20 Microns Ltd Auditor Reports

To

The Membe of 20 Microns Limited

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the accompanying Consolidated Financial Statements of 20 Microns Limited (the Company or the Holding Company), its Subsidiaries and groups share of profit/(loss) in Associates (the Holding company, its Subsidiaries and groups share of profit/(loss) in Associates together referred to as "the Group”) which comprise the Consolidated Balance Sheet as at March 31, 2025, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Cash Flow and the Consolidated Statement of Changes in Equity for the year ended on that date and notes to the Consolidated Financial Statements, including a summary of the material accounting policies and other explanatory information (herein after referred to as the Consolidated Financial Statements).

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of the audito on Separate and Consolidated Financial Statements of the Subsidiaries and Associates referred to in the Other Matte section below, the aforesaid Consolidated 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 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (Ind AS) and other accounting principles generally accepted in India, of the consolidated state of affai of the Group as at March 31, 2025 and their consolidated profit, their consolidated total comprehensive income, their consolidated cash flows and their consolidated changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Consolidated Financial Statements in accordance with the Standards on Auditing (hereinafter referred to as "SAs”) specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (hereinafter referred to as "ICAI”) together with the ethical 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 ICAIs Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other audito in terms of their reports referred to in the paragraph of the Other Matte section below, is sufficient and appropriate to provide a basis for our audit opinion on the Consolidated Financial Statements.

Key Audit Matter

Key audit matte are those matte that, in our professional judgment, were of most significance in our audit of the Consolidated Financial Statements of the current period. These matte were addressed in the context of our audit of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matte. We have determined the matte described below to be the key audit matte to be communicated in our report.

Sr. No. Key Audit Matter		How the matter was addressed in our audit
1 Revenue Recognition		Principal Audit Procedure:
	The Group has a substantial range of product and a divee customer base in addition to operating from multiple locations.	Our audit approach was a combination of test of internal controls and substantive procedures which included the following:
		• Evaluating the design of internal controls.
The risk profile linked to precise revenue recording exhibits varying characteristics.		• Assessing the processes and testing controls over each significant revenue stream.
	We acknowledge that revenue serves as a vital metric for evaluating the Groups performance, and the annual internal goals and incentive programs are partly influenced by revenue growth. Based on these facto, we have concluded that the potential for a significant misstatement in revenue recognition is a pertinent risk.	• Carrying out a combination of procedures involving inquiry and observation, reperformance and inspection of evidence in respect of the operation of the controls.
		• Performing full and specific scope audit procedures over this risk area in major locations, which covered the majority of the risk amount.
We have determined this as a Key Audit Matter considering the distinct pricing structure for different custome, extensive product and customer base, managements use of judgment and estimates, and the materiality of the amounts involved.		• Evaluating the appropriateness of journal entries impacting revenue, as well as other adjustments made in the preparation of the Standalone Financial Statements. Considering unusual journals such as those posted outside of expected days, or by unexpected individuals.
Sr. No. Key Audit Matter			How the matter was addressed in our audit
			• Evaluating managements controls over such adjustments.
			• Inspecting a sample of contracts to check that revenue recognition was in accordance with the contract terms and the Companys revenue recognition policies.
			• Testing a sample of transactions around period end to test that revenue was recorded in the correct period.
			• Evaluating managements assumptions for revenue streams that have judgemental elements.
			Evaluated the appropriateness of accounting policies, related disclosure made and overall presentation in the Financial Statements in terms of Ind AS 115.
2. Contingent Liabilities			Our procedures included the following:
Contingent Liabilities are for ongoing litigations and claims with various authorities and third parties. These relate to			• Obtaining details of dispute and claims outstanding as on 31- Mar-2025 from the Management.
direct tax, indirect tax, claims and legal proceedings. Contingent liabilities are considered as key audit matte			• Undetanding and evaluating the design of operating effectiveness of controls in respect of the legal matte.
as the amount involved is significant and it also involves significant management judgement to determine possible outcome and future cash outflows of these disputes.			• Discussed with the management about the significant judgment considered in determining possible outcome and future cash outflows of these disputes.
			• Verifying relevant documents related to Disputes.
			Evaluated the appropriateness of accounting policies, related disclosure made and overall presentation in the Financial Statements in terms of Ind AS 37.

Information Other than the Consolidatec Financial Statements and Auditors Repor Thereon

The Holding Companys Management and Board of Directo is responsible for the preparation of the other information. The othe information comprises the information included in the Annua Report but does not include the Standalone and Consolidated Financial Statements and our auditors report thereon. The othe information is expected to be made available to us after the date of this auditors report.

Our opinion on the Consolidated Financial Statements does no cover the other information and we do not express any form o assurance conclusion thereon.

In connection with our audit of the Consolidated Financia Statements, our responsibility is to read the other informatior identified above when it becomes available, compare with the Financial Statements of the Subsidiaries and Associates auditec by the other audito, to the extent it relates to these entities and in doing so, place reliance on the work of the other audito and consider whether the other information is materially inconsisten with the Consolidated Financial Statements or our knowledge obtained during the coue of our audit or otherwise appea to be materially misstated. Other information so far as it relates to the Subsidiaries and Associates, is traced from their Financia Statements audited by other audito.

When we read the Other Information, if we conclude tha there is a material misstatement therein, we are required tc communicate the matter to those charged with governance a required under SA 720 The Auditors responsibilities Relating to Other Information.

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

The Holding Companys Management and Board of Directo is responsible for the matte stated in section 134(5) of the Act with respect to the preparation of these Consolidated Financial Statements that give a true 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 in accordance with the Ind AS and other accounting principles generally accepted in India. The respective Board of Directo of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group 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 the 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 Consolidated Financial Statements by the Directo of the Holding Company, as aforesaid.

In preparing the Consolidated Financial Statements, the respective Management and Board of Directo of the companies included in the Group are responsible for assessing Groups the ability to continue as a going concern, disclosing, as applicable,

matte related to going concern and using the going concern basis of accounting unless management and Board of Directo either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Management and Board of Directo of the companies included in the Group are responsible for oveeeing the financial reporting of the Group.

Auditors 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 auditors 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 aggregate, they could reasonably be expected to influence the economic decisions of use 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 undetanding 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 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 managements 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 Groups ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention to our auditors 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 auditors report. However, future events or conditions may cause the Group 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 within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the audit of the Financial Statements of such entity included in the Consolidated Financial Statements of which we are the independent audito. For the other entity included in the Consolidated Financial Statements, which have been audited by other auditor, such other auditor remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company regarding, among other matte, 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 matte that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matte communicated with those charged with governance, we determine those matte that were of most significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key audit matte. We describe these matte in our auditors 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 advee consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matte

We did not audit the Financial Statements of 4 subsidiaries (including consolidated financial statements of one subsidiary), whose Financial Statements reflect total assets (before consolidation adjustments) of 15,474.34 lakhs as at March 31, 2025, Groups share of total revenues (before consolidation adjustments) of 13,323.93 lakhs, total net profit after tax (before consolidation adjustments) of 807.88 Lakh, total comprehensive income (before consolidation adjustments) of 804.46 Lakh and cashflows (net) amounting to (178.65) Lakh for the year ended on that date, as considered in the Consolidated Financial Statements.

The Consolidated Financial Statements also include Groups share of net profit after tax of 0.34 lakhs and total comprehensive income of 0.34 Lakhs for the year ended on 31^st March, 2025 in respect of 2 Associates.

These Financial Statements have been audited by other audito whose reports have been furnished to us by the Management and our opinion on the Consolidated Financial Statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, and our report in terms of subsection (3) of Section 143 of the Act, in so far as it relates to the aforesaid Subsidiaries and Associates is based solely on the reports of the other audito.

Our opinion on the Consolidated Financial Statements, and our Report on other legal and regulatory requirements below, is not modified in respect of the above matte with respect to our reliance on the work done and the report of the other audito.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of other audito on the separate Financial Statements of the Subsidiaries and Associates referred to in the Other Matte section above we report, to the extent applicable 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 of the aforesaid Consolidated Financial Statements.

b) In our opinion proper books of account as required by law relating to preparation of the aforesaid Consolidated Financial Statements have been kept so far as it appea from our examination of those books and report of other audito except for the matte stated in the paragraph 1(f) below on reporting under Rule 11(g) of the Companies (Audit and Audito) Rules, 2014.

c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated the statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the Consolidated Financial Statements.

d) In our opinion, the aforesaid Consolidated Financial Statements comply with the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directo of the Holding Company as on March 31, 2025 taken on record by the Board of Directo of the Holding Company and report of statutory auditor of its Subsidiaries and Associates, none of the directo of the Group Companies incorporated in India 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 matte connected therewith are as stated in the paragraph 1(b) above on reporting under Section 143(3)(b) of the Act and paragraph

(i)(iv)(e) below on reporting under Rule 11(g) of the Companies (Audit and Audito) Rules, 2014.

g) With respect to the adequacy of the internal financial controls with respect to the Financial Statements of the Group and the operating effectiveness of such controls, refer to our separate report in Annexure A which is based on the audito reports of the Holding company and Subsidiaries and Associates incorporated in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the internal financial controls with respect to the Financial Statements.

h) With respect to the other matte to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended, we report that, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the holding company to its Directo during the year is in accordance with the provisions of section 197 of the Act.

i) With respect to the other matte to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Audito) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Consolidated Financial Statements disclose the impact of pending litigations on the consolidated financial position of the Group - Refer Note 44 to the Consolidated Financial Statements.

(ii) The Group did not have any material foreseeable losses on long-term contracts including derivative contracts.

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company and its Subsidiaries and Associates, incorporated in India during the year ended March 31, 2025.

(iv) a) The respective Managements of the Parent and its subsidiaries and associates which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us and to the other audito of such subsidiaries, and associates respectively that, to the best of their knowledge and belief, other than as disclosed in note no. 53.4 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 Parent or any of such subsidiaries and associates to or in any other peon(s) or entity(ies), including foreign entities ("Intermediaries”), with the undetanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other peons or entities identified in any manner whatsoever by or on behalf of the Parent or any of such subsidiaries and associates ("Ultimate

Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b) The respective Managements of the Parent and its subsidiaries and associates which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us and to the other audito of such subsidiaries, and associates respectively that, to the best of their knowledge and belief, no funds have been received by the Parent or any of such subsidiaries and associates from any peon(s) or entity(ies), including foreign entities ("Funding Parties”), with the undetanding, whether recorded in writing or otherwise, that the Parent or any of such subsidiaries and associates shall, directly or indirectly, lend or invest in other peons 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) The Management of the Holding Company has represented that, to the best of its knowledge and belief, other than as disclosed in note no. 53.4 to the financial statements, 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 Holding Company to or in any other peon or entity, including foreign entity ("Intermediaries”), with the undetanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other peons or entities identified in any manner whatsoever by or on behalf of the Holding Company ("Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

d) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, performed by us on the Holding Company, 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.

e) The Final Dividend proposed by the Holding Company in the previous year, declared and paid during the year is in compliance with the section 123 of the Companies Act, 2013.

As stated in Note No. 54, to the Consolidated Financial Statements, the Board of Directo of the Holding Company have proposed final dividend for the year which is subject to the approval of the

membe at the ensuing Annual General Meeting. The dividend proposed is in accordance with section 123 of the Act.

f) Based on our examination which included test checks and that performed by the respective audito of the Subsidiaries and Associates which is company incorporated in India whose Financial Statements have been audited under the Act, and in accordance with requirements of the Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Audito) Rules, 2014, except for the instances mentioned below, the Holding Company , Subsidiaries and Associates incorporated India, have 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 operated throughout the year for all relevant transactions recorded in the respective software.

> The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct data changes for the accounting software used for maintaining the books of accounts.

> The feature of recording audit trail (edit log) was not available in one accounting software relating to Deposits accepted by the Company for the financial year ended March 31, 2025.

Further during the coue of our audit, where audit trail (edit log) facility was enabled and operate throughout the year, we and respective audito of the above referred Subsidiaries and Associates did not come across any instance of audit trail feature being tampered with. The audit trail has been preserved by the Company as per the statutory requirements for record retention.

(v) With respect to the matte specified in paragraphs 3(xxi) and 4 of the Companies (Auditors Report) Order, 2020 (the "Order”/ "CARO”) issued by the Central Government in terms of Section 143(11) of the Act, to be included in the Auditors report, according to the information and explanations given to us, and based on the CARO reports issued by the audito of the Subsidiaries and Associates included in the Consolidated Financial Statements of the Company, to which reporting under CARO is applicable, provided to us by the Management of the Company and based on the identification of matte of qualifications or advee remarks in their CARO reports by the respective component audito and provided to us, we report that the audito of such companies have not reported any qualifications or advee remarks in their CARO report.

For, Manubhai & Shah LLP

Accountants

Firm Registration No.: 106041W/W100136

G R Parmar

Partner

Membehip No.: 121462 UDIN: 25121462BMLHHS8546

Annexure - A

TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1(f) under "Report on Other Legal and Regulatory Requirements” section of our report to the membe of 20 Microns Limited of even date)

Report on the Internal Financial Controls with reference to the Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

In conjunction with our audit of the Consolidated Financial Statements of 20 Microns Limited (hereinafter referred to as "Holding Company”) and its Subsidiaries and Associates, incorporated in India, as of that date, as of and for the year ended March 31, 2025, we have also audited the internal financial controls with reference to the Financial Statements of the Group.

Managements Responsibility for Internal Financial Controls

The respective Board of Directo of the Holding Company and its Subsidiaries and Associates, incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control with reference to the Financial Statements criteria established by these Companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ("the ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Groups policies, the safeguarding of its assets, the prevention and detection of frauds and erro, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the internal financial controls with reference to the Financial Statements of the Holding Company and its Subsidiaries and Associates, incorporated in India, based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing, prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to the Financial Statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to the Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to the Financial Statements included obtaining an undetanding of internal financial controls with reference to the Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to the Financial Statements reporting of the Holding Company and its Subsidiaries and Associates, incorporated in India.

Meaning of Internal Financial Controls with reference to the Financial Statements

A companys internal financial control with reference to the Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to the Financial Statements includes those policies and procedures that:

1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directo of the company; and

3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the Financial Statements.

Inherent Limitations of Internal Financial Controls with reference to the Financial Statements

Because of the inherent limitations of internal financial controls with reference to the Financial Statements, including the

possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to the Financial Statements to future periods are subject to the risk that the internal financial control with reference to the Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations given to us, the Holding Company and its Subsidiaries and Associates, incorporated in India, have, in all material respects, an adequate internal financial controls system with reference to the Financial Statements and such internal

financial controls with reference to the Financial Statements were operating effectively as at March 31, 2025, based on the internal control with reference to the Financial Statements criteria established by these Companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Other Matte

Our aforesaid report under section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to the Financial Statements insofar as it relates to its subsidiaries and Associates, incorporated in India, is based on the corresponding reports of the audito of the company.

For, Manubhai & Shah LLP

Accountants

Firm Registration No.: 106041W/W100136

G R Parmar

Partner

Membehip No.: 121462 UDIN: 25121462BMLHHS8546