We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1,
“Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other
Assurance and Related Services Engagements’

Inherent Limitations

9:

We draw attention to the fact that the Statement includes certain inherent limitations that can influence the
reliability of the information.

Several of the benefits mentioned in the accompanying statement are dependent on the Company or its
shareholders fulfilling the conditions prescribed under the relevant provisions of the respective tax laws.
Hence, the ability of the Company or its shareholders to derive the tax benefits is dependent upon
fulfilling such conditions, which may or may not be fulfilled. The benefits discussed in the
accompanying statement are not exhaustive and conclusive. Further, any benefits available under any
other laws within or outside India have not been examined and covered by this Statement.

The contents stated in the Statement are based on the information and explanations obtained from the
Management. The Statement is only intended to provide general information to guide the investors and is
neither designed nor intended to be a substitute for a professional tax advice. In view of the individual
nature of the tax consequences and the changing tax laws, each investor is advised to consult his or her
own tax consultant with respect to the specific tax implications arising out of their participation in the
issue. We are neither suggesting nor are we advising the investor to invest money or not to invest money
based on this statement.

Further, we give no assurance whether

. the Company or its Shareholders will continue to obtain these benefits in future;
. the conditions prescribed for availing the benefits have been/would be met;
. the revenue authorities / courts will concur with our views expressed herein.

Our views are based on the existing provisions of the direct tax laws (including Indian Income Tax Act,
1961, as amended) and indirect tax laws, presently in force in India and its interpretation, which are
subject to change from time to time. We do not assume responsibility to update the views consequent to
such changes. Nothing in this para shall limit our liability to any person which cannot be lawfully
limited.

Our views expressed in the statement enclosed are based on the facts and assumptions indicated above.
Our view is based on the information, explanations and representations obtained from the Company and
on the basis of our understanding of the business activities and operations of the Company and the
interpretation of the existing tax laws in force in India and its interpretation, which are subject to change
from time to time. We do not assume responsibility to update the views consequent to such changes.
Reliance on the statement is on the express understanding that we do not assume responsibility towards
the investors who may or may not invest in the proposed issue relying on the statement.

Opinion

10.

In our opinion, the Statement prepared by the Management presents, in all material respects, the possible
special tax benefits available as on the date of this report to the Company and its shareholders as identified
by the Management in accordance with the direct tax laws (including the Income Tax Act, 1961, as
amended) and indirect tax laws, presently in force in India.

Restriction on Use

11.

This report is addressed to and provided to the Board of Directors of the Company solely for the purposes
of the disclosure in Red Herring Prospectus and the Prospectus, in connection with the Offer, pursuant to
the SEBI ICDR Regulations. This report should not be used by any other person or for any other purpose.
Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any
other person to whom this report is shown or into whose hands it may come without our prior consent in
writing.

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