Standard Glass Lining Technology Ltd Auditor Reports

a) the Sub-section (1) of Section 26 of Part I of Chapter III of the Companies Act, 2013 (the “Act”);

b) the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the “SEBI ICDR Regulations”);

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (“ICAI”), as amended from time to time (the “Guidance Note”); and

d) Email dated 28 October 2021 from Securities and Exchange Board of India (SEBI) to Association of Investment Bankers of India (“SEBI Communication”).

a) The terms of reference and terms of our engagement agreed with the Company in accordance with our engagement letter dated June 18, 2024 in connection with the Offer.

b) The Guidance Note and SEBI Communication. The Guidance Note also requires that we comply with the ethical requirements as stated in the Code of Ethics issued by the ICAI;

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

d) The requirements of Section 26 of the Act and the SEBI ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in relation to compliance with the Act, the SEBI ICDR Regulations, Guidance Note and SEBI Communication in connection with the Offer.

a) the audited consolidated Ind AS financial statements of the Group as at and for the years ended March 31, 2024 and March 31, 2023, prepared in accordance with the Indian Accounting Standards (“Ind AS") 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 June 17, 2024 and April 30, 2023, respectively;

b) the audited special purpose consolidated Ind AS financial statements of the Group as at and for the financial year ended March 31, 2022, prepared by the Management in accordance with the with Basis of Preparation, as set out in Note 2.1(A)(II) to the Restated Consolidated Financial Information, which has been approved by the Board of Directors at their meeting held on July 19, 2024.

The Special Purpose Financial Statements as at and for the year ended March 31, 2022 referred to in Para 4(b) above have been prepared after making suitable adjustments to the accounting heads from their Indian GAAP values following accounting policies and accounting policy choices (both mandatory exceptions and optional exemptions availed as per Ind AS 101) consistent with that used at the date of transition to Ind AS (April 01, 2021) and as per the presentation, accounting policies and grouping/classifications including Revised Schedule III disclosures followed as at and for the year ended March 31, 2024, in accordance with Ind AS, pursuant to the SEBI Communication.

a) Auditors reports issued by us dated June 17, 2024 and April 30, 2023 on the audited consolidated Ind AS financial statements of the Group as at and for the years ended March 31, 2024 and March 31, 2023 respectively as referred to in Para 4(a) above.

b) Auditors report issued by us dated July 19, 2024, on the audited special purpose consolidated Ind AS financial statements of the Group as at and for the financial year ended March 31, 2022, as referred in Para 4(b) above.

We did not audit the financial statements of three subsidiaries, whose financial statements reflect total assets of Rs. 435.70 million as at March 31, 2024, total revenues of Rs. 301.52 million and net cash flows amounting to Rs. 0.22 million for the financial year ended on that date, as considered in the consolidated financial statements. The consolidated financial statements also include the Groups share of net profit (including other comprehensive income) of Rs. 32.99 million in respect of the three subsidiaries for the financial year ended March 31, 2024, as considered in the consolidated financial statements. In our opinion and according to the information and explanations given to us by the Management, these financial statements are not material to the Group.

a) Restated Consolidated Financial Information have been prepared after incorporating adjustments for the changes in accounting policies, any material errors and regroupings/ reclassifications retrospectively in the each of the financial years ended March 31, 2023 and March 31, 2022, to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the financial year ended March 31, 2024, as more fully described in Note 2.1 of Annexure V and Annexure VII to the Restated Consolidated Financial Information (Restated Statement of Adjustments to Audited Financial Statements);

b) there are no qualifications in the auditors reports issued on the consolidated audited Ind AS financial statements of the Company as at and for the years ended March 31, 2024 and March 31, 2023 and on the audited special purpose consolidated Ind AS financial statements of the Company as at and for the financial year ended March 31, 2022, which require any adjustments to the Restated Consolidated Financial Information. There is an Emphasis of Matter (refer paragraph 5(b) above) which does not require any adjustment to the Restated Consolidated Financial Information; and

c) Restated Consolidated Financial Information has been prepared in accordance with the Act, the SEBI ICDR Regulations and the Guidance Note.

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