We have audited the accompanying standalone ind AS financial statements of BANKA BiOLOO LIMITED
(“the Company"), which comprise the Balance sheet as at March 31, 2025, the statement of Profit and
Loss, including the statement of Other Comprehensive income, the Cash Flow Statement, the Statement
of Changes in Equity for the year and the notes to the financial statements, including a summary of
material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone Ind AS financial statements give the information required by the Companies Act,
2013 in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31,2025, its loss including
other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS 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 Financial
Statements section 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 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 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 the standalone Ind AS financial statements.

Key Audit Matter

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 March 31,2025. 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.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Company's Annual report but does not include the
standalone ind AS financial statements and the auditor's report thereon.

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

in connection with our audit of the standalone ind AS financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is materially inconsistent
with the 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.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Company's management and the Board of Directors are 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 and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (ind AS) 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 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 standalone ind AS financial statements, the management and Board of Directors are
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 the Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.

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 ind AS financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these standalone ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

* identify and assess the risks of material misstatement of the Standalone ind AS financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve coiiusion, 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 Standalone ind AS financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor's report. However, future events or conditions may cause the Company to
cease to continue as a going concern.

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

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

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

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the standalone ind AS financial statements for the financial year
ended March 31, 2025 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,

Other Matters

The financial statements of the Company for the year ended March 31, 2024, were audited by another
auditor who expressed an unmodified opinion on those statements vide their report dated May 30, 2024.

Our opinion on the financial statements is not modified in respect of this matter.

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 sub-section (11) of section 143 of the Companies Act, 2013, we give
in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

2. 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 except for the matters stated in the
paragraph 2i(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014.

c) The Balance Sheet, the Statement of Profit and Loss including the Statement of other
Comprehensive income, the Cash Flow Statement and Statement of Changes in Equity 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
Accounting Standards specified under Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.

e) On the basis of the written representations received from the directors as on March 31, 2025
taken on record by the Board of Directors, none of the directors is disqualified as on March 31,
2025 from being appointed as a director in terms of Section 164(2) of the Act.

f) The modifications relating to the maintenance of accounts and other matters connected
therewith are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) of
the Act and paragraph 2(i)(vi) below on reporting under Rule 11 (g) of the Companies (Audit
and Auditors) Rules, 2014.

g) With respect to the adequacy of the internal financial controls over financial reporting with
reference to these ind AS standalone financial statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure A".

h) in our opinion, the managerial remuneration for the year ended March 31,2025, has been paid
/ provided by the Company to its directors in accordance with the provisions of section 197
read with Schedule V to the Act.

i) 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 litigations which would impact its financial
position.

ii. The Company did not have any long-term contracts including derivative contracts
during the year ending March 31,2025 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 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 entities (“intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the intermediaries shall, whether,
directly or indirectly lend or invest in other person or entity 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, no
funds have been received by the company from any person or entity, 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
person or entity identified in any manner whatsoever by or on behalf of the Funding
Parties (“Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and

c) Based on the audit procedures that were 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 (a) and (b) contain any material
misstatement.

v. No dividend has been declared or paid during the year by the Company

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 been operated and preserved
throughout the year for ail relevant transactions recorded in the software except that
the audit trail feature of payroll software used by the company to maintain payroll
records, and certain type of vouchers/tables of accounting software did not operate
throughout the year.

For B.D. Saboo and Associates

Chartered Accountants

Firm’s Registration No: 003505s

Shyam Sundar Modani

Partner

Membership No: 213530

UDIN: 25213530BMIIUQ8948

Place: Hyderabad

Date: May 28, 2025