Bai-Kakaji Polymers Ltd Auditor Reports

To

The Board of Directors

M/s. Bai-Kakaji Polymers Limited

(Formerly known as Bai-Kakaji Polymers Private Limited)

Plot No. M3 & M4 MIDC, Latur,

Maharashtra, India, 413531

Dear Sirs,

1. We Mansaka Ravi & Associates, Chartered Accountants (‘we or us") have examined the attached Restated
Financial Statements of M/s. Bai-Kakaji Polymers Limited, (the "Company" or the "Issuer"), comprising the
Restated Statement of Assets and Liabilities as at December 31, 2024, March 31, 2024, March 31, 2023 and March
31, 2022, the Restated Statements of Profit and Loss and the Restated Cash Flow Statement for the period ended
December 31, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, 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 27^th June, 2025, for the purpose of inclusion in the Draft Red Herring Prospectus ("DRHP"), Red Herring
Prospectus ("RHP") and Prospectus (cumulatively hereinafter referred to as Offer Document") prepared by the
Company in connection with its proposed initial public offer of equity shares ("SME IPO") prepared in accordance
with the requirements of:

a) Section 26 and 32 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");

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

Managements Responsibility for the Restated Financial Information

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the
purpose of inclusion in the Offer Document to be filed with Securities and Exchange Board of India ("SEBI"),
Bombay Stock Exchange ("BSE"), and Registrar of Companies of the relevant State in connection with the proposed
SME IPO. The Restated Financial Information have been prepared by the management of the Company on the basis
of preparation stated in Note 1 of Annexure IV to the Restated Financial Information. The responsibility of Board of
Directors of the Company includes designing, implementing and maintaining adequate internal control relevant to the
preparation and presentation of the Restated Financial Information. The respective Board of Directors are also
responsible for identifying and ensuring that the Company complies with the Act, (SEBI) ICDR Regulations and the
Guidance Note.

Auditors Responsibilities

3. 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 11^th January, 2025, requesting us to carry out the assignment, in connection with the proposed IPO of
equity shares of the Company;

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

c) concepts of test checks and materiality to obtain reasonable assurance based on the 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 compliancewith the
Act and the ICDR Regulations in connection with the proposed SME IPO of the equity shares of the Company.

Restated Financial Information

4. These Restated Financial Information have been compiled by the management of the Company from:

Audited financial statements of the Company as at and for the stub-period/year ended December 31, 2024, March 31,
2024, March 31, 2023 and March 31, 2022 prepared in accordance with Accounting Standards as prescribed under
Section133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended and other accounting
principles generally accepted in India and Re-audited financial statements of the Company as at and for the year ended
31^st March, 2024, which have been approved by the Board of Directors.

5. For the purpose of our examination, we have relied on Auditors report issued by M/s Ratan Chandak & Co. LLP,
dated June 13^th, 2025 as at and for the stub period ended 31^st December, 2024 and issued by M/s Toshniwal Malu &
Associates dated 1^st Sept, 2024, 1^st Sept, 2023 and 2^nd September, 2022 on Audited Financial Statements of the
Company as at and for the year ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively as referred
in Paragraph 4 above.

6. M/s Ratan Chandak & Co. LLP, has also carried out Re-audit of audited financial statements of the Company for the
Financial Year ended 31^st March, 2024 in terms of ICDR Regulations and issued an Auditors report thereon dated
May 23^rd, 2025. For the purpose of our examination, we have relied said Auditors report also as referred in Paragraph
4 above.

7. Based on our examination and according to the information and explanations given to us as at and for the stub-
period/years ended December 31, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, we report that Restated
Financial Information:

i. 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, 2024, March 31, 2023 and
March 31, 2022 to reflect the same accounting treatment as per the accounting policies and
grouping/classifications followed as at and for the stub-period ended December 31, 2024;

ii. do not require any adjustment for modification as there is no modification in the underlying audit reports.
However, those qualifications in the Companies (Auditors Report) Order, 2020 issued by the Central Government
of India in terms of sub section (11) of section 143 of the Act and the emphasis of matter above and reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended) which do not require any
corrective adjustments in the Restated Financial Information have been disclosed in Annexure V to the Restated
Financial Information; and

iii. have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

8. In accordance with the requirements of Part I of Chapter III of Act including rules made there under, SEBI ICDR
Regulations, Guidance Note and Engagement Letter, we report that:

a) The "Restated Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at
December 31, 2024, March 31, 2024, March 31, 2023, and March 31, 2022 is prepared by the Company and approved
by the Board of Directors. These Restated Statement of Assets and Liabilities, have been arrived at after making such
adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate
and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV to this
Report.

b) The "Restated Statement of Profit and Loss" as set out in Annexure II to this report, of the Company for period
ended on December 31, 2024, Financial year ended March 31, 2024, March 31, 2023, and March 31, 2022 is prepared
by the Company and approved by the Board of Directors. These Restated Statement of Profit and Loss have been
arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as
in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts
as set out in Annexure IV to this Report.

c) The "Restated Statement of Cash Flow" as set out in Annexure III to this report, of the Company for the Period
ended on December 31, 2024 and Financial year ended March 31, 2024, March 31, 2023, and March 31, 2022 is
prepared by the Company and approved by the Board of Directors. These Statement of Cash Flow, as restated have
been arrived at after making such adjustments and regroupings to the individual financial statements of the Company,
as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts
as set out in Annexure IV to this Report.

9. 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 period ended on December 31, 2024 and Financial year ended March 31, 2024, March 31, 2023,
and March 31, 2022 proposed to be included in the Offer Document for the proposed SME IPO:

10. 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 4 above.

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

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

13. 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 Historic Financial Information, and Other Assurance and
Related Services Engagements, Issued by ICAI. We hereby confirm that while providing this certificate we have
complied with the Code of Ethics issued by the Institute of Chartered Accountants of India.

14. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document to be filed with
Securities and Exchange Board of India, Bombay Stock Exchange 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.