and 288, respectively, and elsewhere in this Prospectus have been calculated on the basis of the Restated Financial
Information of our Company.

Industry and Market Data

We have commissioned a report titled “Studying the Automotive and Industrial Engineering Business in India”
dated December 2020, prepared by CRISIL Research, for the purpose of confirming our understanding of the
industry in connection with the Offer. Further, in this regard, CRISIL Research has issued the following
disclaimer:

“CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this report
(Report) based on the Information obtained by CRISIL from sources which it considers reliable (Data). However,
CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible
for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a
recommendation to invest / disinvest in any entity covered in the Report and no part of this Report should be
construed as an expert advice or investment advice or any form of investment banking within the meaning of any
law or regulation. CRISIL especially states that it has no liability whatsoever to the subscribers / users /
transmitters/ distributors of this Report. Without limiting the generality of the foregoing, nothing in the Report is
to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not
have the necessary permission and/or registration to carry out its business activities in this regard. Craftsman
Automation Limited will be responsible for ensuring compliances and consequences of non-complainces for use
of the Report or part thereof outside India. CRISIL Research operates independently of, and does not have access
to information obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Ltd (CRIS),
which may, in their regular operations, obtain information of a confidential nature. The views expressed in this
Report are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be
published/reproduced in any form without CRISIL’s prior written approval.”

 

Industry publications generally state that the information contained in such publications has been obtained from
sources generally considered reliable, but their accuracy, adequacy or completeness and underlying assumptions
are not guaranteed and their reliability cannot be assured. Accordingly, no investment decisions should be made
based on such information. Although we consider that the industry and market data used in this Prospectus to be
reliable, it has not been independently verified by us, the Selling Shareholders, the BRLMs, or any of our or their
respective affiliates or advisors, and none of these parties makes any representation as to the accuracy of this
information. The data used in these sources may have been reclassified by us for the purposes of presentation.
Data from these sources may also not be comparable. The extent to which the industry and market data presented
in this Prospectus is meaningful depends upon the reader’s familiarity with and understanding of the
methodologies used in compiling such data. There are no standard data gathering methodologies in the industry
in which we conduct our business and methodologies and assumptions may vary widely among different market
and industry sources.

Such data involves risks, uncertainties and numerous assumptions and is subject to change based on various
factors, including those discussed in “Risk Factors - This Prospectus contains information from industry
sources including the industry report commissioned from CRISIL Research. Investors are advised not to place
undue reliance on such information.” on page 50.

Currency and Units of Presentation

All references to “Indian Rupees” or “” or “Rs.” are to Indian Rupees, the official currency of the Republic of
India. All references to “US$”, “U.S. Dollar”, “USD” or “U.S. Dollars” are to United States Dollars, the official
currency of the United States of America.

In this Prospectus, our Company has presented certain numerical information. All figures have been expressed in
millions. One million represents “10 lakhs” or 1,000,000. However, where any figures that may have been sourced
from third-party industry sources are expressed in denominations other than millions in their respective sources,
such figures appear in this Prospectus expressed in such denominations as provided in such respective sources.

Exchange Rates

This Prospectus contains conversions of U.S. Dollars and other currency amounts into Indian Rupees that have
been presented solely to comply with the requirements of the SEBI ICDR Regulations. These conversions should

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