Renol Polychem Ltd Auditor Reports

The Board of Directors

Renol Polychem Limited

307 Sanskar Heights NR RA, Circle 150 FT Ring RD,

Mavdi, Rajkot, Gujarat-360004

Dear Sir,

i. We have examined the attached restated standalone financial information of "RENOL POLYCHEM LIMITED" (hereinafter referred to as "the Company" or "the Issuer") for the period ended June 30, 2024, March 31, 2024 (18.02.2024 to 31.03.2024), February 17, 2024 (01.04.2023 to 17.02.2024), March 31, 2023 and March 31, 2022 which comprise of the restated statement of assets and liabilities, restated statement of Profit and Loss, restated cash flow statement and the summary statement of significant accounting policies and other explanatory information (collectively referred to as the "restated standalone financial information" or "restated standalone financial statements") annexed to this report and initiated by us for identification purposes. These Restated Standalone 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 on Emerge Platform ("IPO") of NSE Limited ("NSE") of the company.

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

i. Section 26 of Part - I of Chapter III of 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 Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("Guidance Note")

iii. The Companys Board of Directors is responsible for the preparation of the Restated Standalone Financial Statements for inclusion in the Draft Prospectus/Prospectus to be filed with Securities and Exchange Board of India ("SEBI"), Emerge platform of NSE Limited ("NSE") and Registrar of Companies Ahmedabad in connection with the proposed IPO. The Restated Standalone Financial Statements have been prepared by the management of the Company on the basis of preparation stated. 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 Standalone Financial Statements. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

iv. We have examined such Restated Standalone Financial Statements taking in to consideration:

i) The terms of reference and term so four engagement letter requesting us to carry out the assignment, in connection with the proposed SME IPO;

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 Standalone 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.

v. The Restated Standalone Financial Statements of the Company have been compiled by the management from:

i. Financial Statement as at and for the period ended June 30, 2024, March 31, 2024 (18.02.2024 to

31.03.2024) , February 17, 2024 (01.04.2023 to 17.02.2024), March 31, 2023 and March 31, 2022 prepared in accordance with Accounting Standard, specified under section 133 of the Act and other accounting principles generally accepted in India by making adjustments for Indian GAAP as applicable to corporates to the audited financial statements for the period ended June 30, 2024, March 31, 2024 (18.02.2024 to

31.03.2024) , February 17, 2024 (01.04.2023 to 17.02.2024), March 31, 2023 and March 31, 2022 as approved by the board of directors and financial information of company namely Renol Polychem Limited for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 were prepared in accordance as per Indian GAAP as applicable to non- corporates.

ii. The audit for the period ended 31 March, 2024 was conducted by us and there were no qualifications in our audit report. The financial information of Company namely Renol Polychem Limited for the financial years ended 31 March 2023 and 31 March 2022 was based on financial statements considered by previous tax auditors, M/s TCS & CO., Chartered Accountants (ICAI Firm Registration Number: 0145920W) and accordingly we have placed reliance on the restated statement of assets and liabilities and the restated statements of profit and loss and cash flow statements, the Statement of Significant Accounting Policies and other explanatory information examined by them.

iii. Based on our examination and according to information and explanations given to us, we are of the opinion that the Restated Standalone Financial Statements:

a) Have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/ reclassifications retrospectively for the period ended on June 30, 2024, March 31, 2024 (18.02.2024 to 31.03.2024), February 17, 2024 (01.04.2023 to 17.02.2024), March 31, 2023 and March 31, 2022.

b) do not require any adjustment for modification as there is no modification in the underlying audit reports;

c) there are no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments.

d) have been prepared in accordance with the Act, ICDR Regulations and Guidance Note.

e) Adequate disclosure has been made in the financial statements as required to be made by the issuer as per schedule III of the Companies Act, 2013.

f) The accounting standards prescribed under the Companies act, 2013 have been followed.

g) The financial statements present a true and fair view of the companys accounts.

vi. In accordance with the requirements of the Act including the rules made there under, ICDR Regulations,

Guidance Note and engagement letter, we report that:

a) The "Restated Summary Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at June 30, 2024, March 31, 2024 (18.02.2024 to 31.03.2024), February 17, 2024 (01.04.2023 to 17.02.2024), March 31, 2023 and March 31, 2022 is prepared by the Company and approved by the Board of Directors and Restated statement of assets and liabilities of Company namely Renol Polychem Limited as set out in Annexure I to this report are prepared by the management of the Company. 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 IV to this Report.

b) The "Restated Summary Statement of Profit and Loss" as set out in Annexure II to this report, of the Company for the period ended on June 30, 2024, March 31, 2024 (18.02.2024 to 31.03.2024), February 17, 2024 (01.04.2023 to 17.02.2024), March 31, 2023 and March 31, 2022 is prepared by the Company and approved by the Board of Directors and restated statement of profit and loss of company namely Renol Polychem Limited as set out in Annexure II to this report for June 30, 2024, March 31, 2024 (18.02.2024 to 31.03.2024), February 17, 2024 (01.04.2023 to 17.02.2024), March 31, 2023 and March 31, 2022 are prepared by the management of the Company. 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 IV to this Report.

c) The "Restated Summary Statement of Cash Flow" as set out in Annexure III to this report, of the Company for the period ended on June 30, 2024, March 31, 2024 (18.02.2024 to 31.03.2024), February 17, 2024 (01.04.2023 to 17.02.2024), March 31, 2023 and March 31, 2022 is prepared by the Company and approved by the Board of Directors and restated statement of cash flows of company namely Renol Polychem Limited as set out in Annexure III to this report for the year ended 31 March 2024, 31 March 2023 and 31 March 2022 are prepared by management of the Company. 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 IV to this Report.

vii. We have also examined the following other financial information relating to the Company for the period ended June 30, 2024, March 31, 2024 (18.02.2024 to 31.03.2024), February 17, 2024 (01.04.2023 to 17.02.2024), March 31, 2023 and March 31, 2022 as approved by the board of directors of the Company and other financial information relating to the company namely Renol Polychem Limited for the financial year ended on 31 March 2024, 31 March 2023 and 31 March 2022 and annexed to this report and proposed to be included in the Prospectus/Prospectus ("Offer Document").

Annexure No.	Particulars
I	Restated Statement of Assets & Liabilities
10	Restated Statement of Equity Share Capital
11	Restated Statement of Reserve and Surplus
12	Restated Statement of Long Term Borrowings
13	Restated Statement of Other Long Term Liabilities
14	Restated Statement of Long Term Provision
15	Restated Statement of Short Term Borrowings
16	Restated Statement of Trade Payable
17	Restated Statement of Other Current Liabilities
18	Restated Statement of Short Term Provision
1	Restated Statement of Property, Plant and Equipment and Intangible Assets
2	Restated Statement of Non Current Investments
3	Restated Statement of Deferred Tax Assets (net)
4	Restated Statement of Other Non Current Assets
5	Restated Statement of Inventories
6	Restated Statement of Trade Receivables
7	Restated Statement of Cash and Cash Equivalents
8	Restated Statement of Short Term Loans And Advances
9	Restated Statement of Other Current Assets
II.		Restated Statement of Profit & Loss
19		Restated Statement of Revenue From Operations
20		Restated Statement of Other Income
21		Restated Statement of Cost of Goods Traded
22		Restated Statement of Employee Benefits Expenses
23		Restated Statement of Finance Costs
24		Restated Statement of Other Expenses
25		Restated Statement of EPS
Other Annexures:
III		Statement of Cash Flow, As Restated
IV		Statement of Significant Accounting Policies
V		Statement of Related Parties & Transactions
VI		Statement of Accounting & Other Ratios, As Restated

viii. We, M/s. K M CHAUHAN & ASSOCIATES., 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.

ix. This report should not in any way be construed as a reissuance 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 herein.

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

xi. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document in connection with the proposed SME 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.