Shree Refrigerations Ltd Auditor Reports

To,

The Board of Directors,

SHREE REFRIGERATIONS LIMITED (CIN : U29191PN2006PTC128377)

Dear Sir,

1. We have examined the attached Restated Standalone Financial Statements of Shree Refrigerations Limited, comprising the Restated Standalone Statement of Assets and Liabilities as at March 31 2025, March 31, 2024 and March 31, 2023, , the Restated Standalone Statements of Profit and Loss, the Restated Standalone Cash Flow Statement for the years/periods ended March 31, 2025, March 31, 2024and March 31, 2023 the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these Restated Standalone Financial Statements (collectively, the "Restated Standalone Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 3^rd June 2025 for the purpose of inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/

Prospectus ("Draft Offer Document/Offer Document") prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares ("SME IPO") 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").

2. The Companys Board of Directors are responsible for the preparation of the Restated Standalone Financial Information for the purpose of inclusion in the Draft Offer Document/Offer Document to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Pune in connection with the proposed SME IPO.

The Restated Standalone Financial Information has been prepared by the management of the Company on the basis of preparation stated in Summary statement of Significant Accounting Policies & Notes to Restated Financial Information of the Restated Standalone Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Financial Information. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Companies Act, (ICDR) Regulations and the Guidance Note.

3. We, SSSS & Associates, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India ("ICAI") and holds the peer review certificate dated 1^st January, 2024 valid till 31st December, 2026.

4. We have examined such Restated Standalone 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 9^th June 2024 in connection with the proposed IPO of the Company; b) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI; c) Concepts test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Standalone 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 Standalone Financial Information have been compiled by the management from the Audited Standalone Financial Statements of the Company for the period ended 31^st March 2025 , 31st March, 2024 and 31st March 2023 which has been approved by the Board of Directors. The Audit of Standalone Financial Statements of the Company for the year ended March 31, 2025, March 31, 2024and March 31, 2023 was conducted by our firm viz. M/s SSSS & Associates. Accordingly, reliance has been placed on the financial information examined by us for the said years. The financial report included for March 31, 2025, March 31, 2024and March 31, 2023.

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

a) Our audit reports dated 3^rd June 2025 isssued by us for the period ended 31^st March 2025, and dated 25^th May, 2024 and 30^th August, 2023 respectively on the financial statements of the Company as at and for the period ended 31^st March 2024and 31^st March 2023 as referred in Paragraph 5 above;

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

a) After incorporating adjustments for the changes in accounting policies and regrouping/reclassifications retrospectively, if any in the financial years/period ended March 31, 2025, March 31, 2024and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications; and

b) In accordance with the Act, ICDR Regulations and the Guidance Note.

8. We have also examined the following Notes to the Restated financial information of the Company set prepared by the management and approved by the Board of Directors on 3^rd June 2025 for the years/period ended March 31, 2025, March 31, 2024 and March 31, 2023.

Notes to the Restated Summary Financial Information;

a) Restated Statement of Share Capital as appearing in Note 1 to this report; b) Restated Statement of Reserves and Surplus as appearing in Note 2 to this report;

c) Restated Statement of Share Application Money Pending Allotment as appearing in Note

3 to this report;

d) Restated Statement of Long Term Borrowings as appearing in Note 4 to this report;

e) Restated Statement of principal terms of Secured and Unsecured Loans and Assets charged as security as appearing in Note 4A to 4D to this report;

f) Restated Statement of Deferred Tax Liabilities (Net) as appearing in Note 5 to this report;

g) Restated Statement of Other Long Term Liabilities as appearing in Note 6 to this report;

h) Restated Statement of Long Term Provisions as appearing in Note 7 to this report;

i) Restated Statement of Short term borrowings as appearing in Note 8 to this report;

j) Restated Statement of Trade Payables as appearing in Note 9 to this report;

k) Restated Statement of Other Current Liabilities as appearing in Note 10 to this report;

l) Restated Statement of Short Term Provisions as appearing in Note 11 to this report;

m) Restated Statement of Fixed Assets as appearing in Note 12 to this report;

n) Restated Statement of Intangible Assets as appearing in Note 13 to this report;

o) Restated Statement of Capital Work In Progress as appearing in Note 14 to this report;

p) Restated Statement of Intangible Assets Under Development as appearing in Note 15 to this report;

q) Restated Statement of Other Non-Current Investments as appearing in Note 16 to this report;

r) Restated Statement of Deferred Tax Assets (Net) as appearing in Note 17 to this report;

s) Restated Statement of Long Term Loans and Advances as appearing in Note 18 to this report;

t) Restated Statement of Other Non-Current Assets as appearing in Note 19 to this report;

u) Restated Statement of Current Investments as appearing in Note 20 to this report;

v) Restated Statement of Inventories as appearing in Note 21 to this report;

w) Restated Statement of Trade Receivables as appearing in Note 22 to this report;

x) Restated Statement of Cash and Cash Equivalents as appearing in Note 23 to this report;

y) Restated Statement of Short Term Loans and Advances as appearing in Note 24 to this report;

z) Restated Statement of Other Current Assets as appearing in Note 25 to this report;

aa) Restated Statement of Revenue from Operations as appearing in Note 26 to this report;

bb) Restated Statement of Other Income as appearing in Note 27 to this report;

cc) Restated Statement of Raw Material Consumption as appearing in Note 28 to this report;

dd) Restated Statement of Purchase of Stock In Trade as appearing in Note 29 to this report;

ee) Restated Statement of Change in Inventories as appearing in Note 30 to this report;

ff) Restated Statement of Employee Benefit Expenses as appearing in Note 31 to this report;

gg) Restated Statement of Salaries and Wages as appearing in Note 31A to this report;

hh) Restated Statement of Provident Fund as appearing in Note 31B to this report;

ii) Restated Statement of Finance Cost as appearing in Note 32 to this report;

jj) Restated Statement of Depreciation & Amortization as appearing in Note 33 to this report;

kk) Restated Statement of Other Expenses as appearing in Note 34 to this report;

ll) Restated Statement of Expenditures and Earnings In Foreign Currency as appearing in Note 35 to this report;

mm) Restated Statement of Related Party Transactions as appearing in Note 36 and 36 A to this Report;

nn) Restated Statement of Earnings Per Equity Share as appearing in Note 37 to this report;

oo) Restated Statement of Payment to Auditors as appearing in Note 38 to this report;

pp) Restated Statement of Contingent Liabilities as appearing in Note 39 to this report;

qq) Restated Statement of Mandatory Accounting Ratios as appearing in Note 40 to this report;

rr) Restated Statement of Corporate Social Responsibilty as appearing in Note 41 to this report;

ss) Restated Statement of Gratuity as appearing in Note 42 to this report;

tt) Restated Statement of MSME Vendor Balance as appearing in Note 43 to this report;

9. 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.

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

11. Our report is intended solely for use of the Board of Directors for inclusion in the Draft

Offer Document/ Offer Document to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Pune 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.

12. In our opinion, the above financial information read with the respective Significant

Accounting Polices and Notes to Accounts are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.