Atharva Poly-Plast Ltd Auditor Reports

To

The Board of Directors
Atharva Poly-Plast Limited

(Formerly known as Atharva Poly-Plast Private Limited)

W-163A, S-Block, MIDC Bhosari, Pune,

Maharashtra-411026

1. We have examined the attached Restated Financial Statements of Atharva Poly-Plast Limited
(Formerly known as Atharva Poly-Plast Private Limited) for the financial year ended on March 31,
2025 , March 31, 2024 and March 31, 2023 (the "Company" or the "Issuer") comprising the Restated
Statement of Assets and Liabilities as at March 31, 2025, March 31, 2024 and March 31, 2023, the
Restated Statement of Profit and Loss, the Restated Statement of Cash Flows for the financial year
ended on March 31,2025, March 31,2024 and March 31,2023, the summary of significant accounting
policies and other explanatory information (collectively, the "Restated Financial Statements"), as
approved by the Board of Directors of the Company at their meeting in connection with its proposed
SME Initial Public Offer of equity shares of the company on SME Platform of BSE Limited ("BSE
SME").

2. These restated summary statements have been prepared in accordance with the requirements of:

a. 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;

b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended from time to time in pursuance of provisions of Securities and Exchange
Board of India Act, 1992 ("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").

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial
Statements and other financial information for the purpose of inclusion in the Draft Red Herring
Prospectus / Red Herring Prospectus / Prospectus ("Offer Document") to be filed with Securities and
Exchange Board of India, relevant stock exchanges and Registrar of Companies, Pune in connection
with the proposed IPO. The Board of Directors responsibility includes designing, implementing, and
maintaining adequate internal control relevant to the preparation and presentation of the Restated
Financial Information.

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

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our
engagement letter requesting us to cany this assignment in connection with the proposed BSE SME
IPO of equity shares 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) Use 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 IPO of equity shares of the
Company.

5. The Restated Financial Statements have been prepared by the management of the Company as per
the basis of preparation para 1 & 2 stated in Annexure IV to the Restated Financial Statements. The
Restated Financial Statements have been prepared by making adjustments (Refer Annexures IV to
XLVII) to the audited financial statements of the Company for the financial year ended March 31,2025
vide our report dated August 24,2025 and financial year ended on March 31,2024 and March 31,2023
as prepared in accordance with accounting principles generally accepted in India at the relevant time
and approved by the Company in its board meetings held on September 10, 2024 and September 5,
2023 respectively. The Board of Directors of the Company are responsible for designing, implementing
and maintaining adequate internal control relevant to the preparation and presentation of the Restated
Financial Statements. The Board of Directors of the Company are also responsible for identifying and
ensuring that the Company complies with the Act, the ICDR Regulations and the Guidance Note.

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

Audited Financial Statements for the years ended March 31, 2024 and March 31, 2023 that have been
audited by D.R Muniyal & Associates and Dhiraj Rathi & Co. Chartered accountants respectively and
accordingly reliance has been placed on the financial information examined by them for the said years.
The Financial information for these years is based solely on their audit reports.

6. Based on our examination and according to the information and explanations given to us, we report
that the Restated Financial Statements have been prepared after incorporating adjustments for:

a) the changes, if any, in accounting policies retrospectively in respective financial years to reflect the
same accounting treatment as per the changed accounting policy for all the reporting period /years;

b) prior period and other material amount in the respective financial years to which they relate;

c) extraordinary items, if any, that needs to be disclosed separately in the accounts requiring
adjustments;

d) qualifications in the Audit Reports issued by Statutory Auditor, however, there were no qualifications
in the audit reports issued by Statutory Auditor for the years ended March 31,2024 and March 31,2023.

7. In accordance with the requirements of the Act including the rules made there under, ICDR
Regulations, Guidance Note and engagement letter, we report that:

i) The "Restated Statement of Asset and Liabilities" of the Company as at March 31, 2025, March 31,
2024 and March 31, 2023 examined by us as set out in Annexure I to this report read with significant
accounting policies in Annexure IV has been arrived at after making such adjustments and re-groupings
to the audited financial statements of the Company, as in our opinion were appropriate and more fully
described in notes to the restated summary statements to this report.

ii) The "restated statement of profit and loss" of the Company for the financial year ended on March
31, 2025, March 31, 2024 and March 31, March 31, 2023 are examined by us, as set out in Annexure
II to this report read with significant accounting policies in Annexure IV has been arrived at after
making such adjustments and re-groupings to the audited financial statements of the Company, as in
our opinion were appropriate and more fully described in notes to the restated summary statements to
this report.

iii) The "restated statement of cash flows" of the Company for the financial year ended on March 31,
2025, March 31,2024 and March 31,2023 are examined by us, as set out in Annexure III to this report
read with significant accounting policies in Annexure IV has been arrived at after making such
adjustments and re-groupings to the audited financial statements of the Company, as in our opinion
were appropriate and more fully described in notes to restated summary statements to this report.

We have also examined the following other financial information relating to the Company prepared by
the management and as approved by the board of directors of the Company and annexed to this reporting
relating to the Company for the financial year ended on March 31, 2025, March 31, 2024 and March
31,2023 proposed to be included in the Offer Document.

Annexure to Restated Financial Statements of the Company:

I. Summary statement of assets and liabilities, as restated as appearing in ANNEXURE I.

II.

III.

IV.

reconciliation of restated profits and net worth as appearing in ANNEXURE IV.

V.

VI.

VII.

report.

VIII.

report.

IX.

X.

XI.

XII.

XIII. Details of short-term provisions as restated as appearing in ANNEXURE XIII to this report.

XIV.

XIV to this report.

XV.

report

XVI.

this report

XVII.

report.

XVIII. Details of inventories as restated as appearing in ANNEXURE XVIII to this report.

XIX.

XX.

report.

XXI.

this report.

XXII. Details of other current assets as restated as appearing in ANNEXURE XXII to this report.

XXIII. Details of revenue from operations as restated as appearing in ANNEXURE XXIII to this
report.

XXIV.

XXV. Details of Cost of Materials Consumed as restated as appearing in ANNEXURE XXV to
this report.

XXVI. Details of Changes in inventories of finished goods, work-in-progress and stock in trade as
restated as appearing in ANNEXURE XXVI to this report.

XXVII.

this report.

XXVIII.

XXIX.

XXIX to this report.

XXX.

XXXI.

XXXII.

XXXIII.

XXXIV.

ANNEXURE XXXIV to this report.

XXXV.

to this report.

XXXVI.

XXXVII.

this report.

XXXVIII.

XXXIX.

XXXIX to this report.

XL.

in ANNEXURE XL to this report.

XLI.

this report.

xlii. Details of dues of small enterprises and micro enterprises as restated as appearing in
ANNEXURE XLII to this report.

xliii.

report.

xliv.

xlv.

xlvi.

restated as appearing in ANNEXURE XLVI to this report.

xlvii.

XLVII to this report;

8. The Restated Financial Statements 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.

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

10. We, PRASS & Associates LLP, Chartered Accountants have been subjected to the peer review
process of The Institute of Chartered Accountants of India ("ICAI") and hold a valid peer review
certificate for three years, certificate No. 019874 issued by the "Peer Review Board" of the ICAI.

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 Prospectus to be
filed with SME BSE and Registrar of Companies 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.

For PRASS & Associates LLP

Chartered Accountants

FRN: 107816W/W100222

 

CAAditya S Patil

Partner

M. No. 143812

UDIN: 25143812BMJAKX4814

Peer Review Certificate No.: 019874

Place: Pune

Date: August 30,2025