Vijaypd Ceutical Ltd Auditor Reports

Restated Financial Information of Vijaypd Ceutical Limited (Formerly Known as Vijay Pharma)

To,

The Board of Directors,

Vijaypd Ceutical Limited

Al, 1st Floor, Devraj Building,

SV Road, Goregaon, Goregaon West Mumbai 400104

Dear Sir

1. We have examined attached Restated Statement of financial information of Vijaypd Ceutical Limited (Formerly known as Vijay Pharma) (the Company) which comprise the Balance Sheet as at March 31, 2025, March 31, 2024 and March 31, 2023, Restated statement of Profit and loss and Restated Statement of Cash flow statement for the year ended at March 31, 2025, March 31, 2024 and March 31, 2023, annexed to this report for the purpose of inclusion in draft prospectus and/or prospectus prepared by the company (collectively the "Restated Financial information"). These Restated Statements of financial information have been prepared by the Company and approved by the Board of Directors of the company in connection with its proposed SME Initial Public Offerings of equity shares ("SME IPO") on Emerge platform of National Stock Exchange of India Limited (NSE).

2. This restated financial information has been prepared in accordance with the requirements of:

(i) Section 26 of the Companies Act, 2013 ("the Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;

(ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018, as amended ("ICDR Regulations") and related amendments / clarifications from time to time issued by the Securities and Exchange Board of India ("SEBI")

(iii) The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note")

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Draft Offer Document/ Offer Document to be filed with NSE and Registrar of Companies, Mumbai in connection with the proposed SME IPO. The Restated Financial Information has been prepared by the management of the Company as per Note 2 to the Restated Financial Information. The Board of Directors responsibility includes designing implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Companies Act, (ICDR) Regulations and the Guidance Note.

4. We, M/s J. D. Shah Associates, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and holds the peer review certificate no. 016841 dated 16/05/2024 and valid till 31/03/2027.

5. We have examined such restated financial statements taking into consideration:

(i) The terms of reference and terms of our engagement agreed upon with you in accordance with our letter dated 15/05/2025 in connection with the Draft Offer Document/ Offer Document being issued by the Company for its proposed Initial Public Offering of equity shares on NSE ("SME IPO"); and

(ii) The Guidance Note on Reports in Company Prospectus (Revised) issued by the Institute of Chartered Accountants of India ("Guidance Note"). The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.

(iii) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information; and

(iv) The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

6. These Restated Financial Information have been compiled by the management from:

a) Audited financial statements of the Company for the year ended March, 2025 prepared in accordance with Accounting Standard, specified under section 133 of the Act and other accounting principles generally accepted in India which have been approved by the Board of Directors at their meeting held on 18/06/2025.

b) The Restated Financial Information also contains the proforma financial information as at and for the year ended March 31, 2024, March 31, 2023. The proforma financial information have been prepared by making adjustment to the audited Indian GAAP financial statements of erstwhile M/s Vijay Pharma as at and for the year ended March 31, 2024, March 31, 2023 which have been approved by the Board of Directors at their meeting held on 30/06/2025 as described in Note 2 to the Restated Financial Information

7. We have audited the financial statements of the Company for the period ended March 31, 2025, prepared by the Company in accordance with the IGAAP for the limited purpose of complying with the requirement of getting its financial statements audited by an audit firm holding a valid peer review certificate issued by the "Peer Review Board" of the ICAI as required by ICDR Regulations in relation to proposed SME IPO. We have issued our report dated 18/06/2025 on this special purpose financial information to the Board of Directors who have approved these in their meeting held on 18/06/2025.

8. For the purpose of our examination, we have relied on:

a) Auditors reports issued by us dated 18/06/2025 on the financial statements of the Company as at and for the year ended March, 2025 and

b) Auditors Report issued by the Previous Auditors dated 12/09/2024 and 30/09/2023 on the financial statements of the Company as at and for the years ended March 31, 2024 and 2023 respectively, as referred in Paragraph 6 above.

c) The audits for the financial years ended March 31, 2024 and March 31, 2023 were conducted by the Companys previous auditors, M/s Khushalani & Co and M/s Sodha and Associates, (the "Previous Auditors"), and accordingly reliance has been placed on the restated statement of assets and liabilities and the restated statements of profit and loss and cash flow statements, the Summary Statement of Significant Accounting Policies, and other explanatory information and (collectively, the "2024 and 2023 Restated Financial Information") examined by them for the said years. The examination report included for the said years is based solely on the report submitted by the Previous Auditors. The management have also confirmed that the 2024 and 2023 Restated Financial Information:

a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively from the financial year ended March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the year ended March 31, 2025;

b. have been made after giving effect to the matter(s) giving rise to modifications mentioned in paragraph 9 below and

c. have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

9. There are no audit qualifications in the audit reports issued by the statutory auditor for the period ended March 31, 2024 and 2023 which would require adjustments in these restated financial statements of the Company

10. Restated Financial Information have been prepared in accordance with the Act, the SEBI ICDR Regulations, the Guidance Note and SEBI Communication and engagement letter, we report that:

a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2024 and 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the year ended March, 2025;

b. have been prepared after incorporating proforma AS adjustments to the audited Indian GAAP financial statements as at and for the year ended March 31, 2024 and 2023,

c. There are no extraordinary items other than those appearing in financials that need to be disclosed separately in the accounts and requiring adjustments.

d. There are no audit qualifications in the audit reports issued by the statutory auditor for the period ended March 31, 2024 and 2023 which would require adjustments in these restated financial statements of the Company.

11. We have also examined the following other financial information relating to the Company prepared by the Management and as approved by the Board of Directors of the Company and annexed to this report relating to the Company for the year ended on March 31, 2025, March 31, 2024 and 2023 proposed to be included in the Draft Offer Document/ Offer Document.

Note No. Particulars

1 & 2 General Information & Restated Significant Accounting Policies

3 Restated Share Capital and Partners Capital

4 Restated Reserves and Surplus

5 Restated LongTerm Borrowings

6 Restated LongTerm Provisions

7 Restated ShortTerm Borrowings

8 Restated Trade Payables

9 Restated Other current liabilities

10 Restated ShortTerm Provisions

11 Restated Property, Plant & Equipment & Intangible Assets

12 Restated NonCurrent Investment

13 Restated Deferred Tax Asset (Net)

14 Restated Longterm Loan and advances

15 Restated Other noncurrent assets

16 Restated Inventories

17 Restated Trade receivables

18 Restated Cash & cash equivalents

19 Restated Shortterm loans & advances

20 Restated Other current assets

21 Restated Revenue from operations

22 Restated Other income

23 Restated Purchases of Stock In Trade

24 Restated Changes in inventories

25 Restated Employees benefit expenses

26 Restated Finance cost

27 Restated Depreciation and Amortisation expenses

28 Restated Other expenses

29 Restated Tax expenses

30 Restated Earnings per share

31 Restated Statement of Mandatory Accounting Ratios

32 Restated Employees Defined Benefit Plans

33 Restated Foreign Currency expenditures and earnings

34 Restated Expenditure towards corporate social responsibility (CSR) activities

35 Related party transactions

36 Restated Analytical Ratios

37 Restated Contingent liabilities and commitments

38 Other Disclosures

39 Tax shelter

40 Capitalisation statement

12. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on audited financial statements mentioned in paragraph 6 above.

13. The report should not in any way be construed as a reissuance or redating of any of the previous audit reports issued by any other firm of chartered accountants nor should this report be construed as a new opinion on any of the financial statements referred to therein.

14. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

15. In our opinion, the above financial information contained in Annexure to this report read with the respective significant accounting policies and notes to restated summary statements as set out in Note 2 are prepared after making adjustment and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note.

16. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Offer Document/Offer Document in connection with the SME IPO. Our report should not be used, referred to or adjusted for any other purpose except with our consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

For J. D. Shah Associates Chartered Accountants FRN: 109601W

Jayesh D. Shah Partner M.No.042167

UDIN: 25042167BMKWOT4111

Place: Mumbai Date: 30/06/2025

VIJAYPD CEUTICAL LIMITED (Formerly Known as Vijay Pharma)

CIN: U21001MH2024PLC421713