We have audited the accompanying standalone Ind AS financial statements of Hemo Organic Limited ("the
Company"), which comprise the Balance Sheet as at 31^st March 2025, the Statement of Profit and Loss, the
Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and summary of
the significant accounting policies and other explanatory information (herein after referred to as
"standalone Ind AS financial statements").

Except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, in our
opinion and to the best of our information and according to the explanations given to us, standalone Ind AS
financial statements give the information required by 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, read with
companies Rules 2015, as amended ( IND AS) and other accounting principles generally accepted in India of
the state of affairs of the Company as at 31^st March 2025, its Profit (including other comprehensive income),
changes in equity and its cash flows for the year ended on that date.

Basis for Qualified Opinion

We have conducted our audit of the standalone Ind AS financial statements in accordance with the
Standards on Auditing specified under Section 143(10) of the Act. Our responsibility under those Standards
are further described in Auditor's Responsibility for the Audit of the standalone financial statements section
of our report. We are independent of the company in accordance of with code of ethics issued by ICAI
together with the independence requirement that are relevant to our audit of standalone financial
statement under the provisions of the Act and the rules made there Code under, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the ICAI's of Ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the stand alone financial statement except for the following matter:

1) We have not been provided with the balance confirmation or any other details for the trade receivable,
trade payable shown in the books of accounts.

As a result of above matters, we were unable to determine whether any adjustments might have been
found necessary in respect of recorded or unrecorded transactions and accounts receivable/payable in
the balance sheet, and the corresponding elements making up the statements of profit and loss.

Emphasis of Matter

1. The closing stock has been calculated and certified by management only and we have not been
provided with the basis of calculation.

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

Other Information

The company's management and board of directors are responsible for the other information. The other
information comprises Board's Report on corporate governance and Business Responsibility report but does
not include the consolidated financial statements, standalone financial statement and our auditor's report
thereon.

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

In connection with our audit of 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 procedures or
otherwise appear 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 on that fact. We have nothing to report in this regard.

Management's Responsibility for the Standalone Ind AS 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 Ind AS financial statements that
give a true and fair view of the state of affairs, Profit and Loss (including other comprehensive income),
changes in equity and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the
Act.

This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safe guarding 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 standalone Ind AS 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.

Board of directors is also responsible for overseeing the company's financial reporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether standalone 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 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 aggregate,
they could reasonably be expected to influence the economic decision of users taken on the basis of these
standalone financial statements.

As a 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 risk of material misstatement of the standalone financial statements,
weather due to fraud or error, design and perform audit procedure responsive to those risk, and
obtain evidence that are sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than the one resulting from
error, as fraud may involve collusion, forgery, intentional, omission, misrepresentation, or the
override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit
procedure 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
control 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 the 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 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 to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or
in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
standalone 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 standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the standalone financial statements 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 in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the information and explanations, except for the explanations and
information described in the qualified opinion paragraph, 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, 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 Ind AS financial statements comply with the Indian
Accounting Standards prescribed under Section 133 of the Act.

(e) On the basis of the written representation received from the directors as on as on 31^st March and
taken on record by the board of directors, none of the directors is disqualified as on 31^st March 2025
from being appointed as director in terms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure B".

(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. There is no pending litigation on the company therefore the same is not required to be
disclosed.

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

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

iv. (a) The Management has represented that, to the best of 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;

(b) The Management has represented, that, to the best of its knowledge and belief,
outstanding balance of borrowings received by the company as on 31st March 2025 amounts
to Rs 1,47,94,672/-.

(c) Based on the audit procedures that have been 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) of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination, which included test checks, the Company has used accounting
software systems for maintaining its books of account which have a feature of recording audit
trail (edit log) facility and that has operated throughout the year for all relevant transactions
recorded in the software systems. During the course of our audit, we did not notice any
instance of audit trail feature being tampered with. Further, the audit trail for the prior
financial year has been preserved by the Company as per the statutory requirements for
record retention

Date: 20/05/2025 For M A A K & Associates

Place: Ahmedabad Chartered Accountants

UDIN: 25139533BMLCYA3116 FRN : 135024W

CA Kenan Satyawadi
Partner
M. No.: 139533