Bai-Kakaji Polymers Ltd Auditor Reports

INDEPENDENT AUDITORS EXAMINATION REPORT ON RESTATED FINANCIAL INFORMATION

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,

? 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 September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Statements of Profit and Loss and the Restated Cash Flow Statement for the stub-period/year ended September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, 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 11th December , 2025, for the purpose of inclusion in the 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:

? Section 26 and 32 of Part I of Chapter III of the Companies Act 2013 (the "Act").

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

? 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

? 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

? We have examined such Restated Financial Information taking into consideration:

? the terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 11th January, 2025, requesting us to carry out the assignment, in connection with the proposed IPO of equity shares of the Company;

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

? concepts of test checks and materiality to obtain reasonable assurance based on the verification of evidence supporting the Restated Financial Information; and

? 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

? 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 September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 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.

? For the purpose of our examination, we have relied on Auditors report issued by M/s Ratan Chandak & Co. LLP, dated 1st December 2025 and 25th September, 2025 as at and for the stub period ended 30th September, 2025 and for the year ended 31st March, 2025 respectively and issued by M/s Toshniwal Malu & Associates dated 1st Sept, 2024 and 1st Sept, 2023 Audited Financial Statements of the Company as at and for the year ended March 31, 2024, and March 31, 2023 respectively as referred in Paragraph 4 above.

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

? Based on our examination and according to the information and explanations given to us as at and for the stub- period/years ended September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, we report that Restated Financial Information:

? 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, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the stub-period ended September 30, 2025;

? 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

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

? 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:

? The "Restated Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 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.

? The "Restated Statement of Profit and Loss" as set out in Annexure II to this report, of the Company for period ended on September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 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.

? The "Restated Statement of Cash Flow" as set out in Annexure III to this report, of the Company for the Period ended on September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 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.

? 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 September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 proposed to be included in the Offer Document for the proposed SME IPO:

Significant Accounting Policy and Notes to The Restated Financial Statements	Annexure IV
Material Adjustment to the Restated Financial	Annexure V
Restated Summary Statement of Share Capital	Annexure-A
Restated Summary Statement of Reserves & Surpluses	Annexure-B
Restated Summary Statement of Long - Term Borrowings	Annexure-C & C(a)
Restated Summary Statement of Deferred Tax (Assets) / Liabilities	Annexure-D
Restated Summary Statement of long-term Provisions	Annexure-E
Restated Summary Statement of Short - Term Borrowings	Annexure-F
Restated Summary Statement of Trade Payables	Annexure-G
Restated Summary Statement of Other Current Liabilities	Annexure-H
Restated Summary Statement of Short-term Provisions	Annexure-I
Restated Summary Statement of Property, Plant and Equipment	Annexure-J
Restated Summary Statement of Intangible Assets	Annexure-K
Restated Summary Statement of Capital Work In Progress	Annexure-L
Restated Summary Statement of Non-current Investments	Annexure-M
Restated Summary Statement of Non-Current Assets	Annexure-N
Restated Summary Statement of Inventory	Annexure-O
Restated Summary Statement of Trade Receivables	Annexure-P
Restated Summary Statement of Cash & Cash Equivalents	Annexure-Q
Restated Summary Statement of Short-Term Loans and Advances	Annexure-R
Restated Summary Statement of Other Current Assets	Annexure-S
Restated Summary Statement of Revenue from Operations	Annexure-T
Restated Summary Statement of Other Income	Annexure-U
Restated Summary Statement of Cost of Material Consumed	Annexure-V
Restated Summary Statement of Cost of Stock-In-Trade	Annexure-W
Restated Summary Statement of Changes in Inventories	Annexure-X
Restated Summary Statement of Employee Benefits Expenses	Annexure-Y
Restated Summary Statement of Finance Cost	Annexure-Z
Restated Summary Statement of Depreciation & Amortization Expenses	Annexure-AA
Restated Summary Statement of Other Expenses	Annexure-AB
Restated Summary Statement of Related Party Transaction	Annexure-AC
Restated Summary Statement of Contingent Liabilities & Commitments	Annexure-AD
Restated Summary Statement of Mandatory Accounting Ratios	Annexure-AE
Restated Summary Statement of Earnings & Expenditures in Foreign Currency	Annexure-AF
Restated Summary Statement of Corporate Social Responsibility Expenses	Annexure-AG
Restated Summary Statement of Other Financial Ratios	Annexure-AH
Restated Summary Statement of Tax Shelter	Annexure-AI
Restated Summary Statement of Other Statutory / Regulatory / Other Information	Annexure-AJ
Restated Summary Statement of Capitalization	Annexure-AK

? 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.

? 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.

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

? 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.

? 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.

For Mansaka Ravi & Associates Chartered Accountants

ICAI Firm Regn. No.: 015023C

Sd/-

(CA Ravi Mansaka)

UDIN: 25410816BMLIML4543

Place: Navi Mumbai Partner

Date: 11^th December, 2025 M. No. 410816