Galaxy Medicare Ltd Auditor Reports

SECTION VI- RESTATED FINANCIAL INFORMATION STATUTORY AUDITORS EXAMINATION REPORT ON RESTATED FINANCIAL INFORMATION

To,

The Board of Directors Galaxy Medicare Limited

Dear Sirs,

1. We have examined the attached restated financial information of Galaxy Medicare Limited (hereinafter referred to as the "Company" ) comprising the Restated Statement of Assets and Liabilities as at September 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, Restated Statement of Profit and Loss and Restated Cash Flow Statement for the financial period ended on September 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 and the Summary Statement of Significant Accounting Policies and Other Explanatory Information (collectively referred to as the "Restated Financial Information" or "Restated Financial Statements"), as approved by the Board of Directors of the Company at its meeting held on 25th January 2025 for the purpose of inclusion in the Draft Red Herring Prospectus ("DRHP") prepared by the Company in connection with its proposed Initial Public Issue of equity shares ("IPO") which is annexed to this report and initialed by us for identification purposes.

2. These restated summary statements have been prepared in accordance with the requirements of:

(i) Section 26 of Part – I of Chapter III of Companies Act, 2013 (the "Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;

(ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 ("ICDR Regulations") and related amendments / clarifications from time to time issued by the Securities and Exchange Board of India ("SEBI");

(iii)The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("Guidance Note").

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for inclusion in the Red-Herring Prospectus/ Prospectus ("Offer Document") to be filed with Securities and Exchange Board of India, the Stock Exchange(s), and Registrar of Companies

("RoC") in connection with the proposed IPO. The Restated Financial Information have been prepared by the Management of the Company on the basis of preparation stated in Annexure IV to the Restated Financial Information. The responsibility of the Board of Directors of the Company includes designing, implementing and maintaining adequate internal control relevant to the preparation and Presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

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

(i) The terms of reference and terms of our engagement agreed upon with the Company in accordance with our engagement letter dated 2nd December, 2024 in connection with the proposed IPO of the equity shares of the Company;

(ii) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

(iii)Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information;

(iv) The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist the Company in meeting the responsibilities in relation to the compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

5. These Restated Financial Information of the Company have been compiled by the Management from:

(i) Reviewed Financial Statements of the Company as at and for six months period ended 30 September, 2024 prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Companies (Accounting Standard) Rules, 2021 as amended, and other accounting principles generally accepted in India; and

(ii) Audited Financial Statements for the year ended on March 31, 2024, and for the financial years ended March 31, 2023 and March 31, 2022 prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Companies (Accounting Standard) Rules, 2021 as amended, and other accounting principles generally accepted in India.

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

(i) Review report issued by us dated 23rd December 2024 on the financial statements of the Company as at and for the six months period ended September 30, 2024; and

(ii) Audit reports issued by us for the year ending March 31, 2024, March 31, 2023, March 31, 2022 respectively.

7. Based on our examination and according to information and explanations given to us, we are of the opinion that the Restated Financial Information:

a) Have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively in the financial periods, six months ended September 30, 2024, year ended March 31, 2024, year ended March 31, 2023 and year ended March 31, 2022;

b) do not require any adjustment for modification as there is no modification in the underlying audit reports;

c) have no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments;

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

8. In accordance with the requirements of the Act including the rules made there under, ICDR Regulations, Guidance Note and engagement letter, we report that:

(i) The "Restated Statement of Asset and Liabilities" as at September 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, examined by us, as set out in Annexure I to this report read with significant accounting policies in Annexure IV is prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Assets and Liabilities, has been arrived at after making such adjustments and regroupings to the audited financial statements of the Company, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report;

(ii) The "Restated Statement of Profit and Loss" for the six months period ended September 30, 2024, for the financial year ended March 31, 2024, March 31, 2023 and March 31, 2022 examined by us, as set out in Annexure II to this report read with significant accounting policies in Annexure IV is prepared by the Company and approved by the Board of Directors. These Restated Statement of Profit and Loss has been arrived at after making such adjustments and regroupings to the audited financial statements of the Company, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report; (iii)The "Restated Statement of Cash Flows" for the financial period ended September 30, 2024, y e a r e n d e d March 31, 2024, year ended March 31, 2023 and year ended March 31, 2022 examined by us, as set out in Annexure III to this report read with significant accounting policies in Annexure IV is prepared by the Company and approved by the Board of Directors. These Restated Statement of Cash Flows has been arrived at after making such adjustments and regroupings to the audited financial statements of the Company, as in our opinion were appropriate and more fully described in notes to restated summary statements.

9. Annexure to Restated Financial Information of the Company:-

I. Summary Statement of Assets and Liabilities, as restated stated in as appearing in

Restated Financial Information;

II. Summary Statement of Profit and Loss, as restated as appearing in Restated

Financial Information;

III. Summary Statement of Cash Flows as restated as appearing in Restated Financial

Information;

IV. Background of the Company, Significant accounting policies as restated as appearing in

Note 1 and 2 stated in Restated Financial Information.

V. Details of share capital as restated as appearing in Note 3 stated in Restated Financial

Information;

VI. Details of Reserves and Surplus as restated as appearing in Note 4 stated in Restated

Financial Information;

VII. Details of Long-Term Borrowings as restated as appearing in Note 5 stated in Restated

Financial Information;

VIII. Details of Deferred Tax Liability (Net) as restated as appearing in Note 6 stated in Restated

Financial Information;

IX. Details of Other Long-Term Liabilities as restated as appearing in Note 7 stated in

Restated Financial Information;

X. Details of Long-Term Provisions as restated as appearing in Note 8 stated in Restated

Financial Information;

XI. Details of Short-Term Borrowings as restated as appearing in Note 9 stated in Restated

Financial Information;

XII. Details of Trade Payables as restated as appearing in Note 10.1 & 10.2 stated in Restated

Financial Information;

XIII. Details of Other Current Liabilities as restated as appearing in Note 11 stated in

Restated Financial Information;

XIV. Details of Short-Term Provisions as restated as appearing in Note 12 stated in

Restated Financial Information;

XV. Details of Property, Plant & Equipment and its Depreciation as appearing in Note 13 stated in Restated Financial Information;

XVI. Details of Intangible Assets as appearing in Note 14.1 stated in Restated Financial

Information;

XVII. Details of Capital Work In Progress as appearing in Note 14.2 stated in Restated Financial

Information;

XVIII. Details of Non-Current Investments as restated as appearing in Note 15 stated in Restated

Financial Information;

XIX. Details of Deferred Tax Assets (net) as appearing in Note 6 stated in Restated

Financial Information;

XX. Details of Other Non-Current Assets as restated as appearing in Note 16 stated in

Restated Financial Information;

XXI. Details of Current Investment as restated as appearing in Note 17 stated in Restated

Financial Information;

XXII. Details of Inventories as restated as appearing in Note 18 stated in Restated

Financial Information;

XXIII. Details of Trade Receivables as restated as appearing in Note 19 stated in Restated

Financial Information;

XXIV. Details of Cash and Cash Equivalents as restated as appearing in Note 20 stated in

Restated Financial Information;

XXV. Details of Short-Term Loans and Advances as restated as appearing in Note 21 stated in Restated Financial Information;

XXVI. Details of other Current Assets as restated as appearing in Note 22 stated in restated financial information;

XXVII. Details of Revenue from Operations as restated as appearing in Note 23 stated in

Restated Financial Information;

XXVIII. Details of Other Income as restated as appearing in Note 24 stated in Restated

Financial Information;

XXIX. Details of Cost of Materials Consumed as restated as appearing in Note 25 stated in Restated

Financial Information;

XXX. Details of Purchase of Trading of Goods as restated as appearing in Note 26 stated in

Restated Financial Information;

XXXI. Details of Changes in Inventories of Finished goods, Trading and Work In Progress as restated as appearing in Note 27 stated in Restated Financial Information; XXXII. Details of Employee Benefit Expenses as restated as appearing in Note 28 stated in Restated

Financial Information;

XXXIII. Details of Finance Cost as restated as appearing in Note 29 stated in Restated Financial

Information;

XXXIV. Details of bifurcative Other Expenses as restated as appearing in Note 30 stated in

Restated Financial Information;

XXXV. Details of Earnings Per Share as per restated as appearing in Note 31 stated in restated financial information;

XXXVI. Details of Contingent Liabilities as per restated as appearing in Note 35 stated in restated financial information;

XXXVII. Details of Ratio Analysis as per restated as appearing in Note 46 stated in restated financial information.

10. We have complied with the relevant applicable requirements of the Standard on Quality Control

(SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

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

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

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

	For A. K. Sabat & Co.,
	Chartered Accountants
	Firm Regn No: 321012E
Place: Bhubaneswar
Date: 25th January, 2025
	(CA A.K. Bhuyan)
	Partner
	Membership No: 062684
	UDIN: 25062684BMOTFQ8299