SK Minerals & Additives Ltd Auditor Reports

(As required by Section 26 of Companies Act, 2013 read with Rule 4 of Companies (Prospectus and Allotment

of Securities) Rules, 2014)

To,

The Board of Directors

SK MINERALS & ADDITIVES LIMITED

(Formerly known as "SK MINERALS & ADDITIVES PRIVATE LIMITED")

Satkartar Building, Near Khalsa Petrol Pump, G.T. Road,

Ludhiana, Khanna-141401, Punjab, India.

Dear Sir/ Madam,

1. We have examined the attached Restated Standalone Financial Statements of SK Minerals & Additives Limited
(formerly known as "SK Minerals & Additives Private Limited") (hereinafter referred as the "Company" or
"Issuer"),comprising of Restated Statement of Standalone Assets and Liabilities as at August 31, 2025, March
31, 2025, March 31, 2024 and March 31, 2023, the Restated Statement of Standalone Profit and Loss
(including other comprehensive income), the Restated Statement of Changes in Equity, the Restated
Standalone Cash Flow Statement for the period ended August 31, 2025 and Financial Year ended March 31,
2025, March 31, 2024 and March 31,2023, the Summary Statement of Significant Accounting Policies to the
Restated Standalone Financial Statements (collectively, the "Restated Standalone Financial Statements"), as
approved by the Board of Directors of the Company at their meeting held on September 15, 2025 for the
purpose of inclusion in the Draft Red Herring Prospectus ("DRHP") / Red Herring Prospectus ("RHP") /
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 as amended ("the Act") read with Rules
4 to 6 of the Companies (Prospectus and Allotment of Securities) Rules,2014 ("the Rules").

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018 as amended from time to time pursuant to the provisions of the Securities and Exchange Board
of India ,1992 ("the SEBI 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 is responsible for the preparation of the Restated Standalone Financial
Statements for the purpose of inclusion in the DRHP / RHP / Prospectus to be filed with Securities and
Exchange Board of India, Stock Exchange (BSE Limited), and Registrar of Companies, Punjab and Chandigarh
in connection with the proposed IPO. The Restated Standalone Financial Information has been prepared by the
Management of the company. The responsibility of the Board of Directors includes designing, implementing
and maintaining adequate internal control relevant to the preparation and presentation of the Restated
Standalone Financial Statements. 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 the SEBI
Communication, as applicable.

3. 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 September 17, 2024 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 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 Standalone Financial Information have been prepared and compiled by the management from the
Audited Financial Statements of the Company for the period ended August 31,2025 and Financial Year ended
March 31, 2025, March 31, 2024 and March 31, 2023 are prepared in accordance with accounting principles
generally accepted in India including the Accounting Standards specified under Section 133 of the Act,
("Indian GAAP") read with the Companies (Accounting Standards) Rules, 2015, as amended which have been
approved by the Board of Directors / Proprietor at their meetings held on September 15, 2025, August 22,
2025, September 02, 2024 and September 02, 2023 respectively.

5. Our Work has been carried out in accordance with the Standards on Auditing under section 143 (10) of the
Act, Guidance Note on reports in company Prospectuses (Revised 2016) and other applicable authoritative
pronouncements issued by the Institute of Chartered Accountants of India and pursuant to the requirements of
Section 26 of the Act read with applicable rules and ICDR Regulations. This work was performed solely to
assist you in meeting your responsibilities in relation to your compliance with the Act and the ICDR
Regulations in connection with the issue.

Opinion

6. In accordance with the requirements of Section 26 of Part I of Chapter III of the Act read with the Rules, the
ICDR Regulations and the Guidance Note, we have examined the Restated Financial Information of the
company which have been arrived after making adjustments and regrouping /reclassifications, which in our
opinion were appropriate, and have been fully described in Annexure 6: Notes on Restatement Adjustments
to Audited Financial Statements and based on our examination, we report that :

i. The Restated Statement of Standalone Assets and Liabilities of the Company, as at August 31, 2025,
March 31, 2025, March 31, 2024 and March 31, 2023 examined by us, as set out in Annexure 1 to this
report, have been arrived at after making adjustments and regrouping/ reclassifications as in our opinion
were appropriate.

ii. The Restated Statement of Standalone Profit and Loss of the Company, for the period ended August 31,
2025 and Financial Year ended March 31, 2025, March 31, 2024 and March 31, 2023 examined by us,
as set out in Annexure 2 to this report, have been arrived at after making adjustments and
regrouping/reclassifications as in our opinion were appropriate and more fully described in Annexure 6.

iii. The Restated Statement of Standalone Cash Flows of the Company, and for the period ended August 31,
2025 and Financial Year ended March 31, 2025, March 31, 2024 and March 31, 2023, examined by us,
as set out in Annexure 3 to this report, have been arrived at after making adjustments and regrouping/
reclassifications as in our opinion were appropriate.

7. Based on the above and according to the information and explanations given to us, we further report that the
Restated Standalone Financial Information of the Company, as attached to this report and as mentioned in
paragraph 6 above, read with Significant Accounting Policies (Annexure 4), Notes to Restated Summary

Statements (Annexure 5) and Notes on Adjustments for Restatement of Profit and Loss (Annexure 6), have
been prepared in accordance with the Act, the Rules, and the ICDR Regulations and;

a. Have been made after incorporating adjustments for the changes in accounting policies of the company
in respective financial period / years to reflect the same accounting treatment as per the changed
accounting policy for all the reporting period / years;

b. Have been made after incorporating adjustments for the material amounts in the respective financial
period / years to which they relate;

c. There are no qualifications in the Auditors Report on the Audited Financial Statements of the company
as at August 31, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 which require any
adjustments; and

d. There are no extra-ordinary items that need to be disclosed separately.

8. We have also examined the following Restated Standalone Financial Information of the company set out in the
Annexures prepared by the Management and approved by the Board of Directors for the period ended August
31,2025, and Financial Year ended March 31, 2025, March 31, 2024 and March 31, 2023:-

1. Restated Summary Statement of Notes to Restated Summary Statements	Annexure 5
2 Restated Summary Statement of Reconciliation of Restated Profit/ (Loss) to Profit/ (Loss) as per Audited Financial Statements	Annexure 6
3. Restated Summary Statement of Equity Share Capital	Annexure 7
4. Restated Summary Statement of Reserves and Surplus	Annexure 8
5. Restated Summary Statement of Long-Term Borrowings	Annexure 9
6. Restated Summary Statement of Deferred Tax Liabilities/ Assets (Net)	Annexure 10
7. Restated Summary Statement of Long-Term Provisions	Annexure 11
8. Restated Summary Statement of Short-Term Borrowings	Annexure 12
9. Restated Summary Statement of Trade Payables	Annexure 13
10. Restated Summary Statement of Other Current Liabilities	Annexure 14
11. Restated Summary Statement of Short-Term Provisions	Annexure 15
12. Restated Statement of Property, Plant & Equipment	Annexure 16
13. Restated Summary Statement of Capital Work in Progress	Annexure 17
14. Restated Summary Statement of Other Non-Current Assets	Annexure 18
15. Restated Summary Statement of Current Investments	Annexure 19
16. Restated Summary Statement of Inventories	Annexure 20
17. Restated Summary Statement of Trade Receivables	Annexure 21
18. Restated Summary Statement of Cash and Cash Equivalents	Annexure 22
19. Restated Summary Statement of Short-Term Loans and Advances	Annexure 23
20. Restated Summary Statement of Other Current Assets	Annexure 24
21. Restated Summary Statement of Revenue from Operations	Annexure 25
22. Restated Summary Statement of Other Income	Annexure 26
23. Restated Summary Statement of Cost of Materials Consumed	Annexure 27
24. Restated Summary Statement of Purchases of Stock in Trade/Traded Goods	Annexure 28
25 Restated Summary Statement of Changes in Inventories of Finished Goods and Work in Progress	Annexure 29
26. Restated Summary Statement of Employee Benefit Expenses	Annexure 30
27. Restated Summary Statement of Finance Costs	Annexure 31
28. Restated Summary Statement of Depreciation and Amortization Expense	Annexure 32
29. Restated Summary Statement of Other Expenses	Annexure 33
30. Restated Summary Statement of Earnings Per Share	Annexure 34
31. Restated Summary Statement of Related Party Transactions	Annexure 35
32 Restated Summary Statement of Reconciliation of Liabilities Arising from Financing Activities	Annexure 36
33. Restated Summary Statement of Financial Ratios	Annexure 37
34. Restated Summary Statement of Other Financial Information	Annexure 38
35. Restated Summary Statement of Employment Benefit Obligations	Annexure 39
36. Restated Summary Statement of Tax Shelter	Annexure 40
37. Restated Summary Statement of Other Financial Information	Annexure 41
38. Restated Summary Statement of Capitalisation Statement	Annexure 42
39. Restated Summary Statement of Financial Indebtedness	Annexure 43

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 Services Engagements.

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 management for inclusion in the Offer Document to be filed with
Securities and Exchange Board of India, Stock Exchange (BSE Limited), and Registrar of Companies, Punjab and
Chandigarh in connection with the proposed IPO of equity shares of the Company. 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 Rajesh Dharampal & Associates

Chartered Accountants

ICAI Firm Registration Number: 0021920N

Peer Review Number: 018906

 

Rajesh Kumar

Proprietor

Membership Number: 510631

UDIN: 25510631BMGYKN7472

 

Place: Khanna, Punjab

Date: September 15, 2025