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,Ilnd Floor, Sector 1,

Vaishali, Ghaziabad, Uttar Pradesh-201010

Dear Sirs/Madam,

1. Report on Restated f inancial 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:

h) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations.
2018 ("the Regulation") ("SLB1 ICDR Regulations") issued by the Securities and Exchange Board of India
(SFBI) and amendments made thereto front 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 SMI- Platform of BSF. (**IPO" or "SMH 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 Dull & 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. Ilic Restated Statements and Financial Information of the Company have been prepared from the Audited
Financial Statements of the Company for the period ended December 31*, 2025 and for the financial
year ended March 31 -*, 2025 and after Re-Audit of the Audited Financial Statements for the financial
years ended March 31*. 2024. and March 31*. 2023, which have been approved by the Board of Directors.

3. Financial Information as per Audited Financial Statements:

I) We have examined:

a) The attached Restated Statement of Assets and Liabilities of the Company as at Mareh 31^-, 2025,
March 3 I^-, 2024, March 31**. 2023 and for the Period ended December 31*, 2025. (Anncxurc I)

b) The attached Restated Statement of Profit and Losses of the Company for the financial year ended
on March 31**, 2025; March 31*, 2024. March 31*. 2023 und lor the Period ended December 31*,
2025; (Annexure II);

c) The attached Restated Statement of Cash Flows of the Company for the financial year ended on
March 31*, 2025; March 31*. 2024. March 31^-. 2023 and for the Period ended December 31*. 2025:
(Annexure 111);

d) 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) anti (iii) of clause (b) of sub-section (I) of section 26
of the Companies Act. 2013 read with Rule 4 of Companies (Prospectus and Allotment of Securities) Rules.
2014. the SEB1 Regulations, the Revised Guidance Note on Reports in Company Prospectus and Guidance
Note on Audit Reports/Certificatcs on Financial Information in Offer Documents issued by the Institute of
Chartered Accountants of India (the "!CAl")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", 2025. March 31". 2024. March 31". 2023 and for the Period ended
December 31*¹, 2025 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
anti more fully described in Significant Accounting Policies and Notes to the Restated Financial Statements
as set out in Annexure IV to this Report

b) Thc "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*. 2025; March 31". 2024. & March 3I". 2023 and for the Period ended
December 31*. 2025 are prepared by the Company und 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 und Notes to the Restated Financial Statements as set out in
Annexure IV to this Report.

c) The "Restated Statement of (ash Flow" as set out in Annexure III to this report, of the Company for the

financial years ended on March 31". 2025; March 3I". 2024 & March 3I". 2023 and for the Period ended
December 3 1". 2025 are prepared by the Company and approved by the Board of Directors. This Statement
of (ash Flow, us 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 und also as per the reliance placed by us on the Audited Financial Statements of the
Company and Auditors Report thereon which liave been prepared by Peer Reviewed Statutory Auditor
of the Company for the financial years ended on March 3I". 2025: March 31". 2024; March 31*. 2023 and
for the Period ended December 31". 2025. we arc of the opinion that "Restated Financial Statements" have
been made after incorporating:

(i) Adjustments for any material umounts in the respective finunciul years have been made to which they relate:

and

(ii) There arc 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
Annexurc IV to tins Report.

(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 Annexurc IV to this Report.

(v) There arc 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",

2025. March 31". 2024 and March 31". 2023 anti for the Period ended December 3 I". 2025

4. Other Financial Information:

1) We have also examined the following Financial Information as set out in the Annexurc prepared by the
Management anti as approved by the Board of Directors of the Company for the Financial Years endetl on
March 31". 2025; March 31". 2024 & March 31". 2023 and for the Period ended December 3 I". 2025.

Restated Statement Of Assets And Liabilities	Anncxure -1
Restated Statement Of Profit & Loss	Annexurc 11
Restated Statement Of Cash Flow	Annexurc - 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 Tux Liabilities / Assets	Note 4
Restuled 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 Assets	Note 10
Restated Statement of Non-Current Investments	Note 1 1
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 Current Assets	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 Finaneial Information eontains all the disclosures required by the SHBI 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 Finaneial 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 finaneial information contained in Annexure I to Annexure III and Note I to 38 of
this report read along with the Restated Statement of Significant Accounting Policies and related Notes as
set out in Annexure IV are prepared alter 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
SHBI Regulations. The Revised Guidance Note on Reports in Company Prospectus and Guidance Note on
Audit Rcports/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 anti adjustments, the amount reported in the financial information may not necessarily be same
as those appearing in the respective audited finaneial 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 (he 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 cure 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 finaneial statements based on our audit. We
conducted our audit in accordance w-ith 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 eontrnl relevant to the Companys
preparation and lair 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.

Wc 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 eonformity with the uecounting 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*. 2025: March 31**. 2024; March 31*, 2023 and for the Period ended December 31 2025

b) In the case of the Restated Statement of Profit and Loss of the Company for the financial years ended on
March 31*, 2025; March 31", 2024: March 3I^rt, 2023 and for the Period ended December 31*¹, 2025

c) In the case of the Restated Cash flow Statement of the Company for the financial years ended on March 31*.
2025; March 31*. 2024; March 31*. 2023 and for the Period ended December 3 I*¹. 2025.

Yours faithfully.

For Abhijit Dull & Associates

Chartered Accountants

Firm Registration .Number: 3I5049F

CA Cora (hand Mukhcrjcc
Partner

Membership Number: 017630 \^C ic^r

Peer Review Certificate No.: 016927

Place: Uttar Pradesh

Date: 04.05 2026

UDIN: 26017630AXUOIX7472