Shree Ram Twistex Ltd Auditor Reports

INDEPENDENT AUDITORS EXAMINATION REPORT ON RESTATED FINANCIAL INFORMATION

To,

The Board of Directors Shree Ram Twistex Limited Vruj,4/2 Mahadev Wadi, Gondal, Rajkot, Gujarat-360311 Dear Sirs,

1. We have examined the attached Restated Financial Information of Shree Ram Twistex Limited (the

Company or the Issuer ) comprising the Restated Statement of Assets and Liabilities as at September 30, 2025, March 31 ,2025, March 31, 2024 and March 31, 2023, the Restated Statement of Profit and Loss (including other comprehensive income) for the six month period ended September 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Statement of Changes in Equity and the Restated Cash Flow Statement for six month period ended September 30, 2025, and the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023, and a summary 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 November 17, 2025 for the purpose of inclusion in the Red Herring Prospectus ( RHP ) and Prospectus to be prepared by the Company in connection with its proposed initial public offer of equity shares

( 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 (the ICDR Regulations ); and c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (the ICAI ), as amended from time to time (the Guidance Note )

2. The Companys management is responsible for the preparation of the Restated Financial Information which have been approved by the Board of Directors for the purpose of inclusion in the RHP and Prospectus to be filed with the Securities and Exchange Board of India ( SEBI ), NSE Limited and BSE Limited and (collectively, the Stock Exchanges ) and the Registrar of Companies, Ahmedabad, Gujarat (the ROC ), in connection with the proposed IPO. The Restated Financial Information has been prepared by the management of the Company on the basis of preparation stated in Note 3(2) to the Restated Financial Information.

3. The Board of Directors of the Companies are responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information by the management of the Company, as aforesaid. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note read with SEBI Communication, as applicable.

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 February 01, 2025 in connection with the proposed IPO; 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.

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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 as applicable in connection with the proposed IPO of equity shares of the Company.

5. These Restated Financial Information have been compiled by the management from:

(a) the audited special purpose Ind AS financial statements of the Company as at and for the year ended March 31, 202 and March 31, 2023 prepared in accordance with the Indian Accounting Standards (referred to as Ind AS) as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India (collectively, the Special Purpose Ind AS Financial Statements), which have been approved by the Board of Directors at their meeting held on April 28, 2025. The Special purpose financial statements for the year ended 31 March 2024 and 31 March 2023have been prepared after making suitable adjustments to the accounting heads from their Indian GAAP values following accounting policies (both mandatory exceptions and optional exemptions) availed as per Ind AS 101 for the transition date of April 1, 2021 and as per the presentation, accounting policies and grouping/classifications followed as at and for the year ended 31 March 2024 and 31 March 2023. (b) the audited Special Purpose Interim Ind AS financial statements as at and for the six months ended September 30, 2025 including comparative figures for the year ended March 31, 2025 prepared in accordance with the Indian Accounting Standards (referred to as Ind AS) as prescribed under section 133 of the Act read with Companies ( Indian Accounting Standard) Rules 2015, as amended, and other accounting principles generally accepted in India (collectively, the Special Purpose Interim Ind AS Financial Statements) which have approved by the Board of Directors at their meeting held on November 17, 2025 and September 04, 2025 respectively. The Special Purpose Ind AS Financial Statements and Special Purpose Interim Ind AS Financial Statements are prepared to assist the Company in complying with the financial reporting provisions of the Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, for the purpose of forming a basis for the preparation of Restated Financial Information to be included in the RHP and the Prospectus with respect to its Offer.

6. For the purpose of our examination, we have relied on: a) Auditors reports issued by us dated November 17, 2025 on Special Purpose Interim Standalone Ind AS Financial Statements of the Company as at and for the 6 months ended on September 30, 2025; b) Auditors report issued by us dated September 04, 2025 on general purpose Ind AS financial Statemnets of the Company as at and for the year ended March 31, 2025.

7. As indicated in our reports referred above, in para 5(a) and 5(b): a) We did not audit the standalone financial statements of the Company for the year ended March 31, 2024 and March 31, 2023. The standalone financial statements of the Company for the years ended March 31, 2024 and March 31, 2023, have been audited by the RPC & Co. and whose reports with unmodified opinion have been furnished to us by the Companys management and our auditors report referred to in above para 4, in so far as it relates to the said years is based solely on the audit reports of the other auditors.

8. Based on our examination and according to the information and explanations given to us, we report that Restated Financial Information: a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively in the financial years ended March 31, 2025, March 31, 2024 and 2023 to reflect the same accounting treatment as per the accounting policies and grouping / classifications followed as at and for the period ended

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September 30, 2025, as applicable; b) does not contain any qualifications requiring adjustments; and c) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note read with SEBI Communication.

9. 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 Service Engagements. 10. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Financial Statements as at and for the period ended September 30, 2025 and years ended March 31, 2025, 2024 and 2023 as mentioned in paragraph 5 above. 11. 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 or the Previous Auditors, nor should this report be construed as a new opinion on any of the financial statements referred to herein. 12. We have no responsibility to update our report for events and circumstances occurring after the date of the report. 13. Our report is intended solely for use of the Board of Directors for inclusion in the RHP and Prospectus to be filed with SEBI, Stock Exchanges and ROC 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 M/S. Doshi Doshi & Co. FRN: 153683W Chartered Accountants

Chintan Doshi Partner M. No. 158931

UDIN:25158931BMIGOX9339 Date: 17 November, 2025 Place: Ahmedabad