Q&T Foods Ltd Auditor Reports

Auditor Examination Report for the Restated Financial Statements of Q&T Foods Limited

To,

The Board of Directors
Q&T Foods Limited
1 /361,11 nd Floor, Sector 1,

Vaishali, Ghaziabad, Uttar Pradesh-201010

Dear Sirs/Madam,

1. Report on Restated Financial Statements:

We have examined the Restated Financial Statements of M/s. Q&T FOODS LIMITED
(Formerly Know as Q&T Foods Private Limited) (hereinafter referred to as the
Company"), the summarized statements of which annexed to this report have been
prepared in accordance with the requirements of:

a) Section 26 of Companies Act, 2013 (hereinafter referred to as the "Act"), read with
the applicable provisions within Rules- 4 to 6 of Companies (Prospectus and Allotment
of Securities) Rules, 2014, as amended;

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018 ("the Regulation") ("SEBI ICDR Regulations") issued
by the Securities and Exchange Board of India (SEBI) and amendments made
thereto from time to time;

c) The terms of reference to our engagements with the Company requesting us to
examine financial statements referred to above and proposed to be included in the
Prospectus being issued by the Company for its proposed Initial Public Offering of
equity shares in SME Platform of BSE ("IPO" or "SME IPO");

d) The (Revised) Guidance Note on Reports in Company Prospectus issued by the
Institute of Chartered Accountants of India ("ICAI"); and

e) In terms of Schedule VIII of the SEBI (ICDR) Regulations, 2018, and other provisions
relating to accounts, we, M/s Abhijit Dutt & Associates, Chartered Accountants, have
been subjected to the peer review process of the Institute of Chartered Accountants
of India (ICAI) and hold a valid Certificate issued by the "Peer Review Board" of the
ICAI.

2. The Restated Statements and Financial Information of the Company have been
prepared from the Audited Financial Statements of the Company for the year ended
March 31st, 2026 and for the financial year ended March 31^st, 2025 and after Re-
Audit of the Audited Financial Statements for the financial years ended March 31^st,
2024, which have been approved by the Board of Directors.

3. Financial Information as per Audited Financial Statements:

1) We have examined:

The attached Restated Statement of Assets and Liabilities of the Company as at
March 31^st, 2025, March 31^st, 2024, and for the Year ended March 31st, 2026.
(Annexure I)

The attached Restated Statement of Profit and Losses of the Company for the
financial year ended on March 31^st, 2025; March 31^st, 2024, and for the Year ended
March 31st, 2026; (Annexure II);

The attached Restated Statement of Cash Flows of the Company for the financial year
ended on March 31^st, 2025; March 31^st, 2024, and for the Year ended March 31st,
2026; (Annexure III);

The Significant Accounting Policies adopted by the Company and Notes to the
Restated Financial Statements along with Adjustments on Account of Audit
Qualifications / Adjustments / Regroupings. (Annexure IV);

(Collectively hereinafter referred as "Restated Financial Statements")

2) In accordance with the requirements of sub-clauses (i) and (iii) of clause (b) of sub-
section (1) of section 26 of the Companies Act, 2013 read with Rule 4 of Companies
(Prospectus and Allotment of Securities) Rules,

2014, the SEBI Regulations, the Revised Guidance Note on Reports in Company
Prospectus and Guidance Note on Audit Reports/Certificates on Financial
Information in Offer Documents issued by the Institute of Chartered Accountants of
India (the "ICAI") and the terms of our engagement agreed with you, we report that:

a) The "Restated Statement of Assets and Liabilities" as set out in Annexure I to this
report, of the Company for the financial years ended March 31^st, 2025; March 31^st,
2024; and for the Year ended March 31st, 2026 are prepared by the Company and
approved by the Board of Directors. This 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
and more fully described in Significant Accounting Policies and Notes to the Restated
Financial Statements as set out in Annexure IV to this Report.

b) The "Restated Statement of Profit and Loss" as set out in Annexure II to this report,
of the Company for the financial years ended on March 31^st, 2025; March 31^st, 2024, &
and for the Year ended March 31st, 2026 are prepared by the Company and
approved by the Board of Directors. This 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 and more
fully described in Significant Accounting Policies and Notes to the Restated Financial
Statements as set out in Annexure IV to this Report.

c) The "Restated Statement of Cash Flow" as set out in Annexure III to this report, of
the Company for the financial years ended on March 31^st, 2025; March 31^st, 2024 &
and for the Year ended March 31st, 2026 are prepared by the Company and
approved by the Board of Directors. This 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 and more
fully described in Significant Accounting Policies and Notes to Restated Financial
Statements as set out in Annexure IV to this Report.

Based on the above and also as per the reliance placed by us on the Audited Financial
Statements of the Company and Auditors Report thereon which have been
prepared by Peer Reviewed Statutory Auditor of the Company for the financial years
ended on March 31^st, 2025; March 31^st, 2024; and for the Year ended March 31st,
2026, we are of the opinion that "Restated Financial Statements" have been made
after incorporating:

(i) Adjustments for any material amounts in the respective financial years have been
made to which they relate; and

(ii) There are no Extra-ordinary items except as shown in the Restated Profit & Loss
Statement of that need to be disclosed separately in the Restated Financial
Statements.

(iii) Adjustments on account of the statutory audit qualifications, if any, have been
adjusted and regrouped 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 the Restated Financial Statements as set out in Annexure IV
to this Report. There were no qualifications in the Audit Reports issued by the
Statutory Auditors as at and for the year ended March 31, 2025 and March 31,
2026.

(iv) Adjustments in Financial Statements have been made in accordance with the
correct accounting policies as in our opinion were appropriate and more fully
described in Significant Accounting Policies and Notes to the Restated Financial
Statements as set out in Annexure IV to this Report.

(v) There are no revaluation reserves, which need to be disclosed separately in the
"Restated Financial Statements".

(vi) The Company has not paid any dividend on its Equity Shares during the Financial
Year ended March 31^st, 2025, March 31^st, 2024 and for the Year ended March 31st,
2026.

4. Other Financial Information:

I) We have also examined the following Financial Information as set out in the Annexure
prepared by the Management and as approved by the Board of Directors of the
Company for the Financial Years ended on March 31^st, 2025; March 31^st, 2024 & and
for the Year ended March 31st, 2026.

Restated Statement Of Assets And Liabilities	Annexure - I
Restated Statement Of Profit & Loss	Annexure - II
Restated Statement Of Cash Flow	Annexure - III
Restated Statement of Share Capital, Reserves, and Surplus	Note 1
Restated Statement of Reserves, and Surplus	Note 2
Restated Statement of Long-Term Borrowings	Note 3
Restated Statement of Details of Deferred Tax Liabilities / Assets	Note 4
Restated Statement of Other Long Term Provisions	Note 5
Restated Statement of Short-Term Borrowings	Note 6
Restated Statement of Trade Payables	Note 7
Restated Statement of Other Current Liabilities	Note 8

 

Restated Statement of Short Term Provisions	Note 9
Restated Statement of Property Plant & Equipment & Intangible	Note 10
Restated Statement of Non-Current Investments	Note 11
Restated Statement of Long-Term Loans & Advances	Note 12
Restated Statement of Other Non-Current Assets	Note 13
Restated Statement of Inventories	Note 14
Restated Statement of Trade Receivables	Note 15
Restated Statement of Cash & Cash Equivalents	Note 16
Restated Statement of Short Term Loans & Advances and Other	Note 17
Restated Statement of Other Current Assets	Note 18
Restated Statement of Revenue from Operations	Note 19
Restated Statement of Other Income	Note 20
Restated Statement of Cost of Material Consumed	Note 21
Restated Statement of Change in Inventories	Note 22
Restated Statement of Employee Benefit Expenses	Note 23
Restated Statement of Finance Cost	Note 24
Restated Statement of Other Expenses	Note 25
Restated Statement of Accounting Ratios	Note 26
Restated Statement of Financial Ratios	Note 27
Restated Statement of Capitalization Statement	Note 28
Restated Statement of Related Party Transaction	Note 29
Restated Statement of Tax Shelters	Note 30
Restated Statement of Adjustments in the Profit & Loss	Note 31
Restated Statement of Additional Notes	Note 32-47

II) The Restated Financial Information contains all the disclosures required by the SEBI
ICDR regulations and disclosures as required by Accounting Standards as specified
in the Companies (Accounting Standards) Rules, 2006 read with Rule 7(1) of the
Companies (Accounts) Rules, 2014 issued by the Ministry of Corporate Affairs in
respect of section 133 of the Companies Act, 2013 and Income Computation
Disclosure Standards (ICDS) I to X issued by CBDT, wherever applicable, unless
contrary to the requirement of Accounting Standards prescribed under section 133 of
the Act.

III) The preparation and presentation of the Financial Statements referred to above
are based on the Audited financial statements of the Company in accordance with the
provisions of the Act and the Financial Information referred to above is the
responsibility of the management of the Company.

IV) In our opinion, the above financial information contained in Annexure I to
Annexure III and Note 1 to 47 of this report read along with the Restated Statement of
Significant Accounting Policies and related Notes as set out in Annexure IV are
prepared after making adjustments and regrouping as considered appropriate and
have been prepared in accordance with Section 26 of the Act, read with the
applicable provisions within Rule - 4 to 6 of Companies (Prospectus and Allotment of
Securities) Rules, 2014, as amended, the SEBI Regulations, The Revised Guidance
Note on Reports in Company Prospectus and Guidance Note on Audit
Reports/Certificates on Financial Information in Offer Documents issued by the
Institute of Chartered Accountants of India ("ICAI") to the extent applicable, as
amended from time to time, and in terms of our engagement as agreed with you. We
did not perform audit tests for the purpose of expressing an opinion on individual
balances of account or summaries of selected transactions, and accordingly, we
express no such opinion thereon.

V) Consequently, the financial information has been prepared after making such
regroupings and retrospective adjustments as were, in our opinion, considered
appropriate to comply with the same. As a result of these regroupings and

adjustments, the amount reported in the financial information may not necessarily be
same as those appearing in the respective audited financial statements for the
relevant years.

VI) The report should not in any way be construed as a re-issuance or re-drafting of
any of the previous audit reports, nor should this have been constructed as a new
opinion on any of the financial statements referred to herein.

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

VIII) Our report is intended solely for use of the management and for inclusion in the
Offer Document in connection with the SME-IPO for the Proposed Issue of Equity
Shares of the Company and our report should not be used, referred to or adjusted for
any other purpose without our written consent. 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.

6. Auditors Responsibility:

Our responsibility is to express an opinion on these restated financial statements
based on our audit. We conducted our audit in accordance with the Standards on
Auditing issued by the Institute of Chartered Accountants of India. Those Standards
require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from
material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. The procedures selected depend on the
auditors judgment, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to
the Companys preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.

7. Opinion:

In our opinion and to the best of our information and according to the explanations
given to us, the restated financial statements read together with the notes thereon,
give the information required by the Act in the manner so required and give a true
and fair view in conformity with the accounting principles generally accepted in India,
to the extent applicable;

a) In the case of Restated Statement of Assets and Liabilities of the Company for the
financial years ended on March 31^s, 2025; March 31^st, 2024; and for the Year ended
March 31st, 2026

b) In the case of the Restated Statement of Profit and Loss of the Company for the
financial years ended on March 31^st, 2025; March 31^st, 2024; and for the Year ended
March 31st, 2026

c) In the case of the Restated Cash Flow Statement of the Company for the financial
years ended on March 31^st, 2025; March 31^st, 2024; and for the Year ended March
31st, 2026.

Yours Faithfully,

For Abhijit Dutt & Associates

Chartered Accountants

Firm Registration Number: 315049E

Sd.

CA MainakSen
Partner

Membership Number: 067270
Peer Review Certificate No.: 016927
Place: Kolkata
Date: 18-07-2026
UDIN: 26067270QTBLBJ8331