of the Statement, which indicates that the Company has accumulated losses and its net worth has been significantly eroded, the Company has a net loss during the current

year. These conditions, along with other matters set forth in note 1 (B)(1) indicate that a material uncertainty exists that may cast significant doubt on tire Companys ability to continue as a going concern. However, based upon the measures as set forth in note 1 (B)(1), including necessary financial support from a significant promoter shareholder, the management and the Board of Directors of the Company have a reasonable expectation that the Company will be able to realise its assets and discharge all its contractual obligations and liabilities as they fall due in near future in the normal course of the business. Accordingly, management has prepared the standalone financial statements on a going concern basis.

Our Opinion is not modified in respect of this matter.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current year. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined that they are no other matters which are considered to be the key audit matters

Other Information

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, Corporate Governance and Shareholders Information, but does not include the standalone financial statements and our auditors report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Managements responsibility for the financial statements

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 standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,

2015 and Companies (Indian Accounting Standards) Rules, 2016, as amended from time to time, 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 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 standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

The board of directors are also responsible for overseeing the Companys financial reporting process. Auditors responsibilities for the audit of the standalone financial statements

Our objectives arc to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report drat 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 dre basis of drese standalone financial statements.

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

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of tire Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and tire operating effectiveness of such controls.

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

• Conclude on the appropriateness of 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 tire standalone 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.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in tire standalone financial statements drat, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in standalone the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and dmiirg of the audit and significant audit findings, including any significant deficiencies hr internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone 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 reasonably be expected to outweigh the public interest benefits of such communication.

Emphasis of Matter

1. The Company has long-term borrowings with State bank of India and the bank sanctioned the One Time Settlement (which has expired on date) for Rs 305.22 lakhs. The Company is carrying the One Time Settlement amount as the closing balance and has not recognized interest expense.

Report on other legal and regulatory requirements

As required by the Companies (Auditors Report) Order, 2016 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we given in Annexure "B" a statement on the matters specified in paragraphs 3 and 4 of tire Order.

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

(a) We have sought and obtained all tire information and explanations which to tire best of our knowledge and belief were necessary for the purposes of our audit;

(b) hr 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) Tire balance sheet, the statement of profit and loss including other comprehensive income, statement of changes in equity and the cash flow statement dealt with by this Teport are in agreement with the books of account;

(d) In our opinion, tire aforesaid standalone financial statements comply with the accounting standards specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the board of directors, none of tire directors is disqualified as on March 31, 2023 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 with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to standalone financial statements.;

(g) With respect to the other matters to be included in tire Auditors Report in accordance with tire 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 remuneration paid by tire Company to its directors during the year is in accordance with tire provisions of section 197 of the Act; and

(h) 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, in our opinion and to the best of our information and according to the explanations given to us;

a. The Company does not have any pending litigations which would impact its financial position except those disclosed under contingent liability

b. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and

c. There has been no delay in transferring amounts, 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 its knowledge and belief, that

i. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities Intermediaries, with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company Ultimate Beneficiaries or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

ii. 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 tire company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party Ultimate Beneficiaries or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, and

iii. Based on audit procedures carried out by us, that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us believe that tire representations under sub-clause (i) and (ii) contain any material misstatement.

v. In our opinion and according to the information and explanations given to us, the company has not declared any dividend during the year.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company w.e.f. April 1,2023, and accordingly, reporting under Rule 11 (g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.

As per our Report of even date

For M Surendra & Associates

Chartered Accountants Firm Reg No. 017280S

	CA Shaik Shavali P
Place: Hyderabad	Partner
Date: 29.03.2024	M.No. 245517 UDIN: 24245517BKDASB8641

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2 (f) under Report on other legal and regulatory Requirements section of our report to the Members of Celestial Biolabs Limited of even date)

Report on the internal financial controls over financial reporting under clause (i) of sub - section 3 of

section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Celestial Biolabs Limited ("the Company") as at March 31, 2023, in conjunction with our audit of the standalone financial statements of the Company for tire year ended on that date.

Managements responsibility for internal financial controls

The board of directors of the Company is responsible for establishing and maintaining internal financial controls based on 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, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and tire timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company 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") issued by the Institute of Chartered Accountants of India and the standards on auditing prescribed under Section 143 (10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those standards and the guidance note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of die internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating die design and operating effectiveness of internal control based on die assessed risk. The procedures selected depend on die auditors judgment, including the assessment of the risks of material misstatement in die financial statements, whedier 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 control system over financial reporting.

Meaning of internal financial controls over financial reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records drat, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) 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 (iii) 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 over financial reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management of 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 over financial reporting to future periods are subject to the risk that the internal financial control 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 and according to tire information and explanations given to us, the Company has, in all material respects, an adequate internal financial control system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2023, based on tire internal control over financial reporting criteria established by the Company considering tire esseirtial 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.

As per our Report of even date

For M Surendra & Associates

Chartered Accountants Firm Reg No. 017280S

	CA Shaik Shavali P
Place: Hyderabad	Partner
Date: 29.03.2024	M.No. 245517 UDIN: 24245517BKDASB8641

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, plant and equipment.

b) The company has a program of physical verification to cover all the items of tangible fixed assets in a phased manner which in our opinion, this periodicity of physical verification reasonable having regard to the size of the company and the nature of its asset. According to the information and explanations given to us no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us, and on the basis of our examination of the records of the company, the original title deeds of immovable properties are held with the bank, where the company has taken loan, hence we are unable to comment on this clause.

d) the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets during the year hence this clause not applicable

e) As per information and explanation given to us there is no proceedings have been initiated or are pending against the company for holding any Benarni property under the "Ben-ami Transactions (Prohibition) Act, 1988 and Rules made thereunder; and therefore the question of our commenting on whether the company has appropriately disclosed the details in standalone financial statements does not arise.

2 a) The physical verification of inventory has been conducted at the year end. As certified by tire management the discrepancies noted on physical verification of inventory as compared to book of records were not material. However, we recommend tire management to conduct tire physical verification of inventories on quarterly basis and maintain proper records commensurate to the nature and size of the business.

b) During the year the company has not been sanctioned working capital limits hr excess of Rs 5 crores, in aggregate from banks and financial institutions oxr the basis of security of current assets and accordingly, the question of our commenting on whether the quarterly returns of statements are in agreement with tire unaudited books of accounts of the company does not arise

3. According to the information and explanations given to us during the year the Company has not granted any loans, secured or unsecured, to companies, firms Limited liability partnerships or other parties covered in the register maintained under Section 189 of tire Act. Accordingly, tire provisions of clause 3 (iii) (a) to (f) of the Order are not applicable to the Company and hence not commented upon.

4. In our opinion and according to the information and explanations given to us, no loans, investment and guarantees have been provided to tire parties covered under section 185 and 186 of the Act. Accordingly, paragraph 3 (iv) of the order is not applicable.

5. The company has not accepted any deposits from the public. Therefore, the directives issued by the Reserve Bank of India and provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and rules framed there under are not applicable. Consequently no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, on compliance or non -compliance of the same. Accordingly, clause (v) of the Order is not applicable

6. The cost Accounting records pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013 are not applicable.

7. In respect of statutory dues:

(a) According to the information and explanations given to us, and on tire basis of our examination of the books of accounts, the Company has been generally regular in depositing with appropriate authorities undisputed statutory dues including Employees State Insurance, Provident Fund, Customs duty, GST and any other material statutory dues as applicable to it except Income-tax,. According to information and explanation given to us, no undisputed amounts as at 31st March ,2023 were outstanding for a period more than six months from tire date on when they became payable.

(b) According to the information and explanations given to us, there are no statutory dues of Goods and Service Tax, Provident Fund, Employees State Insurance, Income-tax, Sales tax, Service tax, Duty of Customs, Value added tax, Cess or other statutory dues which have not been deposited by the Company on account of any dispute except for the following:

Name of the Statute	Nature of the dues	Amount (in Lacs)	Period to which the amount relates	Forum where dispute is pending	Remarks, if any
The Finance Act, 1994	Service tax	139.74	April, 2010 to March, 2012	Appellate Tribunal

8. According to the information and explanations given to us, there are no transactions in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 that has not been recorded in the books of account

9. a) According to the information and explanation given to us and records examined by us, the Company has defaulted in repayment of dues to banks amount of Rs. 305.33 lakhs borrowed in the form of term loan Tire Company does not have any dues to debenture holders during the year.

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 Willful Defaulter by any bank or financial institution or government or any government authority.

c) In our opinion, and according to the information and explairations given to us, tire term loans have been applied for the purposes for which they were obtained.

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) According to tire information and explanations given to us and on an overall examination of the financial statements of the Company, we report that tire Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures. In view of the above, reporting under clause 3 (ix)(e) of the Order is not applicable

f) According to the information and explanations given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of Securities held in its subsidiaries, joint ventures or associate companies.

10. a) In our opinion and according to the information and explanations given to us, by the management, The Company did not raise any moneys by way of initial public offer or further public offer (including debt instruments) during the year

b) . Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during tire year under review. Accordingly, the provisions of clause 3(x)(b) of the Order are not applicable to the Company and hence not commented upon.

11. a) During the course of our examination of the books and records of the company carried out in accordance with tire generally accepted auditing practices in india, and accordance to tire information and explanation given to us, we have neither come across any instances of material fraud by the company or on the company, noticed or reported during the year, nor have we been informed of any such cases by the management

b) During the course of our examination of the books and records of tire Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, a report under Section 143(12) of the Act, in Form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be filed with the Central Government. Accordingly, the reporting under clause 3(xi) (b) of the Order is not applicable to the Company.

c) During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, and as represented to us by the management, no whistle-blower complaints have been received during the year by the Company. Accordingly, tire reporting under clause 3(xi)(c) of the Order is not applicable to the Company.

12. Since the company is not a Nidhi company, Nidhi rules, 2014 are not applicable. Accordingly clause (xii) of the order is not applicable to the company

13. 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

14. a) The Company has an internal audit system commensurate with tire size and nature of its business.

b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.

15. According to tire information and explanations given to us and based on our examination of the records of the company The Company has not entered into any non-cash transactions with the directors or persons connected with them as covered under Section 192 of the Act.

16. a) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvia ) of the Order are not applicable to the Company and hence not commented upon

b) the Company has not conducted any Non-Banking Financial or Housing Finance activities hence the provisions of clause 3 (xvi b ) of the Order are not applicable to the Company and hence not commented upon

c) the Company is not Core investment Company (C1C) as defined under the Regulations by the Reserve Bank of India

In view of the above, reporting under clause 3 (xvi) (c) and (d) of the Order is not applicable

17. The Company has incurred cash losses of Rs 54.37 Lacs in the current financial Year and in Rs 37.93 lacs tire immediately preceding financial year

18. There has been no resignation of the statutory auditors during die year and accordingly the reporting under clause (xviii) is not applicable.

19. According to information and explanation given to us on the basis of tire 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, the auditor is of tire opinion that a material uncertainty exists as on the date of the audit report that company is capable of meeting its liabilities existing at the date of balance sheet as aiul when drey fall due within a period of one year from the balance sheet date.

20. a). According to information and explanation given to us, provisions of Section 135 of Companies Act, 2013 relating to Corporate Social Responsibility is not applicable to tire company hence this clause is not applicable

21. the reporting under clause 3 (xxi) of the order is not applicable in respect of audit of standalone financial statements accordingly no comments in respect of the said clause has been included in this report.

As per our Report of even date

For M Surendra & Associates

Chartered Accountants Firm Reg No. 017280S

CA Shaik Shavali P Partner

ttM.No. 245517

Place: Hyderabad Date: 29.03.2024

UDIN: 24245517BKDASB8641

CELESTIAL.

BIOLAB8 LIMITED