Paramount Speciality Forgings Ltd Auditor Reports

SECTION VI FINANCIAL INFORMATION RESTATED FINANCIAL INFORMATION Independent Auditors Report on Restated Financial Statements

To

The Board of Directors,

Paramount Speciality Forgings Limited

1 and 3 Guru Himmat, Ground Floor, 140 Dr. Mascarenhas Road, Mazgaon, Mumbai - 400010

1. We have examined the restated summary statement of assets and liabilities of Paramount Speciality Forgings Limited, as at March 31, 2024, March 31, 2023 and 2022 restated summary statement of profit and loss and restated summary statement of cash flows for the financial year ended on March 31, 2024, March 31, 2023, 2022 and 2021 (collectively referred to as the "restated summary statements" or "restated financial statements") annexed to this report and initialled by us for identification purposes. These restated financial statements have been prepared by the management of the Company and approved by the board of directors at their meeting in connection with the proposed Initial Public Offering (IPO) on SME Platform of BSE Limited ("BSE") of the company.

2. These restated summary statements have been prepared in accordance with the requirements of:

(i) sub-clauses (i) and (iii) of clause (b) of sub-section (1) of section 26 of the Companies Act, 2013 ("the 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

(" ICDR Regulations") and related amendments / clarifications from time to time issued by the Securities and

Exchange Board of India ("SEBI");

(iii) The Guidance Note on Reports in Company Prospectus (Revised) issued by the Institute of Chartered Accountants of India ("Guidance Note").

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Statements for inclusion in the Draft Prospectus/ Prospectus ("Offer Document") to be filed with Securities and Exchange Board of India ("SEBI"), BSE SME and Registrar of Companies (Mumbai) in connection with the proposed SME IPO.

The Restated Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Annexure IV to the Restated Financial Statements. The responsibility of the board of directors of the Company includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Statements. The board of directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

4. We have examined such restated financial statements taking into consideration:

(i) The terms of reference to our engagement letter with the company requesting us to carry out the assignment, in connection with the proposed Initial Public Offering of equity shares on SME Platform of BSE Limited("IPO" or "SME IPO"); and

(ii) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

(iii) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Statements;

(iv) 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

5. The restated financial statements of the Company have been compiled by the management from the audited financial statements of the Company for the financial year ended on March 31, 2024, 2023, 2022 and 2021.

6. Audit for the financial year ended on and March 31, 2024, 2023, and 2022 was conducted by Kalyaniwalla and Mistry LLP. There are no audit qualifications in the audit reports issued by the statutory auditors for the financial year ended on March 31, 2024, 2023, and 2022 which would require adjustments in the Restated Financial Statements of the Company. The financial report included for these years is based solely on the report submitted by them.

7. Based on our examination, we are of the opinion that the restated financial statements have been prepared: a) using consistent accounting policies for all the reporting periods.

b) Considering adjustments for prior period and other material amounts in the respective financial years to which they relate.

c) the extra-ordinary items that need to be disclosed separately in the accounts have been disclosed.

d) there are no audit qualifications in the audit reports issued by the statutory auditors for the financial year ended on March 31, 2024, 2023, and 2022 which would require adjustments in the restated financial statements of the Company.

8. In accordance with the requirements of the Act including the rules made there under, ICDR Regulations, Guidance Note and engagement letter, we report that:

(i) The "restated statement of asset and liabilities" of the Company as at March, 31, 2024, March 31, 2023, and

2022 examined by us, as set out in Annexure I to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited financial statements of the Company, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report.

(ii) The "restated statement of profit and loss" of the Company for the financial year ended on March 31, 2024,

2023, and 2022 examined by us, as set out in Annexure II to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited financial statements of the Company, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report.

(iii) The "restated statement of cash flows" of the Company for the financial year ended on September 30, 2023

,March 31, 2024, 2023, and 2022 examined by us, as set out in Annexure III to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited financial statements of the Company, as in our opinion were appropriate and more fully described in notes to restated summary statements to this report.

9. We have also examined the following other financial information relating to the Company prepared by the management and as approved by the board of directors of the Company and annexed to this report relating to the Company for the financial year ended on March 31, 2024, 2023, and 2022 proposed to be included in the

Prospectus ("Offer Document").

10. 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.

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

12. In our opinion, the above financial information contained in Annexure I to III of this report read with the respective significant accounting policies and notes to restated summary statements as set out in Annexure IV are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note.

13. 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 SSRV and Associates Firm Registration: 135901W

sd/-

Vishnu Kant Kabra Partner

Membership Number: 403437 Place: Mumbai Date: September 05, 2024 UDIN: 24403437BKAKHC3233

Paramount Speciality Forgings Limited

(Formerly known as Paramount Speciality Forgings LLP ) CIN: U24109MH2023PLC402307