Grover Jewells Ltd Auditor Reports

FINANCIAL STATEMENT AS RESTATED

Independent Auditors Examination report on Restated Financial Information

To,

The Board of Directors

Grover Jewells Limited

(Formerly Known as Grover Chain Private Limited)

Dear Sirs,

?‚? We have examined the attached Restated Financial Information of GROVER JEWELLS LIMITED (the "Company" or the "Issuer") comprising of the Restated Statement of Assets and Liabilities as at March 31, 2025 and March 31, 2024, March 31, 2023 the Restated Statements of Profit and Loss , the Restated Cash Flow Statement for the year ended on March 31, 2025 and March 31, 2024 March 31, 2023 the Summary Statement of 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 September 26, 2025 on for the purpose of inclusion in the Draft Red Herring Prospectus / Red Herring Prospectus and Prospectus (herein after referred to as "Offer Documents") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO").

?‚? These restated Summary Statement have been prepared in terms of the requirements of:

?‚? Section 26 of Part I of Chapter-III to the Companies Act, 2013("Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;

?‚? The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations") issued by the Securities and Exchange Board of India ("SEBI") in pursuance to Section 11 of the Securities and Exchange Board of India Act, 1992 and related amendments / clarifications from time to time; and

?‚? 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").

?‚? 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 SME Platform of Stock Exchange, Securities and Exchange Board of India, the Registrar of Companies, Delhi and in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in Annexure IV to the Restated Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

?‚? 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 in connection with the proposed IPO of equity shares of the Issuer;

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

?‚? Concepts of test checks and materiality to obtain reasonable assurance based on 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 compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

?‚? This Restated Financial Statement have been compiled by the management from the Audited Financial Statements of the Company for the financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 prepared in accordance with the accounting standards notified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India. The same has been approved by the Board of Directors at their meeting.

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

?‚? Audited financial statements of the company for the year ended on March 31, 2025, which was conducted by us, VCA & ASSOCIATES Chartered Accountants, via our report dated August 20, 2025.

?‚? Auditors report issued by Companys previous auditors Gupta Mangla and Associates dated September 06, 2024, September 16, 2023 for the year ended March 31, 2024 and March 31, 2023 respectively and accordingly reliance has been placed on financial information examined by them for the said years. The financial report included for these years is based solely on the report submitted by them.

?‚? In accordance with the requirements of Part I of Chapter III of Act including rules made therein, ICDR Regulations, Guidance Note and Engagement Letter, we report that:

?‚? The "Restated Summary Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at and for the period ended on March 31, 2025 and March 31, 2024, March 31, 2023, are prepared by the Company and approved by the Board of Directors. These Restated Summary 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.

?‚? The "Restated Summary Statement of Profit and Loss" as set out in Annexure 2 to this report, of the Company as at and for the period ended on March 31, 2025 and March 31, 2024, March 31, 2023 are prepared by the Company and approved by the Board of Directors. These Restated Summary 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.

?‚? The "Restated Summary Statement of Cash Flow" as set out in Annexure 3 to this report, of the Company as at and for the period ended on March 31, 2024 and March 31, 2023, March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Cash Flow have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate.

?‚? Based on our examination and according to the information and explanations given to us we are of the opinion that the Restated Financial Statements have been made after incorporating:

?‚? Adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in respective financial period/years ended March 31, 2025 and March 31, 2024, March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/ classifications for all the reporting periods, if any.

?‚? Adjustments for prior period and other material amounts in the respective financial years to which they relate and there are no qualifications which require adjustments.

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

?‚? There were no qualifications in the Audit Reports issued by the Statutory Auditors for the financial year ended on March 31, 2025 and March 31, 2024, March 31, 2023, which would require adjustments in this Restated Financial Statements of the Company.

?‚? These Profits and Losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate.

?‚? There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statements;

?‚? The company has not proposed any dividend for the years ended March 31, 2025, March 31, 2024, and March 31, 2023.

?‚? These have been prepared in accordance with the Act, ICDR Regulations and Guidance note.

?‚? 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.

Annexure No.	Particulars
I	Restated Statement of Assets & Liabilities
1	Restated Statement of Share Capital
2	Restated Statement of Reserves & Surpluses
3	Restated Statement of Long-Term Borrowings
4	Restatement Statement of Other Long-Term Liabilities
5	Restatement Statement of Long-Term Provisions
6	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 Provisions
10	Restated Statement of Property, Plant & Equipment\u2019s & Intangible Assets
11	Restated Statement of Non-Current Investments
12	Restated Statement of Deferred Tax Assets (Net)
13	Restated Statement of Long-Term Loans & Advances
14	Restated Statement of Other Non-Current Assets
15	Restated Statement of Current Investments
16	Restated Statement of Inventories
17	Restated Statement of Trade Receivable
18	Restated Statement of Cash & Cash Equivalent
19	Restated Statement of Short-Term Loans and Advances
20	Restated Statement of Current Assets
II	Restated Statement of Profit & Loss
1	Restated Statement of Revenue from operations
2	Restated Statement of Other Income
3	Restated Statement of Cost of Materials Consumed
4	Restated Statement of Change in Inventory
5	Restated Statement of Employees Benefit Expenses
6	Restated Statement of Other Expenses
7	Restated Statement of Finance Costs
I.10	Restated Statement of Depreciation & Amortization
8	Restated Statement of Basic and Diluted Earnings Per Share
9	Restated Statement of Additional Disclosure
Other Annexures:
III	Cash Flow Statement
IV	Statement of Significant Accounting Policies
V	Statement of Material Adjustment
VI	Statement of Accounting & Other Ratios, As Restated
VII	Statement of Capitalization, As Restated

VIII	Statement of Tax Shelter, As Restated
IX	Statement of Related Parties & Transactions, As Restated
X	Statement of Dividends
XI	Changes in the Significant Accounting Policies
XII	Contingent Liabilities

?‚? We, M/s. VCA & Associates, 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 issued by the "Peer Review Board" of the ICAI which is valid till December 31, 2026.

?‚? The preparation and presentation of the Restated Financial Statements referred to above are based on the Audited financial statements of the Company and are in accordance with the provisions of the Act and ICDR Regulations. The Financial Statements and information referred to above is the responsibility of the management of the Company.

?‚? 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.

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

?‚? Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents to be filed with Securities and Exchange Board of India, the stock exchanges 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 inwriting.

For VCA & ASSOCIATES

Chartered Accountants

Firm Registration No.: 114414W Sd/-

RUTVIJ VIRENDRA VYAS

Partner

Membership No.: 109191

Place: Vadodara

Date: September 26, 2025 UDIN: 25109191BMIFBV6954