Shree TNB Polymers Ltd Auditor Reports

Independent Auditor’s Examination Report on Restated Standalone Financial

Information

To,

The Board of Directors

Shree TNB Polymers Limited

CIN: U25209DN2007PLC000242

Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road,

Athal, Silvassa, Dadra & Nagar Haveli, India, 396230

Dear Sir,

1. We have examined the attached Restated Financial Information of Shree TNB Polymers Limited (the “Company” or the “Issuer”) comprising the Restated Statement of Assets and Liabilities as at March 31^st, 2026, March 31^st, 2025 and March 31^st, 2024 the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the period/ years ended March 31^st, 2026, March 31^st, 2025 and March 31^st, 2024 the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these Restated Financial Statements (collectively, the “Restated Financial Information”), as approved by the Board of Directors of the Company at their meeting held on August 27^th, 2026 for the purpose of inclusion in the Draft Red Herring Prospectus (“DRHP”)/ Red Herring Prospectus (“RHP”)/ Prospectus (being referred as “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 Company’s Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Draft Red Herring Prospectus (“DRHP”)/ Red Herring Prospectus (“RHP”)/ Prospectus (being referred as “Draft Offer Document/Offer Document”) to be filed with Securities and Exchange Board of India (SEBI), Bombay Stock Exchange (BSE Limited) and Registrar of Companies (ROC), Ahmedabad in connection with the proposed SME IPO.

The Restated Financial Information has been prepared by the management of the Company on the basis of preparation stated in Annexure I (1) to the Restated Financial Information. The Board of Directors of the company’s 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.

3. We, P M Bagrecha & Co., 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 25th January, 2025 valid till 31st January, 2028. We confirm that there is no express refusal by the peer review board of ICAI to renew the certificate and the process to renew the peer review certificate has been initiated by us.

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 July 12, 2026 in connection with the proposed SME IPO of equity shares 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 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 as at and for the years ended March 31^st, 2026, March 31^st, 2025, and March 31^st, 2024, prepared in accordance with the accounting standards notified under the section 133 of the Act (the Audited Indian GAAP Financial Statements”) which has been approved by the Board of Directors. The financial statements of the Company for the years ended March 31^st, 2026, March 31^st, 2025 and March 31^st, 2024 have been audited by us.

6. For the purpose of our examination, we have relied on Auditors’ reports issued by us dated August 14^th, 2026, September 5^th, 2025 and August 27^th, 2024 on the financial statements of the Company for the period ended March 31^st, 2026 and for the years ended March 31^st, 2025 and March 31^st, 2024 respectively as referred in Para 5 and 6 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 period ended March 31^st, 2026 and financial years ended March 31^st, 2025 and March 31^st, 2024 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 financial information ("Other Financial Information") proposed to be included in the offer document prepared by the management and approved by the board of directors of the company and annexed to this report:

9. 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 6 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 Draft Red Herring Prospectus (“DRHP”)/ Red Herring Prospectus (“RHP”)/ Prospectus (being referred as “Draft Offer Document/Offer Document”) to be filed with Securities and Exchange Board of India, Bombay Stock Exchange and Registrar of Companies, Ahmedabad 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.

13. In our opinion, the above financial information contained in Annexure I to Annexure III of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure IV & V 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.