Dhaval Packaging Ltd Auditor Reports

To, The Board of Directors

Dhaval Packaging Limited (Formerly known as Dhaval Packaging Private Limited), Plot No. E 411, GIDC Sanand, Sanand 2, Ahmedabad, Gujarat, India, 382110

Dear Sir / Madam,

1. We, S K Bhavsar & Co., Chartered Accountants, have examined the attached Restated Financial Information of Dhaval Packaging Limited (formerly known as Dhaval Packaging Private Limited) (the “Company” or the “Issuer”), comprising the Restated Statement of Assets and Liabilities as at March 31, 2026, March 31, 2025 and March 31, 2024, the Restated Statement of Profit and Loss for the year ended on March 31, 2026, March 31, 2025 and March 31, 2024, the Restated Cash Flow Statement for the year ended on March 31, 2026, March 31, 2025 and March 31, 2024 and the Significant Accounting Policies, and other explanatory information (collectively, the “Restated Financial Information”), as approved by the Board of Directors of the Company at their meeting held on June 29, 2026 for the purpose of inclusion in the Red Herring Prospectus (“RHP”) and Prospectus (collectively referred to as “Offer Document”) prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares (“SME IPO”) prepared in terms of 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 as amended by Companies (Prospectus and Allotment of Securities) Amendment Rules, 2018 (“the Rules”);

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the “ICDR Regulations”); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (the “ICAI”), as amended from time to time (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 which have been approved by the Board of Directors for the purpose of inclusion in the Offer Document to be filed with the SME Platform of BSE Limited (“BSE SME”) and the Registrar of Companies, Ahmedabad, Gujarat (the “ROC”), in connection with the proposed SME IPO. The Restated Financial Information has been prepared by the management of the Company on the basis of preparation stated in Note 1(B) to the Restated Financial Information.

3. The Board of Directors of the Company are responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of these Restated Financial Information by the management of the Company, as aforesaid. 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, S K Bhavsar & Co., 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. Our Peer reviewed certificate number 021383 shall remain valid till 30.06.2028 issued by the “Peer Review Board” of the ICAI.

5. We have examined such Restated Financial Information taking into consideration the following:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated April 01, 2025 in connection with the proposed SME IPO;

b) 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 Information; and

d) The requirements of Section 26 of the Act and the ICDR Regulations.

6. 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 read in connection with the SME IPO.

Restated Financial Information:

7. These Restated Financial Information have been compiled by the management from the Audited Financial statements of company for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024 which has been approved by the Board of Directors. The Audit of financial statement of the Company for the year ended March 31, 2026 and March 31, 2025 was conducted by S K Bhavsar & Co., Chartered Accountants and for the year ended March 31, 2024 was conducted by M/s. Jay M. Shah & Co. Accordingly, reliance has been placed on the financial information examined by them for the year ended March 31, 2024. The financial report included for March 31, 2026, March 31, 2025 and March 31, 2024.

8. For the purpose of our examination, we have considered the following auditors reports:

a) Auditors report dated June 27, 2026 and December 24, 2025 respectively issued by S K Bhavsar & Co., Chartered Accountants on the financial statements of the Company as at and for the year ended March 31, 2026 and March 31, 2025 as referred in Paragraph 7 above;

b) Auditors report dated September 05, 2024 issued by M/s. Jay M. Shah & Co. on the Financial Statements of the Company for the financials year ended March 31, 2024 as referred in Paragraph 7 above;

Auditors Reports:

9. Based on our examination and according to the information and explanations given to us, we report that the Restated Financial Information:

a) 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 and March 31, 2024 to reflect the same accounting treatment as per the accounting policies and grouping / classifications followed as at and for the year ended March 31, 2026, as applicable.

b) do not require any adjustment for modification except as mentioned in reconciliation statement of the Restated Financial Information; and

c) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note read with the SEBI Communication.

10. There were No Qualifications in the Audit Reports issued by the Statutory Auditors for the year ended on March 31, 2026, March 31, 2025 and March 31, 2024 which would require adjustments in this Restated Financial Information of the Company;

11. There are no Revaluation Reserves, which need to be disclosed separately in the Restated Financial Information;

12. There was no change in accounting policies, which need to be adjusted in the Restated Financial Information.

13. The company has not declared any dividend in past effective for the said period.

14. 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 Service Engagements.

15. The Restated Financial Information does not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Audited Financial Statements for the year ended March 31, 2026, March 31, 2025 and March 31, 2024 as mentioned above.

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

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

18. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document to be filed with Stock Exchange and ROC 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.

19. In our opinion, the above financial information contained in this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Note 1 are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, SEBI ICDR

Regulations, Engagement Letter and Guidance Note and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.

	For, S K Bhavsar & Co.
	Chartered Accountants
	(FRN: 145880W)
	SD/-
Date: 29/06/2026	Shivam Bhavsar
Place: Ahmedabad	Proprietor
UDIN: 26180566BQWJUH5865	Mem No. 180566