Quest Laboratories Ltd Auditor Reports

To the Members of Quest Laboratories Ltd

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying Standalone financial statements of QUEST LABORATORIES LTD (“the Company”),whichcomprisestheBalanceSheetasat31stMarch,2025,theStatementofProfitandLoss(including OtherComprehensiveIncome)theCashFlowStatementandtheStatementofchangesinequityfortheyearthenended, andnotestothefinancialstatements,includingasummaryofsignificantaccountingpoliciesandotherexplanatory information.

2. Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventousourreport,theaforesaid standalonefinancialstatementsgivetheinformationrequiredbytheCompaniesAct,2013(theAct)inthemannerso requiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia,ofthe stateofaffairsoftheCompanyasat31stMarch,2025,profit,othercomprehensiveincome,changesinequity and cash flows for the year ended on that date.

Basis of Opinion

3 WeconductedourauditinaccordancewiththeStandardsofAuditing(SAs)specifiedundersection143(10) ofthe CompaniesAct,2013.OurresponsibilitiesunderthoseStandardsarefurtherdescribedintheAuditorsResponsibilities fortheAuditoftheFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewith theCodeofEthicsissuedbytheInstituteofCharteredAccountantsofIndiatogetherwiththeethicalrequirementsthat arerelevanttoourauditofthefinancialstatementsundertheprovisionsoftheCompaniesAct,2013andtheRules thereunder,andwehavefulfilledour otherethicalresponsibilitiesinaccordancewiththeserequirementsandtheCode ofEthics.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforour opinion.

Emphasis of Matter

4 WecouldnotverifythevaluationofinventoryasontheBalanceSheetDateasinsufficientrecordsofthesamehas beenprovidedtousforverification.However,wehavebeeninformedbythemanagementthatphysicalverificationhas been conducted by them during the year and has not noticed any major discrepancies.

5 Our opinion is not modified in respect of this matter.

Key Audit Matters

6 Keyauditmattersarethosemattersthat,inourprofessionaljudgement,wereofmostsignificanceinourauditofthe financialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

7 We have determined that there are no key audit matters to be communicated in our report.

Responsibility of Management for the Standalone Financial Statements

8 The Companys Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Report on Corporate Governance, Directors Report, etc., but does not include the standalone financial statements and our auditors report thereon. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the 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.

9 TheCompanysBoardofDirectorsisresponsibleforthemattersstatedinSection134(5)oftheCompaniesAct,2013 (“theAct”)withrespecttopreparationofthesefinancialstatementsthatgiveatrueandfairviewofthe ofthestateof affairs,profitandcashflowsoftheCompanyinaccordancewiththeaccountingprinciplesgenerallyacceptedinIndia, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)Rules,2014.Thisresponsibilityalsoincludesmaintenanceofadequateaccountingrecordsinaccordance withtheprovisionsoftheActforsafeguardingoftheassetsoftheCompanyandforpreventinganddetectingfrauds andotherirregularities;selectionandapplicationofappropriateaccountingpolicies;makingjudgmentsandestimates thatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols, thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothe 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.

10 Inpreparingthefinancialstatements,managementisresponsibleforassessingtheCompanysabilitytocontinueasa 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 to do so.

11 Those Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Financial Statements

12 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 and auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted is 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

13 As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ? Identifyandassesstherisksofmaterialmisstatementofthestandalonefinancialstatements,whetherdueto fraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatis sufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatement 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.

? Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatare appropriateinthecircumstances.Undersection143(3)(i)oftheAct,weare alsoresponsibleforexpressingour opiniononwhetherthecompanyhasadequateinternalfinancialcontrolswithreferencetofinancialstatements in place and the operating effectiveness of such controls.

? Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesand related disclosures made by management.

? Conclude on the appropriateness of managements use of the going concern basis of accounting in preparation of standalone financial statement and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption.

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 (including its joint operations) to cease to continue as a going concern.

? Evaluatetheoverallpresentation,structureandcontentofthestandalonefinancialstatements,includingthe disclosures,andwhetherthestandalonefinancialstatementsrepresenttheunderlyingtransactionsandeventsin a manner that achieves fair presentation.

? Obtainsufficientappropriateaudit evidenceregardingthefinancialinformationofsuchentitiesorbusiness activitieswithintheCompanytoexpressanopiniononthestandalonefinancialstatements,ofwhichweare theindependentauditors.Weare responsibleforthedirection,supervisionandperformanceoftheauditof financialinformationofsuchentities.Fortheotherentities includedinthestandalonefinancialstatements, whichhavebeenauditedbyotherauditor,suchotherauditorremainsresponsibleforthedirection,supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion.

14 We communicatewiththosechargedwithgovernanceoftheCompanyregarding,amongothermatters,theplanned scopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrol that we identify during our audit.

15 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.

Other Matter

16 Asrequiredbysection197(16)oftheAct,we reportthattheCompanyhaspaidremunerationtoitsdirectorsduring the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V of the Act.

17 AsrequiredbytheCompanies(AuditorsReport)Order,2020(“theOrder”)issuedbytheCentralGovernmentinterms ofsection143(11)oftheAct,we giveinthe“AnnexureA”astatementonthemattersspecifiedinparagraphs3and4 of the Order.

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

a. Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofour knowledgeandbeliefwere 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 standalone financial statements dealt with by this Report are in agreement with the books of account;

d. Inouropinion,theaforesaidstandalonefinancialstatementscomplywiththeIndASspecifiedunderSection133ofthe Act. e. OnthebasisofthewrittenrepresentationsreceivedfromthedirectorsandtakenonrecordbytheBoardofDirectors, noneofthedirectorsisdisqualifiedason31stMarch,2025frombeingappointedasadirectorintermsofSection164 (2) of the Act.

f. WehavealsoauditedtheinternalfinancialcontrolsoverfinancialreportingoftheCompanyason31stMarch,2025in conjunctionwithourauditofthestandalonefinancialstatementsoftheCompanyfortheyearendedonthatdateand our report as per "Annexure B" expressed an unmodified opinion; i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.Refer note no.28. i. The Company does not have any pending litigations which would impact its financial position;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv.(a)

Onthebasisofwrittenrepresentationreceivedfromthemanagement,wereportthat,nofundsotherthanas disclosedinthenotestotheaccountshavebeenadvancedorloanedorinvested(eitherfromborrowedfundsor sharepremiumoranyothersourcesorkindoffunds)bythecompanytoorinanyotherperson(s)orentity(ies), includingforeignentities(“Intermediaries.),withtheunderstanding,whetherrecordedinwritingorotherwise, thattheIntermediaryshall,whether,directlyorindirectlylendorinvestinotherpersonsorentitiesidentifiedin anymannerwhatsoeverbyoronbehalfofthecompany(“UltimateBeneficiaries”)orprovideanyguarantee, security or the like on behalf of the Ultimate Beneficiaries. iv.(b)

On the basis of written representation received from the management, we report that, no funds other than as disclosed in the notes to the accounts, 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 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; iv.(c) Basedonauditproceduresappliedbyus,nothinghascometoournoticethathascausedustobelievethat the representations under sub-clause (i) and (ii) contain any material mis-statement.

v. No dividend has been declared nor paid during the year. Hence no compliance with section 123 of the Companies Act, 2013 was required.

vi Based on our examination which included test checks, the company has used an accounting software for maintainingitsbooksofaccountwhichhasafeatureofrecordingaudittrail(editlog)facilityandthesamehas operatedthroughouttheyearforallrelevanttransactionsrecordedinthesoftware.Further,duringthecourseof our auditwe did not come across any instance of audit trail feature being tampered with.

"ANNEXURE A" REFERRED TO IN PARAGRAPH 17 OF OUR AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF " QUEST LABORATORIES LIMITED", ON THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31ST MARCH, 2025

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 report that:

(i). (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

(i). (a) (B) As the Company does not own any Intangible assets, the provisions of clauses 3(i) (a) (B) of the Companies

(Auditors Report) Order, 2020 ("the Order") is not applicable to the Company and hence not commented upon.

(i). (b) The Property, Plant and Equipment have been physically verified by the management in a phased manner, designed to cover all the items in current period being capitalised in current year itself , which in our opinion, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the Property, Plant and Equipment has been physically verified by the management during the year and no material discrepancies between the books records and the physical Property, Plant and Equipment have been noticed.

(i). (c) The title deeds of all the immovable properties classified as PPE including investment properties held by the Company (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.

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

(i). (e) 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. Accordingly, reporting under clause 3(i)(e) of the Order is not applicable to the Company.

(ii). (a) The management has conducted physical verification of inventory at reasonable intervals during the year, except for goods-in-transit and inventory lying with third parties. In the absence of sufficient records of the same, we cannot express an opinion on the extent of coverage and procedure of such verification by the management being appropriate. Further, we have been informed by the management that no discrepancies of 10% or more in the aggregate for each class of inventory were noticed.

(ii). (b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been sanctioned any working capital limits in excess of five crore rupees in aggregate from banks and financial institutions on the basis of security of current assets at any point of time of the year. Accordingly, clause 3(ii)(b) of the Order is not applicable to the Company.

(iii). The Company has during the year, not made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the provisions of clauses 3(iii) of the Order are not applicable.

(vii). b) The dues outstanding in respect of income-tax, sales-tax and value added tax on account of any dispute are as follows:

Name of Statute	Nature of Dues	Amount (in in Lakhs)	Amount paid under protest (in in Lakhs)	Period to which the amount relates	Forum where dispute is pending
Income Tax Act	Income Tax	33.57	-	F.Y. 2019-20	First Appeal Commissioner of Income Tax

(iv). The Company has not granted loans nor provided any guarantees or securities to parties covered under Section 185 of the Act. Further, provisions of sections 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security have been complied with by the Company.

(v). The Company has not accepted any deposits or amounts which are deemed to be deposits under the directives of 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, where applicable. Accordingly, the provisions of clause 3(v) of the Order are not applicable.

(vi). We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of Section 148 of the Act in respect of the Companys products and services and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii). a) The Company is generally regular in depositing undisputed statutory dues including Goods and Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues as may be applicable to it, with the appropriate authorities.

No undisputed statutory dues in respect of Goods and Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues were in arrears as at 31st March, 2025 for a period of more than six months from the date they became payable.

(vii). a) The Company is generally regular in depositing undisputed statutory dues including Goods and Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues as may be applicable to it, with the appropriate authorities.

Following undisputed dues are in arrears, as at the year end, for a period of more than six months from the date they became payable:

Sr. No.	Nature of Dues	Amount (in in Lakhs)	Related Financial Year
1	Income Tax	14.0162	F.Y. 2018-19

(viii). According to the information and explanations given to us, no transactions were surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961) which have not been recorded in the books of account.

(ix). a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not defaulted in repayment of loans and borrowing or in the payment of interest thereon to any lender.

b) According to the information and explanations given to us including representations received from the management of the Company, and on the basis of our audit procedures, we report that the Company has not been declared a willful defaulter by any bank or financials institution or other lender.

c) In our opinion and according to the information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained.

d) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term purposes by the Company.

e) According to the information and explanations given to us and on an overall examination of the 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.

f) According to the information and explanations given to us, the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries, associates or joint ventures.

(x). a) In our opinion and according to the information and explanations given to us, the Company has not entirely utilised the money raised by way of initial public offer for the purposes for which they were raised as detailed out below:

Nature of the fund raised	Purpose for which funds were raised	Total Amount Raised	Amount utilised for the purpose	Unutilised balance as at balance sheet date	Details of default	Subsequently rectified
Initial Public Offer	Funding of capital expenditure towards purchase of plant and machineries for expansion at the existing manufacturing facility	2,600.00	274.36	2,325.64
Initial Public Offer	Funding Working Capital Requirements of our Company	1,000.00	1,000.00	-
Initial Public Offer	General Corporate Purposes	337.99	211.52	126.47
Initial Public Offer	Issue Related Expenses	378.12	359.11	19.01

(xi). b) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or (fully, partially or optionally) convertible debentures during the year. Accordingly, reporting under clause 3(x)(b) of the Order is not applicable to the Company.

(xii). a) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the standalone financial statements and according to the information and explanations given by the management, no fraud by the Company or no material fraud on the Company has been noticed or reported during the year.

b) According to the information and explanation given to us, 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 explanation given to us, no whistle-blower complaints, received during the year by the company;

(xiii). The Company is not a nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a),(b) and (c) of the Order is not applicable to the Company.

(xiv). In our opinion, all transactions with the related parties are in compliance with section 177 and section 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

(xv). a) In our opinion and according to the information and explanations given to us, the Company has an internal audit system as required under Section 138 of the Act which is commensurate with the size and nature of its business.

b) We have considered the reports issued by the Internal Auditors of the Company till date for the period under audit.

(xvi). The Company has not entered into any non-cash transactions with directors or persons connected with them during the year. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.

(xvii) According to the information and explanations given to us, we are of the opinion that the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and the company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India, accordingly the provisions of clause 3(xvi) of the Order are not applicable.

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

(xix) There has been resignation of the statutory auditors during the year and accrodingly we have taken into consideration the

(xx) According to the information and explanations given to us 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 standalone financial statements, our knowledge of the plans of the Board of Directors and management 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 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.

(xxi) a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act.

b) There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account in compliance of provision of sub section (6) of section 135 of Companies Act.

(xxii) The reporting under clause (xxi) is not applicable in respect of audit of standalone financial statements of the Company.

Accordingly, no comment has been included in respect of said clause under this report.

"ANNEXURE B" TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE

STANDALONE FINANCIAL STATEMENTS OF QUEST LABORATORIES LTD

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 QUEST LABORATORIES LTD ("the Company") as of 31st March, 2025 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Responsibilities of Management and Those Charged with Governance 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 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 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 unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management 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 31st March, 2025 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.

For and on behalf of

C.H. PADLIYA & CO.

Chartered Accountants

Firm Registration No.: 003151C

VIPUL PADLIYA

Partner

Membership No.: 409165

UDIN: 25409165BMORDS7732

Place: Indore

Date: This 28th Day of May, 2025