Astron Multigrain Ltd Auditor Reports

(Formerly known as Astron Multigrain Private Limited)

To,

The Board of Directors

Astron Multigrain Limited

Plot No. 17 to 21, Nr. Ram Hotel,

Village: Chordi, Taluka: Gondal,

Rajkot, Gujarat-360311.

Dear Sir/Madam,

1. We have examined the attached Restated Financial Statements of Astron Multigrain Limited (formerly known as “Astron Multigrain Private Limited”) (the “Company” or the “Issuer”) comprising the Restated Statement of Assets and liabilities as on March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, the Financial Statement of Significant Accounting Policies and other explanatory information annexed to this report (the “Restated Financial Statements”) for the purpose of inclusion in the Draft Prospectus (“DP”) and Prospectus (hereinafter referred as, the “Offer Documents”) of the Company proposed to be filed with the SME platform of Bombay Stock Exchange Limited (“BSE SME”) (“Stock Exchange”) and the relevant Registrar of Companies (“ROC”). These Restated Financial Statements have been prepared by the Company and approved by the Board of Directors of the Company at their meeting held on Septmerber 09, 2025.

2. These Restated Financial Statements have been prepared in accordance with the requirements of:

(i) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the “Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;

(ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations") and related amendments / clarifications from time to time issued by the SEBI; and

(iii) 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”).

Managements Responsibility for the Restated Financial Statements

3. The Company s Board of Directors is responsible for the preparation of the Restated Financial Statements for the purpose of inclusion in the Offer Documents. The Restated Financial Statements of the Company have been extracted by the management from the Audited Financial Statements (defined hereinafter) of the Company as at and for the financial year ended March 31, 2025, March 31,2024 and March 31,2023, which have been approved by the Board of Directors.

4. The Restated Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Annexure 4 to the Restated Financial Statements. The Board of Directors of the Companys responsibility includes designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Statements. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations, and the Guidance Note.

Auditors Responsibilities

5. We have examined such Restated Financial Statements taking into consideration:

a. The terms of reference and terms of our engagement agreed with you in accordance with our engagement letter; requesting us to carry out the assignment, in connection with the proposed IPO of equity shares of the Company

b. The Guidance Note. 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 Statements; 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 proposed initial public offer of its equity

shares of the Company.

6. The Restated Financial Statements have been compiled by the management from:

i. The audited financial statements of the Company as at and for the financial year ended March 31,2025 which were prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India (“Audited Financial Statements 2025”);

ii. The audited financial statements of the Company as at and for the financial year ended March 31,2024 which were prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India (“Audited Financial Statements 2024”);

iii. The audited financial statements of the Company as at and for the financial year ended March 31,2023 which were prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India (“Audited Financial Statements 2023”).

7. The statutory audits of the for financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 were conducted by us. Accordingly, reliance has been placed on the financial information examined by them for the said years.

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

a. As referred in Paragraph 7 above; statutory audits of the for financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 were conducted by us, hence, we had not relied on reports submitted by others.

9. Based on our examination and according to the information and explanations given to us and as per the reliance placed on our audit report, we report that the Restated Financial Statements:

a) have been prepared after incorporating adjustments for changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31,2025, March 31,2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and groupings/classifications as at and for the year ended March 31, 2025;

b) does not contain any qualifications requiring adjustments; and

c) Have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

10. 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.

11. We have been subjected to the peer review process of the ICAI and hold a valid peer review certificate issued by the “Peer Review Board” of the ICAI.

12. The Restated Financial Statements do not reflect the effects of events that occurred subsequent to the respective dates of the reports on Audited Financial Statements mentioned in paragraph 7 above.

13. The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by us or Previous Auditor nor should this report be construed as a new opinion on any of the financial statements referred to therein.

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

15. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents to be filed with SEBI, Stock Exchange, and ROC 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.