We have audited the accompanying Standalone financial statements of IND-SWIFT LABORATORIES LIMITED ("the Company"), which
comprises the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement for Changes in Equity and the Statement of Cash Flows for the year ended, and notes to the standalone financial statements,
including a summary of 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, as amended("Act") in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards ('Ind AS') specified under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31,2025, its profit including other 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 ("SA's), as 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 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 ethical requirements that are relevant to
our audit of the financial statements under the provisions of the Act 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 audit opinion on the Standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, 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 that there are no key audit matters to be communicated in our report.

Emphasis of Matter

Without qualifying our opinion, we draw attention to the following matters in the Notes to the financial statements:

a) Emphasis is drawn upon Note No. 13 of the accompanying standalone financial statements, which describes that during the year,
the Company has converted 15,32,000 equity share warrants into equity shares of B10 each, fully called up and paid up.

b) Emphasis is drawn upon Note No. 46 of the accompanying standalone financial statements, which describes the following matters:

i. The Board of Directors, at its meeting held on September 25, 2023, based on the recommendations of the Audit Committee
and the Independent Directors, has approved a Scheme of Arrangement and Amalgamation ('Scheme') under section 230¬
232 and other applicable provisions of the Companies Act, 2013 for amalgamation of Ind-Swift Limited (Amalgamating

i. 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.

ii. Obtain an understanding of internal financial 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 system in place and the operating effectiveness of
such controls.

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

iv. Conclude on the appropriateness of management and
board of director'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.

v. Evaluate the overall presentation, structure and content ofthe
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 standalone 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 standalone 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.

Report on Other Legal and Regulatory Requirements

(1) As required by section of 143(3) of the Act, based on our
audit, 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 purpose 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, Statement of Profit and Loss including
Other Comprehensive Income, Statement of Changes in
Equity and the Statement of Cash Flow dealt with by this
Report are in agreement with the books of account;

d) In our opinion, the aforesaid Financial Statements comply
with the Indian Accounting Standards specified under
section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2015 as amended;

e) Based on the written representations received from the
directors as on March 31,2025 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 controls
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 to the best of our information and
according to the explanations given to us, the managerial
remuneration for the year ended March 31, 2025, has been
paid / provided by the holding Company to its directors in
accordance with the provisions of section 197(16) read with
Schedule V to 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) Rules, 2014 as amended, 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 standalone
financial statements - Refer Note 32 to the
Financial Statements.

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

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

iv.

a) The Management and board of directors has
represented that to the best of their knowledge
and belief, no funds (which are material either in
individually or 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 entities, including foreign entities ("Intermediaries")
with the understanding, whether recorded in writing
or otherwise, that the Intermediaries shall, whether,
directly or indirectly lend or invest in the 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 and board of directors has
represented, that, to the best of their knowledge and
belief, no funds (which are material either in individually
or aggregate) have been received by the Company
from any person(s) 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 the other persons or entities identified in any
manner whatsoever by or on behalf of the Funding
Parties ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

c) Based on procedures that have been considered
reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused to
believe that the representations under subclause (i)
and (ii) contain any material misstatement.

v. Based on our examination which included test checks,
the Company has used accounting software for
maintaining its books of account, which have a feature
of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in the respective software.
Further, for the periods audit trail (edit log) facility
was enabled and operated throughout the year for
the respective accounting software, we did not come
across any instance of the audit trail feature being
tampered with and the audit trail has been preserved
by the Company as per the statutory requirements for
record retention.

vi. The company has not declared or paid any dividend
during the year in contravention of the provision of
Section 123 of the Companies Act, 2013.

(2) As required by the Companies (Auditor's Report) Order, 2020
("the Order") issued by the Central Government in terms
of Section 143(11) of the Act, we give in "Annexure A" a
statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.