TO THE MEMBERS OF POLY MEDICURE LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements ofPOLY MEDICURE LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2022 the Statement of Profit and Loss

(including Other Comprehensive Income) the Statement of Changes inEquity and the Statement of Cash Flows for the year ended on that date and a summary ofthe significant and other explanatory information (hereinafter referred to as "thestandalone financial statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the

Company as at March 31 2022 the profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis of Opinion controls that were operating effectively for Weconducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor?sResponsibilities for the Audit of the Standalone Financial Statements section ofour report. We are independent of the Company in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI?s Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Keyauditmattersarethosemattersthatinourprofessionaljudgment were ofmost significance in our audit of the standalone financial statements of the currentperiod. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined that there are no key auditmatters to be communicated in our report.

Information Other than the Standalone Financial Statements andAuditors? Report Thereon

The Company?s Management and Board of Directors are responsiblefor the preparation of the other information. The other information comprises theinformation included in the Management Discussion and Analysis Board?s Reportincluding Annexures to Board?s Report Business Responsibility Report CorporateGovernance and Shareholder?s Information but does not include the standalonefinancial statements and our auditor?s report thereon. The other information isexpected to be made available to us after the date of this Auditor report.

Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard as for the year ended March 31 2022 the otherinformation has not yet been prepared and not yet approved by Board of Directors.

Management?saccounting policies Responsibility for theStandalone Financial Statements

The Company?s Management and Board of Directors are responsiblefor the matters stated in section 134(5) of the Act with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial total comprehensive income changes in equity and cash flows of theCompany in accordance with the Ind AS and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company?s ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing theCompany?s financial reporting process

Auditor?s Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue 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 auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticis m throughout the audit. We also:

- Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

- Obtain an understanding of internal financial controls relevant tothe 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 onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

- Evaluate the appropriateness of accounting policies used and thereasonable ness of accounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management?s use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant on theCompany?s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor?s report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor?s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

- Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and event s in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (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 financialstatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

Wealsoprovidethosechargedwithgovernancewithastatement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor?s report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit wereport that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept 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 OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flow dealtwith by this Report are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Ind AS specified under Section 133 of the Act read with Rule 7 of theCompaniesdoubt (Accounts) Rules 2014.

e) On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 from being appointed as a director in termsof Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company?s internalfinancial controls over financial reporting.

g) With respect to the other matters to be included in theAuditor?s Report in accordance with the requirements of section 197(16) of the Actas amended:

In our opinion and to the best of our information andaccordingtotheexplanationsgiventoustheremuneration paid by the Company to its directorsduring the year is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in theAuditor?s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements.

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts.

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that to the best of itsknowledge and belief no funds (which are material either individually or in theaggregate) have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person orentity including foreign entity ("Intermediaries") with the understandingwhether recorded in writing or otherwise that the

Intermediary shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") security or the like on behalf of theUltimate

Beneficiaries;

(b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen received by the Company from any person or entity including foreign entity("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identifiedin any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries;

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

v. As stated in Note 13.5 and 47 to the standalone financial statements

(a) The final dividend proposed in the previous year declared and paidby the Company during the year is in accordance with Section 123 of the Act asapplicable.

(b) The Board of Directors of the Company have proposed final dividendfor the year which is subject to the approval of the members at the ensuing Annual GeneralMeeting. The amount of dividend proposed is in accordance with section 123 of the Act asapplicable.

2. As required by the Companies (Auditor?s Report) Order 2020("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements? section of our report to the Members ofprovideanyguaranteePolymedicure Limited of even date)

To the best of our information and according to the explanationsprovided to us by the Company and the books of account and records examined by us in thenormal course of audit we state that : i) In respect of the Company Property Plant andEquipment and Intangible Assets: (a) (A) The company has maintained proper records showingfull particulars including quantitative details and situation of Property Plant andEquipment and relevant details of right -of- use assets.

(B) The company has maintained proper records showing full particularsof intangible assets.

(b) The company has a program of physical verification

Property Plant and Equipment and right-of-use of assets so as to coverall the assets once every three years which in our opinion is reasonable having regardto the size of the company and the nature of its assets. Pursuant to the program certainProperty Plant and Equipment were due for verification during the year and werephysically verified by the Management during the year. According to the information andexplanations given to us no material discrepancies were noticed on such verification

(c) Based on our examination of the property tax receipts and leaseagreement for land on which building is constructed registered sale deed/ transfer deed/conveyance deed provided to us we report that the title in respect of self –constructed buildings and title deeds of all other immovable properties (other thanproperties where the company is the lessee and the lease agreements are duly executed infavor of the lessee) disclosed in the financial statements included under Property Plantand Equipment are held in the name of the company as at the balance sheet date other thanfour investment properties ( WDV Rs. 265.88 lacs) for which conveyance deed is pending forexecution.

(d) The company has not revalued any of its Property Plant andEquipment (including right-of-use of assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pendingagainst the Company as at March 31 2022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (as amended in 2016)" and rules made thereunder.

ii) (a) According to the information and explanations given to us andon the basis of our examination of records of the

Company physical verification of the conducted at reasonable intervalsby the management and the coverage and procedure of such verification management isappropriate. There are no discrepancies of 10% or more in the aggregate for each class ofinventory and have been properly dealt with in the books of accounts

(b) The Company has been sanctioned working capital limits in excess ofRs.5 crore in aggregate at any points of time during the year from banks or financialinstitutions on the basis of security of current assets and the quarterly return orstatements filed by the company with such banks or financial institutions are in agreementwith the books of accounts of the company.

iii) The Company has/had made investments in subsidiaries/associatesandalsoindebtfunds.TheCompanyhasnotgranted unsecured loans during the year. Theinvestments made earlier/ during the year in subsidiaries/ associates company and in debtfunds is not prejudicial to the interest of the company.

The company has not provided any guarantee or security or granted anyloan or advances in the nature of loans secured or unsecured to companies firmsLimited Liability Partnerships or any other parties.

iv) In our opinion and according to the information and explanationsgiven to us there are no loans investments guarantees and securities granted during theyear in respect of which provisions of section 185 and 186 of the Companies Act 2013 areapplicable.

v) The Company has not accepted any deposits or amounts which aredeemed to be deposits. Hence reporting under clause 3(v) of the Order is not applicable.

vi) We have broadly reviewed the books of accounts maintained by thecompany pursuant to the rules made by the Central

Government for the maintenance of cost records under section 148 (i) ofthe Companies Act 2013 and are of the opinion that prima facie the prescribed accountsand records have been made and maintained however we have not made a detailedexamination of such cost records.

vii) In respect of Statutory Dues:

a) In our opinion the Company has generally been regular in depositingundisputed statutory dues including Goods and services tax provident fund EmployeesState insurance Income tax Sales Tax duty of Custom duty of Excise value Added TaxCess and other material statutory dues applicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Goods andServices Tax provident Fund Employees State Insurance Income Tax sales Tax ServiceTax duty of custom duty of Excise Value Added Tax Cess and other material statutorydues in arrears as at March 31 2022 for a period of more than six months from the datethey became payable.

b) Details of statutory dues referred to in sub-clause

(a) above which have not been deposited as on March 31 2022 on accountof disputes are given below:

viii) There were no transactions relating to previously unrecordedincome that have been surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 0f 1961) .

ix) a) The Company has not been defaulted in repayment of loans orother borrowings or in the payment of interest thereon to any lender.

b) The Company has not been declared wilful defaulter by any bank orfinancial institution or government or any other authority.

c) The term loans were applied for the purpose for which the loan wasobtained.

d) On an overall examination of the financial statements of the

Company funds raised on short- term basis have prima facie not beenused during the year for long- term purposes by the Company.

e) On an overall examination of the financial statements of theCompany the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries or associates.

f) The Company has not raised any loans during the year on the pledgeof securities held in its subsidiaries or associate company.

x) a) The Company has not raised money by initial public offer orfurther public offer (including debt instruments) during the year and hence reportingunder clause 3(x)(a) of the Order is not applicable.

b) During the year the Company has not made any preferential allotmentor private placement of shares or convertible debentures (fully or partly or optionally)and hence reporting under clause 3(x)(b) of the Order is not applicable.

xi) a) No fraud by the Company and no material fraud on the Company hasbeen noticed or reported during the year.

b) No report under sub section (12) of section 143 of the Companies Acthas been filed in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors)Rules 2014 with the Central Government during the year and upto the date of this report.

c) As represented to us by the management there are no whistle blowercomplaints received by the Company during the year (and upto the date of this report).

xii) The Company is not a Nidhi Company and hence reporting underclause (xii) of the Order is not applicable.

xiii) In our opinion the Company is in compliance with the Section 177and 188 of the Companies Act 2013 with respect to applicable transactions with therelated parties and the details of related party transactions have been disclosed in thestandalone financial statements as required by the applicable accounting standards.

xiv) a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

b) We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

xv) In our opinion during the year the Company has not entered into anynon-cash transactions with its Directors or persons connected with its directors and henceprovisions of section 192 of the Companies Act 2013 are not applicable to the Company.

xvi) a) In our opinion the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause3(xvi)(a)(b) and (c) of the Order is not applicable.

b) In our opinion there is no core investment company within the Group(as defined in the Core Investment Companies (Reserve Bank) Directions 2016) andaccordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

xvii) The Company has not incurred cash losses during the financialyear covered by our audit and the immediately preceding financial year.

xviii) There has been no resignation of statutory auditors of theCompany during the year.

xix) On the basis of the financial ratios ageing and expected dates ofrealization of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of audit report indicating that company is not capableof meeting its liabilities existing at the date of balance sheet as and when they fall duewithin a period of one year from the balance sheet date. We however state that this isnot an assurance as to the future viability of the Company. We further state that ourreporting is based on the facts up to the date of the audit report and we neither give anyguarantee nor any assurance that all liabilities falling due within a period of one yearfrom the balance sheet date will get discharged by the Company as and when they fall due.

xx) a) There are no unspent amounts towards Corporate SocialResponsibility (CSR).Accordingly reporting under clause 3(xx) (a) of the Order is notapplicable for the year.

b) There are no ongoing projects requiring transfer of unspentCorporate Social Responsibility (CSR) amount as at the end of previous financial year toa special account within a period of 30 days from the end of the said financial year incompliance with the provision of section 135(6) of the Act.

Annexure - A to the Auditors? Report Report on the InternalFinancial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act2013 ("the Act")

We have audited the internal financialcontrols over financialreportingof Poly Medicure Limited ("the Company") as of 31st March 2022 inconjunction with our audit of the standalone financial the Company for the year ended onthat date.

Management?s Responsibility for Internal Financial ControlsThe Company?s management is responsible for establishing and maintaining internalfinancialcontrols based on the internal control over financial reporting criteriaestablished by the considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India (‘ICAI?). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company?s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors? Responsibility

Our responsibility is to express an opinion on the Company?sinternal financial controls over financial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting (the "Guidance Note") andthe Standards on Auditing issued by ICAI and deemed to be prescribed under section143(10) of the Companies

Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor?s judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficientandappropriate to provide a basis for our audit opinion on the Company?s internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company?s internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Standalone financial statements for external purposes inaccordance with generally accepted accounting principles. A company?s internalfinancial control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generallyacceptedaccountingprinciplesandthatreceiptsandexpendituresof the company are being madeonly in accordance with authorizations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company?s assets that could have a materialeffect on the Standalone financial statements.

Reporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financialcontrols overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March 2022 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.