We have audited the Financial Statements of
KRONOX LAB SCIENCES 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
ended on that date, and notes to the Financial
Statements, including a summary of significant
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 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 (“IND AS”), read with Companies (Indian
Accounting Standards) Rules, 2015, as

amended, 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, the
changes in equity and its cash flows for the
year ended on that date.

Basis for Opinion

We conducted our audit of the Financial
Statements in accordance with the Standards
on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013 (the “Act”).
Our responsibilities under those Standards are
further described in the Auditor's
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 (“ICAI”)
together with the ethical requirements that are
relevant to our audit of the 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
ICAI's Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and
appropriate to provide a basis for our audit
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 of the current financial 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. Based on the circumstances and
facts of the audit and Company, there are no
key audit matters to be communicated in our
report.

Information Other than the Financial
Statements and Auditor’s Report Thereon

The Company's Board of Directors is
responsible for the other information. The other
information comprises the information
included in the Company's Annual Report but
does not include the Financial Statements and
our Auditor's Report thereon.

Our opinion on the 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 Financial
Statements, our responsibility is to read the
other information 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.

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.

Responsibility of Management and Board of
Directors for Financial Statements

The Company's 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 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
Statement 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
Company'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 Company's management and Board of
Directors are also responsible for overseeing
the company's financial reporting process.

Auditor’s 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 auditor'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 Financial Statements.

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

1. Identify and assess the risks of material
misstatement of the 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.

2. 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 System in place
and the operating effectiveness of such
controls.

3. Evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting estimates
and related disclosures made by
management.

4. Conclude on the appropriateness of
management'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 Company's ability
to continue as a going concern. If we
conclude that a material uncertainty
exists, we are required to draw attention in
our auditor's 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 auditor's report.
However, future events or conditions may
cause the Company to cease to continue
as a going concern

5. 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
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.

Report on Other Legal and Regulatory
Requirements

1. As required by the Companies (Auditor'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, to the extent applicable.

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, the Statement of changes
in equity and the Cash Flow Statement
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
Companies (Indian Accounting
Standards) Rules, 2015, as amended.

e) On the basis of the written
representations received from the
directors as on 31st March 2026 taken on
record by the Board of Directors, none of
the directors is disqualified as on 31st
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 over financial
reporting of the Company and the
operating effectiveness of such controls,
refer to our separate Report in “Annexure
B”.

g) With respect to the other matters to be
included in the Auditor's 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 read with
Schedule V to the Act.

h) With respect to the other matters to be
included in the Auditor's 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. As informed to us, the Company does not
have any pending litigations which would
impact its financial position of its Financial
Statements;

ii. The Company did not have any long-term

contracts including derivative contracts
for which there were any material
foreseeable losses;

iii. There were no 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 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(s) or entity(ies),
including foreign entities

(“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 have been received by the
Company from any person(s) or
entity(ies), including foreign entities
(“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 the audit procedures that has
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.

contracts including derivative contracts
for which there were any material
foreseeable losses;

iii. There were no 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 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(s) or entity(ies),
including foreign entities

(“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 have been received by the
Company from any person(s) or
entity(ies), including foreign entities
(“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 the audit procedures that has
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.