Sharvaya Metals Ltd Auditor Reports

INFORMATION

To,

The Board of Directors
Sharvaya Metals Limited

Gat No. 59,

Nagar- Kalyan Road, Village- Bhalwani,

Taluka- Parner
Ahmednagar- 414102

Dear Sirs,

1. We have examined the attached Restated Financial Information of Sharvaya Metals Limited (the
"Company" or the "Issuer"),comprising the Restated Balance Sheet for the financial years ended
March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Profit and Loss Statements and
the Restated Cash Flow Statement for the financial years ended March 31, 2025, March 31, 2024
and March 31, 2023, the 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 August 12, 2025 for the purpose of inclusion in
the Red Herring Prospectus/Prospectus ("Offer Documents") prepared by the Company in
connection with its proposed Initial Public Offer of equity shares (the"IPO") prepared in terms of
the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013, as amended (the "Act");

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended("SEBI 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 (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 Offer Documents to be filed with the Securities and
Exchange Board of India and the Stock Exchange and the Registrar of Companies, of relevant state in
connection of the proposed IPO. The Restated Financial Information have been prepared by the
management of the Company on the basis of preparation stated in note 1.1 to the Restated Financial
Information. The responsibility of the respective Board of Directors of the companies includes
designing, implementing and maintaining adequate internal control relevant to the preparation and
presentation of the Restated Financial Information. The respective Board of Directors are also
responsible for identifying and ensuring that the Company complies with the Act, SEBI (ICDR)
Regulations and the Guidance Note.

3. We, Bilimoria Mehta & Co, Chartered Accountants have been subjected to the peer review
process of the Institute of Chartered Accountants of India (ICAI) and our peer review certificate is
valid as on the date of signing of this report.

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 October,18^th 2023 in connection with the proposed IPO of equity shares of
the Issuer;

b) The Guidance Note. 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. This Restated Financial Information have been compiled by the management from the audited
standalone financial statements of the company for the financial years ended March 31, 2025, March
31, 2024 and March 31,2023, which have been approved by the Board of Directors.

a) We have audited the special purpose standalone financial statements of the company as at and for
the year ended on March 31, 2025 prepared by the company in accordance with Accounting Standard
(IGAAP) for the limited purpose of complying with the requirement of Restated Audited Financial
statements in the offer documents should not be more than six months old from the issue opening
date as required by ICDR Regulations in relation to the proposed IPO. We have issued our report
dated August 12, 2025 on this special purpose which have been approved by the Board of Directors
at their meeting held August 12, 2025

b) Audited financial statements of the Company as at and for the years ended March 31, 2024, 2023
prepared in accordance with the Accounting Standards (IGAAP) which had been approved by the
Board of Directors at their meeting held on 16^th September 2024, 28^th August,2023 respectively.
Audit for the financial year ended March 31,2024 was conducted by us. Audit for the financial year
ended March 31, 2023 was conducted by Companys previous auditor, Vishal Gandhi and
Associates Chartered Accountants and accordingly reliance has been placed on the financial
information examined by them for the said year. The financial report included for these years is
based solely on the report submitted by the previous auditor.

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

a) Our report issued in the name Bilimoria Mehta & Co having FRN.101490W dated 16^th September
2024 for the F.Y 2023-24.

b) The reports issued by the previous auditors named by Vishal Gandhi and Associates Chartered
Accountants having FRN No. 0129211W dated 28^th August 2023 on the IGAAP financial statements
of the Company for the FY 2022-23.

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

a) Have been prepared after incorporating adjustments for the changes in accounting policies, material
errors and regrouping/reclassifications retrospectively for the year ended March 31, 2025, March
31, 2024, March 31, 2023 to reflect the same accounting treatment as per the accounting policies

and grouping/ classifications followed as at and for the year ended March 31, 2025;

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

c) Have been prepared in accordance with the Act, SEBI (ICDR) Regulations and the Guidance Note.

8. We have complied with the relevant applicable requirements of the Standard on Quality Control
(SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial
Information, and Other Assurance and Related ServicesEngagements.

9. The Restated Financial Information does not reflect the effects of events that occurred subsequent to
the dates of the report on audited financial statements mentioned in paragraph 5 above.

10. 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

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

12. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents
to be filed with the Securities and Exchange Board of India and the Bombay Stock Exchange and the
Registrar of Companies, of the relevant state in connection of the proposed IPO 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.

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 for the financial year ended March 31, 2025, March 31, 2024, and
March 31, 2023 proposed to be included in the Offer Document for the proposed IPO.

Particular	Note No.
Restated Notes to Material Accounting Policies	Note 1
Restated Statement of Share Capital	Note 2
Restated Reserves and surplus	Note 3
Restated Long-term borrowings	Note 4
Restated Deferred Tax (Assets)/ Liabilities	Note 5
Restated Long Term Provisions	Note 6
Restated Short-term borrowings	Note 7
Restated Trade payables	Note 8
Restated Other current liabilities	Note 9
Restated Short-term provisions	Note 10
Restated Property, Plant & Equipment	Note 11
Restated Other Non-Current Assets	Note 12
Restated Inventories	Note 13
Restated Trade Receivables	Note 14
Restated Cash and cash equivalents	Note 15
Restated Other current Assets	Note 16
Restated Revenue from Operations	Note 17
Restated Other Income	Note 18
Restated Cost of material consumed	Note 19
Restated Changes in inventories of stock-in-trade	Note 20
Restated Employee Benefits	Note 21
Restated Finance Cost	Note 22
Restated Depreciation and amortization expenses	Note 23
Restated Other Expenses	Note 24
Restated Tax Expenses	Note 25
Restated Earnings Per Share	Note 26
Restated Effective Tax Rate	Note 27
Restated Effective Tax Rate Shelter	Note 28
Restated Gratuity Note	Note 29
Restated Related party transactions	Note 30
Restated Financial Ratios	Note 31
Relationship with Struck off Companies	Note 32
Restated Recent accounting pronouncements	Note 33
Restated Borrowing against current assets	Note 34
Restated Other statutory information	Note 35
Restated Foreign revenues and expenditures	Note 36
Restated Revaluation in assets/liabilities	Note 37
Restated Company has not purchased its own shares out of free reserves or securities premium account.	Note 38
Restated Compliance of Financial statement with the accounting standards	Note 39
Corporate Social Responsibility (CSR)	Note 40
Post reporting date events	Note 41
Director Personal Expenses	Note 42
Compliance with number of layers of companies	Note 43
Company not being a part of any scheme or arrangements	Note 44
Issuance of Dividend	Note 45
Loans or advances to Promoters, Directors, KMPs & Other Parties	Note 46

Rounding Off of Figures Note 47

Intangible Assets under Development Note 48

Title Deeds of Immovable Properties not held in the name of Note 49
the Company

Contingent Liability Note 50

For Bilimoria Mehta & Co,

Chartered Accountants

ICAI Firm Registration No.: 101490W

 

Sd/-

Aakash Mehta

Partner

Membership No: 165824

Place: Ahmednagar

Date: 12.08.2025

UDIN: 25165824BMIIJW4834