We have audited the Standalone financial statements of Kernln Ayurveda Limited ('the Company ).
which comprise the Balance Sheet as at 31st March, 2025 the Statement of Profit and Loss (including
other comprehensive income), the Statement of Changes in Equity and the Statement of Cash flows for
the year then ended and the notes to the financial statements, including a summary of significant
accounting policies and other explanatory information

In our opinion and to the best of our information and according to the explanations gi\en to us. except
for the possible effects of the matter described in the ' Basis for Qualified Opinion section 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 \ icw in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules. 20l5.as
amended. ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs
of the Company as at 31st March. 2025, its loss including comprehensive income, its cash flows and
the changes in equity for the y ear ended on that date

Basis for Qualified Opinion

The Company lias a bank account with HDFC Bank Limited hav ing a balance of ?3 85 lakhs as at 31st
March 2025, w hich is subject to confirmation and reconciliation In the absence of sufficient audit
evidence regarding the accuracy and completeness of this balance, we are unable to determine the
possible adjustments, if any. that may be required in respect of this item

We conducted our audit of the financial statements in accordance with the Standard of Auditing (SAs)
specified under section I43( 10) of the Act Our responsibilities under those SAs arc further described
in the Auditors 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 bv the Institute of Chartered
Accountants of India together w ith the ethical requirements that are relevant to our audit of the financial
statements under the prov isions of the Act and the Rules thereunder and we have fulfilled our ethical
responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that
the audit ev idcncc vve hav e obtained is sufficient and appropriate to prov ide a basis for our opinion on
the financial statements.

Emphasis of Matters

I Wc draw attention to Note 43 to the financial Statements, relating to the restatement of prior
penod figures due to errors and omissions identified during the current reporting period Ilicsc
restatements have been made in accordance with Ind AS 8 Accounting Policies, Changes in
Accounting Estimates and Errors

2. We draw attention to Note 16 of the financial statements, relating to the significant trade
receivables due from the Company 's subsidiaries A substantial portion of these balances has
been outstanding for more than 6 months Management has represented that these amounts are
fully recoverable and accordingly , no prov ision for expected credit loss has been recognised

Our opinion is not modified in respect of the above matters

Key audit matters

Key audit matters are those matters that, in our professional judgment, w ere of most significance in our
audit of the standalone financial statements of the current period These matters w ere addressed m 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 the matters
described below to be the key audit matters to be communicated in our report.

Restatement of prior period Financial Statements due to material error:

Identification and disclosures of Related Parties:

Testing for impairment of investments and loans advanced to subsidiary Companies:

Information other than the standalone financial statements and auditor's report thereon

The Company's management and Board of Directors are responsible for the other information The
oilier information comprises the information included in the Company's annual report, but docs not
include the financial statements and our auditor's report thereon Hie annual report is expected to be
made available to us alter the date of this auditor's report

Our opinion on the financial statements does not cover the other information and we do not express am
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 the fact We have nothing to report in this regard

Responsibilities of management and those charged with governance 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 financial statements that give
a true and fair view of the financial position, financial performance including other comprehensive
income, and cash flows and changes in equity 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 read with the Companies (Indian Accounting Standards) Rules, 2015. as
amended

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 arc 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 the Board of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative hut to do so

The Board of Directors is 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 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 m 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 scepticism 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. Hie risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud mat 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 l43(3)(i)of the Companies
Act. 2013. we arc 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 arc required to draw
attention in our auditor's report to the related disclosures in the financial statements or. if such
disclosures arc 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 (n) 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 identity 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

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 "Anncxurc 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 die Act. we report that:

i) Wc have sought and obtained all the information and explanations which to the best of our
know ledge and belief were necessary for the purposes of our audit
it) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph
above, in our opinion, proper books of account as required b\ law have been kept by the
Company so far as it appears from our examination of those books
iii) The company docs not have an> branches which has not been audited by us and so
provisions of section I43(X) are not applicable to the company
i\) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive
income), the Statement of Changes in Equity and die Statement of Cash flows dealt with
b> this Report are m agreement with the books of account

v) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph
above, in our opinion, the aforesaid Financial Statements comply with the Indian
Accounting Standards specified under Section 133 of the Act read with Companies (Indian
Accounting Standards) Rules. 2015. as amended.

vi) 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

mi) 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 a qualified opinion on the adequacy and operating
effectiveness of the Company‘s internal financial controls over financial reporting,
v in) In our opinion, the managerial remuneration for the year ended March 31. 2025 has been
paid / provided b\ the Company to its directors in accordance with the provisions of section
107 read with Schedule V to the Act,

ix) With respect to the matters to be included in the Auditor's Report in accordance w ith Rule
11 of the Companies (Audit and Auditors) Rules. 2014. m our opinion and to the best of
our information and according to the explanation 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
for which there were any material foreseeable losses;
ni. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. n) The Management has represented that, to the best of its knowledge and belief,
no funds (which are material cither 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 ihe like on behalf of the Ultimate Beneficiaries

b) rhe Management has represented, that, to the best of its know ledge and belief,
no funds (which are material cither 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 ui any manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;

c) Based on 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(c), as
provided under (a) and (b) above, contain any material misstatement

v Based on our examination which included test checks, the Company has used an
accounting software for maintaining its books of account for the financial year
ended 31 March 2025 which has a feature of recording audit trail (edit log) facility

and the same has operated throughout the year for all relevant transactions recorded
in the software Further, during the course of our audit and based on our test checks
we did not come across any instance of the audit trail feature being tampered with,
further, the C ompany has n system which ensures that the audit trail is preserved
by ihc Company as per ihc sLatuLory requirements for record retention,
vi. Since Ihc Company has nut dcclnred or paid any dividend dunng ili^ year, ihc
question of cum men Ling on whether dividend declared or piud is in accordance
with Section 123 of Ihc Companies Acl 2013 docs not arise.

For G Joseph <& Associates
Chartered Accountants
firm Keg. No. 00631 OS

Sd/-

UDIN 25233286BMIIBT4819 Raphael Sharon

Place: Hmakulam Partner

Date : 26.05.2025 233286