SMR Jewels Ltd Auditor Reports

Independent Auditors Report on Restated Financial Statements

To,

The Board of Directors, SMR Jewels Limited

(Formerly known as SMR Jewels Private Limited) [3, Vrindavan Apartments, Gulbai Tekra, Ahmedabad 380006, Gujarat, India]

Dear Sir(s),

1. We, [ Surana Maloo & Co., Chartered Accountants ] ("we" or "us") have examined the attached Restated Financial Information of SMR Jewels Limited ("Company") ("Offer") (Formerly known as SMR Jewels Private Limited) comprising the restated statement of assets and liabilities as at June 30 th 2025, March 31 st 2025, March 31 st 2024 and March 31 st 2023, restated statement of profit and loss and restated cash flow statement for the period ended June 30 th 2025 and financial year ended on March 31 st 2025, March 31 st 2024 and March 31 st 2023 and the summary statement of material accounting policies and other explanatory information (collectively referred to as the "Restated Financial Information" or "Restated Financial Statements") annexed to this report and initialled by us for identification purposes. These Restated Financial Statements have been prepared by the management of the Company and approved by the Board of Directors at their meeting in connection with the proposed Initial Public Offering on the SME platform of the BSE (Bombay Stock Exchange) ("IPO" or "SME IPO") of the company.

2. The said Restated Financial Statements and other Financial Information have been prepared in accordance with the requirements of :

i) Section 26 of Part I of Chapter III to the Companies Act, 2013 ("the Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;

ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 ("ICDR Regulations") and related amendments / clarifications from time to time issued by the Securities and Exchange Board of India ("SEBI");

iii) The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India ("Guidance Note").

3. We, [Surana Maloo & 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 06.12.2022 valid till 31.12.2025.

Managements Responsibility for the Restated Financial Information

4. The Companys Board of Directors is responsible for the preparation of the Restated Financial Statement & other financial information for the purpose of inclusion in the Draft Red Herring Prospectus ("Offer Document") to be filed with Securities and Exchange Board of India, Stock exchanges and Registrar of Companies of Ahmedabad at Gujarat in connection with the proposed IPO. The Board of Directors 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.

Auditors Responsibilities

5. We have examined the accompanied Restated Financial Statements taking into consideration:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated May 20, 2024 in connection with the proposed IPO of equity shares of the Issuer;

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 Statements;

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.

6. These Restated Standalone Financial Information have been compiled by the Companys management from:

a. The Special Purpose Financial Statements of the Company as at and for the period ended June 30 th , 2025 prepared by the Management in accordance with Accounting Standard (referred to as "AS") as prescribed under Section 133 of the Act, read with Companies (Accounting Standards) Rules 2006, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on August 18, 2025.

b. The audited financial statements of the Company as at and for the year ended March 31 st , 2025 prepared by the Management in accordance with Accounting Standard (referred to as "AS") as prescribed under Section 133 of the Act, read with Companies (Accounting Standards) Rules 2006, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on May 05, 2025. c. The audited financial statements of the Company as at and for the financial year ended March 31 st , 2024 prepared by the Management in accordance with Accounting Standard (referred to as "AS") as prescribed under Section 133 of the Act, read with Companies (Accounting Standards) Rules 2006, 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.

d. The audited financial statements of the Company as at and for the financial year ended March 31 st , 2023 prepared by the Management in accordance with Accounting Standard (referred to as "AS") as prescribed under Section 133 of the Act, read with Companies (Accounting Standards) Rules 2006, 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 03, 2023.

7. Based on our examination and according to the information and explanations given to us, we are of the opinion that the Restated Financial Statements:

i. Have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively in the period ended on June 30 th 2025 and financial year ended March 31 st 2025, March 31 st 2024 and March 31 st 2023.

ii. Do not require any adjustment for modification as there is no modification in the underlying audit reports;

iii. Do not contain any extra ordinary items that need to be disclosed separately other than those presented in the Restated Financial Statement and do not contain any qualification requiring adjustments;

iv. Have been prepared in accordance with the Act, ICDR Regulations and Guidance Note.

8. In accordance with the requirements of Part I of Chapter III of Act including rules made therein, ICDR Regulations, Guidance Note and Engagement Letter, we report that:

a. The "Restated Statement of Assets & Liabilities" as set out in Annexure I to this report, of the Company as at June 30 th 2025, March 31 st 2025, March 31 st 2024 and March 31 st 2023, are prepared by the Company and approved by the Board of Directors. This Statement of Assets and Liabilities, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate.

b. The "Restated Statement of Profit & Loss" as set out in Annexure II to this report, of the Company for the period ended June 30 th 2025 and year ended March 31 st , 2025, March 31 st , 2024 and March 31 st , 2023, are prepared by the Company and approved by the Board of Directors. This Statement of Profit and Loss, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate. c. The "Restated Statement of Cash Flow" as set out in Annexure III to this report, of the Company for the period June 30 th 2025 and year March 31 st 2025, March 31 st , 2024 and March 31 st 2023, are prepared by the Company and approved by the Board of Directors. This Statement of Cash Flow, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate.

d. The audit reports on the financial statements of the Company as at and for the period ended June 30 th 2025 and year ended March 31, 2025, March 31, 2024, March 31, 2023 as referred in paragraph 3 above, expresses an unmodified opinion.

e. No Other adverse remarks/comments in the Companies (Auditors Report) Order, 2020 ("the Order"), as amended, issued by the Central Government of India in terms of sub ?€ section (11) of section 143 of the act, on financial statements of the company for the period ended 30 th June 2025 and financial year ended March 31, 2025, March 31, 2024 and March 31, 2023.

. At the request of the company, 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:

Annexure of Restated Financial Statements of the Company: ?€

i. Statement of Material Accounting Policies as appearing Annexure : IV ii. Statement of Adjustments of Restated Financial Statements as appearing in Annexure: V iii. Share Capital as appearing in Annexure: VI iv. Reserves & Surplus as appearing in Annexure: VII v. Long?€Term Borrowings as appearing in Annexure: VIII vi. Short?€Term Borrowings as appearing in Annexure: IX vii. Note 1 to Annexure VIII & IX ?€ Long?€Term Borrowings & Short?€Term Borrowings viii. Trade Payables as appearing in Annexure: X ix. Note 1 to Annexure X ?€ Ageing Analysis of Trade Payables x. Short?€Term Provisions as appearing in Annexure: XI xi. Other Current Liabilities as appearing in Annexure: XII xii. Property, Plant & Equipments as appearing in Annexure: XIII xiii. Deferred Tax Assets (Net) as appearing in Annexure: XIV xiv. Long?€Term Loans & Advances as appearing in Annexure: XV xv. Inventories as appearing in Annexure: XVI xvi. Trade Receivables as appearing in Annexure: XVII xvii. Note 1 to Annexure XVII ?€ Ageing Analysis of Trade Receivables xviii. Cash & Cash Equivalents as appearing in Annexure: XVIII xix. Short?€Term Loans & Advances as appearing in Annexure: XIX xx. Other Current Assets as appearing in Annexure: XX xxi. Revenue From Operations as appearing in Annexure: XXI xxii. Other income as appearing in Annexure: XXII xxiii. Cost of Materials Consumed as appearing in Annexure: XXIII xxiv. Purchase of Traded Goods as appearing in Annexure: XXIV

xxv. Changes in Inventories of Finished Goods as appearing in Annexure: XXV xxvi. Employee Benefits Expense as appearing in Annexure: XXVI xxvii. Finance Costs as appearing in Annexure: XXVII xxviii. Other Expenses as appearing in Annexure: XXVIII xxix. Notes to the Re?€stated Financial Statements as appearing in Annexure: XXIX xxx. Statement of Accounting & Other Ratios as appearing in Annexure: XXX xxxi. Note A to Annexure XXX ?€ Ratio Analysis xxxii. Statement of Capitalization as appearing in Annexure: XXXI xxxiii. Statement of Tax Shelter as appearing in Annexure: XXXII

10. In our opinion, the Restated Financial Statements and the other Financial Information set forth in Annexure I to XXXII read with the material accounting policies and notes to the restated financial statements have been prepared in accordance with section 26 of Companies Act, 2013 and the SEBI Regulations and the Guidance Note on the reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI).

Consequently, the financial information has been prepared after making such regroupings and adjustments as were, in our opinion, considered appropriate to comply with the same. As a result of these regrouping and adjustments, the amount reported in the financial information may not necessarily be the same as those appearing in the respective audited financial statements for the relevant years.

11. This report should not in any way be construed as a re?€issuance or re?€dating of any of the previous audit reports issued by any other Firm of Chartered Accountants nor should this report be construed as a new opinion on any of the financial statements referred to therein.

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

13. This report is intended solely for your information and for inclusion in the Offer document in connection with the Companys proposed IPO of equity shares and is not to be used, referred to or distributed for any other purpose without our prior written consent.

For, Surana Maloo & Co. Chartered Accountants Reg. No: 112171W

Per, S.D. Patel Partner Membership No: 037671 UDIN: 25037671BMJGTD5406

Date: 20/08/2025 Place: Ahmedabad