Gulf Lloyds India Ltd Auditor Reports

RESTATED FINANCIAL INFORMATION Independent Auditors Examination Report on Restated Financial Information

To,

The Board of Directors Gulf Lloyds (India) Limited

(Formerly Known as Gulf Lloyds (India) Private Limited)

Add: 910, Gala Empire, Opp. TV Tower,

Drive In Road, Thaltej Road,

Ahmedabad-380054, Gujarat.

Dear Sir / Maam,

1. We have examined the attached Restated Financial Information of Gulf Lloyds (India) Limited (Formerly Known as Gulf Lloyds (India) Private Limited) (CIN: U74900GJ2014PLC080922) (referred as the Company) comprising Restated Statement of Assets and Liabilities (Annexure-I) as on September 30, 2025, March 31, 2025, March 31,2024 and March 31,2023; Restated Statement of Profit and Loss (Annexure - II) and Restated Statement of Cash Flows (Annexure III) for the period ended on September 30, 2025 and for the financial year ended on March 31,2025, March 31,2024 and March 31, 2023; the summary statement of significant accounting policies, notes to account and other explanatory information (Annexure-IV & V) (collectively, Restated Financial Information); as approved by the board of directors of the Company at their meeting held on 15 th November, 2025 for the purpose of inclusion in the Draft Prospectus / Prospectus (being collectively referred as Offer Documents) in connection with its proposed Initial Public Offer (IPO) on the SME Platform of BSE Limited (BSE SME).

2. This Restated Financial information have been prepared in accordance with the requirements of:

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

ii. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) issued by the Securities and Exchange Board of India (SEBI) in pursuant to the provisions of the Securities and Exchange Board of India Act, 1992 and related amendments / clarifications from time to time;

iii. The terms of reference to our engagements with the Company requesting us to carry out the assignment, in connection with the Offer Document being issued by the Company for its proposed IPO of equity shares on BSE SME; and

iv. The Guidance Note on Reports in Company Prospectus (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 Information for the purpose of inclusion in the Offer Document to be filed with Securities and Exchange Board of India (SEBI), the stock exchange (BSE SME) where the equity shares of the Company are proposed to be listed and the Registrar of Companies, Gujarat (ROC), 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 Note No. 2 in Annexure- IV to the Restated Financial Information.

4. The responsibilities of the Board of Directors of the Company include 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.

5. 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 3 rd October, 2025 in connection with the proposed IPO of equity shares of the Company;

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.

Our work was performed solely to assist the board of directors in meeting their responsibilities in relation to the compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the proposed IPO of equity shares of the Company.

Restated Financial Information from the audited Financial Statements:

6. These restated financial information have been compiled by the management from the audited financial statements for the period ended on September 30, 2025 and for the financial years ended on March 31,2025, March 31,2024 and March 31, 2023; prepared in accordance with the accounting standards notified under the section 133 of the Act (Indian GAAP) and other accounting principles generally accepted in India, at the relevant time, which have been approved by the Board of Directors at their meetings held on 15 th November, 2025, September 5, 2025, August 22, 2024, and September 25, 2023 respectively. Financial Statements for the period ended September 30, 2025 and for the financial years ended on March 31,2025, March 31,2024 and March 31, 2023 have been audited by us only. Accordingly, reliance has been placed on the financial statements audited by us for the said period / financial years. The financial report included for these period / years is based solely on the report submitted by us.

7. For the purpose of our examination, we have relied on:

a) Auditors Report issued by us dated 15 th November, 2025, September 5, 2025, August 22, 2024, and September 25, 2023; on the financial statements of the Company as at and for the period ended September 30, 2025 and for the financial years ended March 31,2025, March 31,2024, and March 31,2023 respectively, as referred in Paragraph-6 above,

b) Restatement adjustments made to such audited financial statements [referred to in 6 above] to comply with the requirements specified in Paragraph-2 above, along with the basis of preparation set out in Note 2(a) of Annexure-IV to the Restated Financial Information and statement of reconciliation thereof set out in Annexure-VI, have been audited by us.

8. Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the audit report submitted by us for the respective year, we report that the Restated Financial Information:

a) This Restated Financial Information have 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 Significant Accounting Policies and Notes to Accounts as set out in Annexure-IV & V to this Report.

b) The Restated Financial Information have been made after incorporating adjustments for:

i. The changes, if any, in accounting policies retrospectively in respective financial years to reflect the same accounting treatment as per the changed accounting policy for all the reporting years.

ii. Prior period and other material amount in the respective financial years to which they relate.

iii. Extra-ordinary items, if any, that needs to be disclosed separately in the accounts requiring adjustments, which are stated in the Notes to Accounts as set out in Annexure-V

c) does not contain any qualifications requiring adjustments.

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

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 us nor should this report be construed as a new opinion on any of the financial statements referred to therein.

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 6 above.

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

12. 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 Services Engagements.

13. Our report is intended solely for use of the management and for inclusion in the Offer Document to be filed with SEBI, Stock Exchanges and ROC 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 in writing.

14. In our opinion, the above financial information contained in these restated financial information read with the respective Significant Accounting Polices and Notes to Accounts as set out, are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, 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, Sukrut Shah & Associates Chartered Accountants Firm Regd. No. 146128W

Sd/-

Sukrut N. Shah Proprietor

Membership No.: 180786 UDIN: 26180786MSVKQI8965

Date: 15-11-2025 Place: Ahmedabad