We have audited the accompanying Standalone Ind AS
financial statements of Kilitch Drugs (India) Limited
(“the Company"), which comprise the Balance Sheet as
at March 31, 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 ended on that date, and a
summary of the significant accounting policies and
other explanatory information (hereinafter referred to
as “Standalone financial statements").

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 accounting principles generally
accepted in India, of the state of affairs of the Company
as at March 31,2025, the profit and total comprehensive
income, changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial
statements in accordance with the Standards on
Auditing specified under section 143(10) of the Act (SAs).
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 independence requirements that are
relevant to our audit of the standalone financial
statements under the provisions of the Act and the
Rules made 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
audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the standalone financial statements of the
current period. These matters were addressed in the
context of our audit of the standalone financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters. We have determined the matters
described below to be the key audit matters to be
communicated in our report.

Information Other than the Standalone Financial
Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the
preparation of the other information. The other
information comprises the information included in the
Management Discussion and Analysis, Business
Responsibility Report, Corporate Governance and
Shareholder's Information, 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. 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.

Management's Responsibility for the Standalone
Financial Statements

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, total comprehensive
income, 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 statements
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 is 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 management either intends to
liquidate the Company or to cease operations, or has no

realistic alternative but to do so.

The Board of Directors are also responsible for
overseeing the Company's financial reporting process.

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.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material
misstatement of the standalone financial
statements, whether due to fraud or error, design
and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement
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.

• Obtain an understanding of internal financial
controls relevant to the audit in order to design audit
procedures that are appropriate in the
circumstances. Under section 143(3)(I) of the Act, we
are also responsible for expressing our opinion on
whether the Company has adequate internal
financial controls system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting
estimates and related disclosures made by
management.

• Conclude on the appropriateness of management's
use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a
material uncertainty exists related to events or
conditions that may cast significant doubt on the
Company's ability to continue as a going concern. If
we conclude that a material uncertainty exists, we
are required to draw attention in our auditor's 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
auditor's report. However, future events or
conditions may cause the Company to cease to
continue as a going concern.

• Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner that
achieves fair presentation.

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i)
planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the financial
statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit. 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. From the matters
communicated with those charged with governance, we
determine those matters that were of most significance
in the audit of the standalone financial statements of the
current period and are therefore the key audit matters.

We describe these matters in our auditor's report
unless law or regulation precludes public disclosure
about the matter or when, in extremely rare
circumstances, we determine that a matter should not
be communicated in our report because the adverse
consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such
communication.

Other Matter

The comparative figures of the Company the year ended
March 31, 2024 were audited by M/s Suryaprakash
Maurya & Co. who, vide their report dated 27th May,
2024 expressed an unmodified conclusion on the same.
C. Sharat & Associates Chartered Accountants has been
appointed as the statutory auditor on 27th September
2024.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order") issued by the Central
Government of India in terms of section 143(11) of the
Act, we give in the Annexure “A" a statement on the
matters specified in paragraph 3 and 4 of the Order.

2. As required under provisions of 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 appears
from our examination of those books.

c. The Balance Sheet, Statement of Profit and Loss
including other comprehensive income, Cash Flow
Statement and statement of changes in Equity 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.

e. On the basis of written representations received from
the directors as on 31st March, 2025, taken on record by
the Board of Directors, none of the directors is
disqualified as on March 31,2025, 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
control over financial reporting of the company and the
operating effectiveness of such controls, refer to our
separate Report in “Annexure B". Our report expresses
an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial

controls over financial reporting.

g. With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements of
section 197 (16) of the Act, as amended:

In our opinion and according to the information and
explanations given to us, the remuneration paid by the
Company to its directors during the current year is in
accordance with the provisions of Section 197 of the Act.
The remuneration paid to any director is not in excess of
the limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed other
details under Section 197(16) of the Act which are
required to be commented upon by us.

h. 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 the pending
litigations on its financial position vide Note No. 38 to the
standalone Ind AS financial statements.

ii. The Company did not have any long term contracts
including derivative contracts that require provision
under any law or accounting standards for which there
were any material foreseeable losses.

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

vi.(a) The management has represented that, to the
best of its knowledge and belief, as disclosed in the
notes to the accounts, no funds have been advanced or
loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the
Company to or in any other persons or entities,
including foreign entities (“Intermediaries"), with the
understanding, whether recorded in writing or

otherwise, that the Intermediary shall, whether, directly
or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of
the Company (“Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate
Beneficiaries (Refer Note 51) to the financial
statements);

(b) The management has represented that, to the best of
its knowledge and belief, as disclosed in the notes to the
accounts, no funds have been received by the Company
from any persons or entities, 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 (Refer Note 51 to the financial
statements); and

(c) Based on such audit procedures that we considered
reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to
believe that the representations under sub-clause (a)
and (b) contain any material misstatement.

v. The Company has not declared or paid any dividend
during the year.

vi. Based on our examination which included test
checks, the company has used accounting software for
maintaining its books of account 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.

Further, during the course of our audit we did not come
across any instance of audit trail feature being
tampered with and the audit trail has been preserved by
the Company as per the statutory requirements for
record retention.

For C. Sharat & Associates

Chartered Accountants
Registration No : 128593W

Chintan Sharatchandra Shah

Membership No. : 127551
ICAI UDIN: 25127551BMIIJC7295
Place : Mumbai
Date :19^th May, 2025