Subject: Discrepancies In Financial Result Of The Company For The Quarter \ Year Ended March 2017 - Photon Capital Advisors Ltd (509084) Ref: Email Dated July 10, 2017, Received From: Rakesh Parekh, Listing Compliance, BSE Ltd.

• Security Code: 509084
• Company: PHOTON

With reference to the abovementioned subject, Photon Capital Advisors Limited are in receipt of e-mail, attached as Annexure-I.
The replies to the queries on discrepancies mentioned in the referred mail are as follows:
1. Declaration or Statement of Impact of Audit Qualifications not submitted. Company is required to submit either Declaration (in case of Unmodified Opinion) or Statement of Impact of Audit Qualifications in case of Modified Opinion (refer SEBI circular CIR/CFD/CMD/56/2016 dated May 27, 2016) - ( For Standalone Result & Consolidated Result ).

Reply: Declaration in respect of unmodified opinion is enclosed as Annexure-II.

2. Financial Result is not as per Schedule III - Submit revised results in accordance with Schedule III format of Companies Act, 2013 (kindly refer SEBI circular Ref. CIR/CFD/FAC/62/2016 dated July 05, 2016 (Point 2.1 and 2.4 ) - ( For Standalone Results

Reply: Revised financial results in accordance with Schedule III format of Companies Act, 2013 is enclosed as Annexure-III.