1. We have audited the accompanying Standalone financial statements of ALPA LABORATORIES LIMITED
(“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.

Key Audit Matters

4. 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.

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

Responsibility of Management for the Standalone Financial Statements

6. 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.

7. 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.

8. 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.

9. 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

10. 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.

11. 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.

• 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 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.

• 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.

• 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.

12. 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.

13. 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

14. 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.

15. 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.

16. 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. Except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, in our
opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section
133 of the Act.

f. 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.

g. 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.35.

ii. 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.

(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;

(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

S.C. PADLIYA
Partner

Membership No.: 071666

Place: Indore UDIN: 25071666BMHTZ59420

Date: This 28th Day of May, 2025