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Statement of Reconciliation Between Indian GAAP and IFRS

The Board of Directors of Meghmani Organics Limited (the “Company”) wishes to clarify that on 26 March 2008, the Company was granted the waiver by SGX-ST in compliance with Rule 220(1) of the Listing Manual and the Company is allowed to release its periodic financial reports, as well as Annual Reports, in accordance with Indian GAAP, provided it is accompanied by public disclosure of a statement of reconciliation to IFRS of the materially affected line items. A reconciliation statement is attached as Appendix I.

The Board is of the view that the variance of the profit reported for the financial year ended 31 March 2008 under the two accounting standards is not material.

By Order of the Board
Kamlesh Dinkerray Mehta
Company Secretary
28 July 2008