We have audited the accompanying IND AS Financial Statements of Raaj Medisafe India Limited (“the Company”),
which comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss and Statement of Cash
flows and notes to the IND AS Financial Statements, including a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid IND AS
Financial Statements give the information required by the Companies Act, 2013(‘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 31,2025 and its Statement of Profit and Loss account and Statement of Cash flows for the year
ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing 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 IND AS 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 IND AS Financial Statements under the provisions of the Act and the rules there under, 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone IND AS Financial Statements of the current period. These matters were addressed in the context of our audit
of the IND AS Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.

Information other than the IND AS Financial Statements and auditors’ report thereon

The Company’s board of directors is responsible for the preparation of the other information. The other information comprises
the information included in the Director’s Report and other company related information, but does not include the standalone
IND AS Financial Statements and our auditor’s report thereon.

Our opinion on the IND AS 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 IND AS Financial Statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the IND AS Financial Statements or our knowledge
obtained during the course of our 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.

Management’s responsibility for the IND AS Financial Statements

The Company’s board of directors are responsible for the matters stated in section 134 (5) of the Act with respect to the
preparation of these IND AS Financial Statements that give a true and fair view of the financial position and financial
performance 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. 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 statement that give a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the IND AS 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.
The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s responsibilities for the audit of the IND AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the IND AS 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 IND
AS 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 IND AS 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, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.

• 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 IND AS 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 IND AS Financial Statements, including the
disclosures, and whether the IND AS Financial Statements represent the underlying transactions and events in a
manner that achieves fair presentation.

• 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.

Report on other legal and regulatory requirements

1. As required by section 197(16) of the Act based on our audit, 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
to the Act. 2013.

2. As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central Government of India 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, to the extent applicable.

3. 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 Profit and Loss and the Cash Flow Statement dealt with by this report are in
agreement with the books of account;

(d) In our opinion, the aforesaid IND AS Financial Statements comply with the accounting standards specified under
section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules, 2014 Companies Accounts Rules 2015
as amended except for IND AS 107 re. Financial Instruments Disclosures;

(e) On the basis of 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 with reference to IND AS Financial Statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”to this
report.

(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 the pending litigations on its financial position in its IND AS Financial
Statements- Refer Note No. 32 to the IND AS Financial Statements.

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

iii. There were no amounts which required to be transferred to the Investor Education and Protection Fund by the
Company.

iv. (a) Management has represented that, to the best of it's knowledge and belief, other than as disclosed in the

notes no 37A to the accounts, 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(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;

(b) Management has represented, that, to the best of it's knowledge and belief, other than as disclosed in the
notes no.37A to the accounts, no funds 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; and

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances
performed by us nothing has come to our notice that has caused us to believe that the representations under
sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

v. During the year the company has not declared or paid any interim and final dividend by the company.

vi. As stated in note 39 to the financial statements and 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 been operated from 3rd April 2023 for relevant transactions recorded in
the software.

For V.K. Ladha & Associates
Chartered Accountants
FRN 002301C

Sd/-

CA. V. K. Ladha

UDIN : 25071501BMIFZF7727 Partner

Place : Ujjain M.No. 071501

Date : 29th May, 2025