Manilam Industries India Ltd Auditor Reports

To

The Board of Directors of Manilam Industries India Limited

(Formerly known as B P Industries (Plyboards) Pvt Ltd) 46, B.B. Ganguly Street, 5^th Floor, Room No. 9 Kolkata 700012, West Bengal, India

Dear Sirs,

1. We, R.K. Banka & Co. (‘we, ‘us) have examined the attached Restated Standalone Financial Information of Manilam Industries India Limited (Formerly known as B P Industries (Plyboards) Pvt Ltd) (the ‘Company or the ‘Issuer), comprising the Restated Standalone Statements of Assets and Liabilities as at and for the year ended March 31, 2025, March 31, 2024, and March 31, 2023, Restated Standalone Statement of Profit & Loss (including Other Comprehensive Income), the Restated Statement of Changes in Equity, The Restated Standalone Statement of Cash Flows for the year ended March 31, 2025, March 31, 2024, and March 31, 2023, the Summary Statement of Material Accounting Policies, and notes thereto, prepared by the Company in accordance with accounting principles generally accepted in India including the Indian Accounting Standards (‘Ind AS) specified under Section 133 of the Companies Act, 2013 (the ‘Act) read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (collectively, the ‘Restated Financial Information) prepared by the Company and approved by the Board of Directors of the Company at their meeting held on September 24, 2025 for the purpose of inclusion in the Draft Red Herring Prospectus (‘DRHP) proposed to be filed with the EMERGE Platform of National Stock Exchange of India Limited (‘Stock Exchange) and the Registrar of Companies Kolkata, (‘ROC), in connection with its proposed Initial Public Offer of equity shares (‘Offering).

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

a) Section 26 of Part I of Chapter III of the Act.

b) Relevant provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the ‘ICDR Regulations); and c) 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).

Managements Responsibility for the Restated Financial Information

2. The Companys Board of Directors are responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the DRHP to be filed with the Stock Exchange (where the equity shares of the Company are proposed to be listed) and ROC in connection with the proposed Offering. The Restated Financial Information has been prepared by the management of the Company on the basis of “basis of preparation” as stated in Note 2 of Annexure V to the Restated Financial Information. The responsibility of respective Board of Directors of the Company includes 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.

Auditors Responsibilities

3. We have examined such Restated Standalone 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 July 05, 2025, in connection with the proposed IPO of the equity shares of the Issuer; b) The Guidance Note, which 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 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.

Restated Financial Information

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

a) the Audited Ind AS Standalone Financial Statements as at and for the year ended March 31, 2025, in accordance with Ind 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 meeting held on September 02, 2025;

b) the Audited Special Purpose Ind AS Standalone Financial Statements as at and for the year ended March 31, 2024, prepared in accordance with Ind 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 meeting held on September 02, 2025; c) the Audited Special Purpose Ind AS Standalone Financial Statements as at and for the year ended March 31, 2023, prepared in accordance with Ind 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 meeting held on September 02, 2025; 5. For the purpose of our examination, we have relied on:

a) Auditors report issued by us dated September 02, 2025 on the Audited Ind AS Standalone Financial Statements of the Company for the year ended March 31, 2025, as referred in paragraph 4(a) above. b) Auditors report issued by us dated September 02, 2025 on the Audited Special Purpose Ind AS Standalone Financial Statements of the Company for the year ended March 31, 2024, as referred in paragraph 4(b) above. c) Auditors report issued by us dated September 02, 2025 on the Audited Special Purpose Ind AS Standalone Financial Statements of the Company for the year ended March 31, 2023, as referred in paragraph 4(c) above. 6. Based on our examination and according to the information and explanations given to us for the respective years as per paragraph 5(a), 5(b) and 5(c) above, we report that the Restated Financial Information:

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the respective financial years ended March 31, 2025, March 31, 2024, and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed for the year ended March 31,2025.

b) there are no qualifications in the auditors reports on the audited Ind AS financial statements of the Company as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 which require any adjustments in the Restated Financial Information. However, qualifications in Annexures to the auditors report issued under Companies (Auditors Reports) Order, 2020 as applicable to the financials statements for the year ended March 31, 2025, which do not require any adjustments in the Restated Financial Information of the Company, have been disclosed in Note C of Annexure VI to the Restated Financial Information of the Company.

c) The auditors reports on the 2025 audited Ind AS financial statements refer to in para 5(a), the 2024 audited Ind AS financial statements refer to in para 5(b), and the 2023 audited Ind AS financial statements refer to in para 5(c), included the following matters which do not require any adjustment in the restated financial information; for the year ended March 31, 2025, March 31,2024 and March 31, 2023 : “Auditors have drawn attention to note 6 of the financial statements, which describes that: (a) Investment in equity shares of New Bamaw, Timber Products Co Ltd (Joint venture), due to disturbances in Myanmar and in absence of financial statements, diminution in value of shares (if any) is unascertained. Any diminution in value of shares may affect financial statements of the Company.

However, the Company has recognised impairment allowance against the said investment while transition to Ind AS (i.e on April 1, 2022) and now there is no further consequential impact needs to be accounted for in this regard.

Auditors have drawn attention that on the basis of test check of documents/information made available to us by the Company, trade payable due to micro and small enterprises covered under " Micro, Small & Medium Enterprises Development Act 2006" has been determined to the extent such parties have been identified, (Note 19). Auditors are unable to comment on parties who did not furnish information/documents till the date. Auditors have drawn attention that balances shown under Trade Receivables, Advances, Trade Payables and other parties are subject to confirmation/reconciliation thereof and consequential adjustment, if any. However the Company has been sending letters for confirmation to these parties. In the opinion of the management, the value of Trade Receivables, Advances, Trade Payables and Other parties on realisation/payment in the ordinary course of business, will not be less/more than the value at which balances are stated in the Financial Statements. Any change in balances of parties may affect financial statements of the Company.” 7. 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.

8. Restated Financial Information does 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. 9. We have no responsibility to update our report for events and circumstances occurring after the date of the report. 10. Our report is intended solely for use of the Board of Directors for inclusion in the DRHP, RHP and Prospectus to be filed with Stock Exchanges and ROC as applicable in connection with the proposed Offering. 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.