Arabian Petroleum Ltd Auditor Reports

To,

The Board of Directors,

Arabian Petroleum Limited,

Plot 14-B, Morivali M.I.D.C.,

Opp. Positive Packaging, Ambernath (W), Thane - 421505

Dear Members,

1. We have examined the attached Restated Financial Statements of Arabian Petroleum Limited, comprising the Restated Statement of Assets and Liabilities as at March 31, 2023, 2022 and 2021 the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the years/period ended March 31, 2023, 2022 and 2021 the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these Restated Financial Statements (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on September 01,2023 for the purpose of inclusion in the Draft Prospectus/ Prospectus ("Draft Prospectus/Prospectus") prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares ("SME IPO") prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the "Act");

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Draft Prospectus/Prospectus to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Mumbai in connection with the proposed SME IPO. The Restated Financial Information has been prepared by the management of the Company on the basis of preparation stated in Annexure IV of the Restated Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Companies Act, (ICDR) Regulations and the Guidance Note.

3. We, M/s MNT and Associates LLP Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India ("ICAI") and holds the peer review certificate dated 12-08-2021 valid till 31-08-2025. We confirm that there is no express refusal by the peer review board of THE ICAI to renew the certificate and the process to renew the peer review certificate has been initiated by us.

4. We have examined such Restated Financial Information taking into consideration:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated December 15,2021 in connection with the proposed IPO of the Company;

b) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information; and

d) The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

5. These Restated Financial Information have been compiled by the management from the Audited Financial Statements of the Company for the period ended March 31, 2023, 2022 and 2021 which has been approved by the Board of Directors. The financial statements of the Company for the year ended March 31,2021 have been audited by M/s Viral Jain & Associates and the financial statements for the year ended March 31,2022 as well as March 31, 2023 have been audited by us.

6. For the purpose of our examination, we have relied on:

a) Auditors reports issued by us dated 15^th June, 2022 and 01^st September, 2023 on the financial statements of the Company as at and for the period ended March 31, 2022 and March 31, 2023 respectively as referred in Paragraph 5 above;

b) Auditors reports issued by M/s Viral Jain & Associates dated November 29, 2021on the financial statements of the Company as at and for the period ended March 31, 2021 as referred in Paragraph 5 above;

7. Based on our examination and according to the information and explanations given to us, we report that the Restated Financial Information have been prepared:

a) after incorporating adjustments for the changes in accounting policies and regrouping/reclassifications retrospectively, if any in the financial years ended March 31, 2023, 2022 and 2021 to reflect the same accounting treatment as per the accounting policies and grouping/classifications; and

b) In accordance with the Act, ICDR Regulations and the Guidance Note.

8. We have also examined the following Notes to the Restated financial information of the Company set out in the Annexure IV, prepared by the management and approved by the Board of Directors on September 01, 2023 for the years ended March 31, 2023, 2022 and 2021.

Annexure IV - Notes to the Restated Summary Financial Information;

a) Restated Statement of Share Capital, Reserves and Surplus as appearing in Note A to this report;

b) Restated Statement of Long-Term Borrowings as appearing in Note B to this report;

c) Restated Statement of principal terms of Secured Loans and Assets charged as security as appearing in Note B(a) to this report;

d) Restated Statement of Deferred Tax (Assets) / Liabilities as appearing in Note C to this report;

e) Restated Statement of Long Term Provisions as appearing in Note D to this report;

f) Restated Statement of Short Term borrowings as appearing in Note E to this report;

g) Statement of terms & conditions of unsecured loans as appearing in Note E(a) to this report;

h) Restated Statement of Trade Payables as appearing in Note F to this report;

i) Restated Statement of Other Current Liabilities as appearing in Note G to this report;

j) Restated Statement of Short Term Provisions as appearing in Note H to this report;

k) Restated Statement of Fixed Assets as appearing in Note I to this report;

l) Restated Statement of Trade Receivables as appearing in Note J to this report;

m) Restated Statement of Cash and Cash Equivalents as appearing in Note K to this report;

n) Restated Statement of Non -Current Investments as appearing in Note L to this report;

o) Restated Statement of Short-term Loans and Advances as restated as appearing in Note M to this report;

p) Restated Statement of Inventories as appearing in Note N to this report;

q) Restated Statement of Short Term Loans and Advances as appearing in Note O to this report;

r) Restated Statement of Other Current Assets as appearing in Note P to this report;

s) Restated Statement of Revenue from Operations as appearing in Note Q to this report;

t) Restated Statement of Other Income as appearing in Note R to this report;

u) Restated Statement of Purchase of Material as appearing in Note S to this report;

v) Restated Statement of Change in Inventories as appearing in Note T to this report;

w) Restated Statement of Employee Benefit Expenses as appearing in Note U to this report;

x) Restated Statement of Depreciation & Amortization as appearing in Note V to this report ;

y) Restated Statement of Finance Cost as appearing in Note W to this report;

z) Restated Statement of Other Expenses as appearing in Note X to this report ;

aa) Restated Statement of Contingent Liabilities as appearing in Note Y to this report ; bb) Restated Statement of Other Related Disclosures as appearing in Note YA to this report cc) Restated Statement of Disclosures Under AS 15 as appearing in Note YB to this report

dd) Restated Statement of Disclosures relating to MSME as appearing in Note YC to this report

ee) Restated Statement of Related Party Transactions as appearing in Note Z to this report ; ff) Restated Statement of Tax Shelter as appearing in Note ZA to this report ;

gg) Capitalisation Statement as appearing in Note ZB to this report; hh) Mandatory Accounting Ratios Statement as appearing in Note ZC to this report.

9. 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 5 above.

10. 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 any other auditor, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

11. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

12. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Prospectus/ Prospectus to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Mumbai 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.

13. In our opinion, the above financial information contained in Annexure I to Annexure IV of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure IV are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.

For M/s MNT and Associates LLP,

Chartered Accountants

FRN: W100115

Sd/-

CA Mahesh Gala

Partner

M. No. 116548

UDIN: 23116548BGUALM8746

Place: Mumbai

Date: September 01, 2023