forming our opinion thereon, and we do not provide a
separate opinion on these matters.

For the matter stated below, our description of how our
audit addressed the matter is provided in ttiat context.

We have audited the accompanying standalone financial
statements of Orchid Pharma Limited (' the Company"),
which comprise the Balance Sheet as at March 31,
2025, the Statement of Profit and Loss, including the
statement of Other Comprehensive Income, the Cash
Flow Statement and ihe Statement of Changes in Equity
for the year then ended, and notes to the standalone
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. the aforesaid
standalone financial statements give the information
required by the Companies Act 2013 fthe 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 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 March 31,2025, its profit including other
comprehensive income. Its changes in equity and its
cash flows for the year ended on that dale.

Basis for Opinion

We conducted our audit of the standalone 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 standalone financial statements' section of
our report. We are independent of the Company in
accordance with the ^JCode 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 [he 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 judgment, were of mos! significance in our
audit of the standalone financial statements for the
Financial year ended March 31, 2025. These matters
were addressed in the context of our audit of the
standalone financial statements as a whole, and in

Information Other than the financial statements and

I!

Auditor's Report Thereon

The Company's management and Board of Directors is
responsible for the other information. The other
Information comprises the information included in the
Annual report, but does not Include the standalone
financial statements and our auditor s report thereon

Our opinion on the standalone financial statements does
nol cover I he other informal ion and we do nol express
any form of assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read I he other
information and. in doing so, consider whether the other
informalion is materially inconsistent wilh 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 Act with respect to the preparation of these
standalone financial statements that give a true and fair
view of the financial position, financial performance
including other comprehensive income, cash flows and
changes in equity of the Company in accordance wilh
the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS)
specified under section 133 of the Act read with [the
Companies (Indian Accounting Standards) Rules. 2015.
as amended]. This responsibility also includes
maintenance of adequate accounting records in
accordance wilh 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 Ihe accounting records, relevant to
the preparation and presentation of the standalone
financial statements that give a true and fair view and
are free from material misstalement. whether due to
fraud or error.

In preparing the standalone 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 charged with governance 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 standalone financial statements as a
whole are free from material misstatement, whether due
to fraud or error, and lo 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 delect a
material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material If,
individually or in Ihe aggregate, they could reasonably
be expected to influence the economic decisions of
users laker 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 standalone financial
statements, whether due lo 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 fhan for one resulting
from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the
override of interna! 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 standalone
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 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 lo
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 Ihe 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 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 Ihat the economic
decisions of a reasonably knowledgeable user of the
standalone financial statements may be influenced. We
considei 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 for the financial year ended March
31. 2025 and are therefore the key audit matters. We
describe these mailers 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, issued by the Central Government of
India in terms of sub-section (11) of section 143 of
the Act. (hereinafter referred to as the ‘Order'), we
give in the "Annexure A" statement on the matters
specified in paragraphs 3 and 4 of the Order

2. As required by Section 143(3) of the Act, we report
that;

(a) We have sought and obtained ail 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 (including Other Comprehensive Income),
the Cash Row Statement and Statement of
Changes in Equity 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
Accounting Standards specified under Section
133 of the Act, read with Companies (Indian
Accounting Standards) Rules. 2015, as
amended;

(e) On the basis of the written representations
received from the directors as on March 31.
2025 and 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 with reference to these standalone
financial statements and the operating
effectiveness of such controls, refer to our
separate Report in “Annexure B’ to this report;

(g) In our opinion, the managerial remuneration for
the year ended March 31.2025 has been paid
l provided by the Company to its directors in
accordance with the provisions of section 197
read with Schedule V to the Act;

(hi 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 besi 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 44 to the
standalone financial statements;

(ii) The Company has made provision, as
required under the applicable law or
accounting standards, for material
foreseeable losses, if any, on long term
contracts including derivative contracts;

(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 their knowledge and
belief, other than as disclosed in the notes

to the standalone financial statements, if
any, 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 persons 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 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 their knowledge and
belief, other than as disclosed in the notes
to the standalone financial statements, if
any, no funds have been received by the
Company from any persons 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 other persons
or entities identified in any manner
whatsoever by or on behalf of the Funding
Party (’’Ultimate Beneficiaries" i or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures, we
have considered reasonable and
appropriate in the circumstances, nothing
has come to their notice that has caused

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

(v) The company has neither declared or
paid any dividends during the year and
accordingly reporting on compliance with
section 123 of the Companies Act, 2013
is not applicable for the year under
consideration.

(vi) Based on our examination which included
test checks, the Company has used
accounting software for maintaining its
books of account which has a feature of
recording audit trail (edit tog) facility at
Application level and the same has
operated throughout the year for all
relevant transactions recorded in the

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software, however the audit trail feature
was not enabled at database level.
Further, during the course of our audit we
did not come across any instance of audit
trail feature being tampered with in
respect of other accounting software. The
audit trail has been preserved by the
company, to the extent enabled, as per
the stalufory requirements for record
retention.

For Slnghi & Co.

Chartered Accountants

Firm Registration No: 302049E

Sd I-

Sudesh Choraria

Partner

Membership No: 204936

UDIN: 25204936BMIOWY8451

Date: May 26, 2025

Place; Mumbai