Shreedhar Spinners Ltd Auditor Reports

INDEPENDENT AUDITORS EXAMINATION REPORT ON RESTATED FINANCIAL INFORMATION

To,

The Board of Directors,

503, Matharu Arcade,

Subhash Road, Vile Parle East,

Mumbai - 400057, Maharashtra

Dear Sirs,

1. We, M R B & Associates, Chartered Accountants ("we" or "us" or "MRB") have examined the attached
Restated Financial Information of Shreedhar Spinners Limited (formerly known as Shreedhar Spinners
Private Limited) (the "Company" or the "Issuer") comprising the Restated Consolidated 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, the Restated Statement of Cash Flows for the period ended September 30, 2025
and the year ended March 31, 2025, March 31, 2024 and March 31, 2023 the Summary Statement of Material
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 January 09, 2026, for the
purpose of inclusion in the Draft Red Herring Prospectus ("DRHP") 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 ("ICDR Regulations"); and related amendments/ clarification from time to time issued by the the
Securities and Exchange Board of India ("SEBI");

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 Management and Board of Directors are responsible for the preparation of the Restated
Financial Information for the purpose of inclusion in the DRHP to be filed with Securities and Exchange Board
of India ("SEBI"), Registrar of Companies, Mumbai (RoC) and National Stock Exchange of India Limited,
where the equity shares of the Company are proposed to be listed ("Stock Exchanges") 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 2.1 of Annexure V to the Restated Consolidated Financial Information.

The Board of Directors of the companys 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 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 November 25, 2025 in connection with the proposed 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 Consolidated 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.

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

Audited financial statements of the company for the period ended on September 30, 2025 and for the year
ended March 31, 2025, March 31, 2024 and March 31, 2023 prepared in accordance with the Accounting
Standards (referred to as "AS") as prescribed under Section 133 of the Act read with Companies (Accounting
Standards) Rules 2021, as amended, and other accounting principles generally accepted in India.

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

a) Auditors report issued by us dated January 09, 2026 on the financial statements of the company for period
ended on September 20, 2025 and financial year ended on March 31, 2025. Further Auditors Report issued by
Sarda and Pareek LLP, Chartered Accountants for the financial year ended on March 31, 2024 and March 31,
2023.

b) The audit was conducted by the Companys previous statutory auditors, and accordingly reliance has been placed

on the statement of assets and liabilities and statements of profit and loss, the Significant Accounting Policies,
and other explanatory information and (collectively, the Audited Financial Statement") examined by them for
the said year.

6. 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,
regrouping / reclassifications and adjustments to the Restated Financial Information retrospectively in the
financial years ended March 31, 2025, March 31, 2025 and 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) The Restated Financial information or Restated Summary Financial Statement have been made after
incorporating adjustments for prior period and other material amounts in the respective financial years / period
to which they relate and there are no qualifications which require adjustments;

c) There are no qualifications in the Audit Reports issued by us for the financial period ended on September 30,
2025 & for the financial year ended on March 31, 2025, and also no qualifications in the Audit Reports issued
by Sarda and Pareek; Chartered Accountants for the financial year ended on March 31, 2024 and March 31,
2023 which would require adjustments in this Restated Financial Statements of the Company.

d) Adjustments in Restated Financial Information or Restated Summary Financial Statement have been made in
accordance with the correct accounting policies;

e) There were no changes in accounting policies, which needs to be adjusted in the Restated Financial Information
or Restated Summary Financial Statement;

f) It does not contain any qualifications requiring adjustments; and

g) Profits and losses have been arrived at after charging all expenses including depreciation and after making such
adjustment / 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 ANNEXURE - IV to this report;

h) There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Information
or Restated Summary Financial Statement

i) The Company has not paid any dividend since its incorporation.

j) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

7. 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 paragraphs 4 and 5 above.

8. 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.

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

10. Our report is intended solely for use of the Board of Directors for inclusion in the DRHP to be filed with
Securities and Exchange Board of India, the Stock Exchanges and Registrar of Companies, Mumbai 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.

ICAI Firm Registration Number: 136306W

Partner

Membership No.: 058431

Place: Mumbai

UDIN: 26058431PHSTGH2886