1. We have audited the accompanying standalone financial statements oF The Bombay Burmah Trading Corporation Limited
('the Company'), which comprise the Standalone Balance Sheet as at 31 March 2026, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flows and the Standalone Statement of
Changes in Equity For the year then ended, and notes to the standalone financial statements, including material accounting
policy information and other explanatory information, in which are included the returns for the year ended on that date
audited by the branch auditors of the Company's branch located at Usambara in Tanzania.

2. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration
oF the reports oF the branch as referred to in paragraph 15 below, 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') specified under section 133 oF the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, oF the state oF affairs
oF the Company as at 31 March 2026, and its profit (including other comprehensive income), its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing 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 ethical 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 Code of Ethics. We believe that the audit
evidence we have obtained together with the audit evidence obtained by the branch auditors, in terms of their reports
referred to in paragraph 15 oF the Other Matter section below is sufficient and appropriate to provide a basis For our opinion.

Key Audit Matter

4. Key audit matters are those matters that, in our professional judgment, and based on the consideration oF the reports oF
the branch auditors as referred to paragraph 15 below, 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.

5. We have determined the matters described below to be the kev audit matters to be communicated in our report.

Information other than the Standalone Financial Statements and Auditor's Report thereon

6. The Company's Board of Directors are responsible For the other information. The other information comprises the information
included in the Annual Report, but does not include the standalone financial statements and our auditor's report thereon.
The Annual Report 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 will 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
identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent
with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate
the matter to those charged with governance of the company.

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

7. The accompanying standalone financial statements have been approved by the Company's Board of Directors. The Company's
Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation and
presentation of these standalone financial statements that give a true and fair view of the standalone financial position,
standalone financial performance including other comprehensive income, standalone changes in equity and standalone cash
flows of the Company in accordance with the Ind AS specified under section 133 of the Act 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 financial statements that give a true and fair view and are free from material misstatement, whether due
to fraud or error.

8. In preparing the standalone financial statements, the 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

9. The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

10. 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 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 standalone financial statements.

11. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act 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 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 of the company;

• Conclude on the appropriateness of Board of Directors' 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; and

• Obtain sufficient appropriate audit evidence regarding the business activities and standalone financial statements of the
Company which includes financial information of its branch, to express an opinion on the standalone financial statements.
We are responsible for the direction, supervision and performance of the audit of standalone financial statements of the
Company, and such branch included in the standalone financial statements, of which we are the independent auditors.
For the other branch included in the standalone financial statements, which have been audited by the branch auditors,
such branch auditors remain responsible for the direction, supervision and performance of the audits carried out by
them. We remain solely responsible for our audit opinion.

12. 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.

13. 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.

14. 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.

Other Matter

15. We did not audit the financial information of a branch included in the standalone financial statements of the Company whose
financial information reflects total assets of ? Nil as at 31 March 2026, and the total revenues of ? Nil and net cash outflows
of ? 0.28 Crores for the year ended on that date. These financial information have been audited by the branch auditors whose
report has been furnished to us by the management, and our opinion on the standalone financial statements, in so far as it
relates to the amounts and disclosures included in respect of this branch, and our report in terms of sub-section (3) of section
143 of the Act in so far as it relates to the aforesaid branch is based solely on the report of such branch auditors.

Further, this branch is located outside India whose financial statements and other financial information have been
prepared in accordance with accounting principles generally accepted within its country and which have been audited by
branch auditors under generally accepted auditing standards applicable within its country. The Company's management
has converted the financial statements of such branch from accounting principles generally accepted within its country
to accounting principles generally accepted in India. We have audited these conversion adjustments made by the
Company's management. Our opinion on the standalone financial statements, in so far as it relates to the amounts and
disclosures included in respect of branch is based on the report of branch auditors and the conversion adjustments
prepared by the management of the Company and audited by us.

Our opinion above on the standalone financial statements, and our report on other legal and regulatory requirements below,
are not modified in respect of the above matters with respect to our reliance on the work done by and the report of the
branch auditors.

Report on Other Legal and Regulatory Requirements

16. As required by section 197(16) of the Act, based on our audit, we report that the Company has paid 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.

17. As required by the Companies (Auditor's 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 I, a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

18. Further to our comments in Annexure I, as required by section 143(3) of the Act based on our audit, and on the consideration
of the report of the branch auditors as referred to in paragraph 15 above, we report, to the extent applicable, 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 of the accompanying standalone financial statements;

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 and proper returns adequate for the purposes of our audit have been received from the
branch not visited by us, except for the matter stated in paragraph 18(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as amended);

c) The report on the accounts of the branch office of the Company audited under section 143(8) of the Act by the branch
auditors has been sent to us and have been properly dealt with by us in preparing this report;

d) The standalone financial statements dealt with by this report are in agreement with the books of account and with the
return received from the branch not visited by us;

e) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;

f) On the basis of the written representations received from the directors and 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;

g) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in
paragraph 18(b) above on reporting under section 143(3)(b) of the Act and paragraph 18(i)(vi) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

h) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the
Company as on 31 March 2026 and the operating effectiveness of such controls, refer to our separate report in Annexure
II wherein we have expressed an unmodified opinion; and

i) 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 and based on the consideration of the reports of the branch auditors as referred to in paragraph
15 above:

i. The Company has disclosed the impact of pending litigations on its financial position as at 31 March 2026;

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

iv. a. The management has represented that, to the best of its knowledge and belief, as disclosed in note 50(g) to

the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed
funds or securities premium or any other sources or kind of funds) by the Company to or in any person or
entity, including foreign entities ('the 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 ('the 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 50(g) to
the standalone financial statements, no funds have been received by the Company from any person or entity,
including foreign entities ('the 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 performed as considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the management representations under sub¬
clauses (a) and (b) above contain any material misstatement.

v. The interim dividend declared and paid by the Company during the year ended 31 March 2026 and until the date of
this audit report is in compliance with section 123 of the Act.

vi. Based on our examination which included test checks, except for instances mentioned below, the Company, in respect
of financial year commencing on 01 April 2025, has used accounting software for maintaining its books of account
which have feature of recording audit trail (edit log) facility and the same has been 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 audit trail feature being tampered with, other than the consequential impact of the exceptions given
below. Furthermore, the audit trail has been preserved by the Company as per the statutory requirements for record
retention where the audit trail feature was enabled.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm's Registration No.: 001076N/N500013

Adi P. Sethna

Partner

Membership No.: 108840
UDIN: 26108840ONMCIV7681

Place: Mumbai
Date: 13 May 2026