We have audited the standalone financial statements of Bal Pharma
Limited ("the Company”), which comprise the balance sheet as at 31st
March 2025, and the statement of Profit and Loss (including other
comprehensive income), Statement of Changes in Equity and Statement
of Cash Flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and
other explanatory information(hereinafter referred to as the
"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 Act in the manner so required and
give a true and fair view in conformity with the Indian accounting
standards prescribed under section 133 of the act, ("IND AS”) and other
accounting principles generally accepted in India, of the state of affairs of
the Company as at March 31, 2025, and 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 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 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 together with the ethical requirements
that are relevant to our audit of the standalone 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

We draw attention to Note 63 regarding recoverability of outstanding
receivables from the subsidiary companies.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters (‘KAM') 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 Financial Statements and
Auditor’s ReportThereon om our examination of those books.

The Company's management and Board of Directors are responsible for
the other informationThe other information comprises the information
included in the Company's annual report but does not include the
standalone financial statements and our auditors' 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.

Responsibilities of Management for the Standalone Financial
Statements

The Company's Management and 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 standalone 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 (Ind AS) 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 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, the management and
Board of Directors 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 Responsibilities for the Audit of the Standalone 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 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 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 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 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 Companies Act, 2013, we give in
the ‘ ‘Annexure A” a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.

2. 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 Changes in Equity, the
Statement of Profit and Loss (including other comprehensive
income), and the Cash Flow Statement 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 as on 31st March 2025 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. 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”.

g. 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 pending litigations on
its financial position in its standalone financial statements - Refer
Note 41 to the standalone 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 has represented that, to the best of its
knowledge and belief, 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 person or entity, including foreign entities , 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 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, other than as disclosed in the notes to the
accounts, no funds have been received by the company from any
person or entity , including foreign entities , 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 such audit procedures that the auditor has considered
reasonable and appropriate in the circumstances, nothing has
come to their notice that has caused them to believe that the
representations under sub-clause (i) and (ii) contain any material
misstatement.

v. (a) The dividend proposed in the previous year, declared, and paid
by the company during the year is in accordance with section 123
of theAct.

(b) The Board of Directors have proposed dividend for the current
year which is subject to the approval of the members at the
Annual General Meeting.

vi. Based on our examination, which included test checks, the
Company has used accounting software for maintaining its books
of account for the financial year ended March 31,2025 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 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.

3. With respect to the matter to be included in the Auditors' Report
under section 197(16):

According to the information & explanations given to us and based
on our examination of the records of the Company, the Company
has paid / provided for managerial remuneration in accordance with
the provisions of section 197 of the Act.

for S S J N B & CO

Chartered Accountants

Firm registration number: 0I3976S

Sd.

Dhanpal I Sakaria

Partner

Membership No: 213666

Place: Bengaluru
Date : 29th May, 2025

UDIN: 252I3666BMNZIK5462