· L. ·t ,rl ~~jycMe~g~C?e~Pr1oor,¹ mla ~dustrlal Estate, Phase·III New Delhi • 110020 0NDIA) T: +91-11 _33550700, 47317000, F: +91·~1·26321894, 26321839 E: [email protected] W: polymed1cure.com CIN: L 40300DL 1995PLC066923

Date: 09th May, 2023

Scrip Code: - 531768

The Manager, BSE Limited, Deparbnent of Corporate Services, Phirozee Jeejeebhoy Towers, Dalal Street, Mumbai- 400001.

Scrip Code:- POL YMED

· The Manager National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1-Block-G Bandra Kurla Complex, Bandra(E), Mumbai-400051.

Subject: Outcome of the Board Meeting of the Company

Ref: Compliance of Regulation 30 and 33 of SEBI {LODR) Regulations, 2015

Dear Sir/ Madam,

Pursuant to Regulation 30 and 33 of SEBl (LODR) Regulations, 2015, We -are pleased to inform the Stock Exchange that the Board of Directors at their meeting held today i.e.091h May, 2023, at 232-B, 3RD Floor, Okhla Industrial Estate, Phase-III, New Delhi· 110020, approved the following businesses:

• a) Audited Financial Results (Consolidate & Standalone) for the year ended on 31•' March 2023.
• b) Recommendation of Dividend of Rs. 3 (Three Rupees) per Equity Shares (60%) of Rs. 5 each for the Financial Year 2022-23, subject to the approval of shareholders.

The meeting commenced at 10.30 a.m. and concluded at 12.30 p.m.

Kindly take a note of the same for your further needful and oblige us.

Thanking You,

Yours Sincerely

For Poly Medicure Liniite . : ·,

A vinash ~ Chandra Company Secreta Scanned with CamScanner AVINASH

Works : Plot No.104-105 & 115-116, Sector-59, HSIIDC Industrial Area, Ballabgarh, Faridabad • 121004. Haryana (INDIA) T: +91 • 129-3355070, 4287000, F: +91 • 129-2307007, 2309102

PHIMMED

$\Gamma$

POLY MEDICURE LIMITED
Website: www.polymedicure.com, E-mail: Investorial Estate Phase III, New Delhi - 110 020
STATEMENT OF AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR AND QUARTER ENDED MARCH 31, 202

$\mathbf{r}$

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38.27 63.33 een prepared under indirect method as set out in IND AS-7 "Statem 706.24 |
ent of Cash Flow ash and cash equal
Note: 1

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/_1 ~_ The .. atiove , audited ----- standalone and consolidated results were reviewed and recommended by the Audit Committee & approved by the Board of Directors at their respective meetings held on 09th May, 2023. The staMory auditors have express<e<I an unmodified audit opinion on these standalone and consolidated financial results.

2 The standalone and consolidated financial results have been prepared In accordance with the principles and procedures of Indian AcoounUng Standards ("Ind AS") as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified In Section 133 of the Companies N:t., 2013.

• 3 The Consolidated audited Financial Results of the Company and its Foreign SUbsidiaries/lndlan subsidiary ("Group") and associate have been prepared as per IND AS 110 "Consolidated Financial statements· and IND AS 28 on "Investment In Associates•. The following entities have been considered In Consolidated quarterly nnandal results.
• I. Poly Media,re (Laiyang) Co. Ud Wholly owned SUbsidiary (Audited)
• 1. Poly Med\a,re B V Netherlands(Consolidated) Wholly owned Subsidiary (Management certified)
• 1. Plan 1 health India P\/t Ltd.- Wholly owned Subsidiary (Audited)
• 1. Ultra for Medical Products Co.(UMIC) Egypt Assodate (Management Certified)
• 4 The financial results Include the results for the quarter ended March 31,2023 being the balancing r,gures between the audited figures in respect of full financial year ended 31st March 2023 and the published unaudited year to date figures upto the third quarter of the previoos financial year.
• S In line With the prol/lslons of Ind AS 108· Operating Segments and on the basis of rel/few of operations being done by the management of the Company, the operations of the group rans under medical devices, which IS considered to be the only reportAble segment by the management
• 6 The Board of directors of the Company has recommended a dividend of Rs.3 per share subject to the approval of shareholders of the Company In Annual general meeting.
• 7 During the Year ended 31st March 2023, 17750 and 26250 Equity shares at a face value of Rs 5 each have been allotted In pursuance or Employees Stock option scheme 2016 & 2020 at an exercise price or Rs so per share & Rs. 100 per share respectively.
• 8 During the quarter ended 31st March, 2021, the oompany had Issued 76,33,587 equity shares or Rs 5/· each at premium of Rs. 519/· each (Issue Prtce per share Rs. 524/- each) amounting to Rs.40,000 lacs to Qualiried JnstiMlonal Investors on QIP basis. The proceeds of QIP have been utilized as per deiailS given below as on 31 March 2023:

Toe proceeds from Qualiried Institutional Investor of Rs 40000 lacs have been fully utilised for the purpose for which It was earlier raised.

9 Previous periOd r.gures have been regrouped wherever necessary to conform to the current year daSSifK:ation.

..

10 The Audited results of ~Y Media.Ire Limited for the Year and Quarter ended 31st March 2023 are available on our website, www.pclymedicure.com and on the Stock Exchange website

Place : New Delhi Date : 09th Ma 2023

POLY MEDICURE LIMITED

$\frac{5,762.28}{4,797.23}$

$\frac{6.00}{5.99}$

3,870.10
4,795.02

$\frac{4.01}{4.01}$

17,968.86
4,797.23

1,19,365.49

$\frac{18.69}{18.67}$

FULITING AND READ TO HERE PRESS ON THE PRESS OF THE PRESS OF THE PRESS OF THE PRESS OF THE PRESS OF THE PRESS O
Website: www.polymedicure.com, E-mail: [email protected], CIN: L40300DL1995PLC066923
STATEMENT OF (Tin lacs except per share data) $\begin{tabular}{c|c|c} \hline & (in lacs except per share data) \ \hline \multicolumn{2}{c}{Consolidated} \ \hline \multicolumn{2}{c}{\textbf{Consolidated}} \ \hline \multicolumn{2}{c}{\textbf{Vear Ended}} & \multicolumn{2}{c}{\textbf{Quarter Ended}} \ \hline \multicolumn{2}{c}{\textbf{31.03.2022}} & \multicolumn{2}{c}{\textbf{31.03.2022}} & \multicolumn{2}{c}{\textbf{31.03.2022}} \ \hline \multicolumn{2}{c}{\textbf{41.03.2022}} & \multicolumn{2}{c}{$ - Manufatone

1997 - State Manufator Ended | Quarter Ended

1997 - State 1, 2007 - State 1, 2007

2008 - Audited | Audited | Audited | Audited | Audited | Audited | Audited | Audited | 2008 | 2012

2008 - Audited | Audited Standa Year Ended
31.03.2023
(Audited)
1,10,433.24 Year Ended
31.03.2023
(Audited) Particulars udited)
91,808.63 $(Audited)$
30,196.71 $(Audited)$
$25,344.20$ udited)
1.15.141.58 Total Income from operations
Net Profit/(Loss) for the period (before Tax, Exceptional and/or 19,471.51 7,340.30 Extraordinary items)
Net Profit/(Loss) for the period before Tax 23,682.71 5.102.10 23,749.14 19,524.49 7,515.60 4,879.15 23,682.71 7,340.30 Free Exceptional and/or Extraordinary items)
Rafter Exceptional and/or Extraordinary items)
Net Profit/(Loss) for the period after Tax
dafter Exceptional and/or Extraordinary items) 19,471.51 5,102.10 23,749.14 19,524.49 7,515.60 4,879.15 17,904.47 14,601.71 5,748.42 3,616.63 3,843.67 17,928.25 14,650.60 5,881.07 Total Comprehensive Income for the period [Comprising Profit/(Loss) for
the period (after tax) and Other Comprehensive Income (after tax)]

The above audited standalone and consolidated results were reviewed and recommended by the Audit Committee & approved by the Board of Directors at their respective meetings held on 09th May,2023. The statutory auditors ha $\mathbf{1}$

$\overline{2}$ Ĉ M

$\frac{15.23}{15.22}$

14,625.42

1,02,902.42

17,919.29

1,18,615.22

$\frac{18.67}{18.65}$

Place: New Delhi

$\overline{1}$ $\overline{\mathbf{2}}$

$\overline{\mathbf{3}}$

$\overline{4}$

$\overline{\mathbf{5}}$

$\overline{6}$ $\overline{\phantom{a}}$

$\overline{8}$

Date: 09th May 2023

Equity paid up share capital
Reserves (excluding Revaluation Reserve) as shown in the Audited

Balance Sheet of the previous year
Earnings per share (Face Value of ₹ 5 each)

(Ouarterly not annualised) :

Basic (₹)

Diluted (₹)

14,643.03

1,03,953.12

$\frac{15.28}{15.27}$

3,653.44
4,795.02

3.77
3.77

shu Baid

Managing Director

WEDIG

$N_{\rm Cr}$

5,832.71
4.797.23

$\frac{6.13}{6.13}$

l <M_ C (B/iandari ~ Co.

Chartered }f.ccountants 401-;4, (8af{jni Jfouse, 40-41, 1'/eftru Pface, 1'/ew ([)effti - 110019 9'1.o6i{e: 9810236616, 'E-mai{: mc6cotfefni@gmai[com

Independent Auditors' Report on the quarterly and year to date Audited Standalone Financial Results of the Company pursuant to Regulation 33 of SEBI (Listing obligations and disclosure Requirements) Regulations 2015, as amended

To The Board of Directors Poly Medicure Limited

Report on the Audit of Standalone Financial Results

Opinion:

We have audited the accompanying Statement of Standalone Financial Results of POLY MEDICURE LIMITED ("the Company") for the quarter and year ended 31st March 2023 ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as modified by circular no. CIR/CFD/FAC/62/2016 dated 5th July 2016

In our opinion and to the best of our infc;,rmation and according to the explanations given to us, the statement:

• i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as modified by circular no. CIR/CFD/FAC/62/2016 dated 5th July 2016; and
• ii. gives a true and fair view in conformity with the Indian Accounting Standards (Ind AS) and other accounting principles generally accepted in India of the net profit (Including other comprehensive income) and other financial information of the Company for the quarter and year ended 31st March 2023.

Basis for Opinion:

~

We conducted our audit of the standalone fmancial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). 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 {ICAI) together w~h the independence requi-ements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethi:al responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evKfence we have obtained is sufficient and appropriate to provKfe a basis for our audit opinon on the standalone fmancial statements.

Management's Responsibility for the Standalone Financial Results

These Standalone annual financial results have been prepared on the basis of the Standalone annual cial statements.

c.,q, ' <f mpany's Management and Board of Directors are responsible for the matters stated in section ~ ~ of the Act with respect to the preparation of these standalone financial statements that give q a and fair view of the financial position, financial performance, total comprehensive income, c,-,.~Ac c,es 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 cf 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 fmancial controls, -that were operatilg effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standabne fmancial statements that give a true and fair view and are free from material m~statement, 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 Ixtuidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reporting process

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an aud«or'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 \$As will always detect a material misstatement when t exists. Misstatements can are 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 financial statements.

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

• Identify and assess the risks of material misstatement of the standalone fmancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffJCient 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 fmancial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3XQ of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal f mancial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonable ness 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 fmancial statements or, if such disclosures are inadequate, to modify our opinim. 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 p..t-lDA,914' Company to cease to continue as a going _concern.

^~"- De/Nm ^~Evaluate the overall presentation, structure and content of the standalone f mancial statements, i -;? including the disclosures, and whether the standalone fmancial statements represent the underlying 1'.,r. -~~.,. 9<!Actv"...,

transactions and events in a manner that achieves fair presentation.

We c~n:ununicate with those charged with governance regarding, among other matters, the planned scope and tnnmg of the audit and significant audt findin~, 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 relafonships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. ·

Other Matters

The Standalone annual financial results includes the results for the quarter ended March 31,2023 being the balancing figures between the audited figures in respect of full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were limited reviewed by us.

For M C Bhandari & Co. Chartered Accountants Firm Registrati

Ravindra Bhan Partner Membership No.: 097466 UDIN: :;.J,091-L\6~<.t\WkX H-::f-95:""8

\

Place: New Delhi Date: 9th May 2023

<M_ C <Bliancfari &:, Co.

Cfzarterecf )kcountants 401-.,'A, <BaNJlii Jfouse, 40-41, !Nefiru (['[ace, !New ([)effii - 110019 ?.1o5i[e: 9810236616, 'E-mai[: mc5coae[fii@gmai[com

Independent Auditors' Report on the quarterly and year to date Audited Consolidated Financial Results of the Company pursuant to Regulation 33 of SEBI (Listing obligations and disclosure Requirements) Regulations 2015, as amended

TO THE BOARD OF DIRECTORS OF

Poly Medicure Limited

Report on the Audit of Consolidated Financial Results

Opinion:

We have audited the accompanying Statement of Consolidated Financial Results of Poly Medicure Limited ("Holding") and its subsidiaries (the Holding and its subsidiaries together referred to as the group") and its associate for the quarter and year ended 31st March 2023 (" the statement), being submitted by the Holding pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, as amended (Listing Regulations)

In our opinion and to the best of our information and according to the explanations given to us, and based on consideration of reports of other auditors on separate Audited financial statements of foreign subsidiaries and Indian subsidiary, the aforesaid statement:

• i. Include the annual financial results of the entities listed in Annexure-1
• ii. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as modified by circular no. CIR/CFD/FAC/62/2016 dated 5th July 2016; and
• iii. gives a true and fair view in conformity with the Indian Accounting Standards (Ind AS) and other accounting principles generally accepted in India of the consolidated net profit {Including other comprehensive income) and other financial information of the Group and of associate for the quarter and year ended 31st March 2023.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code 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 consolidated financial statements. fl..N0.4

Management;s Responsibility for the Consolidated financial Statements

These Consolidated annual financial results have been prepared on the basis of the consolidated -~/ financial statements. ~,~Ac~

The Holding Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to preparation of these consolidated financial statements that give a tn1e and fair view of the consolidated financial position, consolidated financial performance, consolidated total comprehensive income, consolidated changes in equity and consolidated cash flows of the Group including its associate in accordance with the Ind AS and other accounting principles generally accepted in India. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of the adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its associate 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 consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the statement by the directors of Holding company as aforesaid.

ln preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and ofits associate are responsible for assessing the ability of the group and of its associate 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 Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of th·e companies included in the Group and of its associate are also responsible for overseeing the financial reporting process of the Group and of its associate.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated 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 consolidated 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 financial controls 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 on whether the Company and its subsidiary companies which are companies incorporated in India, has adequate internal financial controls system in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accouhting policies used and the reasonableness of accounting estimates and related disclosures made by management and Board of directors. ~ ~NDA,91 cf

(J ~ - Oo ~ 'S. . 0 Conclude on the appropriateness of management's and Board of directors use of the going cone ... o.,i; ·• basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exi i ~I related to events or conditions that may· cast significant doubt on the ability of the Group and 1 .,,.edAc~

/ associate 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 consolidated 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 Group and its associate to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and its associate of which we are the independent auditors and whose financial infonnation we have audited to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and perfonnance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditor. For the other foreign subsidiaries included in the consolidated annual financial results, which have been audited by Auditors situated outside India, such other auditors situated outside India remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para "other matter'' in the Audit Report.

We communicate with those charged with governance of the holding company and such other one entity included in the statement of which we are the independent auditors 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 perfonned procedures in accordance with the circular no. CIR/CFD/CMD/1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of Listing Regulations as amended to the extent applicable.

Other Matters .

I

1. We did not audit the financial statements of one foreign subsidiary, whose financial statements reflect total assets of ti, 788.39 lacs as at 31st March 2023 and total revenue oft 1,387.84 lacs for the year then ended on that date and financial statements of one foreign associate in which the share of profit of the Group is t 192.67 lacs. The financial statements of one foreign subsidiary namely Poly Medicure {Laiyang) Co. Ltd., China have been audited by other auditors situated outside India whose reports have been furnished to us and our opinion is based solely on the reports of the other auditors and the procedures performed by us as stated in para above "other maters".

The financial statements of one associate namely Ultra for Medical Products (UMIC), Egypt, have been furnished to us by the management of that company and is unaudited and management certified and our opinion is based solely on the basis of unaudited/ management certified financial statements for the year ended 31 si December 2022 and the procedures performed by us as stated in para above "Other Matters"

1. The Financial Statement of one foreign subsidiary (as Consolidated) namely Poly Medicure BV Netherlands in which financial statement of Step Subsidiary Plan 1 Health and Poly Health Medical INC. US are consolidated and whose consolidated financial statement/information reflect total ass""o-"""'~ ..... on 7,518.63 lacs as at 31st March'2023, and total consolidated revenue oft 4,272.43 lacs for year ended on that date as considered in the Consolidated financial statements. These consolid ie financial statement/financial information have not been audited as based on article 2.396 Section i · .~ Dutch Civil Code, the said foreign subsidiary company is exempt from the obligation to have t "f1dAc~"

I annual accounts (including consolidated accounts) audited by the auditor and are th '" 'fi . , , ere,ore, manag~ment certt 1~d and have b_een furnished to us by the management and our opinion on the consoh~ated financial statem~nts m so far as it relates to the aforesaid subsidiary is based solely on the basts of_ management certified consolidated financial statement as adjusted suitably to give effect to adopt uniform accounting policies.

1. In respect of subsidiaries/ associate located outside India whose financial result and other financial information have been prepared in accordance with the accounting principles generally accepted in their respective countries and which have been audited by other auditor under generally accepted auditing standards applicable in their respective countries / management certified. The holding company's management has converted the financial results of such subsidiaries/associate located outside India from accounting principles- generally accepted in their respective countries to accounting principles generally accepted in India and made suitable adjustments to follow uniform accounting policies. We have audited these conversion adjustments made by the holding company's management. Our opinion in so far as it relates to the balances and affair of such subsidiaries/ associate located outside India is based on the report of other auditors/ management certified and the conversion adjustment prepared by the management of the holding company and audited by us.

Our Opinion on Consolidated financial statements and our report on other legal and regulatory requirements is not modified in respect of the above matters with respect to our reliance on the work done and the report of the other auditors and the financial statement/financial information as certified by Board of directors and the procedures performed by us as stated above in para above other matters.

1. The Consolidated annual financial results includes the results for the quarter ended March 31,2023 being the balancing figures between the audited figures in respect of full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were limited reviewed by us.

For M. C. Bhandari & Co. Chartered Accountants . ' Registrati .. ^v .--:• 2E

Partner Membership number: 097466 UOIN: ~3C q 1~ bb GlriWK)(J2f 61- Place: New Delhi Date: 9th May 2023

Annexure I: List of entities consolidated as at March 31, 2023

• 1. Poly Medicure (Laiyang) Co. Ltd.- China Wholly owned Subsidiary Audited
• 1. Poly Medicure BV Netherlands (Consolidated)- Wholly owned Subsidiary- Management certified
• 1. Ultra for Medical Products Co. (UMIC) Egypt Associate Management certified
• 1. Plan I Health India Pvt. Ltd. Wholly owned subsidiary-Audited