Indo-MIM Ltd Auditor Reports

FINANCIAL INFORMATION

To

The Board of Directors

INDO-MIM Limited (formerly known as INDO-MIM Private Limited) 45(P), KIADB Industrial Area,

Hoskote, Bengaluru,

Karnataka - 562 114 India

Dear Sir/Madam,

1. We have examined the attached restated consolidated financial information of INDO- MIM Limited (formerly known as INDO-MIM Private Limited) (the Company or the Issuer ) and its subsidiaries (the Company and its subsidiaries together referred to as the Group ) comprising the restated consolidated statement of assets and liabilities as at March 31, 2026, March 31, 2025 and March 31, 2024, the restated consolidated statement of profit and loss (including other comprehensive income), the restated consolidated statement of changes in equity and the restated consolidated statement of cash flows for the years ended March 31, 2026, March 31, 2025 and March 31, 2024, the summary statement of material accounting policies, and other explanatory information (collectively, the Restated Consolidated Financial Information ), to this report as prepared by the Company and approved by the board of directors of the Company ( Board of Directors ) in their meeting held on July 11 th , 2026 for the purpose of inclusion in the Red Herring Prospectus ( RHP ) and Prospectus ( Prospectus ) prepared by the Company in connec ti on with the proposed initial public offering of its equity shares ( IPO ) prepared in terms of the requirements of:

a. Sec ti on 26 of Part I of Chapter III of the Companies Act, 2013 (the Act )

b. 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) issued by the Institute of Chartered Accountants of India ( ICAI ), as amended from time to time (the Guidance Note ).

2. The Board of Directors is responsible for the preparation of the Restated Consolidated Financial Information for the purpose of inclusion in the RHP and Prospectus to be filed with the Registrar of Companies, Karnataka at Bengaluru ( RoC ) and with the Securities and Exchange Board of India ( SEBI ) and BSE Limited (the BSE ) and the National Stock Exchange of India Limited (the NSE and together with BSE ( Stock Exchanges ) in connection with the IPO. The Restated Consolidated Financial Information have been prepared by the management of the Company on the Basis of Preparation stated in Annexure V (2.1)(b) to the Restated Consolidated Financial Information. The respective board of directors of the companies included in the Group are responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the respective financial information which have been used for the purpose of preparation of the Restated Consolidated Financial Information. The companys Board of Directors are also responsible for identifying and ensuring that the company complies with the Act, ICDR Regulations and the Guidance Note.

3. We have examined such Restated Consolidated 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 May 22, 2025 and May 28, 2026 in connection with the proposed 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 Consolidated Financial Information in accordance with the Guidance Note on Reports in Company Prospectuses (Revised 2019) and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India;

d. The requirements of Section 26 of Part I of Chapter III of the Act and the ICDR Regulations; and

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.

4. These Restated Consolidated Financial Information have been compiled by the management of the Company from:

a. The audited consolidated Ind AS financial statements of the Group as at and for the year ended March 31, 2026 prepared in accordance with Indian Accounting Standards (Ind AS), specified under section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended and other accounting principles generally accepted in India, to the extent applicable (the 2026 Audited Consolidated Ind AS Financial Statements), which have been approved by the Board of Directors in their meeting held on June 04, 2026.

b. The audited consolidated Ind AS financial statements of the Group as at and for the year ended March 31, 2025 prepared in accordance with Indian Accounting Standards (Ind AS), specified under section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended and other accounting principles generally accepted in India, to the extent applicable (the 2025 Audited Consolidated Ind AS Financial Statements ), which have been approved by the Board of Directors in their meeting held on August 28, 2025.

c. The audited special purpose consolidated Ind AS financial statements of the Group as at and for the year ended March 31, 2024 and March 31, 2023 prepared in accordance with Indian Accounting Standards (Ind AS), specified under section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended and other accounting principles generally accepted in India to the extent applicable (the Special Purpose Consolidated Ind AS Financial Statements ), which have been approved by the Board of Directors in their meeting held on August 28, 2025. The reference to March 31, 2023 has been retained in this examination report since the audited Special Purpose Consolidated Ind AS Financial Statements comprise comparative financial information for both the years ended March 31, 2024 and March 31, 2023.

5. The restated consolidated financial information contains the disclosure towards nonadjusting events which have been compiled by the management of the Company from the auditors report issued by M/s P Murali & Co., Chartered Accountants dated September 3, 2024 on the audited consolidated financial statements of the Group as at and for the year ended March 31, 2024.

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

a. The auditors report issued by us dated June 04, 2026 on the 2026 Audited Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2026 as referred in Paragraph 4 above

b. The auditors report issued by us dated August 28, 2025 on the 2025 Audited Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2025 as referred in Paragraph 4 above; and

c. The auditors report issued by us dated August 28, 2025 on the Special Purpose Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2024 and March 31, 2023 as referred in Paragraph 4 above.

d. As indicated in our audit reports mentioned above, we did not audit the financial statements of the subsidiaries as at and for the years ended March 31, 2026, 2025 and 2024 whose financial statements reflect total assets, total revenues and net cash inflow/ (outflow), as tabulated below:

(Rs. In Million)

Particulars	March 31, 2026	March 31, 2025	March 31, 2024
Number of subsidiaries	5	3	3
Total assets	15,788.77	12,740.30	11,179.79
Total revenue	7,108.78	5,775.10	4,996.73
Net cash inflow / (outflow)	(574.61)	(545.95)	(255.28)

These financial statements have been audited/reviewed by other auditors as listed below, whose reports have been furnished to us by the Companys management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures in respect of such subsidiaries as referred in Paragraph above are based solely on the report of the other auditors.

Name of Entity	Relationship	Name of Audit Firm	Period Audited by Other Auditor	Period reviewed by Other Auditor
Indo-MIM Arms Components Private Limited	Wholly owned subsidiary	MDA & Co., Chartered Accountants	Period from December 05, 2025 to March 31, 2026	Not applicable
Name of Entity	Relationship	Name of Audit Firm	Period Audited by Other Auditor	Period reviewed by Other Auditor
Conway Marsh Garrett Technologies Limited, UK	Wholly owned subsidiary	Blick Rothenberg Audit LLP	Year ended March 31, 2026	Not applicable
Indo-MIM, Inc, USA (including INDO-MIM Mexico, S. de R.L. de C.V., a step down subsidiary) *	Wholly owned subsidiary	Gould Killian CPA Group, P.A.	Years ended March 31, 2026, 2025, and 2024	Not applicable
Triax Industries, LLC, USA	Wholly owned subsidiary	Gould Killian CPA Group, P.A.	Years ended March 31, 2026 2025, and 2024	Not applicable
Phoenix DeVentures II. Inc	Wholly owned subsidiary	Gould Killian CPA Group, P.A.	Period from May 19, 2025 to March 31, 2026	Not applicable
Conway Marsh Garrett Technologies Limited, UK	Wholly owned subsidiary	Seago & Stopps Limited	Year ended March 31, 2025	Not applicable
Conway Marsh Garrett Technologies Limited, UK*	Wholly owned subsidiary	Jacobs Allen Limited	Not applicable	Year ended March 31, 2024

* As stated in our audit reports referred above, the Restated Consolidated Financial Information of the Company include:

(i) the audited consolidated financial statements of Indo-MIM Inc., a direct subsidiary of the Company and step-down subsidiary, INDO-MIM Mexico, S. de R.L. de C.V.. INDO-MIM Mexico, S. de R.L. de C.V., the subsidiary of Indo-MIM Inc., is incorporated in Mexico and as per information provided by the management of the company there is no mandatory requirement for audit of the financial statements as per the local laws applicable to the such subsidiary. The auditor of Indo-MIM Inc. has conducted an audit of the consolidated financial statements of Indo-MIM Inc., which includes the financial information of INDO-MIM Mexico, S. de R.L. de C.V., in accordance with the applicable laws and regulations in the United States of America. The audited consolidated financial statements of Indo-MIM Inc., including its subsidiary INDO-MIM Mexico, S. de R.L. de C.V. have been considered for the purpose of preparation of the restated consolidated financial information of the Company; and

(ii) the financial statements for Conway Marsh Garett Technologies Limited, UK, for the year ended March 31, 2024, which has been reviewed by other auditors for such period and as per information provided by the management of the company there is no mandatory requirement for audit of the financial statements as per the local laws applicable to the such subsidiary.

7. The audit report on the 2026 Audited Consolidated Ind AS Financial Statements issued by us included the following modification on the consolidated financial statements as at and for the year ended March 31, 2026 and the same are reproduced below:

i) In our opinion, based on our examination, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books, except for the matters stated in paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

ii) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

iii) Based on our examination, which included test checks and that performed by the auditor of Indo-MIM Arms Components Private Limited (the subsidiary company incorporated in India) whose financial statement have been audited under the Act, except for instances mentioned below, the INDO-MIM Limited (the holding Company) and its subsidiary company have used accounting software for maintaining its books of account for the financial year ended March 31,2026 which has a feature of recording audit trail (edit log) functionality and the same has

operated throughout the year for all relevant transactions recorded except for instances below:

a. In respect of Holding company, the accounting software does not have the feature of recording of audit trail at the database level to log any direct changes for the accounting software used for maintaining the books of account.

b. In respect of Holding company, the feature of recording of audit trial was not enabled for certain masters such as chart of accounts upto November 2025 and inventory master upto August 2025.

c. In respect of Holding company, inventory software does not have the feature of recording of audit trial and consequently, we are unable to comment on the audit trial of the said software.

Further, for the period where audit trial facility was enabled and operated throughout the year for the respective accounting software. We and auditor of subsidiary company incorporated in India did not come across any instances of the audit trial feature being tampered with. Additionally, where enabled, the audit trial has been preserved by the Holding Company and subsidiary company incorporated in India as per the statutory requirements for records retention.

The above modifications do not require any corrective adjustments in the Restated Consolidated Financial Information.

8. The audit report on the 2025 Audited Consolidated Ind AS Financial Statements issued by us included the following modification on the consolidated financial statements as at and for the year ended March 31, 2025 and the same are reproduced below:

i) In our opinion, based on our examination, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books, except for the matters stated in paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

ii) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

iii) Based on our examination, which included test checks, the INDO-MIM Limited (the Holding company) has used accounting software for maintaining its books of account for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log) functionality and the same has operated throughout the year for all relevant transactions recorded except for instances below:

a. The accounting software does not have the feature of recoding of audit trail at the database level to log any direct changes for the accounting software used for maintaining the books of account.

b. The feature of recording of audit trial was not enabled for certain masters such as chart of accounts and inventory master.

c. Inventory software does not have the feature of recording of audit trial and consequently, we are unable to comment on the audit trial of the said software.

Further, for the period where audit trial facility was enabled and operated throughout the year for the respective accounting software. We did not come across any instances of the audit trial feature being tampered with. Additionally, where enabled, the audit trial has been preserved by the Holding company as per the statutory requirements for records retention.

The above modifications do not require any corrective adjustments in the Restated

Consolidated Financial Information.

9. The audit reports on the 2026 Audited Consolidated Ind AS Financial Statements of the Group as at and for the year ended March 31, 2026, 2025 Audited Consolidated Ind AS Financial Statements of the Group as at and for the year ended March 31, 2025 and the Special Purpose Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2024 issued by us contained the following Emphasis of Matter and Other Matter paragraphs and the same are reproduced below:

2026 Audited Consolidated Ind AS Financial Statements as at and for the year ended 31 st March 2026

Other Matters:

a) We did not audit the financial statements of five subsidiaries, whose financial statements reflect total assets of Rs. 15,788.77 million as at March 31, 2026, total revenues of Rs. 7,108.78 million and net cash flows amounting to Rs. (574.61) million for the year ended on that date, as considered in the consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of subsection (3) and

(11) of Section 143 of the Act, insofar as it relates to the aforesaid subsidiaries, is based solely on the reports of the other auditors.

Four of above subsidiaries are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in its country and which has been audited by other auditors under generally accepted auditing standards applicable in its country. The Holding Companys (INDO-MIM Limited) management has converted the financial information of such subsidiary located outside India from accounting principles generally accepted in its country to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Companys management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

b) Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to financial statements insofar as it relates to one subsidiary company (Indo-MIM Arms Components Private Limited), which is incorporated in India, is based on the corresponding report of the auditor of such company incorporated in India.

Our opinion is not modified in respect of above matter.

2025 Audited Consolidated Ind AS Financial Statements as at and for the year ended 31 st March 2025

Emphasis of Matter:

We draw attention to note 32 of the consolidated financial statements, wherein the INDO-MIM Limited (Holding Company) has identified certain material adjustments and restated the balance as at April 01, 2023 and the comparative figures for the year ended March 31, 2024. Further, the Holding Company has also reclassified/regrouped certain account balances for better presentation in accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors. Our opinion is not modified in respect of this matter.

Other matters:

a) We did not audit the financial statements of three subsidiaries, whose financial statements reflect total assets of Rs. 12,740.30 million as at March 31, 2025, total

revenues of Rs. 5,775.10 million and net cash flows amounting to Rs. (545.95) million for the year ended on that date, as considered in the consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of subsection (3) and (11) of Section 143 of the Act, insofar as it relates to the aforesaid subsidiaries, is based solely on the reports of the other auditors.

The above subsidiaries are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in its country and which has been audited by other auditors under generally accepted auditing standards applicable in its country. The Holding Companys management has converted the financial information of such subsidiary located outside India from accounting principles generally accepted in its country to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Companys management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

b) The consolidated financial statements for the year ended and as at March 31, 2024 were audited by M/s P Murali & Co., Chartered Accountants, who have expressed an unmodified opinion thereon vide their report dated September 3, 2024.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

Special Purpose Consolidated Ind AS Financial Statements as at and for the year

ended 31 st March 2024

Emphasis of Matter

a) We draw attention to Note 31(1) to the special purpose consolidated financial statements for the year ended March 31, 2024 and March 31,2023, which describes the basis of accounting. The special purpose consolidated financial statements are prepared by management of the INDO-MIM Limited (the holding company) in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2023, as amended, (Ind AS) and other accounting principles generally accepted in India.

The special purpose consolidated financial statements are prepared to assist the Holding Company for the purpose of preparation of the Restated Consolidated

Financial Information of the Group for inclusion in the Draft Red Hearing Prospectus(DRHP), Red Hearing Prospectus (RHP) and Prospectus (Offer Document) of the Company in relation to its proposed initial public offering of equity shares of Company as required by Section 26 of Part I of Chapter III of the Act, SEBI ICDR Regulations and the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the ICAI (the Guidance Note). As a result, the special purpose consolidated financial statements may not be suitable for another purpose and should not be distributed to or used by parties without our prior consent.

Our opinion is not modified in respect of this matter.

b) We draw attention to note 32 of the special purpose consolidated financial statements, wherein the Holding company has identified certain material adjustments and restated the balance as at April 01, 2022 and the comparative figures for the year ended March 31, 2023. Further, the Holding company has also reclassified/regrouped certain account balances for better presentation in accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors.

Our opinion is not modified in respect of this matter.

Other Matters

a) The statutory audit of Consolidated Financial Statements of the Group as at and for the year ended March 31, 2024 which were prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2023, as amended, (Ind AS) and other accounting principles generally accepted in India and approved by the Board of Directors in their meeting held on September 3, 2024, was conducted by M/s P Murali & Co., Chartered Accountants who have expressed an unmodified opinion thereon vide their report dated September 3, 2024.

b) Opening balance with respect to the financial information as at March 31, 2024, included in these Special Purpose Consolidated Financial Statements, are based on audited Special Purpose Consolidated Financial Statements for the year ended March 31, 2023, which has been approved by the Holding Companys Board of Directors on August 28, 2025.

c) We did not audit the financial statements of three subsidiaries, (namely Indo- MIM, Inc, USA (including INDO-MIM Mexico, S. de R.L. de C.V., a step down subsidiary), Triax Industries LLC and Conway Marsh Garrett Technologies Limited) whose financial statements reflect total assets of Rs. 11,179.79 million as at March 31, 2024, total revenues of Rs. 4,996.73 million and net cash flows amounting to Rs. (255.28) million for the year ended on that date, as considered in the special purpose consolidated financial statements. The financial statements of Indo-MIM, Inc, USA (including INDO-MIM Mexico, S. de R.L. de C.V., a step down subsidiary) and Triax Industries LLC have been audited by other auditors and the financial

statements of Conway Marsh Garnett Technologies Limited have been reviewed by the other auditor whose reports have been furnished to us by the Management and our opinion on the special purpose consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of sub secfion (3) and (11) of Secfion 143 of the Act, insofar as it relates to the aforesaid subsidiaries, is based solely on the audit reports/review report of the other auditors.

The above subsidiaries are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in its country and which has been audited/reviewed by other auditors under generally accepted auditing standards applicable in its country. The Holding Companys management has converted the financial information of such subsidiary located outside India from accounting principles generally accepted in its country to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Companys management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the special purpose consolidated financial statements, is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

10. Based on our examination and according to the information and explanations given to us, we report that the Restated Consolidated 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.

b. As per the opinion of the management of the Company, modification referred in paragraph [7] and [8] above do not require any adjustments as referred in Part B of Annexure VII in the Restated Consolidated Financial Information.

c. do not require any adjustment for the matters included in Emphasis of Matter and Other Matters in paragraph [9] above; and

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

11. The Restated Consolidated 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.

12. 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.

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

14. Our report is addressed to and provided to enable the Board of Directors to include this report in the RHP and Prospectus to be filed with the RoC, the SEBI and the Stock Exchanges in connection with the 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 other than regulatory authorities to whom this report is shown or into whose hands it may come without our prior consent in writing.

For M/s Suri & Co

Chartered Accountants

Firm Registration Number: 004283S

Natarajan V Partner

Membership Number: 223118

UDIN: 26223118OUXNST7225

Place: Bengaluru

Date: July 11, 2026