Murae Organisor Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2025

We have audited the accompanying standalone financial statements of MURAE
ORGANISORS LIMITED (“the Company”), which comprise the Balance Sheet as at 31^st March
2025, the statement of Profit and Loss (including other comprehensive income), the statement of
changes in equity and statement of Cash Flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory
information.

We do not express an opinion on the accompanying financial statements of the entity. Because of
the significance of the matter described in the Basis for Disclaimer of Opinion section of our
report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for
an audit opinion on these financial statements.

Basis for Disclaimer Opinion

We conducted our audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Companies Act, 2013, as amended. Our responsibilities under
those standards are further described in the section titled “Auditor’s Responsibilities for
the Audit of the Standalone Financial Results” of this report.

We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAI) together with the ethical requirements
that are relevant to our audit of the standalone financial results under the provisions of the
Companies Act, 2013 and the Rules thereunder. We have also fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics.

• The company has unsecured loans amounting to €21,275.11 Lacs.
Management has not charged interest on these loans, and relevant
agreements along with cross-confirmations are not available. In the absence

of valid agreements and necessary confirmations, the accuracy of the
balances and their interest-free status could not be verified, potentially
impacting the fair presentation of liabilities and interest expenses.

• Balance of GST Credit Payable €236.64 Lacs pending for GST reconciliation.
Reconciliation with the gSt Online Portal has not been carried out, affecting
the accuracy of GST Input Credit and the liability towards the government.

• The company has trade payables amounting to €19502.20 Lacs; however,
the bifurcation of Micro, Small, and Medium Enterprises (MSME) creditors
has not been provided. Non-disclosure of MSME classification contravenes
the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006,
impacting regulatory compliance and financial transparency.

• Advances to suppliers of €6775.68 Lacs remain unconfirmed. Absence of
confirmations from these suppliers affects the reliability of liabilities
disclosed in the financial statements.

• A loan/advances amounting to €28,367.23 Lacs remains unconfirmed to
certain parties. The absence of loan confirmations impacts the reliability of
Advances/ Receivables and financial disclosures.

• We are in receipt of certain sales invoices; however, they are not supported
with E-Way bills, Delivery Challans, or Transportation details. In the absence
of these critical documents, we are unable to verify the genuineness of the
transactions.

• With respect to purchases, the company has not provided Goods Inward
Reports. Further, the company does not own or lease any godown facilities,
raising concerns over the storage of inventory. Management claims that the
goods are traded directly from suppliers to customers without being held in
the company’s possession; however, in the absence of evidence, we are
unable to verify this assertion.

We conducted our audit of standalone financial statements in accordance with the
Standards on 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 Standalone 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 are not 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 financial statements of the current period.
These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and We do not provide a
separate opinion on these matters. We have determined depending upon the facts and
circumstances of the entity and the audit, that there are no key audit matters to
communicate in the Auditors Report except stated above under Basis of Opinion.

Information Other than the Standalone 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 Director’s Report including
Annexures to the Director’s Report, 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
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.

Emphasis on matter

We draw attention to the disclosure relating to Related Party Transactions in the
accompanying financial statements. As stated therein, the details of related party
transactions reported are not comparable with those of the previous year, and no
information has been entered or provided in respect of related party transactions for the
financial year 2024-25. Our opinion is not modified in respect of this matter.

Management’s responsibility for the Standalone Financial Statements

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 the preparation of these standalone
financial statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the
Company in accordance with Ind AS and other 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 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 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 annual
financial results 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 annual financial results.

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 annual
financial results, 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 through a separate report on
the complete set of financial statements 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 in the standalone annual financial
results made by the Management and Board of Directors.

- Conclude on the appropriateness of the Management and Board of Directors 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 appropriateness of this assumption. If We conclude that a material
uncertainty exists, We required to draw attention in our auditor’s report to the related
disclosures in the standalone annual financial results 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 annual
financial results, including the disclosures, and whether the standalone annual
financial results represent the underlying transactions and events in a manner that
achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the Statement to express an
opinion on the Statement. Materiality is the magnitude of misstatements in the
Statement that, individually or in aggregate, make it probable that the economic
decisions of a reasonably knowledgeable user of the Statement 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 Statement

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.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD

1/44/2019 dated 29th March, 2019 issued by the SEBI. We under Regulation 33(8) of the

Listing Regulations to the extent applicable.

Report on Other Legal and Regulatory Requirements

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 Companies

Act, 2013, We give in "Annexure A” a statement on the matters specified in paragraphs 3

and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Act, We report that:

a) As described in the Basis for Disclaimer of Opinion paragraph, We sought but
were unable to obtain 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 not been kept
by the Company so far as details and records provided to us.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Cash Flow Statement dealt with by
this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements subject to the matters
mentioned in the ‘the Basis for Disclaimer of Opinion’ para above, comply with the
Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31st
March, 2025 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.

f) 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 B”. Our report expresses an modified
opinion on the adequacy and operating effectiveness of the Company’s Internal
Financial Controls over financial reporting.

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, as amended in our
opinion and to the best of our information and according to the explanations given to
us:

i. The Company does not have any pending litigation which would impact it’s
financial position except for the matters disclosed under the basis for disclaimer
of opinion para.

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

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

iv. 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;

v. 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;

vi. Based on such audit procedures that We considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (i) and (ii)
contain material misstatement.

vii. The company has not declared any dividend during the year.

viii. Company has not used such accounting software for maintaining its
books of account which has a feature of recording audit trail (edit log)
facility and the same has not been operated throughout the year for all
transactions recorded in the software. Since the accounting software with
audit trail has not been used, the question of it being tampered with and
preserved by the company does not arise.

For, Parin Patwari & Co
Chartered Accountants
FRN: 154571W

Place : Ahmedabad CA Parin Patwari

Date : 29^th May, 2025 (Proprietor)

M. No: 193952

UDIN: 25193952BMGWPY7790

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Mar 31, 2024

We have audited the accompanying financial statements of MURAE ORGANISOR LIMITED (Formally
known as Earum Pharmaceuticals Limited) L24230GJ2012PLC071299, which comprise the
Balance Sheet as at 31^st March, 2024, and the Statement of Profit and Loss (Including Other
Comprehensive Income) and Cash Flow Statement and the statement of Changes in Equity for the
period ended, and 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 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 inconformity 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, 2024, the loss and total comprehensive
income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on 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

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the Standalone Financial Statements for the financial year ended 31st March, 2024. These
matters were addressed in the context of our audit of the Standalone Financial Statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For
each matter below, our description of how our audit addressed the matter is provided in that context.

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 standalone 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 Standalone 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 Standalone Financial Statements.

Key Audit Matters	How our audit addressed the Key Audit Matter
A) Litigation and contingencies: Legal and tax related Dues
The company is subject to a large number of tax related pending dues which have been disclosed for in the financial statements.	Our Audit Procedures included the following: - Gain an understanding of the process of identification of tax liabilities and identified key controls in the process for selected controls we have performed tests of such controls. - Obtained the summary of company''s legal and tax calculation and critically assessed management''s position through discussions with the legal team. - Assessed the relevant disclosures made within the financial statements to address whether they appropriately reflect the facts and circumstances of the respective tax provision. - We observed the company has made proper disclosures in Note No. 23 & 24 of pending dues.
B) Huge Advances from single Party
During the year ended 31st March 2024 company has received advance Rs. 6212.99 Lakhs from Single party.	Principal Audit Procedures: Our audit procedures included and were not limited to the following: -Assessed the management''s position through discussions with the in-house operational expert. -Discussed with the management on the developments in respect of: The company has received advance from Reliance Industries Limited during the year ended 31st March 2024 of Rs. 6212.99 lakhs. To verify the we have check the proforma invoice as well as payment advice from Reliance Industries

	Limited, we also verify the from 26 AS to take
	independent confirmation.

Information Other than the Financial Statements and Auditor''s 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 Management Discussion and Analysis,
Board''s Report including Annexures to Board''s Report, but does not include the financial statements
and our auditor''s report thereon. These reports are expected to be made available to us after the date
of our auditor''s report.

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 identified above when it becomes available 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.

When we read the other information included in the above reports, if we conclude that there is
material misstatement therein, we are required to communicate the matter to those charged with
governance and determine the actions under the applicable laws and regulations.

Management''s Responsibility for the Financial Statements

The Company''s Board of Directors is 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, total comprehensive income, changes in equity and cash
flows of the Company in accordance with the Ind AS and other 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 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.

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 but to do so.

Those Board of Directors are also responsible for overseeing the Company''s financial reporting
process.

Auditor''s Responsibility

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 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 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 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
Companies Act, 2013, 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 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 financial statements, including
the disclosures, and whether the 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, makes 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 financial statements of the current period 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 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 “Annexure A”,
a statement on the matter specified in the paragraph 3 and 4 of the Order.

2. As required under provisions of section 143(3) of the Companies Act, 2013, we report that:

a. We have obtained all the information and explanations which to the best of our
knowledge and belief where 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 appears from our examination of those books;

c. The Balance Sheet and Statement of Profit and Loss including Other Comprehensive
Income Statement of Cash Flow and Statement of Changes of Equity dealt with this
report are in agreement with the books of account;

d. In our opinion, the aforesaid Financial Statement comply with the Accounting
Standards specified under Section 133 of Act, read with relevant rule issued
thereunder.

e. On the basis of written representations received from the directors as on March 31,
2024, 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.

f. With respect to the adequacy of the internal financial controls over financial reporting
of the company and operating effectiveness of such controls, referred to our separate
report in “Annexure B".

g. The Company has not paid or provided for any managerial remuneration during the
year. Accordingly, reporting under Section 197(16] of the Act is not applicable.

h. With respect to other matters to be included in the Auditor''s Report in accordance with
Rule 11 of the Companies (Audit and Auditor] Rules, 2014, in our opinion and to the
best of our knowledge and belief and according to the information and explanations
given to us:

(a] The Company has disclosed the impact of pending litigations as at 31 March 2024
on its financial position in its financial statements - Refer Note (vii) of Annexure -
A to the financial statements

(b) The Company did not have any long-term and derivative contracts as at March 31,
2024.

(c] There has been no delay in transferring amounts, required to be transferred, the
Investor Education and Protection Fund by the Company during the year ended
March 31, 2024.

(d) The management has;

(i) represented that, to the best of its knowledge and belief as disclosed in the Note
No. 21 to the financial statements, 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 Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified
in any manner whatsoever (“Ultimate Beneficiaries”] by or on behalf of
the Company or

• provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.

(ii) represented, that, to the best of its knowledge and belief as disclosed in the Note
No. 22 to the financial statements, 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:

• directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever (“Ultimate Beneficiaries”) by or on
behalf of the Funding Party or

• provide any guarantee, security or the like from or on behalf of the
Ultimate Beneficiaries;

(e) The company has not neither declared nor paid any dividend during the year under
Section 123 of the Act.

(f) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining
books of account using accounting software which has a feature of recording
audit trail (edit log) facility is applicable with effect from April 1, 2023 to the
Company and its subsidiaries, which are companies incorporated in India, and
accordingly, The Company has used accounting software ''Tally Prime System''
for maintaining its books of account which has a feature of recording audit trail
facility and the same has not been operated throughout the period for all
transactions recorded in the software and the hence we are unable to comment
on audit trail feature of the said software.

FOR D G M S & Co.,
Chartered Accountants

Atul B. Doshi

Place: Mumbai Partner

Date: 30/05/2024 M. No. 102585

FRN: 0112187W
UDIN: 24102585BJZYFZ5046

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Mar 31, 2023

INDEPENDENT AUDITORS’ REPORT

TO

THE BOARD OF DIRECTORS OF
EARUM PHARMACEUTICALS LIMITED
CIN : L24230GJ2012PLC071299

Report on the Financial Statements

We have audited the Financial Statements of EARUM PHARMACEUTICALS LIMITED
L24230GJ2012PLC071299 ("the Company"), which comprise the Balance Sheet as at 31st
March 2023, the Statement of Profit and Loss, Statement of Cash Flows for the year then ended
and notes to the financial statements, including a summary of significant accounting policies
and other explanatory information.

Auditor Opinion

In our opinion and to the best of our information and according to the explanations given to us,
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 Standards prescribed under section 133 of the Act and other accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2023, the
Profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) 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
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 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. We have key audit
matter to communicate in our report as under

1. The company has outstanding State Bank of India loan of Rs. 8.73crores which are under
settlement with bank on dated 02/01/2023 ref no. SAMB/AHD/DKR/2022-23/1100. The
additional interest at the rate of 8.05% provided in books of account. As per settlement
letter the matter with DRT for obtaining consent decree is also pending.

2. The company has promoter share holding as on 31/03/2022 was 50.2% which was reduce
to 0%(zero) holding in September,2022(i.e. as on 31/03/2023). The company has proposed
right issue of total Rs. 49.34 crores on 02/05/2023 (after balance sheet date) which will be
closed on 31/05/2023. The control of the management of the company not left with
promoters.

3. The company has not paid income tax payable as per provision made in profit loss account
Rs. 76.52lacs for FY 2022-23 and Rs. 85.76lacs for FY 2021-22 excluding interest.

4. The company has demand in income tax portal of Rs.1.73crore for AY2020-21 & 2022-23.

5. No provisions for interest have been made on unsecured loan.

6. Company has advance Rs. 70.42lacs to creditors (Related party).

7. Further company has given Rs.3,60,65,759/- as advance to creditors mostly.

8. Turnover (purchases and sales) are mostly with related party.

9. The utilization of share holder fund together with other fund, utilized as per balance sheet.

10. Company has given loans to Atlantis Comtrade LLP Rs. 43,46,000/-, Meril Pharma Tech
Inc. Rs. 6,04,67,100/-(gross) OTP Tradex LLP Rs.11,00,000/-, SVS Ventures Ltd
Rs.1,35,07,000/-, Vijay and Co. Rs.4,02,083/- & Narendrakumar G. Patel Rs. 1,06,069/-.

11. In debtors accounts opening balance was 15.04crores and closing balance Rs.8.39crores.
However during the year debtors account debited to Rs.56.53crores and recovered
Rs.50.80crores i.e. Rs. 5.70crores are loan given to the debtors which are not according to
accounting standard. Further Rs. 8.39crores is outstanding out of opening balance and
unrecoverable more than one year old.

Information Other than the Standalone Financial Statements and Auditor''s 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 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 except noted in key audit matter.

For, J M Patel & Bros.
Chartered Accountants
Reg. No. 107707W

Place: Ahmedabad CA JASWANT M PATEL

Date: 29/05/2023 (PROPERITOR)

UDIN: 23030161B GRRQV8934 Mem. No. 030161