1. We have audited the accompanying Standalone financial statements of QUEST LABORATORIES LTD (“the
Company”), which comprises the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss (including
Other Comprehensive Income) the Cash Flow Statement and the Statement of changes in equity for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies and other explanatory
information.

2. In our opinion and to the best of our information and according to the explanations given to us our report, 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 31st March, 2025, profit,other comprehensive income, changes in equity and cash
flows for the year ended on that date.

Basis of Opinion

3 We conducted our audit in accordance with the Standards of 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 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 financial statements under the provisions 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.

Emphasis of Matter

4 We could not verify the valuation of inventory as on the Balance Sheet Date as insufficient records of the same has
been provided to us for verification. However, we have been informed by the management that physical verification has
been conducted by them during the year and has not noticed any major discrepancies.

5 Our opinion is not modified in respect of this matter.

Key Audit Matters

6 Key audit matters are those matters that, in our professional judgement, 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.

7 We have determined that there are no key audit matters to be communicated in our report.

Responsibility of Management for the Standalone Financial Statements

8 The Company’s Board of Directors are responsible for the other information. The other information comprises the
information included in the Management Discussion and Analysis, Report on Corporate Governance, Directors’

Report, etc., 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 in the 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.

9 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 preparation of these financial statements that give a true and fair view of the of the state of
affairs, profit 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.

10 In preparing the 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 to do so.

11 Those Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor’s Responsibility for the Audit of the Financial Statements

12 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 and auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted is in accordance with
Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

13 As part of an audit in accordance with Standards on Auditing, 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 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.

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

Ý Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparation
of standalone financial statement and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption.
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 (including its joint operations) to cease to
continue as a going concern.

Ý 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.

Ý Obtain sufficient appropriate audit evidence regarding the financial information of such entities or business
activities within the Company to express an opinion on the standalone financial statements, of which we are
the independent auditors. We are responsible for the direction, supervision and performance of the audit of
financial information of such entities. For the other entities included in the standalone financial statements,
which have been audited by other auditor, such other auditor remains responsible for the direction, supervision
and performance of the audit carried out by them. We remain solely responsible for our audit opinion.

14 We communicate with those charged with governance of the Company 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.

15 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.

Other Matter

16 As required by section 197(16) of the Act, we report that the Company has paid remuneration to its directors during
the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V of the Act.

17 As required by the Companies (Auditors’ Report) Order, 2020 (“the Order”) issued by the Central Government 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.

18 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 standalone financial statements dealt with by this Report are in agreement with the books of account;

d. In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the
Act.

e. On the basis of the written representations received from the directors and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2025 from being appointed as a director in terms of Section 164
(2) of the Act.

f. We have also audited the internal financial controls over financial reporting of the Company as on 31st March, 2025 in
conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and
our report as per "Annexure B" expressed an unmodified opinion;

i. The Company has disclosed the impact of pending litigations on its financial position in its financial
statements.Refer note no.28.

i. The Company does not have any pending litigations which would impact its financial position;

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)

On the basis of written representation received from the management, we report that, no funds other than as
disclosed in the notes to the accounts 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, 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.

iv. (b)

On the basis of written representation received from the management, we report that, no funds other than
as disclosed in the notes to the accounts, 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, 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;

iv. (c) Based on audit procedures applied by us, nothing has come to our notice that has caused us to believe that

the representations under sub-clause (i) and (ii) contain any material mis-statement.

v. No dividend has been declared nor paid during the year. Hence no compliance with section 123 of the
Companies Act, 2013 was required.

vi 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 auditwe did not come across any instance of audit trail feature being tampered with.

For and on behalf of
C.H. PADLIYA & CO.

Chartered Accountants

Firm Registration No.: 003151C

VIPUL PADLIYA

Partner

Membership No.: 409165
UDIN: 25409165BMORDS7732

Place : Indore

Date : This 28th Day of May, 2025