Banco Products India Ltd Auditor Reports

To,

THE MEMBERS,

BANCO PRODUCTS (INDIA) LIMITED
VADODARA

Report on the audit of the standalone financial statements
Opinion

We have audited the accompanying Standalone Financial Statements of BANCO PRODUCTS (INDIA) LIMITED
(hereinafter referred to as "the Company"), which comprise the Balance Sheet as at 31^st March, 2026, the Statement of
Profit and Loss (including other comprehensive income), Statement of Cash Flow and Statement of Changes in Equity for
the year then ended and notes to the Standalone Financial Statements including a summary of material accounting policies
and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").

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 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("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, other
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors 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 together with the ethical requirements that
are relevant to our audit of the Standalone Financial Statements under the provisions of the Companies Act, 2013 and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion on the Standalone Financial Statements.

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.

Key Audit Matters	Auditors Response
1 Revenue Recognition
The Company recognizes revenues when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. In determining the sales price, the Company considers the effects of rebates and discounts (variable consideration). The terms of arrangements in case of domestic and exports sales, including the timing of transfer of control, the nature of discount and rebates arrangements, delivery specifications including incoterms, create complexity and judgment in determining sales revenues.	Audit procedures included the following: - Considered the adequacy of the Companys revenue recognition policy and its compliance in terms of Ind AS 115 Revenue from contracts with customers.
The risk is, therefore, that revenue is not recognized in the correct period in accordance with terms of Ind AS 115 Revenue from contracts with customers, and accordingly, it was determined to be a key audit matter in our audit of the Standalone Ind AS Standalone Financial Statements.	- Assessed the design and tested the operating effectiveness of internal controls related to revenue recognition.
	- Performed sample tests of individual sales transaction and traced to sales invoices and other related documents. In respect of the samples selected, tested that the revenue has been recognized as per the incoterms in accordance with Ind AS 115.
	- Selected sample of sales transactions made pre and post- year end, agreed the period of revenue recognition to underlying supporting documents.
	- Assessed the relevant disclosures made in the Standalone Ind AS Standalone Financial Statements.
2 Valuation of Inventory
As disclosed in Note 8 [Inventories] to the Standalone Financial Statements, the Company holds Inventories of Rs. 27,927.76 lakhs which represent 22.74% of total assets of the Company as at the Balance sheet date. Considering the number of locations and the level of inventory held across its factories, as well as the physical verification of inventory at these locations on different dates, the potential risk of existence of such inventory and the identification of non-moving, obsolete / damaged inventory is a significant area of audit importance.	Our audit procedures to verify the existence of inventories consisted of testing the relevant internal controls, including in specific the testing of the inventory physical verification process that are performed by the management at various point in time at their factories.
Inventories are valued at the lower of cost and net realizable value. The inventory valuation also requires management estimates towards write- down of inventory items to its net realizable value (wherever applicable) and allowance for slow moving or non-moving inventory.	As required under SA 501 "Audit Evidence - Additional Considerations for Specific Items", we have observed the physical verification of Inventory, conducted by management, in certain factories selected by us based on our professional judgment. Our procedures in this regard included:
	- Observing compliance of stock count instructions by management personnel; observing steps taken by management to ascertain the existence of inventory on the date of the count (including identification of non- moving, obsolete / damaged inventory),
	- Performing independent inventory counts on sample basis and reconciling the same to the management counts and reviewing the reconciliation of the differences in inventory quantity between the physical count and the books of accounts, and
	We tested sample of inventory purchases throughout the audit period with purchase invoice and other supporting documents to ensure if the inventory is valued as per the Companys accounting policy.
	We performed cut off testing for purchase and sales transactions made near the reporting date to assess whether transactions are recorded in the correct period by testing shipping records, sales/purchase invoices, etc., for sample transactions.
3 Investment in Subsidiaries
As disclosed in Note 4 [Non-Current Investments] to the Standalone financial statements, the Companys equity investments in subsidiaries, amounted to Rs. 19,194.54 lakhs as at March 31, 2026. Such investments are carried at cost as per Ind AS 27 - Separate Financial Statements.	Our procedures included, but were not limited to, the following:
The carrying value of investments in subsidiaries was considered to be a key audit matter as these are material and significant to the net worth of the Company and is dependent on the future performance of the subsidiaries.	- We obtained the audited financial statements of the subsidiaries, and evaluated the assessment carried out by the Company with regard to net worth of those respective subsidiaries with the carrying value of the investments made in those entities.
	- We also obtained the Managements documentation and tested its assessment on whether there were indicators for impairment if any, of the aforesaid investments, as required by Ind AS 36, Impairment of Assets.
	Based on above procedures performed, we found the managements assessment of carrying value of investments in subsidiaries, to be reasonable.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys management and Board of Directors are responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Boards Report including
Annexure to Boards Report, Business Responsibility and Sustainability Report, Report on Corporate Governance and
Shareholders Information, but does not include the consolidated financial statements, standalone financial statements and
our auditors report thereon.

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

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

Managements and Board of Directors Responsibilities for the Standalone Financial Statements

The Companys 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 Standalone Financial Statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, management is responsible for assessing the Companys 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 liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

The Board of Directors is responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Financial Statements

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 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 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 SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also,

-Identify and assess the risks of material misstatement of the Standalone 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 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditors report to the related disclosures in the Standalone 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 Company to
cease to continue as a going concern.

-Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the
disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a
manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone 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 Standalone
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 Standalone Financial Statements of the current period and are therefore the key audit
matters. We describe these matters 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 adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central Government of
India in terms of Section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in
paragraphs 3 and 4 of the Order to the extent applicable.

2. (A) As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books.

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

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 28^th May, 2026 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2026 from being
appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to adequacy of the internal financial controls over financial reporting and the operating
effectiveness of such controls, refer to our separate report in "Annexure- B" attached herewith. Our report
expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal
financial controls with reference to Standalone Financial Statements.

(B) With respect to the other matters to be included in the Auditors 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:

a) The Company has disclosed the impact of pending litigation on its financial position in its financial
statement. Refer Note 31 of the Standalone Financial Statements;

b) The Company did not have any long-term contracts including derivative contracts; for which there were
any material foreseeable losses; and

c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company.

d) (i) The management has represented that, to the best of its knowledge and belief, no funds have

been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf of the Company or

-provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(ii) The management has represented, that, to the best of its knowledge and belief, no funds have been
received by the Company from any persons or entities, 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 ("Ultimate Beneficiaries") by or on behalf of the Funding Party or

-provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures as considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under
subclause (d) (i) and (d) (ii) contain any material mis-statement.

e) As per Standalone Financial Statements:

-The interim dividend declared and paid by the Company during the year and until the date of this
report is in compliance with Section 123 of the Act.

f) Based on our examination, which included test checks, the Company has used accounting software
systems for maintaining its books of account for the financial year ended March 31, 2026 which have
the feature of recording audit trail (edit log) facility and the same has operated throughout the year for
all relevant transactions recorded in the software systems. Further, during the course of our audit we did
not come across any instance of the audit trail feature being tampered with and the audit trail has been
preserved by the Company as per the statutory requirements for record retention.

(C) With respect to the matter to be included in the Auditors Report under Section197(16) of the Act, as amended:
In our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the current year is in accordance with the provisions of Section 197 of the
Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act.
The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are
required to be commented upon by us.

For PSCA & Co.

(Formerly known as Parikh Shah Chotalia & Associates)

Chartered Accountants
Firm Reg. No. 118493W

CA Rahul H Parikh
Partner

Mem. No. 105642
Vadodara

Date: 28^th May, 2026
UDIN: 26105642ILPNGH6381

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report to

the Members of Banco Products (India) Limited for the year ended 31^st March 2026)

To the best of our information and according to the explanations provided to us by the Company and the books of account

and records examined by us in the normal course of audit, we state that:

i. In respect of the Companys Property, Plant and Equipment, right-of-use assets and intangible assets:

(a) -The Company has maintained proper records showing full particulars, including quantitative details and

situation of property, plant and equipment and relevant details of right-of-use assets.

-The Company has maintained proper records showing full particulars of intangible assets.

(b) The Company has a program of physical verification of property, plant and equipment and right-of-use assets
so to cover all the assets once every three years which, in our opinion, is reasonable having regard to the size of
the Company and the nature of its assets. Pursuant to the program, certain property, plant and equipment and
right-of-use assets were due for verification during the year and were physically verified by the Management
during the year. According to the information and explanations given to us, no material discrepancies were
noticed on such verification.

(c) Based on our examination of lease agreement for land on which building is constructed, registered sale deed
/ transfer deed / conveyance deed of the freehold land provided to us, we report that, the title in respect of
self- constructed buildings and title deeds of all other immovable properties (other than properties where the
company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the
Standalone Financial Statements included under Property, Plant and Equipment are held in the name of the
Company as at the balance sheet date.

(d) The Company has not revalued any of its property, plant and equipment (including right-of-use assets) and
intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against the Company as at March 31,2026
for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016)
and rules made thereunder.

ii. In respect of Companys Inventory

(a) The inventory has been physically verified by the management during the year. In our opinion, the frequency
of such verification is reasonable and procedures and coverage as followed by management were appropriate.
No discrepancies were noticed on verification between the physical stocks and the book records that were 10%
or more in the aggregate for each class of inventory.

(b) The Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from
banks on the basis of security of current assets. In our opinion, the quarterly returns or statements filed by the
Company with such banks are not having material difference with the books of accounts of the company, of
the respective quarters and those differences are of explainable in nature. The average difference is not thus
material and is less than 1% of amount of stock and debtors, which is on account of valuation, provisions etc.

iii. In respect of Companys investment, guarantee or security, loans and advances, Cost Records and Deposits

(a) According to information and explanation given to us, and based on the audit procedure, the Company has
made investments in Subsidiaries as well as investments in other securities, during the year, in respect of
which, the details are as under:

Particulars	Investments (Rs In lakhs)
-Aggregate amount invested during the year:
- Subsidiaries	500.00
- Others	1,061.71
-Balance outstanding as at balance sheet date in respect of above cases:	19,194.54
- Subsidiaries	4,433.06
- Others

(b) In our opinion, the investments made during the year are prima facie, not prejudicial to the Companys interest.

(c) According to the information and explanations given to us, the Company has not granted any loans or advances
in the nature of loans during the financial year. Accordingly, the requirements to report on the regularity of
repayment schedules, overdue amounts, and renewal or extension of loans under clauses 3(iii)(c), 3(iii)(d), and
3(iii)(e) of the Order are not applicable.

(d) The Company has not granted any loans or advances in the nature of loans either repayable on demand or
without specifying any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) is
not applicable.

(e) The Company has not made investments in Firms and Limited Liability Partnerships during the year. Further the
Company has not provided any guarantee or security or granted any advances in the nature of loans, secured
or unsecured, to Companies, Firms, Limited Liability Partnerships or any other parties.

iv. The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of
loans granted, investments made and guarantees and securities provided, as applicable.

v. The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under
clause 3(v) of the Order is not applicable.

vi. We have broadly reviewed the books of account maintained by the Company pursuant to the order of the Central
Government for maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 and
are of the opinion that prima facie the prescribed records have been made and maintained. We have, however, not
made a detailed examination of the records with a view to determining whether they are accurate or complete.

vii. In respect of statutory dues:

(a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including
Goods and Services tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax,
Duty of Custom, Duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with
the appropriate authorities.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees
State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess
and other material statutory dues in arrears as at 31^st March, 2026 for a period of more than six months from
the date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on 31^st March,
2026 on account of disputes are given below:

Name of the Statute	Nature of Dues	Amount in Lakhs	Period to which the amount relates	Forum where dispute is pending
Central Excise Act, 1944	Excise duty, service tax and custom duty	708.95	F.Y. 2006-07 till F.Y. 2020-21	- 640.01 lakhs pending with CESTAT, Ahmedabad - 5.65 lakhs pending CESTAT, Mumbai. - 2.49 lakhs pending with Asst Comm, Vadodara. - 16.59 lakhs pending with Dy. Commissioner JNCH & Vadodara. - 44.21 lakhs pending with High Court (Mumbai)
Sales Tax Act	VAT/CST	82.91	F.Y. 2008-09 till F.Y. 2012-13	- 53.56 lakhs pending with Appellate Tribunal, Ahmedabad. - 29.35 lakhs pending with Commissioner (Appeal), Ranchi.
CGST Act, and SGST Act under GST Act.	CGST/ SGST	197.89	F.Y. 2017-18 till F.Y. 2020-21.	- 52.43 lakhs pending at Deputy Commissioner Appeal SGST Office, Vadodara, Gujarat - 11.02 lakhs pending at Office of the Commissioner, CGST & CX Appeals, Ranchi, Jharkhand - 134.44 lakhs pending at Appellate Authority, Faridabad, Haryana.

viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. Loans and Borrowings:

According to the records of the Company examined by us and the information and explanation given to us, the
Company,

a) has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender,

b) is not declared as wilful defaulter by any Bank or financial institution or other lender,

c) has not availed any term loans during the financial year. Consequently, the question of applying such loans for
the purposes for which they were obtained does not arise.

d) has not utilized any Short-Term basis funds for Long Term purposes,

e) has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries,
associates, or joint ventures and

f) has not raised any loans during the year on the pledge of securities held in its subsidiaries, joint ventures, or
associate companies.

x. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt

instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

(b) During the year, the Company has not made any preferential allotment or private placement of shares or
convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not
applicable.

xi. (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as
prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during
the year and up to the date of this report.

(c) As part of our audit procedures, we considered the Companys whistle-blower mechanism and noted that no
complaints were brought to our attention during the year.

xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to
applicable transactions with the related parties and the details of related party transactions have been disclosed in
the Standalone Financial Statements as required by the applicable accounting standards.

xiv. (a) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature

of its business.

(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year
and till date, in determining the nature, timing and extent of our audit procedures.

xv. In our opinion, during the year the Company has not entered into any non-cash transactions with its Directors
or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not
applicable to the Company.

xvi. (a) In our opinion, the Company is not required to be registered under section 45- IA of the Reserve Bank of India

Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.

(b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment
Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is
not applicable.

(c) According to the information and explanations provided to us during the course of audit, the Group does not
have any CIC. Accordingly, the requirements of clause 3(xvi)(d) are not applicable.

xvii. The Company has not incurred cash losses during the financial year covered by our audit and the immediately
preceding financial year.

xviii. There has been no resignation of the statutory auditors of the Company during the year.

xix. On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of
financial liabilities, other information accompanying the Standalone Financial Statements and our knowledge of
the Board of Directors and Management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as
on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of

balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state
that this is not an assurance as to the future viability of the Company. We further state that our reporting is based
on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when
they fall due.

xx. There are no unspent amounts towards Corporate Social Responsibility ("CSR"). Accordingly, reporting under clause
3(xx)(a) of the Order is not applicable for the year.

xxi. The provisions of Clause 3(xxi) of the Companies Auditors Report Order, 2020 are not applicable to reporting on
standalone financial statements.

For PSCA & Co.

(Formerly known as Parikh Shah Chotalia & Associates)

Chartered Accountants

Firm Reg. No. 118493W

CA Rahul H Parikh

Partner

Mem. No. 105642

Vadodara

Date: 28^th May, 2026

UDIN: 26105642ILPNGH6381

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(A)(f) under Report on Other Legal and Regulatory Requirements section of our report
to the Members of Banco Product (India) Limited of even date)

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

We have audited the internal financial controls with reference to Standalone Financial Statements of Banco Products
(India) Limited (the "Company") as of March 31,2026 in conjunction with our audit of the Standalone Financial Statements
of the Company for the year ended on that date.

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys Management and Board of Directors are responsible for establishing and maintaining internal financial
controls with reference to Standalone Financial Statements based on the internal control over financial reporting criteria
established by the Company 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 companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, 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 Companys internal financial controls with reference to Standalone
Financial Statements 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 ICAI and the Standards on
Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls
with reference to Standalone Financial Statements. 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 Standalone 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 with
reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal

financial controls with reference to Standalone Financial Statements included obtaining an understanding of internal
financial controls with reference to Standalone 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 judgement, including the assessment of the risks of material misstatement of
the Standalone 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 Companys internal financial controls with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

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

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

Because of the inherent limitations of internal financial controls over financial reporting, 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 Standalone Financial
Statements to future periods are subject to the risk that the internal financial control with reference to Standalone 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 Company has, in all material
respects, an adequate internal financial controls system over financial reporting and such internal financial controls over
financial reporting were operating effectively as at 31^st March 2026, based on the internal control over financial reporting
criteria established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls over Financial Reporting issued by the ICAI.

For PSCA & Co.

(Formerly known as Parikh Shah Chotalia & Associates)

Chartered Accountants
Firm Reg. No. 118493W

CA Rahul H Parikh
Partner

Mem. No. 105642
Vadodara

Date: 28^th May, 2026
UDIN: 26105642ILPNGH6381