M P K Steels I Ltd Auditor Reports

Auditors Report on the Restated Statement of Assets and Liabilities as on March 31, 2025, March 31, 2024 and March 31, 2023, Restated Statement of Profit and Loss and Restated Cash Flow Statement for the year ended on March 31, 2025, March 31, 2024 and March 31, 2023 of “M P K STEELS (I) LIMITED” (collectively, the “Restated Summary Statements”)

To,

The Board of Directors

M P K STEELS (I) LIMITED

House No. 87, Rajgarh Road,

Silpukhuri,

Kamrup, -781003, GMC, Assam, India

Dear Sir,

1. We have examined the attached Restated Statements of Assets and Liabilities of M P K STEELS (I) LIMITED (the “Company”) along with significant accounting policies and related notes as on March 31, 2025, March 31, 2024 and March 31, 2023, Restated Statement of Profit & Loss and Restated Statement of Cash Flow for the year ended on March 31, 2025, March 31, 2024 and March 31, 2023, annexed to this report and prepared by the Company for the purpose of inclusion in the Offer Document (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 its proposed Initial Public Offering (“IPO”) on the SME Platform of Bombay Stock Exchange Limited.

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

• Section 26 and 32 of Part I of Chapter III to the Companies Act, 2013 (“the Act”) read with Companies (Prospectus and Allotment of Securities) Rules 2014, as amended from time to time;

• The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements Regulations), 2018 (the ‘SEBI ICDR Regulations) as amended from time to time in pursuance of Section 11 of the Securities and Exchange Board of India Act, 1992;

• The Guidance Note on Reports in Company Draft Prospectus / Prospectus (Revised) issued by the Institute of Chartered Accountants of India (“ICAI”) (“Guidance Note”), The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

• The applicable regulation of SEBI (ICDR) Regulations, 2018, as amended, and as per Schedule VI (Part A) (11) (II) of the said Regulations; and

• The terms of reference to our engagement letter with the company dated June 13, 2025 requesting us to carry out the assignment, in connection with the proposed Initial Public Offering of equity shares on SME Platform of Bombay Stock Exchange Limited (“BSE SME”) (“IPO” or “SME IPO”).

• Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information;

3. These Restated Financial Information (included in Annexure I to XXXIX) have been extracted by the Management of the Company from:

The Companys Financial Statements for the year ended March 31, 2025, 2024, and 2023 which have been approved by the Board of Directors at their meetings respectively and books of accounts underlying those financial statements and other records of the Company, to the extent considered necessary for the preparation of the Restated Financial Statements, are the responsibility of the Companys Management. The Financial Statement of the Company for the year ended March 31, 2025, March 31, 2024 and March 31, 2023 was duly audited by respective Statutory Auditors of the Company on which they have issued Unmodified reports. Details of opinion and annexure for qualification in auditors report is mentioned as under :-

Auditor	For the year / period ended	Opinion	Refer Annexure
Saurabh Agarwal & Associates	March 31, 2023	Unmodified Opinion	-
Saurabh Agarwal & Associates	March 31, 2024	Unmodified Opinion	-
NLA & Associates	March 31,2025	Unmodified Opinion	-

4. In accordance with the requirements of Section 26 and 32 of the Companies Act, 2013 read with Companies (Prospectus and Allotment of Securities) Rules 2014, the SEBI Regulations, the Guidance Note, as amended from time to time and in terms of our engagement agreed with you, we further report that:

(a) The Restated Statement of Assets and Liabilities for the year ended March 31, 2025, 2024 and 2023examined by us, as set out in Annexure I to this report, is 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 of the financial statements, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV to XXXI to this Report.

(b) The Restated Statement of Profit and Loss of the Company for the year ended March 31, 2025, 2024 and 2023 examined by us, as set out in Annexure II to this report, is 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 of the financial statements, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV to XXXI to this Report.

(c) The Restated Statement of Cash Flows of the Company for the year ended March 31, 2025, 2024 and 2023, examined by us, as set out in Annexure III to this report, is prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Cash Flows, have been arrived at after making such adjustments and regroupings of the financial statements, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV to XXXI to this Report.

As a result of these adjustments, the amounts reporting in the above-mentioned statements are not necessarily the same as those appearing in the audited financial statements of the Company for the relevant financial years.

5. Based on the above, as per the reliance placed by us on the audited financial statements of the Company and report thereon given by N L A & Associates, Chartered Accountants (holding a valid peer review certificate), the Statutory Auditor of the Company for the year ended on March 31, 2025 and Saurabh Agarwal & Associates, Chartered Accountants (Not holding peer review certificate), the Statutory Auditor of the Company for the year ended on March 31, 2024 and March 31, 2023 respectively and to the best of our information and according to the explanation given to us, we are of the opinion that Restated Financial Statement:

(a) have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial years to reflect the same accounting treatment as per the changed accounting policies for all the reporting periods based on the significant accounting policies adopted by the Company as at March 31, 2025, March 31, 2024 and March 31, 2023.

(b) have been made after incorporating adjustments for prior period and other material amounts, if any, in the respective financial years/period to which they relate to;

(c) do not contain any extra ordinary items that need to be disclosed separately other than those presented in the Restated Financial Statement and do not contain any qualification requiring adjustments;

(d) Restated Summary Statement of 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 and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in Annexure IV to XXXI to this report;

(e) Adjustments in Restated Summary Statements have been made in accordance with the correct accounting policies,

(f) There was no change in accounting policies, which needs to be adjusted in the Restated Summary Statements;

(g) There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statements;

(h) The Company has not paid dividends during the financial years under review.

6. We have also examined the following other Restated Financial Information as set out in the respective Annexures to this report and forming part of the Restated Financial Statement, prepared by the management of the Company and approved by the Board of Directors of the company for the year ended on March 31, 2025, March 31, 2024 and March 31, 2023 proposed to be included in the Draft Red Hearing Prospectus / Red Hearing Prospectus / Prospectus (“Offer Document”) for the proposed IPO:

1. Statement of Share Capital, as restated in Annexure V to this report.

2. Statement of Reserves & Surplus, as restated in Annexure VI to this report

3. Statement of Long-Term Borrowings, as restated in Annexure VII to this report.

4. Statement of Other Non Current Liabilities, as restated in Annexure VIII to this report.

5. Statement of Long-Term Provisions, as restated in Annexure IX to this report.

6. Statement of Short-Term Borrowings as restated in Annexure X to this report.

7. Statement of Trade Payables as restated in Annexure XI to this report.

8. Statement of Other Current Liabilities as restated in Annexure XII to this report.

9. Statement of Short-Term Provisions as restated in Annexure XIII to this report.

10. Statement of Plant, Property & Equipment and Intangible Assets, as restated in Annexure XIV to this report.

11. Statement of Non-Current Investment as restated in Annexure XV to this report.

12. Statement of Other Non-Current Assets as restated in Annexure XVI to this report.

13. Statement of Deffered Tax Assets/(Liabilities) as restated in Annexure XVII to this report

14. Statement of Inventories as restated in Annexure XVIII to this report.

15. Statement of Trade Receivables as restated in Annexure XIX to this report.

16. Statement of Cash and Cash Equivalents as restated in Annexure XX to this report.

17. Statement of Short-Term Loans and Advances as restated in Annexure XXI to this report.

18. Statement of Other Current Assets as restated in Annexure XXII to this report.

19. Statement of Revenue from Operations as restated in Annexure XXIII to this report.

20. Statement of Other Income as restated in Annexure XXIV to this report.

21. Statement of Cost of Material and Components Consumed as restated in Annexure XXV to this report.

22. Statement of Purchase of Trading Goods as restated in Annexure XXVI to this report.

23. Statement of Increase/(Decrease) in inventories as restated in Annexure XXVII to this report

24. Statement of Employee Benefit Expenses as restated in Annexure XXVIII to this report.

25. Statement of Finance Cost as restated in Annexure XXIX to this report.

26. Statement of Depreciation and Amortisation Expenses as restated in Annexure XXX to this report.

27. Statement of Other Expenses as restated in Annexure XXXI to this report.

28. Statement of Earning per share as restated in Annexure XXXII to this report.

29. Statement of Related Party Transactions as restated in Annexure XXXIII to this report.

30. Statement of Reconciliation of Restated Profit after Tax, Restated Equity/Net worth as restated in Annexure XXXIV to this report.

31. Statement of Capitalization as restated in Annexure XXXV to this report

32. Statement of Other Financial Information as restated in Annexure XXXVI to this report.

33. Statement of Tax Shelters as restated in Annexure XXXVII to this report.

34. Statement of Contingent Liabilities as restated in Annexure XXXVIII to this report.

35. Statement of Accounting Ratios as restated in Annexure XXXIX to this report.

7. We, B D G & CO LLP, Chartered Accountants hold a valid peer review certificate issued by the “Peer Review Board” of the Institute of Chartered Accountants of India (“ICAI”).

8. The preparation and presentation of the 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.

9. This 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 or other auditor, nor should this report be construed as an opinion on any of the Financial Information referred to herein.

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

11. In our opinion, the above Restated Financial Statements contained in Annexure I to XXXIX to this report read along with the ‘ Significant Accounting Policies and Notes to the Financial Statements appearing in Annexure IV to XXXI after making adjustments and regrouping / reclassification as considered appropriate and have been prepared in accordance with the provisions of Section 26 and 32 of the Companies Act, 2013 read with the Companies (Prospectus and Allotment of Securities) Rules 2014, to the extent applicable, the SEBI Regulations, the Guidance Note issued in this regard by the ICAI, as amended from time to time, and in terms of our engagement agreed with you.

12. Our report is intended solely for use of the Management and for inclusion in the offer documents in connection with the proposed SME IPO of equity shares of the Company and is not to be used, referred to or distributed for any other purpose except with our prior written consent.

For B D G & CO LLP

Chartered Accountants

Firm Registration No.: 119739W/W100900

SD/-

CA Nikhil Rathod

Partner

Membership No. 161220

UDIN: 25161220BMHBQI8913

Place: Mumbai

Date: July 08, 2025