Meenakshi India Ltd Auditor Reports

To the Members of Meenakshi India Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Meenakshi India Limited (the Company), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity 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 Financial Statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013, as amended (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, total comprehensive income, cash flows and changes in equity 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 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 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 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 financial statements for the financial year ended March 31, 2026. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial statements.

Key audit matters	How the matter was addressed in our audit
Verification of Inventory and Valuation thereof The total inventory of the Company amounting to \u20b9 2,369.10 lakhs (as at March 31, 2026) forms about 14.63% of the total assets of the Company.	Our Audit procedures based on which we arrived at the conclusion regarding reasonableness of determination of year-end inventory and valuation thereof include the following: The Company has a procedure for physical verification of inventories at regular intervals during the year by the Internal Auditors and the management; The Company carried out physical verification in April 2026;
This includes raw material such as fabric, trims, finished garments etc., which are spread across multiple production units.	\u2022 We performed independent physical verification from April 09, 2026 to April 11, 2026; \u2022 We reviewed the report submitted by the Company and obtained reasons/explanations for the variations observed with reference to the book records; \u2022 We applied alternative procedures for verification of inventories as at the year-end by applying roll-back principles and carrying out relevant adjustments for receipts and issues. Material variations and discrepancies, after considering reasonable allowances, were duly adjusted with reference to subsequent movements and discrepancies/adjustments pursuant to the last such verification carried out; \u2022 We verified the accuracy of adjustments made for receipts and consumption to arrive at the physical stock as at March 31, 2026; and \u2022 We examined the valuation process/methodology and checks performed at multiple levels to ensure that the valuation was consistent with the accounting policy followed in this respect.
Revenue recognition Revenue is one of the key profit drivers and is therefore susceptible to misstatement. Cut-off is the key assertion insofar as revenue recognition is concerned. There is a risk that revenue is recognised on sale of goods around the year-end without substantial transfer of control and is not in accordance with Ind AS 115 - Revenue from Contracts with Customers. recognition	Principal Audit Procedures performed: Revenue is one of the key profit drivers and is therefore susceptible to misstatement. Our audit procedures included testing of the design and operating effectiveness of internal controls and substantive procedures, as follows: \u2022 We obtained an understanding of the process and evaluated the design, implementation and operating effectiveness of managements internal controls in relation to revenue recognition from sale of goods. We tested the Companys controls over the timing of revenue recognition around the year-end. \u2022 We performed cut-off testing on selected sales transactions recorded before and after the year-end to assess whether revenue was recognised in the appropriate accounting period in accordance with the terms of sale and transfer of control to the customer. \u2022 We traced selected sales transactions to supporting documents, including invoices, dispatch documents and proof of delivery, as applicable, to assess whether the related revenue had been recognised in the appropriate period.

Information other than Financials statements and Auditors Report thereon:

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Directors Report including annexures thereto, Management Discussion and Analysis Report and Business Responsibility Report, but does not include the financial statements and our auditors report thereon. The other information is expected to be made available to us after the date of this auditors report.

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

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

Independent Auditors Report

When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance as required under SA 720 (Revised), The Auditors Responsibilities Relating to Other Information.

Responsibilities of Management and those charged with governance for the 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 financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the 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 also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures to provide assurance 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements 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 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; and

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in the 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) evaluating 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 communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements for the year ended March 31, 2020 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

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.

Further to our comments in Annexure 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 purpose of our audit; b) In our opinion, proper books of account as required by law have been kept by the Company, including books of account maintained in electronic mode on servers physically located in India, 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, the Cash Flow Statement and the Statement of Changes in Equity dealt with by this report are in agreement with the books of account; d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended; e) On the basis of the written representations received from the directors as on March 31, 2026 and 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 adequacy of the internal financial controls with reference to financial statements 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; g) 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 was in excess

of the limits prescribed under Section 197 of the Act by 2.43 lakhs. The Company has recovered the said excess remuneration from the respective directors as at the date of signing of this auditors report. Except for the aforesaid matter, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 of the Act;

h) 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, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 38 to the 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 during the year ended March 31, 2026;

iv. a. The Management has represented that, to the best of its knowledge and belief, as disclosed in Note 41(G) 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 Company to or in any other person or entity, including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b. The Management has represented that, to the best of its knowledge and belief, as disclosed in Note 41(H) to the financial statements, no funds have been received by the Company from any person or entity, including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures performed as 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-clauses (a) and (b) above contain any material misstatement.

v. The Company has neither declared nor paid any dividend during the year.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2026, 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 software. 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.

For CHATURVEDI & CO LLP Chartered Accountants FRN 302137/E300286

G Venkatakrishnan, FCA Partner M.No.011255 UDIN.26011255UERCHH2276

Annexure A to the Independent Auditors Report on the financial statements for the year ended March 31, 2026

(Referred to in paragraph 2 under Report on Other Legal and Regulatory Requirements section of our Independent Auditors Report of even date on the financial statements of Meenakshi (India) Limited for the year ended March 31, 2026)

(i) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

(b) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company has maintained proper records showing full particulars of intangible assets.

(c) According to the information and explanations given to us and on the basis of the examination of the records of the Company, in our opinion, the Company has a regular programme of physical verification of its Property, Plant and Equipment, by which all properties are verified in a phased manner over a period of three years. In accordance with this programme, certain Property, Plant and Equipment were verified during the year. No material discrepancies as compared to the book records were noticed on such verification.

(d) According to the information and explanations given to us and the records of the Company examined by us, the title deeds of the immovable properties disclosed in the financial statements included in property, plant and equipment are held in the name of the Company.

(e) The Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets during the year ended March 31, 2026.

(f) According to the information and explanations given to us and the records of the Company examined by us, no proceedings have been initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988, as amended, and the rules made thereunder.

(ii) (a) As informed to us, the management has conducted physical verification of inventory at reasonable intervals during the year. In our opinion, the coverage and procedure of such verification by the management are appropriate. Discrepancies noticed on such physical verification were less than 10% in aggregate for each class of inventory, and the same has been properly dealt with in the books of account.

(b) According to the information and explanations given to us and the records of the Company examined by us, the Company has been sanctioned working capital limits in excess of ?5 crore, in aggregate, from banks during the year on the basis of security of current assets of the Company. The quarterly returns filed by the Company with such banks are in agreement with the books of account of the Company.

(iii) (a) According to the information and explanations given to us and based on the audit procedures performed by us during the year, the Company has made investments in companies and has provided security to a company during the year. The Company has not provided any guarantee or granted any loans or advances in the nature of loans to any company during the year.

The aggregate amount of security provided during the year and the balance outstanding as at March 31, 2026 are as follows:

Particulars	Guarantee	Security	Loans
Aggregate amount granted/provided during the year \u2013 Related parties / other entities, if applicable	Nil	Nil	Nil
Balance outstanding as at March 31, 2026	Nil	\u20b9 800.00 Lakh	Nil

(b) In our opinion, the investments made and the security provided are, prima facie, not prejudicial to the interest of the Company.

(c) In respect of the loan outstanding at the beginning of the year, the loan was repayable on demand and accordingly, the Company has not specified any schedule of repayment of principal. According to the information and explanations given to us, the amounts demanded by the Company during the year were received and the loan was fully repaid during the year.

(d) In respect of the aforesaid loan, there was no amount overdue for more than ninety days.

(e) The Company has not renewed or extended any loan or advance in the nature of loan which has fallen due during the year or granted any loans to settle the overdues of existing loans given to the same parties.

(f) The Company has not granted any loans or advances in the nature of loans during the year either which are repayable on demand or without specifying any terms or period of repayment.

(iv) Loans, investments, guarantees and security in respect of which the provisions of Sections 185 and 186 of the Companies Act, 2013 are applicable have been complied with by the Company.

(v) The Company has not accepted any deposits from the public and no amount which are deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company.

(vi) The provisions of sub-section (1) of section 148 of the Companies Act, 2013 are not applicable to the Company as the Central Government has not specified the maintenance of cost records for any of the products or services of the Company. Accordingly, the provisions stated under clause 3(vi) of the Order are not applicable to the Company.

(vii) (a) According to the information and explanations given to us and based on the audit procedures performed by us, the Company is regular in depositing with the appropriate authorities undisputed statutory dues, including goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, duty of custom, cess and other statutory dues applicable to it. There were no undisputed amounts payable in respect of the aforesaid statutory dues which were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

(b) The dues of 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 statutory dues have not been deposited on account of any dispute, are as follows:

Name of the Statute	Nature of Dues	Amount (in Lakhs)	Period to which it relates	Forum where the disputes pending
Sales Tax/VAT	TN VAT on sale of agricultural produce (Coffee)	32.12	2006-07 to 2012-13	The Appellate Deputy Commissioner (ST) has passed order in favour of the company on 03-05-2019 by deleting partial penalty and the company has filed an appeal with the Tamil Nadu Sales Tax Appellate Tribunal, Chennai against the said order.
EPF & MP Act, 1952	Contributions to the Provident Fund, Pension Fund, Employees Deposit Linked Insurance Fund and administrative charges.	14.48	2017-18 to 2020-21	The Assistant Provident Fund Commissioner has directed the company to remit the amount of \u20b914.48 Lakhs, the Company has filed an appeal against this order with this Tribunal and the same is pending.
GST Act	Penalty arising from detention of vehicle / goods in transit	2.07	2025-2026	The Company has filed an appeal against the said levy / order and the matter is pending before the appropriate appellate authority

(viii) According to the information and explanations given to us and based on the audit of the examination of the records of the Company, the Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income-tax Act, 1961. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been declared a wilful defaulter by any bank, financial institution or other lender.

(c) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company were applied for the purposes 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, no funds raised on short-term basis have been used for long-term purposes by the Company.

(e) & (f) The Company does not have any subsidiary, associate or joint venture. Accordingly, the requirements to report under clauses 3(ix)(e) and 3(ix)(f) of the Order are not applicable to the Company.

(x) (a) The Company has not raised any money during the year by way of an initial public offer or further public offer, including debt instruments. Accordingly, the requirement to report under clause 3(x)(a) of the Order is not applicable to the Company.

(b) Based on the audit procedures performed and the information and explanations given to us by the management, the Company has not made any preferential allotment or private placement of shares or fully or partly or optionally convertible debentures during the year. Accordingly, the requirement to report under clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the year.

(b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Companies Act, 2013 has been filed by the auditors in Form ADT-1 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, no whistle-blower complaints were received by the Company during the year.

(xii) The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013. Accordingly, the requirement to report under clause 3(xii) of the Order is not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable, in respect of all transactions with related parties, and the details of such transactions have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.

(xiv) The Company has an internal audit system commensurate with the size and nature of its business.

(b) The reports of the Internal Auditor for the period under audit have been considered by us.

(xv) In our opinion and according to the information and explanations given to us, the Company has not entered into any non-cash transactions with its directors, directors of its associate companies or persons connected with such directors and accordingly, the provisions of Section 192 of the Companies Act, 2013 are not applicable to the Company.

(xvi) (a) & (b) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report on clause 3(xvi)(a) of the Order is not applicable to the Company.

(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Company.

(d) According to the information and explanations provided to us, the Group, as defined under the Core Investment Companies (Reserve Bank) Directions, 2016, has one Core Investment Company as part of the Group, held by the promoter.

(xvii) The Company has not incurred cash losses in the current year as well as in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial ratios disclosed in Note 41(L) to the financial statements, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, 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 the Company is not capable of meeting its liabilities existing as at the date of the 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.

Also refer to the Other Information section of our main auditors report, which explains that the other information comprising the information included in the annual report is expected to be made available to us after the date of this auditors report.

(xx) (a) & (b) 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 Companies Act, 2013 pursuant to any ongoing project. Accordingly, the requirements to report under clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable to the Company.

(xxi) The Company is not required to prepare consolidated financial statements. Accordingly, the requirement to report under clause 3(xxi) of the Order is not applicable to the Company.

Annexure B to the Independent Auditors Report

Annexure B to the Independent Auditors Report on the financial statements of Meenakshi India Limited for the year ended March 31, 2026

(Referred to in paragraph 2 (f) under Report on Other Legal and Regulatory Requirements of our report of even date)

Report on the Internal Financial Controls with Reference to 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 financial statements of Meenakshi India Limited (the Company) as at March 31, 2026 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls 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 (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 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 Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to 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 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 with reference to 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 financial statements were established and maintained and whether 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 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 controls based on the assessed risk. The procedures selected depend on the auditors judgement, 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 Companys internal financial controls with reference to financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

A Companys internal financial controls with reference to financial statements are processes 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 controls with reference to financial statements include 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 controls 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, the Company has, in all material respects, adequate internal financial controls 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 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.

Place: Chennai Date: May 29, 2026

For CHATURVEDI & CO LLP Chartered Accountants FRN 302137E/300286

G Venkatakrishnan, FCA Partner M. No. 011255 UDIN. 26011255UERCHH2276