Mafatlal Industries Ltd Auditor Reports

Independent Auditors Examination Report on the restated statements of assets and liabilities
as at 31st March, 2025, restated statement of profits and losses (including other comprehensive
income), restated statement of cash flows and changes in equity for year ending on 31st March,
2025, statement of significant accounting policies and other explanatory information of Emkay
Tools Limited (collectively, the "Restated Financial Information")

To

The Board of Directors
Emkay Tools Limited

Dear Sirs:

1 We have examined the attached Restated Financial Information of Emkay Tools Limited (the
"Company") annexed to this report and prepared by the Company for the purpose of inclusion in
the Draft Information Memorandum ("IM") in connection with proposed listing of its equity
sharesfProposed Listing"). The Company with its advisors having evaluated the provisions of the
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended ("ICDR Regulations") have requested the statutory auditors vide its
letter dated May 17^th, 2025 to examine these Restated Financial Information. The Restated
Financial Information, which have been approved by the Board of Directors of the Company at their
meeting held on May 20^th, 2025, have been prepared in accordance with the requirements of:

a) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended ("ICDR Regulations"); and

b) The Guidance Note on Reports in Company Prospectuses (Revised 2019) (as amended) issued
by the Institute of Chartered Accountants of India ("ICAI"), (the "Guidance Note").

Managements Responsibility for the Restated Financial Information

2. The preparation of the Restated Financial Information, which are to be included in the IM is the
responsibility of the Management of the Company. The Restated Financial Information have been
prepared by the Management of the Company on the basis of preparation, as stated in Note 3 to
the Restated Financial Information. The Managements responsibility includes designing,
implementing and maintaining adequate internal control relevant to the preparation and
presentation of the Restated Financial Information. The Management is also responsible for
identifying and ensuring that the Group complies with ICDR Regulations and the Guidance Note.

Auditors Responsibilities

3. We have examined such Restated Financial Information taking into consideration:

a) the terms of reference and terms of our engagement agreed with you vide our engagement letter
dated May 17^th , 2025, requesting us to carry out the assignment, in connection with the
proposed listing of the Company;

b) the Guidance Note. The Guidance Note also requires that we comply with ethical requirements
of the Code of Ethics Issued by ICAI.

c) concepts of test checks and materiality to obtain reasonable assurance based on the verification
of evidence supporting the Restated Financial Information; and

d) The requirements of the ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in reJatiocLtP your
compliance with the ICDR Regulations in connection with the proposed listing. /. ixVCA.^j? X

4. These Restated Financial Information have been compiled by the management of the Company
from:

a) Audited financial statements as at and for the year ended March, 31st, 2025 which were
prepared in accordance with the Accounting Standard as prescribed under Section 133 of the
Act read with Companies (Indian Accounting Standards) Rules 2015, as amended and other
accounting principles generally accepted in India, which have been approved by the Board of
Directors at their meeting held on May 20^th, 2025.

5. Based on our examination and according to the information and explanations given to us as at the
end of period in respect of the Company, we report that Restated Financial Information of the
Company:

i. have been prepared after incorporating adjustments for the changes in accounting policies,
material errors and regrouping/reclassifications to reflect the same accounting treatment as
per the accounting policies and grouping/classifications followed as at and for the year
ended March 31st, 2025;

ii. there are no qualifications in the auditors reports on the audited financial statements of the
Company during previous periods which require any adjustments to the Restated Financial
Information.

6. This report should not in any way be construed as a reissuance or re-dating of any of the previous
audit reports issued by us, nor should this report be construed as a new opinion on any of the
financial statements referred to herein.

7. The Restated Financial Information do not reflect the effects of events that occurred subsequent to
the audited financial statements mentioned in paragraph 4(a) above.

8. We have no responsibility to update our report for events and circumstances occurring after the date
of the report.

9. Our report is intended solely for use of the Board of Directors for inclusion in the IM to be filed with
Securities and Exchange Board of India, National Stock Exchange of India Limited, BSE Limited and
Registrar of Companies Maharashtra in connection with the proposed listing. Our report should not
be used, referred to, or distributed for any other purpose. Accordingly, we do not accept or assume
any liability or any duty of care for any other purpose or to any other person to whom this report is
shown or into whose hands it may come.

For P S Thakare and Co.

Chartered Accountants

ICAI Firm Registration Number: 128572W -

 

CA B S Thakare

Partner

Membership Number: 127522

UDIN: 25127522BMJAE03343

Place: Nagpur

Date: 20/05/2025