We have audited the accompanying Ind-AS
Financial statements of COLINZ LABORATORIES
LIMITED (“the Company”), which comprise
the Balance Sheet as at 31 March 2024, the
Statement of Profit and Loss including other
comprehensive income, the Statement of Changes
in Equity and the Cash Flow Statement for the year
ended and a summary of significant accounting
policies and other explanatory information (herein
after referred to as “Ind -AS Financial Statements”).

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
(“the Act”) in the manner so required and give a
true and fair view in conformity with the Indian
Accounting Standards prescribed u/s 133 of the
Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (“Ind-AS”)
and other accounting principles generally accepted
in India, of the State of Affairs of the Company as at
31^st March, 2024, the Profits 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 in accordance with the
Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act 2013. Our
responsibilities under those standards are further
described in the Auditor's Responsibilities for the
Audit of the Ind- AS 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
together with the ethical requirements that are
relevant to our audit of the Ind-AS Financial
Statements under the provision of the Companies
Act, 2013 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 on the 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 the matters described below
to be the key audit matters to be communicated in
our report:

Information Other than the Financial
Statements and Auditors Report; Thereon the

Company's Board of Directors is responsible for the
other information. The Other information
comprises the information included in the
Directors Report Management discussion &
Analysis and Business responsibility report, but
does not include the financial statements and our
auditor's report thereon.

Our opinion on the financial statements does not
cover 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
financial statements or our knowledge obtained
during the course of 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.

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 Ind AS
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 Ind-AS 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 accounting principles generally accepted in
India, including the Indian Accounting Standards
specified under section 133 of the Act. 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 Ind-AS
financial statement that give a true and fair view
and are free from material misstatement, whether
due to fraud or error.

In preparing the Ind-AS 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.

Those Board of Directors are also responsible for
overseeing the company's financial reporting
process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance
about whether the Ind- AS 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 Ind- AS Financial Statements. As part of an
audit in accordance with SAs, we exercise
professional judgement 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
Companies Act, 2013, 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
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 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 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

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 paragraphs 3 and 4 of
the Order.

1. 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, the Cash Flow Statement and the
Statement of changes in Equity dealt with
by this Report are in agreement with the
books of account

d) In our opinion, the aforesaid Ind AS
Financial Statements comply with the
Indian Accounting Standards specified
under Section 133 of the Act read with the
relevant rule issued thereunder

e) On the basis of written representations
received from the directors as on 31
March, 2024 taken on record by the Board
of Directors, none of the directors is
disqualified as on 31 March, 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” and

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:

According to the information and
explanation given to us, the company has
paid remuneration to its directors during
the year within the provision of section
197(16) of the Act.

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) Rule, 2014, as
amended, in our opinion and to the best of
our information and according to the
explanation given to us:

i) The Company does not have any pending
litigations which shall impact its financial
positions.

i. The Company does not have any long terms
contracts for which provisions are required to
be made.

iii. The Company is not liable to transfer any
amount to the Investor Education and
Protection Fund.

iv. (a) The Management has represented that, to
the best of its 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 or entity, including foreign entity
(“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;

(b) The Management has represented, that, to
the best of its knowledge and belief, no funds
(which are material either individually or in
the aggregate) have been received by the
Company from any person or entity, including
foreign entity (“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;

(c) Based on the audit procedures that have
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 misstatement.

v. According to the information and explanation
given to us, the company has not
paid/declared any Dividend during the year.
Hence the provision of section 123 of the Act
is not applicable to the company

vi. Proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 for maintaining books
of account using accounting software which
has a feature of recording audit trail (edit log)
facility is applicable to the Company with
effect from April 1, 2023, & accordingly,
reporting under Rule 11(g) of Companies
(Audit & Auditors) Rules, 2014 is not
applicable for the financial period ended
March 31, 2024.

For VORA & ASSOCIATES
CHARTERED ACCOUNTANTS
(ICAI Firm Reg. No.: 111612W

MAYUR A. VORA
PARTNER

(Membership No.: 030097)

UDIN: 24030097BKCAVS6352

PLACE: MUMBAI
DATED: 29^th May,2024