Rekvina Labs Ltd Auditor Reports

To, The Members of Rekvina Laboratories Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Rekvina Laboratories Limited (“the Company”), which comprise the Balance Sheet as at 31st March 2026, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity, and the Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2026, and its profit/loss including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) 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 opinion.

Adjustment of Historical Statutory Dues to Opening Retained Earnings

Why the matter was considered to be a key audit matter

During the year, the Company has recognized an aggregate amount of ?64.13 lakhs towards listing fees and ROC filing fees (including additional fees and penalties) pertaining to earlier years. Management has treated these as prior period errors and adjusted the same against opening retained earnings in accordance with Ind AS 8.

The determination involves significant judgement, particularly with respect to:

• Whether an obligation existed in prior periods;

• Whether non-recognition constitutes an error; and

• Whether it is impracticable to determine the period-specific effects of such amounts. Considering the materiality of the amount and the level of judgement involved, this matter was considered to be a key audit matter.

How the matter was addressed in the audit

Our audit procedures included, among others:

• Evaluating the applicability of Ind AS 8 to the facts and circumstances of the case;

• Inspecting relevant statutory provisions, regulatory communications, and settlement documents supporting the crystallization of the liability;

• Assessing whether the obligation existed in prior periods and whether non-recognition constituted an error;

• Evaluating managements assessment of impracticability in determining the period-wise impact;

• Verifying the accounting treatment adopted, including adjustment to opening retained earnings; and

• Assessing the adequacy and appropriateness of disclosures made in the financial statements.

Emphasis of Matter

We draw attention to,

Note No. 4 to the financial statements regarding the companys disclosure of Equity Share holder holding more than 5% and shares held by promoters at the end of the year that pursuant to the demise of Mr. Mukesh Shah, one of the promoters of the Company, his shareholding is required to be transmitted equally in favour of Mr. Amit Shah and Mr. Surbhit Shah, who are also promoters of the Company, in accordance with the applicable inheritance/transmission process. However, as on 31 March 2026, the said shares were under lock-in pursuant to SEBI Circular dated May 03, 2018 relating to Standard Operating Procedure (SOP) for suspension and revocation of trading in securities and accordingly, the formal transmission of shares in favour of the legal heirs is pending.

Notwithstanding the pending procedural transmission, the beneficial ownership rights in respect of such shares have been considered in favour of Mr. Amit Shah and Mr. Surbhit Shah equally, and the Company is in the process of completing necessary formalities with the Depositories, Registrar & Share Transfer Agent and Stock Exchange(s).

Note No. 7 to the financial statements regarding the Companys disclosure of trade payables, wherein the Company has stated that it is currently unable to provide a complete bifurcation of amounts due to Micro, Small and Medium Enterprises (MSMEs) and other creditors due to limitations in its accounting system and non-availability of complete information from certain suppliers.

As explained in the said note, management believes that the impact of such non-bifurcation, if any, is not material to the financial statements.

Our opinion is not modified in respect of above matters.

Other Information

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Companys annual report 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 during the course of our audit, or otherwise appears to be materially misstated.

Responsibilities of Management and Those Charged with Governance

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, changes in equity, and cash flows of the Company in accordance with the Ind AS 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 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 standalone financial statement 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, management and board of directors are 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.

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 SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

Report on Other Legal and Regulatory Requirements

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

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

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

b. Proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c. The Balance Sheet, Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity, and Statement of Cash Flows 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.

e. On the basis of 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. With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

g. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial position.

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

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

iv. The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested by the Company to or in any other persons or entities with the understanding that the intermediary shall, directly or indirectly, lend or invest in other persons or entities identified by or on behalf of the Company, or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

v. The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities with the understanding that the Company shall, directly or indirectly, lend or invest in other persons or entities identified by or on behalf of the funding party, or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

vi. Based on our examination, which included test checks, the Company has used counting softwares for maintaining its books of account for the financial year ended March 31, 2026 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 softwares. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

Annexure A

(Referred to in paragraph 1 under “Report on Other Legal and Regulatory Requirements” of our Independent Auditors Report)

Statement on Matters specified in paragraphs 3 and 4 of the Companies (Auditors Report) Order, 2020 (“the Order”)

i. Property, Plant and Equipment & Intangible Assets

(a) The Company does not own any Property, Plant and Equipment or intangible assets as at 31st March 2026. Accordingly, reporting under clauses 3(i)(a) to 3(i)(f) of the Order is not applicable to the Company.

ii. Inventories

(a) Physical verification of inventories has been conducted at reasonable intervals by the management. In our opinion and according to the information and explanations given to us, the coverage and procedure of such verification by the Management is appropriate having regard to the size of the company and nature of its operations. No discrepancies of 10% or more in aggregate for each class of inventories were noticed on such physical verification of inventories when compared with books of accounts. (b) According to the information and explanations given to us, the Company has not been sanctioned working capital limits in excess of 5 crores in aggregate, from banks or financial institutions, on the basis of security of current assets.

iii. Loans, Investments and Guarantees

The Company has not made investments in, provided guarantees or security to, or granted any loans or advances in the nature of loans to companies, firms, LLPs or other parties during the year. Accordingly, the provisions of clause 3(iii) of the Order are not applicable.

iv. Compliance with Sections 185 and 186

According to the information and explanations given to us, the Company has complied with the provisions of sections 185 and 186 of the Act, wherever applicable.

v. Deposits

The Company has not accepted any deposits or amounts deemed to be deposits from the public within the meaning of sections 73 to 76 of the Act and the Rules framed thereunder.

vi. Cost Records

The provisions of section 148(1) of the Act relating to maintenance of cost records are not applicable to the Company.

vii. Statutory Dues

(a) Regularity in depositing statutory dues

According to the information and explanations given to us and based on our examination of the records of the Company, the Company has generally been regular in depositing with the appropriate authorities undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees State Insurance, Income-tax, duty of Customs, cess and other statutory dues, as applicable.

However, we note that the Company had not been regular in complying with certain statutory requirements relating to filing with the Registrar of Companies and payment of listing fees to stock exchanges in earlier years, primarily due to suspension of operations.

(b) Arrears of statutory dues outstanding for more than six months

According to the information and explanations given to us, there were no undisputed amounts payable in respect of statutory dues outstanding as at March 31, 2026 for a period of more than six months from the date they became payable, except as stated below:

The Company had accumulated dues towards ROC filing fees and listing fees, including additional fees and penalties, pertaining to earlier years aggregating to 64.13 lakhs. These dues were not paid in the respective years and remained outstanding for more than six months from the date they became payable.

During the current year, the Company has paid/regularized the entire outstanding amount as part of a settlement/compounding with the respective authorities.

viii. Unrecorded Income

The Company has not surrendered or disclosed any transactions previously unrecorded in the books of account in tax assessments under the Income tax Act, 1961 during the year.

ix. Borrowings

(a) The Company has not defaulted in repayment of loans or borrowings or in payment of interest thereon to any lender. (b) The Company has not been declared a wilful defaulter by any bank or financial institution. (c) The Company has not obtained term loans during the year. (d) The Company has not raised funds on short term basis for long term purposes. (e) The Company has not taken funds from any entity/person to meet obligations of its subsidiaries, associates or joint ventures. (f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, associates or joint ventures.

x. Public Offer

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

xi. Fraud

(a) No fraud by the Company or on the Company has been noticed or reported during the year. (b) No report under section 143(12) of the Act has been filed with the Central Government during the year. (c) No whistle blower complaints were received during the year.

xii. Nidhi Company

The Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

xiii. Related Party Transactions

Transactions with related parties are in compliance with sections 177 and 188 of the Act and have been disclosed in the financial statements as required by the applicable Ind AS.

xiv. Internal Audit

The Company has an internal audit system commensurate with the size and nature of its business. The internal audit reports were considered by us.

xv. Non Cash Transactions

The Company has incurred cash losses of 25.47 lakhs in the current financial year and 13.71 lakhs in the immediately preceding financial year.

xvi. Registration under RBI Act

The Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934

xvii. Cash Losses

The Company has incurred cash losses of 25.47 lakhs in the current financial year and 13.71 lakhs in the immediately preceding financial year."

xviii. Resignation of Auditors

There has been no resignation of the statutory auditors during the year.

xix. Capability of meeting liabilities

On the basis of the financial ratios, ageing and expected realisation of assets and payment of liabilities, other information and our knowledge of the Board of Directors and management plans, nothing has come to our attention which causes us to believe that any material uncertainty exists as on the date of this audit report that the Company is not capable of meeting its liabilities existing at the balance sheet date as and when they fall due within a period of one year. xx. CSR Obligations

The provisions of section 135 regarding Corporate Social Responsibility are not applicable to the Company during the year.

xxi. Consolidated Financial Statements

The Company is not required to prepare consolidated financial statements for the year.

Annexure B

(Referred to in paragraph 2(f) under “Report on Other Legal and Regulatory Requirements” of our Independent Auditors Report)

Report on the Internal Financial Controls with reference to Standalone Financial Statements under clause (i) of sub-section 3 of section 143 of the Companies Act, 2013

Opinion

We have audited the internal financial controls with reference to standalone financial statements of Rekvina Laboratories Limited (“the Company”) as of 31st March 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date. In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to standalone financial statements and such controls were operating effectively as at 31st March 2026, based on the internal control 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 (“ICAI”).

Managements Responsibility

The Companys management is responsible for establishing and maintaining internal financial controls based on the criteria established by the Company considering the essential components of internal control stated in the ICAI Guidance Note. These responsibilities include the design, implementation, and maintenance of adequate internal financial controls that were operating effectively to ensure the orderly and efficient conduct of the Companys business.

Auditors Responsibility

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 Guidance Note and the Standards on Auditing prescribed under section 143(10) of the Act, to the extent applicable. Those Standards 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.

Meaning of Internal Financial Controls

A Companys internal financial control 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 in accordance with generally accepted accounting principles. This includes: Maintenance of records that fairly reflect transactions and asset dispositions; Reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements; Prevention or timely detection of unauthorised use, acquisition, or disposition of the Companys assets that could have a material effect on the financial statements.

Inherent Limitations

Because of inherent limitations of internal financial controls, including the possibility of collusion or improper management override, material misstatements may occur and not be detected. Projections of any evaluation to future periods are subject to risk that controls may become inadequate due to changes in conditions, or that compliance with policies or procedures may deteriorate.

FOR Y. M. SHAH & CO.

CHARTERED ACCOUNTANTS

Firm Registration No.: 114124W

Harsh Shah

Partner

M. No. 188123

UDIN: 26188123OVYESL1574

Date:21-05-2026

Place: Vadodara