Jay Bee Laminations Ltd Auditor Reports

To,

The Board of Directors Jay Bee Laminations Limited 26/36, Upper Ground Floor, East Patel Nagar New Delhi Patel Nagar East, Central Delhi, New Delhi, Delhi, India, 110008

Dear Sirs,

1. We have examined the attached Restated Financial Information of Jay Bee Laminations Limited (the "Company) comprising the Statement of Assets & Liabilities, as Restated as for the Financial Years ended March 31, 2024, March 31, 2023, and March 31, 2022, and the related Restated Statement of Profit & Loss and Restated Statement of Cash Flow for the Financial Years ended March 31, 2024, March 31, 2023, and March 31, 2022, the Summary Statement of Significant Accounting Policies, and other explanatory information annexed to this report for the purpose of inclusion in the offer document prepared by the Company (collectively the "Restated Summary Statements" or "Restated Financial Statements"). These Restated Summary Statements have been prepared by the Company and approved by the Board of Directors of the Company in connection with the Initial Public Offering of Equity Shares (IPO) in SME Emerge Platform of National Stock Exchange of India Limited.

2. These Restated Summary Statements have been prepared in accordance with the requirements of:

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

(ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 ("SEBI (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

(iii) 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").

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus to be filed with Emerge Platform of NSE (NSE EMERGE) in connection with proposed IPO. The management of the Company has prepared the Restated financial information. The Board of Directors of the Company is responsible for 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, SEBI (ICDR) Regulations and the Guidance Note.

4. 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 February 20, 2024, in connection with the proposed IPO of equity shares of the Issuer;

b) The Guidance Note. 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 SEBI (ICDR) Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the SEBI (ICDR) Regulations and the Guidance Note in connection with the IPO

5. This Restated Financial information of the Company have been compiled by the management from the Audited Financial Statements of the Company for the Financial Years ended March 31, 2024, March 31, 2023, and March 31, 2022, 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 have been approved by the Board of Directors at their meeting held on Wednesday, August 14, 2024.

6. In accordance with the requirements of Part I of Chapter III of Act including rules made therein, SEBI (ICDR) Regulations, Guidance Note and Engagement Letter, we report that:

(i) The "Statement of Assets & Liabilities, As Restated" as set out in Annexure I to this report, of the Company for the Financial Years ended March 31, 2024, March 31, 2023, and March 31, 2022, are prepared by the Company and approved by the Board of Directors. These Statement of Assets and Liabilities, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate.

(ii) The "Statement of Profit & Loss, As Restated" as set out in Annexure II to this report, of the Company for the Financial Years ended March 31, 2024, March 31, 2023, and March 31, 2022, are prepared by the Company and approved by the Board of Directors. These Statement of Profit and Loss, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate.

(iii) The "Statement of Cash Flow, As Restated" as set out in Annexure III to this report, of the Company for the Financial Years ended March 31, 2024, March 31, 2023, and March 31, 2022, are prepared by the Company and approved by the Board of Directors. These Statement of Cash Flow, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate.

7. We did not audit financial information of the company for none of the period referred in this report. We have audited the special purpose financial information of the Company for the year ended March 31, 2023, prepared by the Company in accordance with the Accounting Standards for the limited purpose of complying with the requirement of getting its financial statements audited by an audit firm holding a valid peer review certificate issued by the "Peer Review Board" of the ICAI as required by SEBI (ICDR) Regulations in relation to proposed IPO. We have issued our report on this special purpose financial information to the Board of Directors who have approved these in their meeting held on Friday, August 16, 2024.

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

a) Auditors Report issued by the Statutory Auditors i.e. M/s Oswal Sunil & Co, Chartered Accountants on the financial statement for the period ended on March 31, 2024, dated August 01, 2024, and M/s. Ramesh Goyal & Associates, on the financial statement for the year ended on March 31, 2023, March 31, 2022, dated July 20, 2023, August 04, 2022 respectively.

b) The audits for the Financial Years ended March 31, 2024, March 31, 2023, and March 31, 2022, were conducted by the Statutory auditors of the company and accordingly reliance has been placed on the Balance Sheet, statements of profit and loss and cash flow statements, the Significant Accounting Policies, and other explanatory information and (collectively, the Audited Financial Statement") examined by them for the said years.

9. 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 the Previous Auditors for the respective years), we are of the opinion that the Restated Financial Statements have been made after incorporating:

a) Adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in respective for the Financial Years ended March 31, 2024, March 31, 2023, and March 31, 2022, to reflect the same accounting treatment as per the accounting policies and grouping/ classifications for all the reporting periods, if any.

b) 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.

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

d) There were no qualifications in the Audit Reports issued by the Statutory Auditors for the Financial Years ended March 31, 2024, March 31, 2023, and March 31, 2022, which would require adjustments in this Restated Financial Statements of the Company.

e) 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.

f) These have been prepared in accordance with the Act, SEBI (ICDR) Regulations and Guidance note.

10. In our opinion and to the best of information and explanation provided to us, the Restated Financial Information 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.

11. We, A Y & Company, 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.

12. 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 SEBI (ICDR) Regulations. The Financial Statements and information referred to above is the responsibility of the management of the Company.

13. 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.

14. 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 management and for inclusion in the Offer Document in connection with the SME IPO. Our report should not be used, referred to or adjusted for any other purpose except with our consent in writing.

For M/s. A	Y & Company
Chartered Accountants
Firms Registration No: 020829C
CA Arpit	Gupta
Partner
Membership	No. 421544
UDIN: 24421544BKFPJB4503
Place: Noida
Date: Wednesday, August 14, 2024