Aureate Tradde Ltd Auditor Reports

To,

The Board of Directors Aureate Tradde Limited

(Formerly known as "Aureate Tradde Private Limited")

404, Floor 4, Plot No. 208, Regent Chambers,

Jamnaial Bajaj Marg, Nariman Point. Mumbai,

Maharashtra - 400021, India

I. We have examined the attached restated financial information of Aureate Tradde Limited (Formerly known as "Aureate Tradde Private Limited") (hereinafter referred to as "the Company" or "the issuer") comprising the restated statement of assets and liabilities as at June 30, 2025, March 31, 2025, 2024 and 2023 restated statement of profit and loss and restated cash flow statement for the financial year/period ended on June 30, 2025, March 31, 2025, 2024 and 2023 and the summary statement of significant accounting policies and other explanatory information (collectively referred to as the "restated financial information" or "Restated Financial Statements") annexed to this report and initiated by us for identification purposes.

These Restated Financial Statements have been prepared by the management of the Company and approved by the board of directors at their meeting in connection with the proposed Initial Public Offering on SME Platform ("IPO" or "SME IPO") of Bombay Stock Exchange Limited ("BSE") of the company.

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

(i) Section 26 of Part - I of Chapter III of 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 ("ICDR Regulations") and related amendments / clarifications from time to time issued by the Securities and Exchange Board of India ("SEBI");

.(iii) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("Guidance Note")

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Statements for inclusion in the Drall Prospectus ("Offer" and/or "Issue" Document") to be filed with Securities and Exchange Board of India ("SEBI"), BSE and Registrar of Companies (Mumbai) in connection with the proposed IPO. The Restated Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Annexurc lto

the Restated Financial Statements. The responsibility of the board of directors of the Company includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Statements. 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, Motilal & Associates LLP, Chartered Accountants FRN Number: I06584W/WI0075I, Peer Reviewed Statutory Auditors have examined such Restated Financial Statements taking into consideration:

(i) The terms of reference and terms of our engagement letter requesting us to carry out the assignment, in connection with the proposed SME IPO;

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

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

(iv) 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. The Restated Financial Statements of the Company have been compiled by the management from:-

(i) Financial Statement as at and for the period ended June 30, 2025, March 31,2025 March 31.2024 and March 31,2023 has been prgpared in accordance with Accounting Standard, specified under section 133 of the Act and other accounting principles generally accepted in India by making adjustments for Indian GAAP as applicable to corporates to the audited financial statements for the period ended June 30, 2025, March 31,2025 March 31, 2024 and March 31, 2023 as approved by the board of directors and financial information of company namely Aureate Tradde Limited for the financial years ended March 31,2025, March 31,2024 and March 31,2023 were prepared in accordance as per Indian GAAP as applicable to non- corporates.

(ii) The audit for the period ended 31 March, 2025 was conducted by us and there were no qualifications in our audit report. The financial information of Company namely Aureate Tradde Limited for the financial years ended 31 March, 2024 and 31 March 2023 was based on the audit conducted by Vi jay Gumani & Co (ICAI Firm Registration Number: 135145 W) and accordingly we have placed reliance on the restated statement of assets and liabilities and the restated statements of profit and loss and cash flow statements, the Statement of Significant Accounting Policies and other explanatory information examined by them.

(iii) Based on our examination and according to information and explanations given to us, we are of the opinion that the Restated Financial Statements:

a) Have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively in the financial year/period ended as at, June 30, 2025, March 31,2025, 2024 and 2023.

b) Do not require any adjustment for modification as there is no modification in the underlying audit reports;

c) There are no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments.

d) Have been prepared in accordance with the Companies Act, 1CDR Regulations and Guidance Note.

e) Adequate disclosure has been made in the financial statements as required to be made by the issuer as per schedule III of the Companies Act, 2013.

f) The accounting standards prescribed under the Companies act, 2013 have been followed.

g) The financial statements present a true and fair view of the companys accounts.

6. 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 June 30 2025, March 31 2025, 2024 and 2023 examined by us, 4s set out in Annexure I to this report read with significant accounting policies in Annexure 1 has been arrived at after making such adjustments and regroupings 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/period ended as at June 30 2025 , March 31 2025, 2024 and 2023 examined by us, as set out in Annexure II to this report read with significant accounting policies in Annexure 1 has been arrived at after making such adjustments and regroupings 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) I he "restated statement of cash flows" of the Company for the financial year/period ended as at, June 30 2025, March 31 2025, 2024 and 2023 examined by us, as set out in Annexure NI to this report read with significant accounting policies in Annexure I has been arrived at after making such adjustments and regroupings 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 report relating to the Company for the financial year/period ended as at June 30, 2025, March 31, 2025, 2024 and 2023 proposed to be included in the Offer Document. Anncxure to Restated Financial Statements of the Company:-

Annexure No	Particulars
1	Restated Statements of Assets and Liabilities
1	Corporate Information, Significant Accounting Policies
2	Restated Statement of Equity Share Capital
3	Restated Statement of Long Term Borrowings
5	Restated Statement of Short Term Borrowings
7	Restated Statement of Trade Payable
8	Restated Statement of Other Current Liabilities
9	Restated Statement of Short Term Provision
10	Restated Statement of Property, Plant and Equipment and Intangible Assets
11	Restated Statement of Non Current Investments
5	Restated Statement of Deferred Tax Assets (net)
12	Restated Statement of Other Non Current Assets
13	Restated Statement of Inventories
14	Restated Statement of Trade Receivables
15	Restated Statement of Cash and Cash Equivalents
16	Restated Statement of Short Term Loans And Advances
17	Restated Statement of Other Current Assets
11	Restated Statement of Profit & Loss
18	Restated Statement of Revenue Prom Operations
19	Restated Statement of Other Income
20	Restated Statement of Cost of Goods Traded
2!	Restated Statement of Employee Benefits Expenses _ _
22	Restated Statement of Finance Costs
23	Restated Statement of Other Expenses
24	Restated Statement of Other Income
25	Restated Statement of EPS
	Other Annexurcs
III	Statement of Cash Flow, As Restated
IV	Notes on Reconciliation of Restated Profit & Loss
26	Restated Statement of Related Party Transaction
27	Restated Statement of Accounting and Ratios
28	Capitalization Note
29	Details of Contingent Liabilities
30	Tax Shelter
31	Additional Regulatory Information

8. In our opinion and to the best of information and explanation provided to us, the Restated Financial Statement of the Company, read with significant accounting policies and notes to accounts as appearing in Annexure IV are prepared after providing appropriate adjustments and regroupings as considered appropriate.

9. 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 any other firm of Chartered Accountants nor should this report be construed as a new opinion on any of the financial statements referred to therein.

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

1!. Our report is intended solely for use of the board of directors for inclusion in the offer document to be filed with SEBI, BSE and Registrar of Companies (Mumbai) in connection with the proposed SME 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.

Yours Faithfully,

For and on behalf of (Vlotilal & Associates LLP Chartered Accountants ICA1 FRN: 106584W/W100751

V CA Kishabh Jain Partner

ICA1 MRN: 179547

Place: Mumbai

Date: 02-12-2025

UDIN: 25I79547BMMBNU8974