We have audited the accompanying Standalone Financial
Statements of 20 Microns 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 Standalone
Financial Statement, including a summary of the material
accounting policies and other explanatory information
(herein after referred to as ‘Standalone Financial
Statements').

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 (hereinafter
referred to as “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, (hereinafter
referred to as “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, 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
(hereinafter referred to as “SAs”) specified under
section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditor'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 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 we have obtained is sufficient
and appropriate to provide a basis for our audit opinion
on the Standalone Financial Statements.

Key Audit Matter(s)

Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the Standalone Financial Statements of
the current period. These matters were addressed in
the context of our audit of the Standalone Financial
Statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion
on these matters. We have determined the matters
described below to be the key audit matters to be
communicated in our report.

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

The Company's Management and Board of Directors is
responsible for the preparation of the other information.
The other information comprises the information
included in the annual report but does not include the
Standalone and Consolidated Financial Statements and
our auditor's report thereon. The other Information is

expected to be made available to us after the date of
this auditor's report.

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.

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.

Responsibilities of Management and
Those Charged with Governance for the
Standalone Financial Statements

The Company's Management and 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,
total comprehensive income, changes in equity and
cash flows of the Company in accordance with Ind
AS and 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 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 Statement
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 and Board of Directors 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 and the Board of
Directors 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 responsible for overseeing the Company's financial
reporting process.

Auditor’s Responsibilities 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 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 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 judgment and maintain professional
skepticism throughout the audit. We also:

♦ Identify 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 an adequate internal
financial controls system 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 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 Standalone
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.

♦ 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.

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 period and are
therefore the key audit matters. We describe these
matters in our auditor'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 Section 143 (3) of the Act, based on

our audit 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),
the Statement of Changes in Equity, and the
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified
under Section 133 of the Act.

e) On the basis of the written representations
received from the directors as on March 31, 2026,
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 internal financial
control with reference to the Financial Statements
of the Company and the operating effectiveness
of such controls, refer to our separate Report in
Annexure A. Our report expresses an unmodified
opinion on the adequacy and operating
effectiveness of the Company's internal financial
control with reference to the Financial Statements.

g) 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,
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 42 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.

(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). The Management has represented

that, to the best of its knowledge and
belief, other than as disclosed in note
no. 51.4 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 entity (“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 (which are material
either individually or in the aggregate)
have been received by the 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;

c) Based on the audit procedures that
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-clause (i)
and (ii) of Rule 11(e), as provided under
(a) and (b) above, contain any material
misstatement.

d) The Final Dividend proposed in the
previous year, declared and paid during
the year is in compliance with the
section 123 of the Companies Act, 2013.

As stated in Note No. 52, to the
Standalone Financial Statement, the
Board of Directors of the Company
have proposed final dividend for the
year which is subject to the approval
of the members at the ensuing
Annual General Meeting. The dividend
proposed is in accordance with section
123 of the Act.

For, Manubhai & Shah LLP

Chartered Accountants
Firm Registration No.: 106041W/W100136

Place: Ahmedabad G R Parmar

Date: 22/05/2026 Partner

Membership No.: 121462
UDIN: 26121462MVYHYW4708