Shringar House of Mangalsutra Ltd Auditor Reports

ON RESTATED FINANCIAL INFORMATION

To

The Board of Directors

Shringar House of Mangalsutra Limited

(Formerly known as Shringar House of Mangalsutra Private Limited)

Mumbai - 400 002 Maharashtra.

Dear Sirs,

1. We have examined the attached Restated Financial Information of Shringar House of Mangalsutra Limited formerly known as Shringar House of Mangalsutra Private Limited (the Company or Issuer) comprising the Restated Statement of Assets and Liabilities as at March 31, 2025, March 31, 2024 and 2023, the Restated Statements of Profit and Loss (including other comprehensive income), the Restated Statement of Changes in Equity, the Restated Cash Flow Statement for the years ended March 31, 2025, 2024 and 2023 and related notes, including the Summary 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 July 19, 2025 for the purpose of inclusion in the Red Herring Prospectus (RHP) and the prospectus 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 (the Act);

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (ICDR Regulations);

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); and

d) E-mail dated 28 October 2021 from Securities and Exchange Board of India (SEBI) to Association of Investment Bankers of India, instructing lead managers to ensure that companies provide Financial statements prepared in accordance with Indian Accounting Standards (Ind-AS) for all the three years (hereinafter referred to as the the SEBI e-mail).

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the RHP/Prospectus to be filed with Securities and Exchange Board of India, and BSE Limited and National Stock Exchange of India Limited relevant stock exchanges where the equity shares of the Company are proposed to be listed (Stock Exchanges), in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in Note 2.1 to the Restated Financial Information. The responsibility of the board of directors of the Company 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 ICAI Guidance Note, read with the SEBI e-mail, as applicable.

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 April, 26, 2024 in connection with the proposed IPO of equity shares of the Company;

b) The ICAI 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 in accordance with the Guidance Note on Reports in Company Prospectuses (Revised 2019) and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India; 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, the Guidance Note and the SEBI e-mail in connection with the proposed IPO.

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

(a) The Audited Ind AS Financial Statements of the Company as at and for the year ended March 31, 2025 and March 31, 2024 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, which have been approved by the Board of Directors at their meeting held on July 19, 2025 and September 28, 2024 respectively.

(b) The Audited Special Purpose Ind AS Financial Statements as at and for the year ended March 31, 2023 is prepared by the management of the Company in accordance with Indian Accounting Standards (Ind AS), specified under section 133 of the Act and other accounting principles generally accepted in India (the Special Purpose Ind AS Financial Statements) which have been approved by the Board of Directors in their meeting held on December 31, 2024.

5. We have audited the Special Purpose Ind AS Financial Statements of the Company as at and for the years ended March 31, 2023, prepared by the Company in accordance with the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with ICAIs Guidance Note on Reports in Company Prospectuses and other accounting principles generally accepted in India, for the limited purpose of complying with the requirement of the Financial Statements being audited by an audit firm holding a valid peer review certificate issued by the Peer Review Board of the ICAI as required by ICDR Regulations in relation to proposed IPO and for complying with the requirements of the e-mail dated October 28, 2021 from Securities and Exchange Board of India (SEBI) to Association of Investment Bankers of India, instructing lead managers to ensure that companies provide Financial Statements prepared in accordance with Indian Accounting Standards (Ind-AS) for all the three years (hereinafter referred to as the the SEBI email) that has been received by us through the book running lead manager appointed in connection with the IPO.

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

(a) Auditors reports issued by us dated July 19, 2025 on the Ind AS Financial Statements of the Company as at and for the year ended March 31, 2025;

(b) The audited Ind AS Financial Statements of the Company as at and for the year ended March 31, 2024, 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, which have been approved by the Board of Directors at their meeting held on September 28, 2024.

(c) Auditors reports issued by us dated December 31, 2024 on the Special Purpose Ind AS Financial Statements of the Company as at and for the year ended March 31, 2023 as referred in Paragraph 5 above.

The audit reports on the Special Purpose Ind AS Financial Statements as at and for the year ended March 31, 2023 issued by us contained the following Emphasis of Matter and Other Matter paragraphs:

As at and for the year ended 31 March 2023:

Emphasis of Matter

We draw attention to Note No. 2.1 to the Special Purpose Ind AS Financial Statements, which describes the basis of preparation in accordance with the measurement and recognition principles of Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time)

Our opinion is not modified in respect of the above matter.

Other Matter

The statutory audit of Financial Statements of the Company as at and for the year ended March 31, 2023 which was prepared in accordance with the Indian GAAP and approved by the Board of Directors in their meeting held on September 26, 2023, was conducted by M/s I G Jain & Co who have expressed an unmodified opinion thereon vide their report dated September 26, 2023. We have carried out an audit of the Special Purpose Ind AS Financial Statements for the limited purpose of complying with the requirement under the SEBI ICDR Regulations in respect of the Financial Statements being audited by an audit firm holding a valid peer review certificate issued by the Peer Review Board of the ICAI and also for complying with the requirements of the e-mail dated October 28, 2021 from Securities and Exchange Board of India (SEBI) to Association of Investment Bankers of India, instructing lead managers to ensure that companies provide Financial statements prepared in accordance with Indian Accounting Standards (Ind AS) for all the three years and stub period (hereinafter referred to as the the SEBI e-mail).

As our audit was conducted for a specific purpose as stated in Note No. 2.1 to the Special Purpose Ind AS Financial Statements on a date subsequent to the reporting date in respect of the year pertaining to these Financial Statements, we were unable to carry out regular audit procedures including physical verification of inventory, obtaining direct confirmations of balances from debtors, creditors and other parties and certain other procedures. However, we have performed alternative procedures on these areas where we could not perform our regular audit procedures.

Opening balance with respect to the Financial Information for the year ended March 31 2024, included in these Special Purpose Ind AS Financial Statements, are based on audited special purpose Ind AS Financial Statements for the year ended March 31 2023, which has been approved by the Companys Board of Directors on December 31, 2024.

Our opinion is not modified in respect of the above matter.

Basis of Preparation and Restriction on Distribution and Use

Without modifying our opinion, we draw attention to Note No. 2.1 to these Restated Ind AS Financial Statements, which describes the basis of preparation. The Financial Statements are prepared solely to assist the Company to meet the requirements of preparation of the Restated Financial Information for the years ended 31 March 2024, 31 March 2023 and 31 March 2022 as required under the SEBI ICDR Regulations. As a result, the Restated Ind AS Financial Statements may not be suitable for another purpose. Our report is intended solely for the Company for use in connection with the above purpose and should not be distributed to or used by parties without our prior written consent.

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 years ended March 31, 2025, March 31, 2024 and March 31, 2023, to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for year ended March 31, 2025, read with the basis of preparation stated in Note No. 2.1 to the Restated Financial Information.

(b) There are no modifications in the auditors reports on the audited Restated Ind AS Financial Statements of the Company as at and for the years ended March 31, 2025 and March 31, 2024, audited Ind AS Financial Statements of the Company as at and for the years ended March 31, 2025 and March 31, 2024 and the audited Special Purpose Ind AS Financial Statements of the Company for the year ended March 31, 2023 which requires any adjustment to the Restated Financial Information.

(c) do not require any adjustment for the matters included in Emphasis of Matter and Other Matter in paragraph 6 above; and

(d) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note and the SEBI e-mail.

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 Services Engagements.

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 RHP/Prospectus to be filed with Securities and Exchange Board of India and NSE and BSE relevant stock exchanges 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 T R Chadha & Co LLP
Chartered Accountants
ICAI Firm Registration No. 006711N/N500028
Pramod Tilwani
Partner
Membership No. 076650
UDIN: 25076650BMJGFG1085
Place: Mumbai
Date: July 19, 2025