Auditor Report of Park Medi World Ltd.

We have audited the accompanying Standalone financial
statements of Park Medi World Limited (Formerly known
as Park Medi World Private Limited) (“the Company”), which
comprise the Balance Sheet as at 31^st March 2026, and the
Statement of Profit and Loss (Including Other Comprehensive
Income), the Statement of Cash Flows and the statement of
Changes in Equity for the year ended on that date, and 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 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 Indian Accounting Standards prescribed under
section 133 of the Act (“Ind AS”) and other accounting principles
generally accepted in India, of the state of affairs of the Company
as at 31^st March 2026, and its profit, total comprehensive Income, its
cash flows and a change in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone financial statements
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 Responsibility
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 (“ICAI”) together with the ethical requirements that
are relevant to our audit of the financial statements under the
provisions of the Act and the Rules made there under, 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 obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.

Emphasis of Matters

a) Trade receivables and trade payables confirmations: With
reference to the amounts disclosed in Notes 14 and 28,
balance confirmations were not received as at year-end
from certain customers, including Government panels and
TPAs, and from certain trade payables. Management and
those charged with governance have represented that
confirmation requests have been sent and that no material
variances are expected upon completion of reconciliation.

Our opinion is not modified in respect of this matter.

b) Provision for expected credit losses (ECL) and claim-
disallowance provision: As disclosed in Notes 14 and
30, the Company has estimated the expected credit loss
allowance on trade receivables using a provision matrix
as a practical expedient. The provision matrix applies loss
rates to receivables based on their ageing and incorporates
historical credit loss experience, adjusted for relevant
forward-looking information. Separately, the Company has
recognised a claim-disallowance provision for expected
future deductions or disallowances by empanelled
debtors, based on past experience. These matters involve
management judgement in estimating the recoverability of
receivables and the related allowances recognised in the
financial statements.

Our opinion is not modified in respect of this matter.

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 the matters described below to be the key audit
matters to be communicated in our report.

Information Other than the 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 Management Discussion and Analysis, Board’s
Report including Annexure to Board’s Report, Business
Responsibility Report, Corporate Governance and Shareholder’s
Information, but does not include the standalone 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
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.

Responsibility of Management and Those Charged
with Governance 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 Standalone financial statements that give a true and fair
view of the financial position, financial performance including
other comprehensive income, cash flows & changes in equity
of the Company in accordance with the accounting principles
generally accepted in India including 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 the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application
of appropriate implementation and maintenance of 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
& Board of Directors 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 but to do so.

The Board of Directors are also responsible for overseeing the
Company’s financial reporting process.

Auditor’s Responsibility for the Audit of Standalone
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 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 financial 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 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 the management and
Board of Directors.

• Conclude on the appropriateness of management’s use
of the going concern basis of accounting in preparation
of financial statements 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.

Reporton Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our

audit 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 matters disclosed in para (vi) below.

c) The Balance Sheet, the Statement of Profit and
Loss including other comprehensive Income, the
Statement of Cash Flows and statement of change in
Equity dealt with by this Report are in agreement with
the books of account.

d) In our opinion, the aforesaid financial statements
comply with the Indian Accounting Standards
specified under Section 133 of the Act.

e) On the basis of the written representations received
from the directors as on 1^st April, 2026 taken on
record by the Board of Directors, none of the
directors is disqualified as on 31^st March, 2026 from
being appointed as a director in terms of Section
164(2) of the Act.

f) With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, as amended: In our
opinion and to the best of our information and
according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions
of section 197 of the Act;

g) The modification relating to the maintenance of
accounts and other matters connected therewith, is
as stated in paragraph (b) above.

h) 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 A”. Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company’s internal
financial controls over financial reporting.

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 has disclosed the impact of
pending litigations on its financial position
in its financial statements under the head
Contingent Liabilities.

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.

iv. (a) The Management has represented

that, to the best of its knowledge and
belief, as disclosed in the Note 62 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 person(s) or entity(ies), 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 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, as
disclosed in Note 63 to financial statements,
no funds have been received by the
Company from any person(s) or entity(ies),
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 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 performed
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

subclause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain
any material misstatement.

v. In our opinion, the company has not paid
dividend during the year hence this para is not
applicable to the company.

vi. Based on our examination, which included test
checks, the Company has used accounting
software for maintaining its books of account
during the year ended March 31, 2026, that
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 respective software and the audit trail
were not tempered with, except that: (i) For the
HIS used for revenue, the audit trail feature was
not enabled throughout the year; (ii) for payroll
processing, the audit trail was not enabled at
the database level to log direct data changes;
(iii) Fixed asset records were maintained in
Excel, which does not provide an audit trail.
The Company has represented that audit trails
are being preserved in accordance with the
statutory record-retention requirements for
systems where such feature is enabled. The
audit trail functionality is active and captures all
changes, providing a sound basis for monitoring.
At present, certain preventive controls can be
further strengthened to reduce the possibility
of unauthorised or inappropriate postings.
Enhancing these measures will improve overall
system reliability, though our opinion remains
unmodified in this regard.

2. 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 B”
a statement on the matters specified in paragraphs 3 and
4 of the Order.

For Agiwal & Associates

Chartered Accountants
(Firm’s Registration Number: 000181N)

CA. P. C. Agiwal

Partner

Place: Gurugram (Membership Number: 080475)

Date: 12/05/2026 UDIN: