RFBL Flexi Pack Ltd Auditor Reports

on Restated Financial Information of RFBL Flexi Pack Limited To,

The Board of Directors RFBL Flexi Pack Limited

Survey No. 32, Plot No 15,

Behind Marutinandan Temple Dhandha, Himatnagar, Sabarkatha,

Himatnagar, Gujarat -383001

Dear Sir,

1. We have examined the attached Restated Financial Information of RFBL Flexi pack Limited (the "Company" or the "Issuer") comprising the Restated Statement of Assets and Liabilities as on November 30, 2025 , as on March 31, 2025, as on March 31, 2024 and as on March 31, 2023, the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the year ended November 30, 2025 ,March 31, 2025, March 31, 2024 and March 31, 2023, the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively, the "Restated Financial Information" or "Restated Financial Statements"), as approved by the Board of Directors of the Company at their meeting held on 10th January, 2026 for the purpose of inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus ("DRHP/ RHP/ Prospectus") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") on SME Platform of National Stock Exchange of India Limited ("NSE SME").

2. 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").

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus to be filed with Securities and Exchange Board of India, Registrar of Companies, Ahmedabad and the NSE-EMERGE platform of the National Stock Exchange of India Limited 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 IV 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.

4. 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 November, 2024 in connection with the proposed IPO of equity shares of the RFBL Flexi Pack Limited (the "Issuer Company") on NSE-EMERGE platform of the National Stock Exchange of India Limited ("NSE SME");

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.

5. These Restated Financial Information have been compiled by the management from the Audited Financial Statements of the Company for the financial years ended on November 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, which has been approved by the Board of Directors at their meeting held on January 10, 2026 July 31, 2025, September 02, 2024 and April 29, 2023 respectively, prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules as amended, and other accounting principles generally accepted in India.

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

a) Audit reports issued by us dated January 10, 2026, July 31, 2025, September 02, 2024 and April 29, 2023 as at and for the year ended on November 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 respectively.

7. We have also examined the financial information of the Company for the period 1^st April 2025 to 30^th November 2025 [the broken period ending not before 180 days from the date of Draft Red Herring prospectus] prepared and approved by the Board of Directors for the purpose of disclosure in the offer document of the Company. Based on the above, we report that in our opinion and according to the information and explanations given to us, the above interim financial information is in accordance with the accounting principles generally accepted in India, including the Accounting Standards prescribed under section 133 of the Act, as applicable and the interim financial information are presented with the Restated Financial Information appropriately.

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

a) The "Restated Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at and for the years ended November 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 are prepared by the Company and approved by the Board of Directors. These Restated 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 and Annexure V to this Report.

b) The "Restated Statement of Profit and Loss" as set out in Annexure II to this report, of the Company as at and for the years ended November 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 are prepared by the Company and approved by the Board of Directors. These Restated 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 and Annexure V to this Report.

c) The "Restated Statement of Cash Flow" as set out in Annexure III to this report, of the Company as at for the years ended November 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 are prepared by the Company and approved by the Board of Directors. These Restated 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 and Annexure V to this Report.

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

e) The Restated 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 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 us as at for the years ended November 30, 2025 March 31, 2025, March 31, 2024 and March 31, 2023 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 fully described in Significant Accounting Policies and Notes to Accounts in Annexure IV and Annexure V to this report;

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

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

l) the company has not proposed any dividend in past effective for the said period.

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 as at and for the years ended November 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 proposed to be included in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus.

Annexure No.	Particulars
I	Restated Statement of Assets & Liabilities
VI	Restated Statement of Share Capital
VII	Restated Statement of Reserves & Surplus
VIII	Restated Statement of Long-Term Borrowings
IX	Restated Statement of Deferred Tax Liabilities/Assets
X	Restated Statement of Short Term Borrowings
XI	Restated Statement of Trade Payable
XII	Restated Statement of Other Current Liabilities
XIII	Restated Statement of Short-Term Provisions
XIV	Restated Statement of Property Plant and Equipments
XV	Restated Statement of Current Investments
XVI	Restated Statement of Inventories
XVII	Restated Statement of Trade Receivable
XVIII	Restated Statement of Cash & Cash Equivalent
XIX	Restated Statement of Short-Term Loans and Advances
XX	Restated Statement of Other Current Assets
II	Restated Statement of Profit & Loss
XXI	Restated Statement of Revenue from operations
XXII	Restated Statement of Other Income
XXIII	Restated Statement of Cost of Material Consumed
XXIV	Restated Statement of Stock in trade
XXV	Restated Statement of Changes in Inventories
XXVI	Restated Statement of Employees Benefit Expenses
XXVII	Restated Statement of Financial Charges
XXVIII	Restated Statement of Depreciation
XXIX	Restated Statement of Other Expenses
XXX	Restated Statement of Provision for Taxation
Other Annexures:
III	Cash Flow Statement
IV	Statement of Significant Accounting Policies
V	Notes to the Restated Financial Statements
XXX	Statement of Tax Shelter, As Restated
XXXI	Statement of Accounting & Other Ratios, As Restated
XXXII	Statement of Capitalization, As Restated
XXXIII	Statement of Related Parties & Transactions
XXXIV	Contingent Liabilities

10. We, M/s B S Thakker & 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 31-03-2028.

11. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements mentioned in paragraph 5 above.

12. 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.

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

14. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Red Herring Prospectus / Red Herring Prospectus/ Prospectus to be filed with Securities and Exchange Board of India, Registrar of Companies, Ahmedabad and the NSE-SME platform of the National Stock Exchange of India Limited 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, B S Thakker & Co.

Chartered Accountants

Firm Reg. No: - 123051w

Sd/-

(B.S. Thakker)

Proprietor

M No 113020

Date: 10-01-2026

Place: Ahmedabad

UDIN: 26113020BSVYIU6807