Norris Medicines Ltd Auditor Reports

To,

The Members of Norris Medicines Limited

Report on the financial statements

We have audited the accompanying financial statements of NORRIS MEDICINES LIMITED ( the Company ), which comprise the Balance Sheet as at 31st March, 2026, the Statement of Profit and

Loss, the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management s Responsibility for the Financial Statements

The Company s 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 and financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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.

Auditor s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company s Directors, as well as evaluating the overall presentation of the financial statements.

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.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the aforesaid financial statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and 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, 2026, and its profit & loss and its cash flows for the year ended on that date

Basis for Qualified Opinion

As detailed in Note 7 to the financial statements, the Company has not provided for the liability towards gratuity based on an actuarial valuation as required by Ind. AS 19, Employee Benefits. In the absence of an actuarial valuation, the impact on the Employee Benefit Expense, loss for the year ended March 31, 2026, Retained Earnings, and Non-Current/Current Provisions cannot be ascertained.

Furthermore, the Company has not settled the matured gratuity dues payable to former employees who separated during the year (or in previous years), which constitutes non-compliance with the Payment of Gratuity Act, 1972. In the absence of relevant records and computations, the exact quantum of such overdue gratuity liabilities is presently unascertainable.

We conducted our audit in accordance with the Standards on Auditing.

Key Audit Matters

Key audit matters are those matters, that in our professional judgements, were of the most significance in our audit of the standalone financial statements of the current period. Those 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 matter described below to be the Key Audit Matter to be communicated in our report.

1. Going Concern: The company has incurred Net losses of Rs. 28,06,451 during the year and has a negative working capital of Rs. 3,71,26,087 as at 31 st March, 2026. Due to material uncertainties around the company that may cast significant doubt on the company s ability to continue as going concern.

Further the Company is currently facing severe working capital deficits and liquidity stress. Indicators of this financial distress include the Companys inability to meet its payroll obligations and its continuous failure to deposit statutory dues within the prescribed timelines throughout the year. We identified the evaluation of management s going concern assessment as a key audit matter because these conditions require significant auditor judgment to evaluate the feasibility of management s mitigation plans and future cash flow forecasts.

2. Revenue Recognition: The company recognizes revenue from sale of goods/ services amounting to Rs. 8,11,74,486, revenue recognition involves significant management judgement relating to timing of transfer of control, variable consideration, discount, rebate and risk of misstatement, this was considered as Key Audit Matter. Disclosure in note 16 & 17 to the standalone financial statements

3. For compliance with IND AS 115: Valuation of Inventories: The company has inventories of Rs. 3,98,43,158. Inventory is carried at lower of cost or net realizable value. Determining NRV requires significant judgement in respect of slow moving, obsolete inventories and future selling prices, hence this was considered a Key Audit Matter assessing disclosure in note 12 to the stand alone financial statement.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s 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 (hereinafter referred to as the Order), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the said Order.

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 purpose 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 Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the directors as on 31st March, 2026 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2026 from being appointed as a director in terms of Section 164(2) of the Act. (f) The Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial control over financial reporting were operating effectively as at 31st March, 2026, based on the internal control over financial reporting criteria established by the Company. In our opinion, the matters described in the Basis for Qualified Opinion section above specifically the failure to recognize the actuarial liability for gratuity in accordance with Ind. AS 19 and the non-payment of matured statutory gratuity dues may have an adverse effect on the functioning of the Company. (g) The reporting under Rule 11(g) of Companies (Audit and Auditors) Rules,2014 is applicable from 1st April, 2023. Based on our examination which includes test check, the company has used an accounting software for maintaining its books of accounts which does not have a feature of recording Audit Trail (Edit Log) facility. Consequently, the company has not operated an Audit Trail for all the transactions recorded in the software throughout the year and because of that, we cannot comment that at any instance the Audit Trail feature being tampered with. (h) With respect to the other matters to be included in the Auditor s 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) The Company has disclosed the impact, if any, of pending litigations as at 31 st March, 2026 on its financial position in its financial statements. (ii) The Company did not have any long-term contracts including derivative contracts as at 31st March, 2026. (iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Place : ANKLESHWAR	For, BAHEDIA & ASSOCIATES,
Date : 04th September, 2026	Chartered Accountants
SF-68 &69, Hexzone Arcade,	(Firm Reg. No. 114421W)
Beside, Jayaben Modi Hospital,	(CA. B.L. BAHEDIA)
Valia Road, GIDC, ANKLESHWAR -393002	PROPRIETOR
UDIN:26048066DHBDQW6163	M. No. 048066

ANNEXURE - A

ANNEXURE REFERRED TO PARAGRAPH 1 UNDER REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE ON THE ACCOUNTS FOR THE YEAR ENDED ON 31 ST MARCH, 2026 OF M/S. NORRIS MEDICINES LIMITED

Clause3(i) In respect of its fixed assets:

(a) The Company has maintained records showing particulars, including quantitative details and general location of fixed assets. (b) During the year, all the fixed assets have been physically verified by the management. According to the information and explanations given to us, there was no material discrepancies noticed on such verification. (c) The title deeds of immovable properties are held in the name of the Company. Clause 3(ii) As explained to us, all the inventory of the Company has been physically verified by the management at reasonable intervals and at the year-end. In our opinion, the frequency of the verification is reasonable. According to the information and explanations given to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records. Clause 3 (iii) The Company has granted loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Clause 3 (iv) According to information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security. Clause 3 (v) In our opinion and according to the information and explanations given to us, the Company has accepted deposits from a member (HUF) and has not complied with the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed thereunder. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal against the Company in respect of deposits. Clause 3 (vi) To the best of our knowledge and explanations provided by the management, the maintenance of cost records has not been prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 and hence, is not maintained accordingly. Clause 3 (vii) According to the information and explanations given to us in respect of statutory and other dues: The Company has not been regular in depositing undisputed statutory dues, including

Provident fund, Employees state Insurance, Income Tax, Sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues to the appropriate authorities during the year. Based on our audit procedures and according to the information and explanations given to us, there are arrears of statutory dues which has remained outstanding as at 31st March, 2026 for a period of more than six months from the date they became payable. The Company has not received declarations / Udyam Certificates from all its vendors / suppliers regarding their status under MSMED Act, 2006. Hence, the information relating to amount unpaid at year end and interest thereon, to the extent information is not available / declaration not received, has not been furnished. The Management does not expect any material impact on account of non-disclosure due to non-receipt of declaration Clause 3 (viii) According to the information and explanations given to us and on the basis the records produced before us by the Company, except for the cases stated below, there are no undisputed amounts payable in respect of income tax / sales tax / Service tax / customs duty / wealth tax / excise duty / cess, which have not been deposited on account of any dispute. The Company has contingent liability in respect of Central Excise Act, 1944, details as under not provided for, as the case is pending at Central Excise Tribunal, Ahmedabad: -

Name of Statute	Nature of Dues	Amount underPeriod for dispute not yet which the deposited (Rs.) amount relates	Forum where dispute is pending
Central Excise Act, 1944	Excise Duty	24,53,931 FY. 2000-01	Central Excise Tribunal, Ahmedabad
Central Excise Act, 1944	Excise Penalty	25,00,000 FY. 2000-01	Central Excise Tribunal, Ahmedabad

Clause 3 (ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowing to a financial institution, bank or Government. The Company has not obtained any borrowings by way of debentures. Clause 3 (x) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Clause 3 (xi) According to the information and explanations given to us, we have not noticed or reported any fraud by the Company or any fraud on the Company by its officers or employees during the year.

Clause 3 (xii) This clause of the Companies (Auditor s Report) Order, 2020 is not applicable to the

Company as the Company is not a Nidhi Company.

Clause 3 (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.

Clause 3(xiv):

(a) In our opinion and according to the information and explanations given to us, the Company has an internal audit system commensurate with the size and nature of its business. (b) However, the internal audit reports for the period under audit were not made available to us; accordingly, we are unable to comment on the matters or findings reported therein. Clause 3 (xv) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with him and the provisions of section 192 of Companies Act, 2013 have been complied with.

Clause 3 (xvi) This clause of the Companies (Auditor s Report) Order, 2020 is not applicable to the

Company as the Company is not required to be registered under section 45-lA of the Reserve Bank of lndia Act, 1934 as NBFC.

Clause 3(xvii):

Based on our examination of the books and records, and according to the information and explanations provided to us, the Company has not incurred any cash losses in the current financial year or in the immediately preceding financial year.

Clause 3(xviii):

There has been no resignation of the statutory auditors during the year. Accordingly, reporting under clause 3(xviii) of the Order is not applicable .

Clause 3(xx):

In our opinion and according to the information and explanations given to us, the provisions of Section 135 of the Act are not applicable to the Company. Accordingly, reporting under clause 3(xx) of the Order is not applicable .

Clause 3(xxi):

The reporting under clause 3(xxi) of the Companies (Auditor s Report) Order, 2020 is required only in the case of consolidated financial statements. Since this report is issued on the standalone financial statements of the Company, the provisions of this clause are not applicable

Place : ANKLESHWAR	For, BAHEDIA & ASSOCIATES,
Date : 04th September, 2026	Chartered Accountants
SF-68 &69, Hexzone Arcade,	(Firm Reg. No. 114421W)
Beside, Jayaben Modi Hospital,	(CA. B.L. BAHEDIA)
Valia Road, GIDC, ANKLESHWAR -393002	PROPRIETOR
UDIN:26048066DHBDQW6163	M. No. 048066

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 of Norris Medicines Limited as of 31 st March, 2026 in conjunction with our audit of the Financial Statements of the Company for the year ended on that date.

Management s Responsibility for Internal Financial Controls

The company s 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 (the Guidance Note ) issued by the Institute of Chartered Accountants of India ( the 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

Company s 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 auditor s judgment, 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 Company s 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 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 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, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2026, 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

Place : ANKLESHWAR For, BAHEDIA & ASSOCIATES,

Date : 04th September, 2026 Chartered Accountants SF-68 &69, Hexzone Arcade,

(Firm Reg. No. 114421W)

Beside, Jayaben Modi Hospital, (CA. B.L. BAHEDIA) Valia Road, GIDC, ANKLESHWAR -393002

PROPRIETOR UDIN:26048066DHBDQW6163 M. No. 048066