Insecticides India Ltd Auditor Reports

To the Members of Insecticides (India) Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial
statements of Insecticides (India) Limited ("the Company"),
which comprise the Balance Sheet as at March 31, 2026, the
Statement of Profit and Loss (including other comprehensive
income), the Statement of Changes in Equity and the Statement
of Cash Flows for the year then ended, and notes to the financial
statements, including a summary of the 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 March 31, 2026, and its profit and total
comprehensive income, changes in equity and its cash flows 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 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 (ICAI) together with the ethical
requirements that are relevant to our audit of the Standalone
financial statements under the provisions of the Act and the
Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the
ICAIs Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the standalone financial statements.

Key Audit Matter

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 Matter	Auditors Response
Recognition of Revenue	Principal Audit Procedures
The Company recognizes revenue at the point in time 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 or services. In determining the transaction price for the sale, the Company considers the effects of variable consideration and consideration receivable from the customer.	-We performed process walkthrough to understand the adequacy and the design of the revenue cycle. We tested internal controls in the revenue and trade receivables over the accuracy and timing of revenue accounted in the Financial statements.
For the year ended March 31, 2026, the Companys Statement of Profit & Loss included Sales of Rs. 2,14,414.11 Lakhs. The nature of rebates, discounts and sales returns, if any, involve judgment in determining sales revenues and revenue cut- off. The risk is, therefore, that revenue may not be recognized in the correct period.	-Understanding the policies and procedures applied to revenue recognition, as well as compliance thereof, including an analysis of the effectiveness of controls related to revenue recognition processes employed by the Company.
Refer to Material accounting policies Note 2.2 (b) and Note No. 21 of the standalone Financial Statements.	-We reviewed the revenue recognition policy applied by the Company to ensure its compliance with Ind AS 115 requirements.
	-We performed detailed testing on transactions, ensuring revenues were recognized in the correct accounting period. We also tested journal entries recognized in revenue focusing on unusual or irregular transactions.
	-We validated the appropriateness and completeness of the related disclosures in Note No. 21 of the Standalone Financial statements.

Information Other than the Standalone
Financial Statements and Auditors Report
Thereon

The Companys 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 Annexures
to Boards Report, Business Responsibility and Sustainability
Report, Corporate Governance and Shareholders Information,
but does not include the 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 or 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.

Responsibilities of Management and Those
Charged With Governance for the Standalone
Financial Statements

The Companys 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, total
comprehensive income, changes in equity and cash flows of
the Company in accordance with Ind AS and other accounting
principles generally accepted in India. This responsibility also
includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the
assets 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, the Board of
Directors 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 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
Companys financial reporting process.

Auditors Responsibilities 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 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 an 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 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 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.

2. 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 the matters stated in paragraph 2(i)(vi) below on
reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014.

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 March 31, 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 the maintenance of accounts and
other matters connected therewith, reference is
made to our remarks in the paragraph 2(b) above
on reporting under Section 143(3)(b) of the Act and
paragraph 2(i)(vi) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules, 2014.

g) With respect to the adequacy of the internal financial
controls with reference to financial statement of the
Company and the operating effectiveness of such
controls, refer to our separate Report in "Annexure
B". Our report expresses an unmodified opinion
on the adequacy and operating effectiveness of the
Companys internal financial controls with reference to
financial statements.

h) With respect to the other matters to be included in the
Auditors 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.

i) 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:

i. The Company has disclosed the impact of pending
litigations as on March 31, 2026 in its financial
position in its standalone financial statements.
Refer Note 39 to the standalone financial
statements.

ii. The Company has made provision, as required
under the applicable law or accounting standards,
for material foreseeable losses, if any, 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 Company.

iv. (a) The Management has represented that,

to the best of its knowledge and belief, 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 Company to or in any
other person or entity, including foreign entity
("Intermediaries"), with the understanding,
whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly
or indirectly lend or invest in other persons or
entities identified in any manner whatsoever
by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries.

(b) The Management has represented, that,
to the best of its knowledge and belief, no
funds (which are material either individually
or in the aggregate) have been received by
the Company from any person or entity,
including foreign entity ("Funding Parties"),
with the understanding, whether recorded in
writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest
in other persons or entities identified 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 that have been
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.

v. As stated in Note 36(b) to the standalone financial

statements:

(a) The Company has not proposed final dividend

during the previous year.

(b) The interim dividend declared and paid by the

Company during the year is in compliance
with Section 123 of the Act.

(c) The Company has not proposed a final
dividend for the year.

vi. Based on our examination which included test
checks, the Company, in respect of financial
year commencing on April 1, 2025, has used an
accounting software for maintaining its books of
account which has feature of recording audit trail
(edit log) and the same has operated throughout

the year for all relevant transactions recorded in
the software. Further the audit trail feature of
aforesaid software at the database level was
enabled except at certain critical data base tables.
Further, during the course of our audit we did not
come across any instance of the audit trail feature
being tampered with on accounting software
where this feature is enabled.

Additionally, the audit trail has been preserved by
the company as per the statutory requirements for
record retention.

For S S Kothari Mehta & Co. LLP For Devesh Parekh & Co.

Chartered Accountants Chartered Accountants

Firms registration number: 000756N/N500441 Firms registration number: 013338N

Vijay Kumar Meenakshi

Partner Partner

Membership number: 092671 Membership number: 527873

UDIN: 26092671CFASLV8644 UDIN: 26527873ANMSWC7286

Place: Delhi Place: Delhi

Date : May 28, 2026 Date : May 28, 2026

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 Insecticides (India) Limited of even date)

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 & equipment:

(a) (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.

(B) The Company has maintained proper records
showing full particulars of intangible assets.

(b) The property, plant and equipment and right-of-
use assets have been physically verified by the
management according to the program of periodical
verification in phased manner, which, in our opinion, is
reasonable having regard to the size of the Company
and the nature of its Property, Plant and Equipment.
According to the information and explanations given
to us, no material discrepancies were noticed on such
verification.

(c) Based on our examination of the property tax receipts
and lease agreement for land on which building is
constructed, registered sale deed / transfer deed /
conveyance deed 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) Based on the information and explanation provided
to us, 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. (a) We have been explained by the management that

the inventory (other than material in transit) has
been physically verified at reasonable intervals and
the procedures of physical verification of inventory
followed by the management are reasonable in
relation to the size of the Company and nature of its
business. According to information and explanations
given to us, the material discrepancies, if any, noticed
on such physical verification of inventory as compared
to book records were properly dealt within the books
of accounts. Discrepancies of 10% or more in the
aggregate for each class of inventory were not noticed.

(b) According to the information and explanations given
to us, the Company has been sanctioned working
capital limits against security of current assets in excess
of five crore rupees, in aggregate, from banks or
financial institutions. Based upon the audit procedure
performed by us, the quarterly returns or statements
filed by the Company with such banks or financial
institutions are materially in agreement with the books
of account of the Company.

iii. (a) According to the information and explanations given

to us and based on our examination of records, the
Company has not provided loans or advances in the
nature of loans, or stood guarantee, or provided
security to any other entity.

(b) In our opinion, the investments made by the Company
during the year are prima facie not prejudicial to the
Companys interest. Further, the Company has not
provided any Guarantee or security to other entity.

(c) The Company has not granted any loan and advances
in the nature of loans during the year. Hence, reporting
under clause 3(iii)(c),(d), (e) & (f) of the Order is not
applicable.

iv. According to the information, explanations and
representations given to us and based upon audit

procedures performed, we are of the opinion that in
respect of loans, investments, guarantees and securities,
the Company has complied with the provisions of sections
185 and 186 of the Act.

v. In our opinion, and according to the information and
explanations given to us, the Company has not accepted any
deposits or there is no amount which has been considered
as deemed deposit within the meaning of sections 73 to
76 of the Act and the Companies (Acceptance of Deposits)
Rules, 2014 (as amended). Accordingly, reporting under
clause 3(v) of the Order is not applicable to the Company.

vi. We have broadly reviewed the books of account maintained
by the Company pursuant to the rules made by Central
Government for the maintenance of the cost records under
section 148(1) of the Act in respect to the Companys
products to which said rules are made applicable 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 said records with a view to

determine whether they are accurate or complete.

vii. (a) According to the information and explanations given
to us and on the basis of examination of the records of
the Company, the Company has generally been regular
in depositing undisputed statutory dues including,
provident fund, employees state insurance, income
tax, goods and service tax, custom duty, cess and any
other material statutory dues with the appropriate
authorities to the extent applicable and further there
were no undisputed statutory dues payable for a
period of more than six months from the date they
become payable as at March 31, 2026.

(b) According to the records and information and
explanations given to us, there are no dues in respect
of income tax, sales tax, service tax, goods and service
tax, duty of excise, duty of custom and value added
tax that have not been deposited on account of any
dispute except as given below:

Name of the Statute No.	Nature of Dues	Period to which it Relates	Forum where Dispute is Pending	Gross Liability (A)	Amount Deposited Under Protest (B)	Net Amount (Rs. In Lacs) (A-B)
1 Gujarat Stamp Act, 1958	Stamp Duty	2013-14	High Court of Gujarat	89.60	19.60	70.00
2 Gujarat Value Added Tax Act, 2003	VAT & CST	2011-12 & 2012-13	Value Added Tax Tribunal, Gujarat	371.73	103.27	268.46
3 Andhra Pradesh VAT Act, 2005	VAT	2014-15	APVAT Appellate Tribunal, Visakhapatnam.	122.08	61.04	61.04
4 Central Excise Act, 1944	Excise Duty	2015- 16, 2016- 17 & 2017- 18	CESTAT, Chandigarh	294.37	14.72	279.65
5 Central Excise Act, 1944	Excise Duty	2012- 13 & 2013- 14	CESTAT, Chandigarh	135.14	6.77	128.37
6 CGST Act , 2017	Goods and service tax	2017-18	Company is in process of filing appeal before GSTAT	25.00	2.50	22.50
7 CGST Act , 2017	Goods and service tax	2019-20	Joint Commissioner Central GST (Appeals), New Delhi	8.08	0.41	7.67
8 CGST Act , 2017	Goods and service tax	2018-19	Joint Commissioner Central GST (Appeals), Rajasthan	0.84	0.06	0.78
9 CGST Act , 2017	Goods and service tax	2018-19	Joint Commissioner Central GST Appeals), Rajasthan	2.19	0.11	2.08
10 CGST Act , 2017	Goods and service tax	2021-22	Joint Commissioner Central GST (Appeals), Rajasthan	0.71	0.00	0.71
11 The Custom Terrif Act 1975	Custom Duty	2012-2015	CESTAT, Mumbai	71.30	0.00	71.30

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. (a) According to the information and explanation given

to us and based on our examination of records, the
Company has not defaulted on repayment of loans
and borrowings or in the payment of interest thereon
to any lender.

(b) According to the information and explanations given
to us and based on our examination of records, the
Company has not been declared a willful defaulter by
any bank or financial institution or government or any
government authority.

(c) In our opinion and according to the information and
explanation given to us by the management, term
loans were applied for the purpose for which the loans
were obtained.

(d) According to the information and explanations given
to us and on an overall examination of the financial
statements of the Company, funds raised on short
term basis have, prima facie, not been used during the
year for long-term purposes by the Company.

(e) According to the information and explanation given
to us and based on our examination of records, the
Company has not taken any funds from any entity or
person on account of or to meet the obligations of its
subsidiaries or joint venture.

(f) According to the information and explanation given
to us and based on our examination of records, the
Company has not raised loans during the year on the
pledge of securities held in its Subsidiaries or joint
venture.

x. (a) According to the information and explanation given

to us and based on our examination of records, the
Company has not raised moneys by way of initial
public offer or further public offer (including debt
instruments) during the year. Accordingly, reporting
under clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanation given
to us and based on our examination of records, during

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

xi. (a) According to the information and explanation given

to us and based on our examination of records, no
material 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 upto the date of audit report.

(c) According to the information and explanation given
to us and based on our examination of records, no
whistle blower complaints received by the Company
during the year.

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

xiii. According to the information and explanation given to us
and based on our examination of records, 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) Based on information and explanations provided to us

and our audit procedures, 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. According to the information and explanation given to
us and based on our examination of records, during the
year the Company has not entered into any non-cash
transactions with its Directors or persons connected with
its directors, therefore provisions of section 192 of the
Companies Act, 2013 are not applicable to the Company.

xvi. (a) According to the information and explanation given

to us and based on our examination of records, the
Company is not required to be registered under
section 45-IA of the Reserve Bank of India Act, 1934.
Accordingly, reporting under clause 3(xvi) (a) of the
Order is not applicable.

(b) According to the information and explanation given
to us and based on our examination of records, the
Company has not conducted any Non-Banking
Financial or Housing Finance activities. Accordingly,
reporting under clause 3(xvi) (b) of the Order is not
applicable.

(c) According to the information and explanation given
to us and based on our examination of records, the
Company is not a Core Investment Company (CIC) as
defined in the regulations made by the Reserve Bank
of India. Accordingly, reporting under clause 3(xvi) (c)
of the Order is not applicable.

(d) According to the information and explanation given to
us and based on our examination of records, there are
no core investment companies within the Group (as
defined in the Core Investment Companies (Reserve
Bank) Directions, 2016). Accordingly, clause 3(xvi)(d) of
the Order is 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
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. In our opinion and according to the information and
explanations given to us, there is no unspent amount
under sub-section (5) of Section 135 of the Act pursuant to
any project. Accordingly, clause 3(xx)(a) and 3(xx)(b) of the
Order are not applicable.

For S S Kothari Mehta & Co. LLP For Devesh Parekh & Co.

Chartered Accountants Chartered Accountants

Firms registration number: 000756N/N500441 Firms registration number: 013338N

Vijay Kumar Meenakshi

Partner Partner

Membership number: 092671 Membership number: 527873

UDIN: 26092671CFASLV8644 UDIN: 26527873ANMSWC7286

Place: Delhi Place: Delhi

Date : May 28, 2026 Date : May 28, 2026

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

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

Report on the Internal Financial Controls over Financial
Reporting 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 financial statements of Insecticides (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 Responsibility for Internal Financial
Controls

The Board of Directors of the Company is responsible for
establishing and maintaining internal financial controls based
on the internal control with reference to financial statements
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.
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
respective 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 internal financial
controls with reference to financial statements of the Company
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 Act, 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 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 financial statements and their
operating effectiveness. Our audit of internal financial controls
with reference to financial statements included obtaining an
understanding of internal financial controls with reference to
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 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 system with reference to financial
statements of the Company.

Meaning of Internal Financial Controls with reference to
financial statements

A Companys internal financial control with reference to
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 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
authorisations of management and directors of the Company;
and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised 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 financial statements

Because of the inherent limitations of internal financial controls
with reference to 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 financial statements to
future periods are subject to the risk that the internal financial
control with reference to 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 with
reference to financial statements and such internal financial
controls with reference to financial statements were operating
effectively as at March 31, 2026, based on the internal control
with reference to financial statements 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.

For S S Kothari Mehta & Co. LLP For Devesh Parekh & Co.

Chartered Accountants Chartered Accountants

Firms registration number: 000756N/N500441 Firms registration number: 013338N

Vijay Kumar Meenakshi

Partner Partner

Membership number: 092671 Membership number: 527873

UDIN: 26092671CFASLV8644 UDIN: 26527873ANMSWC7286

Place: Delhi Place: Delhi

Date : May 28, 2026 Date : May 28, 2026