We have audited the accompanying financial statements of
ISHITA DRUGS AND INDUSTRIES LTD. (“the Company”), which
comprise the Balance Sheet as at 31/03/2024, 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 , 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 of 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 thereunder.

We conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. 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, but not for the purpose of expressing an opinion
on whether the Company has in place an adequate internal
financial controls system over financial reporting and the
operating effectiveness of such controls. 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
financial statements.

Opinion

In our opinion and to the best of our information and according to

the explanations given to us, the aforesaid financial statements
give the information required by 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 31/03/2024, and its Profit and its cash flows for the
year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors' Report)
Order,2016(“the Order”) issued by the Central Government
of India in terms of sub section (11) of section 143 of the
Companies Act, 2013. We give in the Annexure A statements
on the matters specified in paragraphs 3 and 4 of the order, to
the extent applicable.

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) 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
the 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 31/03/2024 taken on record by the Board of
Directors, none of the directors is disqualified as 31/03/2024
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
over financial reporting 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 to the best of our information and according to the
explanations given to us:

i. The Company has disclosed the impact of pending litigations
on its financial position in its financial statements.

ii. The Company has made provision, as required under the
applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including
derivative contracts.

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

FOR Jaymin Shah & Associates

Date : 30^,h May, 2024 Chartered Accountants

Place : Ahmedabad Reg No. : 129406W

Sd /-

CA Mayank Sancheti

Partner
M.No. : 170863
UDIN : 24170863BKARNY1506