Ind-Swift Laboratories Ltd Auditor Reports

To the Members of Ind-Swift Laboratories Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of IND-SWIFT LABORATORIES LIMITED (the Company), which comprises the Standalone Balance Sheet as at March 31, 2026, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flows and the Standalone Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the standalone financial statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act 2013, as amended (Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the S¯tandards on Auditing 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 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 audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, 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 that there are no key audit matters to be communicated in our report.

Emphasis of Matters

Without qualifying our opinion, we draw attention to the following matters in the notes to the standalone financial statements:

(A) Emphasis is drawn upon Note No. 19 of the accompanying standalone financial statements which describes that during the year, the Company has issued 1,80,93,000 equity shares comprising of 1,79,68,000 on account of conversion of share warrants and 1,25,000 shares under Employee Stock Option Plan 2014 of C 10/- each fully called up and paid up.

(B) Emphasis is drawn on Note No. 57 of the accompanying standalone financial statements which describes that the Company entered into an agreement to sell the Land and Building of Unit-IV, Baddi to Ms. Kuldeep Kaur on 30th January 2024. An amount of C 1710 Lakhs as on 31.03.2026 had been received as part of the sale consideration and the transfer of the said Land and Building will be effected upon receipt of balance payment of C 110 Lakhs.

Our opinion is not modified in respect of the above matters

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the standalone financial statements and our auditors report thereon. The Companys annual report is expected to be made available to us after the date of this auditors report.

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 standalone 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 in the 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 & Those Charged with Governance for the Standalone Financial Statements

The accompanying standalone financial statements have been approved by the Companys Board of Directors. 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, changes in equity and cash flows of the Company in accordance with the Ind AS specified under section 133 of the Act 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 the 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 statements 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, 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.

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

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are 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 that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing 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 based on these standalone financial statements.

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

(i) 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;

(ii) 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 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.;

(iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;

(iv) Conclude on the appropriateness of Board of Directors 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 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; and

(v) 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.

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 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.

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 section 143(11) 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.

(2) As required by section of 143(3) of the Act, we report, to the extent applicable, 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 purpose of our audit of the accompanying standalone financial statements;

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 standalone financial statements dealt with by this report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules 2015, as amended;

e) On the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026, 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 and the operating effectiveness of such controls, refer to our separate report in Annexure-B, wherein we have expressed an unmodified opinion;

g) In our opinion, the managerial remuneration for the year ended March 31, 2026, has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to 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 as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements – Refer Note 41 to the standalone financial statements;

ii. The Company was not required to recognise a provision as at March 31, 2026 under the applicable law or Ind AS, as it does not have any material foreseeable losses on long-term contracts. The Company did not have any derivative contracts as at March 31, 2026;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31, 2026;

iv. a) 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 securities 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 Intermediaries shall, whether, directly or indirectly lend or invest in the 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;

b) 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 otherwise, that the Company shall, whether directly or indirectly lend or invest in the other persons or entities identified in any manner whatsoever by or on behalf of the Funding Parties (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused to believe that the representations under sub-clause (a) and (b) contain any material misstatement.

v. The Company did not declare any dividend during the year.

vi. Based on our examination which included test checks, the Company has used 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 audit trail feature being tampered with in respect of accounting software where audit trail has been enabled. Additionally, the audit trail of relevant prior years has been preserved by the Company as per the statutory requirements for record retention, to the extent it was enabled and recorded in those respective years.

For Rattan Kaur & Associates

Chartered Accountants

(Regd No.: 022513N)

Rattan Kaur

Partner

Membership No: 513530

Place: Chandigarh

Date: 28.05.2026

UDIN: 26513530QVXNKV8843

Annexure A to the Independent Auditors Report of even date on the Standalone Financial Statements of Ind-Swift Laboratories Limited

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(i)

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment, capital work in-progress, investment property and relevant details of right—of-use assets.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(b) All property, plant and equipment, capital work-in-progress, investment property and relevant details of right-of-use assets have not been physically verified by the management during the year but there is a regular program of physical verification of property, plant and equipment, capital work-in-progress, investment property and relevant details of right-of-use assets so to cover all the assets once every four years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) The title deeds of 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 Note 2 to the standalone financial statements included in property, plant and equipment are held in the name of the Company, except for the following immovable properties, for which the details are as below:

Description of Property	Gross Carrying Value (in D )	Held in Name of	Whether promoter, director or their relative or employee	Period held (in Years)	Reason for not being held in the name of Company
Building Plot No. 781, Industrial Area Phase-II, Chandigarh	12,00,000	Sharan Kumar	No	28	The property could not be transferred in the name of the Company due to certain legal issues. Now, the Company is trying to get them transferred in its name after completing the legal formalities.
Building Plot No. 42, Industrial Area, Phase-II, Chandigarh	18,25,000	Manchanda Industries	No	26	The property could not be transferred in the name of the Company due to certain legal issues. Now, the Company is trying to get them transferred in its name after completing the legal formalities.
Land & Building Village Jawaharpur, Derabassi, Punjab	85,49,17,744	Ind Swift Limited	No	1	The title deeds are in the name of the erstwhile companies that were merged with the Company in terms of approval of National Company Law Tribunal
Land & Building Plot No. 23, Sector 2, Parwanoo, Himachal Pradesh	19,42,04,508	Ind Swift Limited	No	1	The title deeds are in the name of the erstwhile companies that were merged with the Company in terms of approval of National Company Law Tribunal
Land & Building Plot No 123 Phase-I, Panchkula, Haryana	1,23,03,362	Ind Swift Limited	No	1	The title deeds are in the name of the erstwhile companies that were merged with the Company in terms of approval of National Company Law Tribunal
Land & Building Plot No 17B, Sector 2, Parwanoo, Himachal Pradesh	2,98,19,973	Ind Swift Limited	No	1	The title deeds are in the name of the erstwhile companies that were merged with the Company in terms of approval of National Company Law Tribunal
Land & Building Unit IV, Village Malku Majra, Tehsil Baddi, Distt. Solan, Himachal Pradesh	16,94,54,764	Ind Swift Limited	No	1	The title deeds are in the name of the erstwhile companies that were merged with the Company in terms of approval of National Company Law Tribunal
Building (Godown) Village Pabhat, Zirakpur, Distt. Mohali, Punjab	3,57,500	Ind Swift Limited	No	1	The title deeds are in the name of the erstwhile companies that were merged with the Company in terms of approval of National Company Law Tribunal
Building (Godown) Village Pabhat, Zirakpur, Distt. Mohali, Punjab	6,66,000	Ind Swift Limited	No	1	The title deeds are in the name of the erstwhile companies that were merged with the Company in terms of approval of National Company Law Tribunal
Building SCO 91, Sec 3, Panchkula, Haryana	2,53,60,000	Ind Swift Limited	No	1	The title deeds are in the name of the erstwhile companies that were merged with the Company in terms of approval of National Company Law Tribunal

(d) The Company does not follow the revaluation model for subsequent measurement of its Property, Plant and Equipment (including Right-of-Use Assets) or Intangible Assets. Accordingly, the requirement to report on clause 3(i)(d) of the Order is not applicable to the Company.

(e) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transaction Act, 1988 and rules made thereunder. Accordingly, the requirement to report on Clause 3(i)(e) of the Order is not applicable to the Company.

(ii) (a) Inventory has been physically verified by management during the year except for inventories lying with third parties which have been confirmed by them. In our opinion, the frequency of verification by management is reasonable and the coverage and procedure for such verification is appropriate. No discrepancies of 10% or more in aggregate for each class of inventory were noticed in respect of such inventories.

(b) The Company has not been sanctioned working capital limits in excess of INR five Crore during any point of time of the year in aggregate, from banks or financial institutions based on security of current assets. Accordingly, the requirement to report on clause 3(ii)(b) of the Order is not applicable to the Company.

(iii)

(a) The Company during the year has made investments in 2 Subsidiaries and 1 Joint Venture but has not provided loans or provided advances in the nature of loans, or stood guarantee, or provided security to any other entity.

(b) In respect of the aforesaid investment made, the terms and conditions are not prejudicial to the Companys interest. The Company has not provided guarantees, given security or granted advances in nature of loans during the year and hence not commented upon by us.

(c) In our opinion and according to the information and explanation given to us, the schedule of repayment of principal and payment of interest has been stipulated.

(d) There are no loans granted which are overdue for more than ninety days as at March 31, 2026. Accordingly, we have not commented on the steps taken by the Company for recovery of the principal and interest.

(e) There is no loan or advance in the nature of loan granted which has fallen due during the year, which has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties and hence not commented upon by us.

(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.

(Rs. in Lakhs)

	Swift Fundamental Research & Education Society	Promoters	Related Parties
Aggregate amount of loans/advances in the nature of loans
Repayable on demand (A)	-	-	-
Agreement does not specify any terms or period of repayment (B)	6289.24	-	1065.16
Total (A + B)	6289.24	-	1065.16
Percentage of loans/advances in the nature of loans	85.52%	-	14.48%

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 186 of the Act in respect of loans, making investments and providing guarantees and securities as applicable. During the year, the Company has not granted any loans to parties covered under section 185 of the Act. Accordingly, the requirement to report on clause (iv) of the Order is not applicable to the Company.

(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. However, the Company during the year has made re-payment of deposits amounting to C 154.21 Lakhs as per the re-payment scheme approved by the Honble Company Law Board vide its order dated September 30, 2013. Few of the deposit-holders have however not encashed their deposits repayments due to which the amount due to them remains unclaimed as at the year end.

(vi) We have broadly reviewed the books of accounts maintained by the Company in pursuance to the rules made by the Central Government for maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 in respect of its manufactured goods and are of the opinion that prima facie, the prescribed accounts and records have been maintained. However, we have not carried out a detailed examination of the records with a view to determine whether they are accurate or complete.

(vii)

(a) The Company is regular in depositing undisputed statutory dues including goods and service tax, provident fund, employees state insurance, income tax, sales tax, service tax, custom duty, excise duty, value added tax, cess, and other material statutory dues applicable to it, with appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year end for a period of more than six months from the date they became payable.

(b) The dues of goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, cess, and other material statutory dues that have not been deposited on account of any dispute, are as follows:

\u201e S Name of the Statue No.	Nature of the Dues	Amount ( Rs. in Lakhs)	Period to which the amount relates	Forum where the dispute is pending
1 Chandigarh VAT Act	Sales Tax Demand	6633.62	2011-12	VATTribunal, Chandigarh
2 Chandigarh VAT Act	Sales Tax Demand	1.39	2015-16	VATTribunal, Chandigarh
3 Central Excise Act, 1944	Excise Duty	124.81	2013-14	Commissioner (Appeals), Ludhiana
4 Central Excise Act, 1944	Excise Duty	88.82	2016-17, 2017-18	CESTAT Chandigarh
5 Service Tax Act	Service Tax	3.71	2014-15	CESTAT Chandigarh
6 Service Tax Act	Service Tax	6.63	2013-14	CESTAT Chandigarh
7 Service Tax Act	Service Tax	7.23	2011-12	CESTAT Chandigarh
8 GST Act (Jammu & Kashmir)	GST	84.88	2017-18	Jammu High Court, Jammu
9 GST Act (Bihar)	GST	5.02	2019-20	Commissioner (Appeals)
10 The Punjab Vat Act, 2005	Sale tax	215.59	2010-11	DETC (Appeal)
11 The Customs Act, 1962	Differential Duty	23.06	2012-13	CESTAT, Chandigarh
12 The Customs Act, 1962	Custom Duty	277.39	2011-12 & 2013-14	Remanded back to Adjudicating Authority Commissioner, Nhava Sheva
13 The Customs Act, 1962	Drawback	9.82	2022-23	Commissioner Appeal, Delhi
14 Service Tax Act	Service Tax	82.19	2012-23	CESTAT, Chandigarh
15 Service Tax Act	Service Tax	29.03	2013.14	CESTAT, Chandigarh
16 Service Tax Act	Service Tax	69.89	2014-15	CESTAT, Chandigarh
17 The Central Excise Act, 1944	Excise Duty	67.01	2014-15	Commissioner Appeal, Ludhiana
18 Uttarakhand VAT Act	Sale Tax	8.23	2010-11	DETC (Appeal)
19 Goods and Services Act, 2017	GST	14.85	2018-19	Appellate Authority
20 Goods and Services Act, 2017	GST	8.92	2019-20	Appellate Authority

(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix) (a) The Company has not defaulted in repayment of loans or borrowings or in the payment of interest thereon to any lender. Hence reporting under clause 3(ix) (a) of order is not applicable.

(b) The Company is not declared as wilful defaulter by any bank or financial institution or government or any government authority.

(c) The Company has not obtained any term loans. Accordingly, reporting under clause 3(ix)(c) of the Order is not applicable to the Company.

(d) On an overall examination of the standalone financial statements of the Company, no funds raised on short term basis have been used for long-term purposes by the Company.

(e) On an overall examination of the standalone financial statements of the Company, 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. Accordingly, the requirement to report on clause 3(ix)(e) of the Order is not applicable to the Company.

(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. Accordingly, the requirement to report on clause 3(ix)(f) of the Order is not applicable to the Company.

(x) (a) In our opinion and according to the information and explanations given to us, the company has utilised the money raised by way of initial public offer/further public offer (including debt instruments) for the purpose for which they were raised.

(b) The Company has not made any preferential allotment or private placement of shares/fully or partially or optionally convertible debentures during the year under audit. Accordingly, the requirement to report on clause 3(x)(b) of the Order is not applicable on the Company.

(xi) (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) During the year, no report under section 143(12) of the Companies Act, 2013 has been filed by cost auditor/ secretarial auditor or by us in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014, with the Central Government.

(c) No whistle-blower complaints have been received during the year (and up to the date of this report) by the Company. Accordingly, the reporting under clause 3(xi)(c) of the Order is not applicable to the Company

(xii) The Company is not a Nidhi Company as per the provisions of Companies Act 2013. Accordingly, the requirement to report clause 3(xii)(a) to (c) of the Order is not applicable to the Company.

(xiii) All transactions entered into by the Company with the related parties are in compliance with sections 177 and 188 of the Act, where applicable. Further, the details of such related party transactions have been disclosed in the standalone financial statements, as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified in Companies (Indian Accounting Standards) Rules 2015 as prescribed under section 133 of the Act.

(xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business as required under the provisions of section 138 of the Act.

(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.

(xv) The Company has not entered into non-cash transactions with its directors or persons connected with its directors and accordingly, reporting under clause 3(xv) of the Order with respect to compliance with the provisions of section 192 of the Act are not applicable to the Company.

(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report on clause 3(xvi)(a) of the Order is not applicable to the Company.

(b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to report on clause 3(xvi)(b) of the Order is not applicable to the Company.

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

(d) In our opinion, the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) does not have any CICs, which are part of the Group. Accordingly, the reporting under clause 3(xvi)(d) of the Order is not applicable to the Company.

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

(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, the requirement to report on clause 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 disclosed in Note 51 to the standalone financial statements, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements and 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 indicating that 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.

(xx)

(a) According to the information and explanations given to us, the Company does not have any unspent amounts towards Corporate Social Responsibility in respect of other than ongoing project as at the end of the financial year. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable to the Company.

(b) According to the information and explanations given to us, there is no amount remaining unspent towards Corporate Social Responsibility (CSR) under sub-section (5) of section 135 of the Companies Act, pursuant to any ongoing project. Accordingly, reporting under clause 3(xx)(b) of the Order is not applicable to the Company.

(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements. Accordingly, no comment in respect of the said clause has been included in this report.

For Rattan Kaur & Associates
Chartered Accountants
(Regd No.: 022513N)

Rattan Kaur
Partner
Membership No: 513530

Place: Chandigarh
Date: 28.05.2026
UDIN: 26513530QVXNKV8843

Annexure B to the Independent Auditors Report of even date on the Standalone Financial Statements of Ind-Swift Laboratories Limited

Report on the Internal Financial Controls with reference to the standalone financial statements under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 (the Act)

In conjunction with our audit of the standalone financial statements of Ind-Swift Laboratories Limited (the Company) as at and for the year ended March 31, 2026, we have audited the internal financial controls with reference to standalone financial statements of the Company as at that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls

The Companys Board of Directors is responsible for establishing and maintaining internal financial controls based on internal financial controls with reference to standalone financial statements 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 (the Guidance Note) issued by the Institute of Chartered Accountants of India (ICAI). 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 for the Audit of the Internal Financial Controls with Reference to Standalone Financial Statements

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the ICAI prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements, and the Guidance Note. 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 with reference to standalone financial statements 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 the internal financial controls system with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements includes obtaining an understanding of internal financial controls, 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 with reference to standalone financial statements.

Meaning of Internal Financial Controls with Reference to Standalone Financial Statements

A companys internal financial controls with reference to standalone 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 standalone financial statements 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 authorizations 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 with Reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to standalone 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 standalone financial statements to future periods are subject to the risk that the internal financial controls with reference to standalone financial statements 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, the Company has, in all material respects, adequate internal financial controls with reference to standalone financial statements and such internal financial controls were operating effectively as at March 31, 2026, based on the internal financial controls with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Nte issued by the ICAI.

For Rattan Kaur & Associates
Chartered Accountants

(Regd No.: 022513N)
Rattan Kaur
Partner
Membership No: 513530

Place: Chandigarh
Date: 28.05.2026
UDIN: 26513530QVXNKV8843