Ideal Technoplast Industries Ltd Auditor Reports

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the "Act") b) Relevant provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations"); and 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 Summary Statements

The respective Board of Directors of the companies included in the company responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Summary Statements. The respective Board of Directors is also responsible for identifying and ensuring that the company complies with the Act, the 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 with you vide our engagement letter dated November 29, 2023 and addendum to the engagement letter dated November 29, 2023 in connection with the Proposed Offer;

b) The Guidance Note. 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 compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the Proposed Offer.

a) Audited Interim Financial Statements of the Company as at and for the Eleven months ended 29^th February, 2024 prepared in accordance with Indian Accounting Standard (IND AS) 34 "Interim Financial Reporting", specified under section 133 of the Act which have been approved by the Board of Directors at their meeting held on 12^th April, 2024.

b) Audited financial statements of the company as at and for the years ended March 31, 2023, March 31, 2022 and March 31, 2021 which were prepared in accordance with the Indian Accounting Standard (referred to as "lND AS") as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meetings held on 12^th April, 2024.

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

Auditors Report

a) On auditors reports issued by Karma & Co. LLP, dated 12^th April, 2024 on the financial statements of the company for eleven month ended 29^th February, 2024 as referred in Paragraph 4(a) and 4(b) above.

b) On auditors reports issued by Karma & Co. LLP, dated 12^th April, 2024 on the financial statements of the company as at and for each the years ended March 31, 2023, March 31, 2022 and March 31, 2021 as referred in Paragraph 4(a) and 4(b) above.

c) As indicated in Paragraph 5 above, these financial statements have been audited by other firm of Chartered Accountants, whose reports have been furnished to us and our opinion in so far as it relates to the amounts included in the financial statements referred to in Para 4(a) above are based solely on the report of Other Auditors.

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.

For Sheladiya & Jyani

Chartered Accountants

FRN: 134430W

CA. Vipul B Sheladiya

Partner

M. No.: 113763

Place: Surat

Date: 16/04/2024

UDIN: 24113763BKAMYV5470