Vinati Organics Ltd Auditor Reports

to the Members of Vinati Organics Limited

Report on the Audit of the Standalone Financial Statements
OPINION

We have audited the Separate financial statements (also
known as "Standalone Financial Statements") of VINATI
ORGANICS LIMITED ("the Company"), which comprise the
Balance Sheet as at 31 March 2026, the Statement of Profit
and Loss (including other Comprehensive Income), Statement
of Changes in Equity and Statement of Cash Flows for the
year then ended, and a summary of material accounting
policies and other explanatory information.

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 (Ind 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, of the state of affairs (financial
position) of the Company as at 31 March 2026, and its profit

(financial performance including Other Comprehensive
Income), the 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 AuditorRs.s
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 independence requirements that are relevant to
our audit of the Standalone Financial Statements under the
provisions of the Act and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAIRs.s 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 MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current year. 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.

1 Property, Plant & Equipment (Including Principal Audit Procedures Capex)
- Tracking and monitoring requires more attention to ensure i. reasonable accurateness and completeness of financial reporting in respect of Property, plant and equipment.	Our audit approach consisted testing of the design and operating e_ectiveness capex of the internal controls and substantive testing as follows;
ii. - Further, technical complexities require management to assess and make estimates / judgements iii. about capitalization, estimated useful life, impairment etc. which has material impact on Balance iv. sheet and operating results. Refer note 2 to Standalone financial statements	We assessed companys process regarding maintenance of records and accounting of transactions pertaining to property, plant and equipment including capital work in progress with reference to Indian Accounting Standard 16.
	We have carried out substantive audit procedures at financial and assertion level to verify the capitalization of assets as Property, Plant & Equipment
	We have reviewed management judgement pertaining to estimation of useful life and depreciation of the Property, Plant and equipment in accordance with Schedule II of the Companies Act, 2013. We have relied on physical verification conducted by management and management representations.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITORRs.S REPORT
THEREON

The CompanyRs.s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the BoardRs.s Report
including Annexures to BoardRs.s Report, Management
Discussion and Analysis, Report on Corporate Governance,
Business Responsibility and Sustainability Report, but does
not include the Standalone Financial Statements and our
auditorRs.s report thereon. Our opinion on the Standalone
Financial Statements does not cover the other information
and we do not express any form of assurance conclusion
thereon

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other information
and, in doing so, consider whether the other information
is materially inconsistent with the Standalone Financial
Statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in
this regard.

MANAGEMENTRs.S RESPONSIBILITY FOR THE
STANDALONE FINANCIAL STATEMENTS

The CompanyRs.s 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 including other comprehensive income,
Changes in Equity and Cash Flows of the Company in
accordance with the 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 of the assets
of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Financial

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

In preparing the Standalone Financial Statements,
management is responsible for assessing the CompanyRs.s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

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

AUDITORRs.S RESPONSIBILITY FOR THE AUDIT OF THE
STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditorRs.s report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these Standalone
financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional skepticism
throughout the audit. We also:

- I dentify and assess the risks of material misstatement
of the Standalone Financial Statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion, The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.

- Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section
143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate

internal financial controls 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 managementRs.s 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 CompanyRs.s
ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to
draw attention in our auditorRs.s 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 date of our auditorRs.s 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.

- Obtain sufficient appropriate audit evidence regarding
the Standalone Financial Statements of the Company
to express an opinion on the Standalone Financial
Statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify
during our audit.

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the Standalone Financial

Statements of the current year and are therefore the key
audit matters. We describe these matters in our auditorRs.s
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 (AuditorRs.s Report) Order,

2020 ("the Order") issued by the Central Government in

terms of Section 143 (11) of the Act, we give in "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, we report that:

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

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

c) The Balance Sheet, the Statement of Profit and
Loss (including other comprehensive income),
Statement of Changes in Equity and the Cash
Flow Statement dealt with by this Report are in
agreement with the books of account.

d) I n our opinion, the aforesaid Standalone Financial
Statements comply with the Indian Accounting
Standards prescribed under Section 133 of the Act.

e) On the basis of the written representations received
from the directors taken on record by the Board
of Directors, none of the directors is disqualified
as on 31 March, 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 Standalone
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 CompanyRs.s
internal financial controls with reference to
Standalone Financial Statements.

g) As required by section 197(16) of the Act, based
on our audit, we report that the Company has
paid and provided for remuneration to its directors
during the year in accordance with the provisions
of and limits laid down under section 197 read with
Schedule V to the Act

h) With respect to the other matters to be included
in the AuditorRs.s 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 on its financial position in
its Standalone financial statements - Refer
Note 28 (j) to the Standalone Financial
Statements;

ii. The Company did not have any long-term
contracts including derivative contracts, for
which there were any material foreseeable
losses during the year ended 31 March, 2026;

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) As represented to us by the management

and to the best of its knowledge and
belief, no fun ds h ave been advanced
or loaned or invested (either from
borrowed funds or share premium or
any other sources or kind of funds) by
the Company to or in any other persons
or entities, including foreign entities
(Intermediaries"), with the understanding
whether recorded in writing or otherwise
that the Intermediary shall, whether,

d irectly or ind irectly 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; and

(b) As represented to us by the management
and to the best of its knowledge and
belief, no funds (which are material
either individually or in the aggregate)
h ave been received by th e 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; and

(c) Based on such audit procedures that
h ave 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. The Company has complied with the
provisions with respect to Section 123 of
the Companies Act, 2013 in respect of final
dividend proposed in the previous year and
paid during the year and the proposed final
dividend for the year which is subject to the
approval of members at the ensuing Annual
General Meeting and;

vi. Based on our examination, which included
test checks, the Company has used an
accounting software (including new ERP
implemented w.e.f. May 2025) for maintaining
its books of account which has a feature of
recording audit trail (edit log) facility and
that has operated throughout the year for
all relevant transactions recorded in the
software. Further, the ERP system hosted
at the third party service provider location,
the access to maintain the audit trail feature
at the database level for new ERP system
is not provided to the Company, hence, we
are unable to comment whether the audit
trail feature was enabled and operated
throughout the year at database level. Also,
during the course of our audit, we did not

come across any instance of audit trail feature
being tampered with in respect of such
accounting software. Additionally, the audit
trail has been preserved by the Company
as per the statutory requirement for record
retention.

For M M NISSIM & CO LLP

Chartered Accountants
(Firm Regn. No. 107122W/W100672)

(Dimple Maru)

Partner
Mem. No.: 141312
Mumbai, 12 May, 2026
UDIN : 26141312OCJMIJ1940

ANNEXURE "A"

TO THE INDEPENDENT AUDITORRs.S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS
OF VINATI ORGANICS LIMITED

i) a) A) The company has maintained proper records

showing full particulars, including quantitative
details and situation of Property, Plant and
Equipment;

B) The company has maintained proper records
showing full particulars of Intangible Assets;

b) The Property, Plant & equipment have been
physically verified by the management in
accordance with a regular programme of
verification, which in our opinion is reasonable,
considering the size and the nature of its business.
The frequency of verification is reasonable and no
material discrepancies have been noticed on such
physical verification;

c) Based on our examination of the registered
sale deed / transfer deed / conveyance deed /
property tax paid documents (which evidences
title) provided to us, we report that, the title deeds
of all the immovable properties disclosed in the
financial statements included in property, plant and
equipment are held in the name of the Company as
at the balance sheet date except for the leasehold
land acq uired through amal gamation having
carrying value of Rs. 2.21 Crores, wherein change
in favour of the Company is pending.

d) The Company has not revalued its Property, Plant
& Equipment and Intangible Assets during the year.
Accordingly, provisions clause (i)(d) of Para 3 of the
Order are not applicable to the Company.

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

ii) a) The inventory, except for goods in transit, has been

physically verified by the management during the
year at reasonable intervals. In our opinion, the
coverage and procedure of such verification by
the management is appropriate having regard
to the size of the Company and the nature of
its operation. For goods in transit, the goods
have been received subsequent to the year-
end or confirmation have been obtained by the

Management. No discrepancies of 10% or more
in the aggregate for each class of inventory were
noticed on such physical verification of inventory
when compared with books of account.

b) According to the information and explanations given

to us, the Company has been sanctioned working
capital limits in excess of Rs.5 crores, in aggregate,
at any point of time during the year, from banks on
the basis of security of current assets. In our opinion
and according to the information and explanations
given to us, the returns or statements comprising
stock statements, book debt statements, credit
monitoring arrangement reports, statements on
ageing analysis of the debtors / other receivables,
and other stipulated financial information filed by
the Company with such banks are in agreement
with the unaudited books of account of the
Company for the respective quarters and with the
audited books of account of the company for the
fourth quarter.

iii) The company has made investments in its wholly owned
subsidiary company. The Company has not provided
any guarantee or security to companies, firms, Limited
Liability Partnerships or any other parties during the
year.

a) The Company has not provided any loans or
advances in the nature of loans or stood guarantee
or provided security to any other entity during
the year and hence reporting under clauses (iii)
(a),(c),(d),(e) and (f) of the order are not applicable.

b) In our opinion, the investments made in companies
are,prima facie, not prejudicial to the companyRs.s
interest.

iv) I n our opinion , in respect of investments mad e, the
Company has complied with the provisions of Section
186 of the Act.

v) The Company has not accepted any deposits or
amounts which are deemed to be deposits within
the meaning of Sections 73 to 76 of the Act and the
Companies (Acceptance of Deposits) Rules, 2014 as
amended. Accordingly, the provisions of clause 3(v) of
Para 3 of the Order are not applicable to the Company.

vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central
Government for the maintenance of cost records under section 148 (1) of the Act, and are of the opinion that prima facie, the
prescribed accounts and records have been made and maintained.

vii) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value added tax during the year
since effective 1st July, 2017, these statutory dues has been subsumed into GST.

a) The Company is regular in depositing undisputed statutory dues, including Goods and Service Tax, Provident Fund,
EmployeesRs. State Insurance, Income Tax, duty of customs, cess and any other statutory dues with appropriate
authorities, where applicable. There are no undisputed amounts payable in respect of such statutory dues which have
remained outstanding as at 31 March, 2026 for a period of more than six months from the date they became payable.

b) According to the records of the Company, the statutory dues referred to in sub-clause (a) above which have not been
deposited as on 31^st March 2026 on account of any dispute, are as follows:

Statute and nature of dues CUSTOMS ACT, 1962	Financial year to which the matter pertains	Forum where the dispute is pending	Rs Crores (net of amount paid under protest)
Customs Duty and penalty	March, 2012 to May 2012	Appellate Tribunal	0.45
CENTRAL EXCISE ACT, 1944 and Finance Act 1994
Service Tax	Jan., 2012 to Nov., 2012	Appellate Tribunal	0.02
GST Act
GST	2017-18 to 2021-22	Appellate Commissioner	0.16

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

ix) a) The Company has not defaulted in repayment of

loans or other borrowings or in the payment of
interest thereon to any lender during the year.

b) According to the information and explanations
given to us and on the basis of our audit procedures,
we report that the Company has not been declared
wilful defaulter by any bank or financial institution
or government or any government authority.

c) The Company has not taken any term loan during
the year and there are no outstanding term
loans at the beginning of the year. Accordingly,
provisions clause (ix)(c) of Para 3 of the Order are
not applicable to the Company.

d) According to the information and explanations
given to us, and the procedures performed by us,
and on an overall examination of the Standalone
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) On an overall examination of the financial
statements of the Company, the Company has
not taken any funds from any entity or person
on account of or to meet the obligations of its
subsidiary

f) The Company has not raised loans during the year
on the pledge of securities held in its subsidiary.
Accordingly, provisions clause (ix)(f) of Para 3 of the
Order are not applicable to the Company.

x) a) The Company has not raised moneys by way of
initial public offer or further public offer (including
debt instruments) during the year. Accordingly,
provisions clause (x)(a) of Para 3 of the Order are
not applicable to the Company.

b) The Company has not made any preferential
allotment or private placement of share or fully
convertible debentures (fully, partially or optionally
convertible) during the year and accordingly
provisions of clause (x)(b) of Para 3 of the Order are
not applicable to the Company.

xi) a) On the basis of our examination and according to

the information and explanations given to us, no
fraud by the Company or any material fraud on the
company has been noticed or reported during the
year, nor have we been informed of any such case
by the management.

b) To the best of our knowledge, 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.

c) As represented to us by the management, there
are no whistle blower complaints received by the
Company during the year.

xii) The Company is not a Nidhi Company and accordingly
provisions of clause (xii) of Para 3 of the order are not
applicable to the Company.

xiii) On the basis of our examination and according to the
information and explanations given to us, we report
that all the transaction with the related parties are in
compliance with Section 177 and 188 of the Act, and the
details have been disclosed in the Financial statements
in Note 28(f) as required by the applicable accounting
standards.

xiv) a) In our opinion the Company has an adequate

internal audit system commensurate with the size
and the nature of its business.

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

xv) According to the information and explanations given to
us, in our opinion during the year the Company has not
entered into any non -cash transactions with directors
or persons connected with the directors and hence
provisions of Sec 192 of the Companies Act, 2013 are
not applicable to the company.

xvi) a) The Company is not required to be registered

under section 45-IA of the Reserve Bank of India
Act, 1934 and accordingly, provisions of clause (xvi)
of Para 3 of the Order are not applicable to the
Company.

b) During the year, the Company has not conducted
any Non-Banking Financial or Housing Finance
activities and accordingly, provisions of clause (xvi)
(b) of Para 3 of the Order are not applicable to the
Company.

c) The Company is not a Core Investment Company
(CIC) as defined in the Regulations made by
theReserve Bank of India and accordingly the
provisions of clause (xvi) of Para 3 of the Order is
not applicable to the Company.

d) The group does not have any CIC as a part of the
group and accordingly reporting under clause (xvi)

(d) of Para 3 of the Order is not applicable to the
Company.

xvii) The Company has not incurred cash losses during
the Financial Year covered by our audit and in 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 realization 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) a) There are no unspent amounts towards Corporate
Social Responsibility (CSR) on other than ongoing
projects requiring a transfer to a Fund specified in
Schedule VII to the Companies Act in compliance
with second proviso to sub-section (5) of Section
135 of the said Act. Accordingly, reporting under
clause 3(xx)(a) of the Order is not applicable for the
year.

b) In respect of ongoing projects, the Company
has transferred unspent Corporate Social

Responsibility (CSR) amount as at the end of the
previous financial year, to a Special account within
a period of 30 days from the end of the said
financial year in compliance with the provision of
section 135(6) of the Act.

For M M NISSIM & CO LLP

Chartered Accountants
(Firm Regn. No. 107122W/W100672)

(Dimple Maru)

Partner
Mem. No.: 141312
Mumbai, 12 May, 2026
UDIN : 26141312OCJMIJ1940

"ANNEXURE B"

TO THE INDEPENDENT AUDITORRs.S REPORT OF EVEN DATE ON THE STANDALONE IND AS FINANCIAL
STATEMENTS OF VINATI ORAGNICS LIMITED

Report on the Internal Financial Controls with reference to
standalone financial statements under Clause (i) of Sub-
section 3 of Section 143 of the Companies Act, 2013 ("the
Act")

OPINION

We have audited the internal financial controls with reference
to Standalone Financial Statements of VINATI ORGANICS
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.

In our opinion, the Company has, in all material respects,
an adequate internal financial controls with reference to
Standalone Financial Statements and such internal financial
controls with reference to standalone financial statements
were operating effectively as at March 31, 2026, based on
the internal financial control with reference to standalone
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 (ICAI).

MANAGEMENTRs.S RESPONSIBILITY FOR INTERNAL
FINANCIAL CONTROLS

The CompanyRs.s management is responsible for establishing
and maintaining internal financial controls with reference to
Standalone Financial Statements based on the internal control
over financial reporting criteria established by the Company
considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting issued by the Institute of
Chartered Accountants of India (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 CompanyRs.s 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.

AUDITORSRs. RESPONSIBILITY

Our responsibility is to express an opinion on the CompanyRs.s
internal financial controls with reference to Standalone
Financial Statements based on our audit. We conducted
our audit in accordance with the Guidance Note on Audit
of Internal Financial Controls over Financial Reporting (the
"Guidance Note") issued by 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 Standalone Financial Statements. Those
Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether adequate
internal financial controls with reference to Standalone
Financial Statements was established and maintained and if
such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial controls
with reference to Standalone Financial Statements and
their operating effectiveness. Our audit of internal financial
controls with reference to Standalone Financial Statements
includes obtaining an understanding of internal financial
controls with reference to Standalone Financial Statements,
assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of
internal control based on the assessed risk. The procedures
selected depend on the auditorRs.s 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 CompanyRs.s internal financial controls system
with reference to Standalone Financial Statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO FINANCIAL STATEMENTS

A CompanyRs.s internal financial control with reference to
Standalone Financial Statements is a process designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted
accounting principles. A CompanyRs.s internal financial
control with reference to Standalone Financial Statements
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the Company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit
preparation of 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 CompanyRs.s assets that
could have a material effect on the financial statements

INHERENT LIMITATIONS OF INTERNAL FINANCIAL
CONTROLS WITH REFERENCE TO STANDALONE
FINANCIAL STATEMENTS

Because of the inherent limitations of internal financial
controls over financial reporting with reference to Standalone
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 Standalone Financial
Statements to future periods are subject to the risk that
the internal financial control with reference to Standalone
Financial Statements may become inadequate because of
changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.

For M M NISSIM & CO LLP
Chartered Accountants
(Firm Regn. No. 107122W/W100672)

(Dimple Maru)

Partner
Mem. No.: 141312
Mumbai, 12 May, 2026
UDIN : 26141312OCJMIJ1940