Anand Seamless Ltd Auditor Reports

To,
The Board of Directors,
Aanand Seamless Limited
Plot No. 129-A, Antholi Patiya,
Chhatral-Kadi Road, Village Indrad, Kadi,
Mehsana-382715.

1. We have examined the attached Restated Financial Information of Aanand Seamless Limited (formerly known as Aanand Seamless Tubes Limited & Aanand Seamless Tubes Private Limited) (hereinafter referred to as "the Company"), comprising the Restated Statement of Assets and Liabilities as at March 31, 2026, March 31, 2025 and March 31, 2024, the Restated Statements of Profit and Loss and Restated Cash Flow Statement for the year ended on March 31, 2026, March 31, 2025 and March 31, 2024, the Statement of Significant Accounting Policies and other explanatory information (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on May 26, 2026 for the purpose of inclusion in the Draft Red Herring Prospectus and Prospectus (together the "Offer Document") prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares ("IPO") on the SME Platform of the Bombay Stock Exchange of India Limited ("BSE").
2. These Restated Financial Information have been prepared in accordance with the following regulations:
   a. Section 26 of Part I of Chapter III to the Companies Act, 2013 ("the Act") read with Companies (Prospectus and Allotment of Securities) Rules, 2014, as amended from time to time;
   b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (the "SEBI ICDR Regulations") and related amendments / clarifications from time to time issued by the Securities and Exchange Board of India ("SEBI");
   c. The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").
3. The Companys Board of Directors are responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Offer Document to be filed with the Securities and Exchange Board of India, relevant stock exchanges and Registrar of Companies, Ahmedabad, Gujarat ("RoC") in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company. The responsibility of the Board of Directors of the Company includes the design, implementation and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.
4. We have examined such Restated Financial Information taking into consideration:
   a. Section 26 of Part I of Chapter III to the Companies Act, 2013 ("the Act");
   b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("ICDR Regulations"); and

c. The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note"). The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

d. The terms of reference to our engagements with the Company requesting us to carry out the assignment, in connection with the Offer Documents being issued by the Company for its proposed IPO of equity shares; and

e. The concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information.

Our work was performed solely to assist you in meeting your responsibilities in relation to compliance with the Act, the SEBI ICDR Regulations and the Guidance Note in connection with the Issue.

5. We have also examined the following Restated Financial Information of the Company and included in the report prepared by the management and approved by the board of directors and annexed to this report:

6. These Restated Financial Information have been compiled by the management from Audited AS financial statements of the Company as at and for the years ended March 31, 2026, March 31, 2025 and March 31, 2024, prepared in accordance with the Accounting Standards (referred to as "AS") as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules 2021, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on May 26, 2026, September 02, 2025 and August 29, 2024 respectively.

Restated Financial Information have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexures to this Report. As a result of these adjustments, the amounts reported in the Restated Financial Information are not necessarily the same as those appearing in the audited financial statements of the Company for the relevant financial period/ years.

7. For the purpose of our examination, we have relied on:
   a. Auditors reports issued by us dated May 26, 2026 and September 02, 2025 on the financial statements of the Company as at and for the years ended March 31, 2026 and March 31, 2025 respectively, referred to in the paragraph above; and
   b. Auditors Report issued by Shah & Patel, (the "Previous Auditors") dated August 29, 2024 on the financial statements of the Company as at and for the years ended March 31, 2024, as referred in paragraph above.

The audits for the financial years ended March 31, 2024 was conducted by the Previous Auditors and accordingly reliance has been placed for the restated statement of assets and liabilities and the restated statement of profit and loss and the statement of cash flows, the Statement of Significant Accounting Policies, and other explanatory information.

8. The audit reports on the financial statements issued by the Previous Auditors were modified and included following matter(s) giving rise to modifications on the financial statements as at and for the years ended March 31, 2024:

FY 2023-24
Basis for Qualified Opinion
The company has not maintained quantity information. This is a material weakness in the Internal Controls of the company which can have impact on the financial results of the company however we are unable to ascertain the possible effect if any of the same on the financial results in the absence of necessary information. Closing Inventory has been valued at lower of cost or net realizable value. According to the management physical verification of inventory was carried out for various products. Our opinion is qualified to that extent.

9. The qualification in the audit report is restricted only to the non-maintenance of quantitative inventory records, which is a record-keeping requirement. The said qualification does not relate to the valuation of inventory. The inventory disclosed in the Balance Sheet has been correctly valued in accordance with applicable accounting standards and relevant provisions of the Companies Act. Based on the Restated Financial Information as required, no adjustment is required in the restated financial statements.

qualification. Further, relevant effect of qualification pertaining to provision for gratuity been provided for in the Restated Financial Statement.

10. In terms of Schedule VI (Part A) (11) (II) (A) (1) of the SEBI (ICDR) Regulations, 2018 and other provisions relating to accounts of Aanand Seamless Limited, we, Ching R. Shah & Associates, Chartered Accountants, have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and our certificate no. 015543 is valid as on date.
11. Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the examination report submitted by the Previous Auditors financial year ended on March 31, 2026, March 31, 2025 and March 31, 2024, we report that the Restated Financial Information:
    a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2025 and March 31, 2024 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the financial year ended March 31, 2026;
    b) have been made after giving effect to the matter(s) giving rise to modifications mentioned in paragraph 8 above; and
    c) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.
    d) do not contain any extra ordinary items that need to be disclosed separately other than those presented in the Restated Financial Statement;
    e) Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Policies and Notes to Accounts as set out in Annexure 4 to this report;
    f) there are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statement.
    g) The Company has not paid any dividend to equity shares since its incorporation.
12. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements mentioned in paragraph 6 above.
13. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us or by the Previous Auditor, nor should this report be construed as a new opinion on any of the financial statements referred to herein.
14. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

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15. Our report is intended solely for use of the Board of Directors for inclusion in the Offer documents to be filed with Securities and Exchange Board of India, relevant stock exchanges and Registrar of Companies, Ahmedabad, Gujarat in connection with the proposed IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. 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.