Rekvina Labs Ltd Auditor Reports

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 2025, 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 2025, 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 Auditor?s 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.

Emphasis of Matter First-time Adoption of Ind AS

We draw attention to Note 20 to the financial statements, which describes that the Company has adopted the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act, 2013 for the first time during the quarter ended 31st March 2025. Accordingly, these standalone financial statements for the year ended 31st March 2025 have been prepared in accordance with Ind AS. The comparative figures for the previous year ended 31st March 2024, earlier prepared in accordance with the previous Generally Accepted Accounting Principles in India (Previous GAAP), have been restated to comply with Ind AS to the extent applicable. Our opinion is not modified in respect of this matter.

Other Information

The Company?s Board of Directors is responsible for the other information. The other information comprises the information included in the Company?s annual report, but does not include the standalone financial statements and our auditor?s 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 Company?s 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 Company?s 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.

Auditor?s 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 auditor?s 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 (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 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 2025 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2025 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 Auditor?s 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 software?s for maintaining its books of account for the financial year ended March 31, 2025 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?s. 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 Auditor?s Report)

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 2025. Accordingly, reporting under clauses 3(i)(a) to 3(i)(f) of the Order is not applicable to the Company.

ii. Inventories

The Company did not have any inventories at any time during the year and at the year end. Accordingly, reporting under clause 3(ii) of the Order is not applicable.

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) The Company has been generally regular in depositing undisputed statutory dues including Goods and Services Tax, income tax and other statutory dues with the appropriate authorities. No undisputed amounts payable was outstanding for more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no statutory dues referred to in sub clause (a) which have not been deposited on account of any dispute.

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 not entered into any non cash transactions with directors or persons connected with them.

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 not incurred cash losses during the financial year or 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 Auditor?s Report)

Opinion

We have audited the internal financial controls with reference to standalone financial statements of [Company Name] Limited ("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. 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 2025, 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").

Management?s Responsibility

The Company?s 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 Company?s business.

Auditor?s Responsibility

Our responsibility is to express an opinion on the Company?s 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 Company?s 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 Company?s 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.