Evexia Lifecare Ltd Auditor Reports

To the Members of

Evexia Lifecare Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the financial statements of Evexia Lifecare Limited (“the Company”), which comprise the balance sheet as on 31st March 2025, and the statement of Profit and Loss and 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 the explanations given to us, considering the effect of the matters specified in the Basis for Adverse Opinion paragraph, the aforesaid financial statements do not give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2025, its profit/loss and its cash flows for the year ended on that date. Basis for Adverse Opinion We have conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. During the course of our audit, we observed several instances of material misstatements and non-compliance with the applicable financial reporting framework, including, inter alia, deficiencies in the maintenance of books of account, improper valuation of financial instruments and investments, inadequacies in recognition and measurement o f provisions, and missing documentation.

Further, significant transactions and balances could not be verified due to lack of appropriate audit evidence. The basis for our qualified opinion is as follows:

1. We draw attention to Note 2 to the financial statements, which indicates that the Company has not maintained a proper fixed asset register showing details of location, quantity, and identification codes for its Property, Plant and Equipment (PPE). Several fixed assets have exceeded their prescribed useful life under Schedule II of the Companies Act, 2013, but depreciation continues to be charged without any assessment of residual value or technical revalidation. Further, the carrying amount of assets as at 31 March 2025 does not reconcile with the balances reported in the prior years audited financial statements. In the absence of appropriate records and reconciliations, we are unable to verify the accuracy of depreciation charged and the completeness and valuation of PPE disclosed in the financial statements.

2. We draw attention to Note 3 to the financial statements, which indicates that the Company holds investments in subsidiaries and other companies amounting to 70,880.85 lakh. These investee companies are incurring losses and, in some cases, have ceased operations. The Company has not performed an impairment assessment of these investments as required under Ind AS 36 “Impairment of Assets” and has neither determined the fair value of these investments as required by Ind AS 109 “Financial Instruments” nor provided adequate justification for continued recognition at cost.

Consequently, we are unable to determine whether any impairment provision is required in the financial statements and the impact of the same on the reported profit and net worth of the Company.

3. We draw attention to Note 8 to the financial statements, which indicates that trade receivables amount to 8,745.95 lakh, of which approximately 4,206.12 lakh (48%) are outstanding for a period exceeding three years. The Company has not recognised expected credit loss (ECL) on these overdue balances as required under Ind AS 109, and management has not provided sufficient evidence regarding their recoverability. In the absence of corroborative documentation such as confirmations, subsequent collections, or legal recoveries, we are unable to comment on the recoverability of the said balances and the adequacy of the provision required, if any.

4. We draw attention to Note 15 to the financial statements, which indicates that the Company continues to account for Foreign Currency Convertible Bonds (FCCBs) issued during the previous years at historical cost. The FCCBs have neither been recognised at amortised cost in accordance with Ind AS 109 “Financial Instruments” nor revalued under Ind AS 21 “The Effects of Changes in Foreign Exchange Rates”. The Company has also not accounted for the equity conversion feature embedded in the FCCBs as a separate component under Ind AS 32 “Financial Instruments: Presentation”. In the absence of necessary workings and managements fair valuation, we are unable to comment on the consequential impact of these omissions on the Statement of Profit and Loss and Other Equity.

5. We draw attention to Note 17 to the financial statements. The Company has disclosed trade payables of 5,446.53 lakh, against which available cash and cash equivalents stand at 2.92 lakh as on 31 March 2025. A significant portion of these trade payables are aged beyond three years and are not supported by recent transactions or confirmations. The Company has not made any disclosures under Ind AS 107 “Financial Instruments: Disclosures” with respect to liquidity risk or aging analysis of financial liabilities. We are therefore unable to ascertain the correctness of these balances and whether the Company has appropriately discharged its obligations in a timely manner.

6. We draw attention to Notes 4 and 15 of the financial statements, which indicates that the Company has granted loans to subsidiaries, associates, and others aggregating 4,994.18 lakh and has received borrowings from related parties aggregating 736.32 lakh. These loans are interest-free and do not have clearly defined repayment terms. The absence of agreement terms and non-recognition of interest income and expense are not in compliance with Ind AS 109 and may be prejudicial to the interest of shareholders. Further, the Company has not provided fair valuation or appropriate disclosures under Ind AS 24 “Related Party Disclosures”.

7. The Company and its subsidiaries have incurred significant penalties under income tax, GST, and SEBI regulations. These have not been adequately disclosed or accounted for, potentially violating Section 134(3)(q) and Rule 8(5)(vii) of the Companies (Accounts) Rules, 2014.

8. The Company has not maintained adequate documentation for tax expense recognition. Several prior period tax liabilities and refunds have been recognised or adjusted through the Statement of Profit and Loss during the year without supporting workings or tax assessments. The Company has also not recognised deferred tax assets or liabilities as required by Ind AS 12 “Income Taxes”, citing absence of reliable estimates. In the absence of an appropriate tax computation and reconciliation statement, we are unable to determine the completeness and correctness of tax provisions and disclosures. These matters are individually and collectively material and pervasive to the financial statements.

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 period. 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. We have determined the matters described below to be the key audit matters to be communicated in our report:

1. During the financial year 2022-23, the company had issued 1000 Foreign Currency Convertible Bonds ("FCCB") of face value of USD 100,000 each, amounting to a total face value of USD 100.00 million at 1.50% Coupon Rate, at a discount of 15.00%. Thus, the company raised USD 85 million (Net of 15% discount) i.e. on 3rd February 2023. These FCCBs are listed on AFRINEX Exchange (Mauritius). The maturity tenure of these FCCBs is 37 Months and the bonds are convertible into listed equity shares at the option of the bondholders. During the year under audit, the company had allotted a total of 1,16,93,16,190 equity shares of face value of Rs. 1 per share, upon to conversion of 370 bonds, in 5 tranches. The premium on conversion ranged from Rs. 2.34 per share to Rs. 2.76 per share.

2. The company owns a controlling interest in 4 companies, viz. Kavit Trading Private Limited, Kavit Edible Oils Limited, Evexia Lifecare Africa Limited and Evexia Pan Africa Limited. During the year under audit, the company has acquired controlling interest in 3 subsidiary companies.

a. On 6th October 2024, the Company acquired 51% interest in Vittals Medicare Private Limited (“the subsidiary company”), a company incorporated in India and engaged in the business of running diagnostic centres, by subscribing 51,000 fully paid-up equity shares of 10 each at a price of 6,862.75 per share. The total consideration for purchase was 35 crore.

b. On 8th November 2024, the Company acquired 65% interest in Diponed Bio Private Limited (“the subsidiary company”), a company incorporated in India and engaged in the area of research and designing innovative biological products in the fields of regenerative medicine and tissue engineering, by subscribing 18,600 fully paid-up equity shares at a price of 10 per share. The total consideration for purchase was 1.86 lakh. As a part of the agreement, the company has also agreed to provide 20 crore to the subsidiary company in the form of non-interest bearing “Quasi Capital” in tranches on demand, with an option to convert the same into equity to maintain its controlling interest.

c. On 8th November 2024, the Company also acquired 65% interest in Diponed Research International Private Limited (“the subsidiary company”), a company incorporated in India and engaged in the area of drug discovery and development, formulations and contract research services, by subscribing 18,600 fully paid-up equity shares at a price of 10 per share. The total consideration for purchase was 1.86 lakh. As a part of the agreement, the company has also agreed to provide 15 crore to the subsidiary company in the form of non-interest bearing “Quasi Capital” in tranches on demand, with an option to convert the same into equity to maintain its controlling interest.

Information other than the financial statements and auditors report thereon.

The Companys board of directors is responsible for the preparation of the other information. The other information comprises the information included in the Boards Report including Annexures to Boards Report but does not include the financial statements and our auditors report thereon. Our opinion on the financial statements does not cover the other information and we do not express 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 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. Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015.

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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Companys financial reporting process. Auditors Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a 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. 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. Materiality is the magnitude of misstatements in the standalone financial statements that, 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 the standalone financial statements. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide 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 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. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the ‘Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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

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

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with in this Report are in agreement with the books of account.

d) In our opinion, except specific non-compliances referred to in the Basis for Qualified Opinion paragraph, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015

e) On the basis of the written representations received from the directors as on 31st March 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2025 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 financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in ‘Annexure B.

g) With respect to the matters to be included in the Auditors Report under section 197(16), 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.

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:

(i) There are no pending litigations against the Company.

(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

i) (i) The management has represented that, to the best of its knowledge and belief, 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) The management has represented, that, to the best of its knowledge and belief, 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 o therwise, 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; and (iii) Based on such audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

j) No dividends have been declared or paid during the year by the company.

k) Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

	For M. A. Shah & Co.
	Chartered Accountants
	FRN: 0112630W
Place: Anand	Param Doshi, FCA
Date: 30 May 2025	(Partner)
UDIN: 25185648BMOOLX7484	Membership No.: 185648

Annexure ‘A The Annexure referred to in paragraph 1 of Our Report on “Other Legal and Regulatory Requirements”. We report that:

i. a. i. The company has not maintained records showing full particulars, including quantitative details and situation of its property, plant and equipment. However, the required details have been examined to the extent available in the books of accounts and ledgers maintained by the company.

ii. The company does not hold any intangible assets that have been recorded in the books of accounts.

b. As explained to us, property, plant and equipment have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

c. The title deeds of immovable properties are held in the name of the company.

d. The company has not revalued its property, plant and equipment (including right of use assets) or intangible assets or both during the year.

e. As explained to us, 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. As explained to us, physical verification of inventory has been conducted at reasonable intervals by the management. In our opinion, the coverage and procedure of such verification by the management is appropriate. No discrepancy of 10% or more in the aggregate for each class of inventory were noticed on physical verification of stocks by the management as compared to book records.

b. During the year, the company has not been been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets.

iii. a. During the year the company has provided loans or provided advances in the nature of loans, or stood guarantee, or provided security to any other entity:

i. the aggregate amount during the year with respect to such loans or advances and guarantees or security to subsidiaries, joint ventures and associates is Rs. 1,985.01 lakh and balance outstanding at the balance sheet date is 4,994.18 lakh.

ii. the aggregate amount during the year with respect to such loans or advances and guarantees or security to parties other than subsidiaries, joint ventures and associates is Rs. Nil and balance outstanding at the balance sheet date is Rs. 4.03 lakh.

b. According to the information and explanations given to us, the investments made, guarantees provided, security given and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided are not prima facie prejudicial to the companys interest.

c. There is no stipulation of schedule of repayment of principal and payment of interest and therefore we are unable to comment on the regularity of repayment of principal & payment of interest.

d. Since the term of arrangement do not stipulate any repayment schedule, we are unable to comment whether the amount is overdue or not.

e. No loan or advance in the nature of loan granted, which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties.

f. The company has granted loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment:

i. No loans or advances of the above nature have been given during the year.

ii. Percentage thereof to the total loans granted is 0%.

iii. No loans have been granted to promoters, related parties as defined in clause (76) of section 2 of the Companies Act, 2013.

iv. In respect of loans, investments, guarantees, and security, provisions of section 185 and 186 of the Companies Act, 2013 have been complied with. However, no interest is charged on loans advanced by the company.

v. The company has not accepted any deposits from the public covered under sections 73 to 76 of the Companies Act, 2013.

vi. The company is not liable to maintain cost records as prescribed under section 148 of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2018.

vii. a. According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Goods and Services Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other statutory dues, to the extent applicable, have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March 2025 for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us, there is no amount payable in respect of income tax, goods and services tax, service tax, sales tax, customs duty, excise duty, value added tax and cess whichever applicable, which have not been deposited on account of any disputes.

viii. According to the information and explanations given by the management, no transactions not recorded in the books of account 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 and according to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

b. According to the information and explanations given by the management, the company is not declared wilful defaulter by any bank or financial institution or other lender.

c. In our opinion and according to the information and explanations given by the management, the Company has not obtained any funds by way of term loans during the year, other than the term loans availed of during the preceding year(s).

d. In our opinion and according to the information and explanations given by the management, no funds raised on short term basis have been utilised for long term purposes.

e. In our opinion and according to the information and explanations given by the management, the 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.

f. In our opinion and according to the information and explanations given by the management, the company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

x. a. The company has not raised any money by way of initial public offer or further public offer (including debt instruments) or by way of term loans during the year.

b. The company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year.

xi. a. According to the information and explanations given to us, we report that no fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year.

b. No report under sub-section (12) of section 143 of the Companies 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. According to the information and explanations given to us by the management, no whistle-blower complaints had been received by the company. xii. The company is not a Nidhi Company. Therefore, clause (xii) of the order is not applicable to the company.

xiii. According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards.

xiv. a. According to the information and explanations given by the management, the company does not have an internal audit system.

b. Since there was no internal audit system in operation, this point shall not be applicable.

xv. The company has not entered into non-cash transactions with directors or persons connected with him.

xvi. a. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

b. In our Opinion and based on our examination, the Company has not conducted any Non-Banking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.

c. In our opinion and based on our examination, the Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.

d. According to the information and explanations given by the management, the Group does not have any CIC as part of the Group.

xvii. Based on our examination, the company has not incurred cash losses in the current financial year or the preceding financial year.

xviii. During the year, the statutory auditors of the company, M/s Tejas K. Soni, Chartered Accountants, resigned from their position as auditors of the company. The copy of Form ADT-3 was not made available to us for review.

However, based on a review of the letter of resignation furnished by the auditors, they have not reported any significant matters in their reasons for resigning from their position as statutory auditors.

xix. On the basis of information obtained from the management and audit procedures performed and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, the auditors knowledge o f the Board o f Directors and management plans, we are of the opinion that no 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 and when they fall due within a period of one year from the balance sheet date.

xx. Based on our examination, the provisions of section 135 are not applicable on the company. Hence this clause is not applicable to the company. xxi. The company has 7 subsidiary companies and 1 associate company, whose financial statements are included in the consolidated financial statements of the company. The company has not been able to provide audited financial statements of 3 subsidiary companies and 1 associate company and hence, we are unable to comment on the same. In respect of the subsidiaries whose financial results are included in the consolidated financial statements, there have been no adverse opinions by the auditors of the respective companies.

	For M. A. Shah & Co.
	Chartered Accountants
	FRN: 0112630W
Place: Anand	Param Doshi, FCA
Date: 30 May 2025	(Partner)
UDIN: 25185648BMOOLX7484	Membership No.: 185648

Annexure ‘B Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting ofEvexia Lifecare Limited (“the Company”) as of 31st March 2025, in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management 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, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls

Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was 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 the 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 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.

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 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 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 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 unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements. Inherent Limitations of Internal Financial Controls Over Financial Reporting Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, 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, considering the effects of qualifications to our audit opinion, the Company has not instituted an adequate system of internal financial controls over financial reporting.

	For M. A. Shah & Co.
	Chartered Accountants
	FRN: 0112630W
Place: Anand	Param Doshi, FCA
Date: 30 May 2025	(Partner)
UDIN: 25185648BMOOLX7484	Membership No.: 185648