Peshwa Wheat Limited Auditor Reports

as on 31st March 2026, 31st March 2025, 31st March 2024 and 25th December 2023 Restated Statement of Profit and Loss and Restated Statement of Cash Flows for each of the period/years ended on 31st March, 2026, 31st March 2025, 31st March 2024 and 25th December 2023 of Peshwa Wheat Limited (collectively, the Restated Summary Statements)

To, The Board of Directors Peshwa Wheat Limited, 308 The One, A Block RNT Marg, Near Silver Mall Indore Tukoganj, Madhya Pradesh India 452001

Dear Sir/Maam

1. We have examined the attached Restated Financial Information of Peshwa Wheat Limited (the Company or the Issuer), comprising the Restated Statement of Assets and Liabilities as at 31st March 2026, 31st March 2025, 31st March 2024 and 25th December 2023, the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the year ended on 31st March 2026, 31st March 2025, 31st March 2024, and period ended on 25th December 2023 along with the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively, the Restated Financial Information), as approved by the Board of Directors of the Company at their meeting held on 1st August, 2026 for the purpose of inclusion in the Red Herring Prospectus /Prospectus prepared by the Company in connection with its proposed Initial Public Offer of equity shares (IPO).

These restated Summary Statement have been prepared in terms of the requirements of:

a) Section 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 Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Red Herring Prospectus / Prospectus to be filed with Securities and Exchange Board of India, Registrar of Companies, Gwalior and the SME Platform of BSE SME in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in Annexure 4 to the Restated Financial Information. The Board of Directors responsibility 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.

3. 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 1st September, 2025 in connection with the proposed IPO of equity shares of the Issuer;

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 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.

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

a. Audited Financial Statements of the Company from 1st April 2025 to 31st March, 2026, from 1st April 2024 to 31st March 2025 and from 26th December, 2023 to 31st March, 2024 prepared in accordance with the applicable Accounting Standards notified under Section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts Rules), 2014, which has been approved by the Board of Directors at their meeting held 1st August 2026, 10th June 2025 and 30th May 2024 respectively.

b. Proforma financial statements as at and for the year / period ended 25th December, 2023. The proforma financial statements have been prepared by making adjustments for Indian GAAP as applicable to corporates to the unaudited financial statements for the year / period ended 25th December, 2023 which was prepared as per Indian GAAP as applicable to non-corporates and which have been approved by the board of directors.

5. We have audited the financial information of the Company for the year ended 31st March, 2026 prepared by the Company in accordance with the applicable Accounting Standards notified under Section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts Rules), 2014 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 ICDR Regulations in relation to proposed IPO. We have issued our report dated 1st August 2026 for the financial information to the Board of Directors who have approved these in their meeting held on 1st August 2026.

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

a. Auditors Report issued by us dated 1st August 2026, 10th June 2025 and 30th May 2024 on the financial statements of the Company as at and year ended April 1st 2025 to March 31st 2026 and period ended April 1st 2024 to March 31st 2025, from 26th December 2023 to 31st March, 2024 respectively as referred in paragraph 4 and 5 above.

b. Proforma financial statements as at and for the year / period ended 25th December, 2023 as referred in Paragraph 4(b) above

7. Based on our examination and according to the information and explanations given to us, we report that:

a. The Restated Summary Statement of Assets and Liabilities as set out in Annexure 1 to this report, of the Company as at and for the year ended 31st March 2026, as at and for the period / year ended on 31st March 2025, 31st March 2024 and 25th December 2023, are 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 to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure 4 to this Report.

b. The Restated Summary Statement of Profit and Loss as set out in Annexure 2 to this report, of the Company as at and for the year ended 31st March 2026, as at and for the period ended from 1st April 2024 to 31st March 2025, 26th December 2023, to 31st March 2024 and 25th December 2023, are 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 to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure 4 to this Report.

c. The Restated Summary Statement of Cash Flow as set out in Annexure 3 to this report, of the Company as at and for the year ended on 31st March 2026, as at and for the period ended from 1st April 2024 to 31st March 2025, 26th December 2023 to 31st March 2024 and 25th December 2023, are prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Cash Flow have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure 4 to this Report.

d. The Restated Summary Statement have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

e. The Restated Summary Statements have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;

f. The Restated Summary Statements have been made after incorporating adjustments for prior period and other material amounts in the respective financial years/period to which they relate, if any and there are no qualifications which require adjustments;

g. Extra-ordinary items that need to be disclosed separately in the accounts has been disclosed wherever required;

h. There were no qualifications in the Audit Reports issued by the Statutory Auditors as at and for the year ended on 31st March 2026, as at and for the period / year ended on 31st March 2025, and 26th December 2024 to 31st March 2024, which would require adjustments in this Restated Financial Statements of the Company;

i. 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 4 to this report;

j. There was no change in accounting policies, which needs to be adjusted in the Restated Summary Statements

k. There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statements;

l. The Company has not declared dividend during the period.

8. 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 as at and for the year ended on 31st March 2026, as at and for the period / year ended from 1st April 2024 to 31st March 2025, 26th December 2023 to 31st March 2024, 1st April 2023 to 25th December 2023 proposed to be included in the Red Herring Prospectus / Prospectus.

Annexure of Restated Financial Statements of the Company: -

a. Restated Summary Statement of Assets and Liabilities in Annexure 1;

b. Restated Summary Statement of Profit and Loss in Annexure 2;

c. Restated Summary Statement of Cash Flows in Annexure 3

d. Significant Accounting Policies and Notes to Accounts as restated in Annexure 4;

e. Reconciliation of Restated Profit and Loss as appearing in Annexure 4 to this report.

f. Reconciliation of Restated Equity/Net worth as appearing in Annexure 4 to this report.

g. Details of Share Capital as Restated appearing in Annexure 5 to this report;

h. Details of Partners Capital as Restated appearing in Annexure 6 to this report;

i. Details of Reserves and Surplus as Restated appearing in Annexure 6A to this report;

j. Details of Long Term/Short Term Borrowings as Restated appearing in Annexure 7 to this report;

k. Nature of Security and Terms of Repayment for Long term/Short term Borrowings appearing in Annexure 7.1 to this report;

l. Details of Deferred Tax Assets/Liabilities (Net) as Restated appearing in Annexure 8 to this report;

m. Details of Long Term/Short Term Provisions as Restated appearing in Annexure 9 to this report;

n. Details of Trade Payables as Restated appearing in Annexure 10 to this report;

o. Details of Other Current Liabilities as Restated appearing in Annexure 11 to this report;

p. Details of Property Plant Equipment as Restated appearing in Annexure 12 to this report;

q. Details of Long/Short Term Loans and Advances as Restated appearing in Annexure 13 to this report;

r. Details of Other Non-Current/Current Assets as Restated appearing in Annexure 14 to this report;

s. Details of Trade Receivables as Restated appearing in Annexure 15 to this report;

t. Details of Inventories as Restated appearing in Annexure 16 to this report;

u. Details of Cash and Bank Balances as Restated appearing in Annexure 17 to this report;

v. Details of Revenue from operations as Restated appearing in Annexure 18 to this report;

w. Details of Other Income as Restated appearing in Annexure 19 to this report;

x. Details of Cost of Material Consumed as restated appearing in Annexure 20 to this report;

y. Details of Purchase of Stock in Trade as restated appearing in Annexure 21A to this report;

z. Details of Change in Inventory of Finished Goods and Stock in Trade as restated appearing in Annexure 21B to this Report;

aa. Details of Employee Benefit Expense as restated appearing in Annexure 22 to this report;

bb. Details of Finance Cost as restated appearing in Annexure 23 to this report;

cc. Details of Other Expense as restated appearing in Annexure 24 to this report;

cc. Details of Accounting and other ratios as restated appearing in Annexure 25 to this report;

ee. Statement of Tax Shelter as Restated appearing in Annexure 26 to this report:

ff. Details of statement of Capitalization as restated appearing in Annexure 27 to this report;

gg. Details of Related Parties Transactions as Restated appearing in Annexure 28 to this report;

hh. Details of Corporate Social Responsibility appearing Annexure 29 to this report;

ii. Details of Additional notes as restated appearing in Annexure 30 to this report;

jj. Details of Ratios as restated appearing in Annexure 31 to this report;

9. We, M/s. Bakliwal & Co, 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 which is valid till Augusts 31, 2026.

10. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose interim financial statements and audited financial statements mentioned in paragraph 4 above.

11. 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, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

13. Our report is intended solely for use of the Board of Directors for inclusion in the Red Herring Prospectus / Prospectus to be filed with Securities and Exchange Board of India, SME Platform of BSE SME and Registrar of Companies, Gwalior in connection with the proposed 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 to whom this report is shown or into whose hands it may come without our prior consent in writing.

For Bakliwal & Co
Chartered Accountants
FRN: 130381W
SD/-
CA Ankit Kumar Jain
Partner
Membership Number 449058
UDIN 26449058WZTFLZ2305
Place: Indore
Date: 01/08/2026