Spunweb Nonwoven Ltd Auditor Reports

To

The Board of Directors,

Spunweb Nonwoven Limited

Survey No.109(2), N.H. 27, Near Wankaner Boundry Post at Jalida, Village Rangpar, Rajkot, Wankaner, Gujarat, India, 363 621, (the “Company”)

Dear Sirs/ Madams,

1. We have examined the attached Restated Consolidated Financial Information of Spunweb Nonwoven Limited (formerly known as Spunweb Nonwoven Private Limited) (the “Company” or the “Issuer”), and its subsidiary Spunweb India Private Limited (the company and its subsidiary together referred to as the “Group”), comprising of the Restated Consolidated Statement of Assets and Liabilities as at nine months period ended December 31, 2024 and financial year ended March 31, 2024, March 31, 2023, and March 31, 2022, the Restated Consolidated Statements of Profit and Loss for the period ended nine months period ended December 31, 2024 and financial year ended March 31, 2024, March 31, 2023, and March 31, 2022 and the Restated Consolidated Cash Flow Statement for the nine months period ended December 31, 2024 and financial year ended March 31, 2024, March 31, 2023, and March 31, 2022, the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively, the “Restated Consolidated Financial Information”), as approved by the Board of Directors of the Company at their meeting held on January 25, 2025, for the purpose of inclusion in the Draft Red Herring Prospectus, Red Herring Prospectus and Prospectus (collectively known as the “Offer Document”) prepared by the Company in connection with its proposed Initial Public Offer of equity shares (“SME IPO”) prepared in terms of the requirements of:

2. The Companys Board of Directors is responsible for the preparation of the Restated Consolidated Financial Information for the purpose of inclusion in the Offer Document to be filed with Securities and Exchange Board of India, relevant stock exchanges and the Registrar of Companies, Ahmedabad in connection with the proposed SME IPO. The Restated Consolidated Financial Information have been prepared by the management of the Company as per “Basis of Preparation” paragraph stated in Note 2(i) to the Notes to the Restated Consolidated Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated 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 read with SEBI Communication, as applicable.

3. We have examined such Restated Consolidated Financial Information taking into consideration:

4. These Restated Consolidated Financial Information have been compiled by the management from the audited financial statements of the company as at and for the nine months period ended December 31, 2024 and financial year ended March 31, 2024, March 31, 2023, and March 31, 2022 prepared in accordance with Accounting Standards as prescribed under Section 133 of the Act read with the Companies (Accounting Standards) Rules, 2015 or 2021, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on January 25, 2025, September 05, 2024, September 23, 2023 and , September 05, 2022 respectively.

5. For the purpose of our examination, we have relied on audit reports issues by us dated January 25, 2025, and September 05, 2024 and statutory audit report issued by Busa & Associates, Chartered Accountants (FRN 122574W), dated September 05, 2023 and September 05, 2022 on the audited financial statements of the Company as at and for the period ended December 31, 2024 and financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 as referred to in Paragraph 4 above.

6. The audit reports on the consolidated financial statements issued by us referred in paragraph 5 did not require any adjustment in the Restated Consolidated Financial Information:

7. As indicated in our reports referred above, in paragraph 5:

(Rs. in lakhs)

8. Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the Audited financial statements submitted by the other auditors or management, as applicable, for the respective years, we report that the Restated Consolidated Financial Information:

9. The Restated Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Audited Consolidated Financial Statements mentioned in paragraph 8 above.

12. We have no responsibility to update our report for events and circumstances occurring after the date of the report. 13. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents to be filed with the Securities and Exchange Board of India, relevant stock 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.