We have audited the accompanying Financial Statements of Novateor Research Laboratories Ltd (the "Company"), which comprise the
Balance Sheet as at March 31, 2024, Statement Of Profit and Loss and the Cash Flow Statement 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 "Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the
matter described in the Basis for Qualified Opinion section of our report, 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 accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, the profit and
its cash flows for the year ended on that date.

Basis for Qualified Opinion

1. AS - 2 'Valuation of Inventories' has not been followed. The technical valuation claimed by company is not quantifiable. Hence, we
are not in a position to quantify the effect on the profit and loss account and balance sheet.

2. AS -15 ‘Employee Benefits' has not been followed. Provision for gratuity is not recorded in the books of accounts as the company
recognizes the post-employment and other long term employee benefits expense in the year in which it is crystallized. This deviation
of the accounting policy is not disclosed as per AS - 1 ‘Disclosure of Accounting Policies'. The extent of non-compliance in terms of
value is not ascertainable.

3. The company has not identified or reported any segment information as required by AS - 17 ‘Segment Reporting'.

4. Expenses incurred at the time of raising funds at the time of IPO are being amortized over a period of 5 years, which had to be
expensed off against the amount of securities premium at that time. During the year, such amortization is Rs. 3.35 lakhs and balance
amount remaining after such amortization is Rs. 1.49 lakhs. Had this effect been properly accounted for, it would have resulted in
increase in profit of Rs. 3.35 lakhs for the year and decrease in other current assets by Rs. 1.49 lakhs, decrease in securities premium
by Rs. 21.77 lakhs and increase in profit and loss account (Reserves Surplus) by Rs. 21.77 lakhs.

We conducted our audit of the Financial Statements in accordance with the Standards on Auditing ('SAs'), 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 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 Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and ICAl's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our qualified audit 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 for the financial year ended March 31, 2024. 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. In addition
to the matter described in the ‘Basis for Qualified Opinion' section, we have determined the matters described below to be the key
audit matters to be communicated in our report.

We have fulfilled the responsibilities described in the 'Auditor's responsibilities for the audit of the Financial Statements' section of
our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond
to our assessment of the risks of material misstatement of the Financial Statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Financial
Statements.

Other Matters

1. We have been appointed during the current year to fill in the casual vacancy caused by the resignation of the outgoing auditor
dated March 29, 2024. Further, the financial statements for the financial year ended March 2023 have been audited by the predecessor
auditor whose audit report dated May 30, 2023 has expressed unmodified opinion.

2. The financial statement for the year ended March 31, 2024 have been audited by the predecessor auditor whose audit report dated
May 30, 2023 has expressed unmodified opinion. We are not informed about the information required vide Circular No.
CIR/CFD/CMD1/114/2019 dated October 18, 2019 issued by SEBI. In absence of this, our opinion may require reconciliation as and
when they are made available.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the information included
in the Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Business Responsibility Report,
Corporate Governance and Shareholder's Information, but does not include the Financial Statements and our auditor's report thereon.

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, 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 and Board of Directors for the Financial Statements

The Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to
the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles generally accepted in India. 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 the 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 are also responsible for overseeing the Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone 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 scepticism 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 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 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 to cease to continue as a going concern.

• 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.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, make 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 Standalone Financial Statements for the financial year ended March 31, 2024, 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 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 purposes of our audit.

2. 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.

3. The company's balance sheet and the statement of profit and loss account dealt with by this report are in agreement with the
books of account.

4. In our opinion, the aforesaid financial statements, subject to the matters mentioned in the ‘Basis for Qualified Opinion' para
above, comply with the accounting standards specified under Section 133 of the Act, read with relevant rules issued there under;

5. On the basis of the written representations received from the directors taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

6. 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 A”.

7. 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:

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

2. The Company does not have any long-term contracts, including derivative contracts having any material
foreseeable losses.

3. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by
the Company during the year ended March 31, 2024.

1. 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.

2. 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.

3. Based on such audit procedures that we have considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under both sub-clauses mentioned above contain any material mis-statement.

4. The company has not proposed or declared any dividend during the year.

5. 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. As proviso to Rule
3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for
record retention is not applicable for the financial year ended March 31, 2024.

8. With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of sub-section
(16) of Section 197 of the Act, as amended, we report that to the best of our information and according to the explanations
given to us, remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section
197 of the Act.

2. 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 B" a statement on the matters specified in paragraphs 3 and 4 of
the Order.

For

H K Shah & Co.,

Chartered Accountants
FRN.: 109583W

Prerak Shah
Partner
M.No.: 181302

Place: Ahmedabad

Date: May 30, 2024

UDIN: 24181302BKGTUP7343