We have audited the accompanying financial statements of Samrat Pharmachem Limited ('the Company'), which comprise
the Balance Sheet as at 31st March 2025, the Statement of Profit & Loss (including the Other Comprehensive Income), the
Cash Flow Statement and the Statement of Changes in Equity of the Company for the year then ended and notes to the
financial statements including 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 financial
statements give the information required by the Companies Act, 2013 (‘Act’) in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards
(‘Ind AS’) specified 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 (financial position) of the
Company as at 31st March 2025, and its profit (financial performance including other comprehensive income), its cash flows
and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing 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 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 financial statements under the provisions of the Act and the rules there under, 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 on 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 financial
statements of the current period. These matters were addressed in the context of our audit of the 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
that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditors’ Report Thereon

The Company’s Management and Board of Directors are responsible for the other information. The other information
comprises of Management Reports such as Board’s Report, Management Discussion and Analysis, Corporate Governance
Report and Business Responsibility Report, but does not include the Financial Statements and our Auditors’ Report thereon
which we obtained prior to the date of this Auditor’s Report, and the remaining section of the Company’s Annual Report,
which are expected to be made available to us after that date.

Our opinion on the 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 financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this Auditor’s Report,
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.

When we read the other sections of Annual Report (other than those mentioned above), if we conclude that there is a
material misstatement therein, we are required to communicate the matter to those charged with governance and take
necessary actions, as applicable under the applicable laws and regulations.

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 and presentation of these financial statements that give a true and fair view of the
financial position, financial performance (including Other Comprehensive Income), Cash Flows and changes in equity of the
Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting
Standards (Ind-AS) specified under Section 133 of the Act, read with relevant rules issued thereunder.

This responsibility also includes the 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 financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the 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.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 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 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 control 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 with reference to financial statements 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 in the financial statements made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors 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 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 financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the 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 financial statements of the current period and are therefore the key audit matters. We describe
these matters in our auditors’ 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.

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 sub-section (11) of section 143 of the Act, we give in the ‘Annexure A’, a statement on the matters specified

in the paragraph 3 and 4 of the Order, to the extent applicable.

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

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

ii. 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;

iii. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow
Statement and the statement of changes in equity and dealt with by this Report are in agreement with the books of
account;

iv. In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards prescribed under
Section 133 of the Act, read with relevant rules issued thereunder;

v. 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 are disqualified as on 31st March 2025, from being appointed as a
director in terms of Section 164 (2) of the Act.

vi. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company
and the operating effectiveness of such controls, refer to our separate report in 'Annexure B'; and

vii. 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, amended:

In our opinion and according to the information and according to the explanations given to us, the remuneration paid
by the Company to its directors during the 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) which are required to be commented
upon by us.

viii. 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:

a) The Company has disclosed the impact of pending litigations on its financial positions in its financial statements.
(Refer to Note 31 to the financial statements)

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

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

d) i) The Management has represented that, to the best of it’s knowledge and belief, no funds (which are material

either individually or in the aggregate) 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 person(s)
or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, 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.

ii) The Management has represented, that, to the best of it’s knowledge and belief, no funds (which are material
either individually or in the aggregate) have been received by the Company from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or
otherwise, that the Company shall, 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.

iii) Based on the audit procedures that has been 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 (i) and
(ii) of Rule 11(e), as provided under (a) and (b) above, contain any material mis-statement.

e) The final dividend proposed in the previous year, declared and paid by the Company during the year is in
accordance with Section 123 of the Act. The Board of Directors of the Company have proposed final dividend
for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The
dividend proposed is in accordance with Section 123 of the Act.

f) Based on our examination which included test checks, the company has used an 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 audit trail has been
preserved by the Company as per the statutory requirements for record retention.

For Shah & Savla LLP
Chartered Accountants
FRN: 109364W / W100143

Mulesh M Savla
Partner

Membership No.: 038404
UDIN : 25038404BMULDZ4332

Place: Mumbai
Date: May 30, 2025