Twinkle Papers Ltd Auditor Reports

INDEPENDENT AUDITOR S REPORT ON RESTATED FINANCIAL STATEMENTS

To,

The Board of Directors, Twinkle Papers Limited, (Formerly known as Twinkle Papers Private Limited) Ludhiana road, Malerkotla Distt. Sangrur, Malerkotla, Punjab-148023

Dear Sirs,

1. We have examined the attached Restated Financial Statements of Twinkle Papers Limited, comprising the Restated Statement of Assets and Liabilities as at December 31, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the periods ended December 31, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these Restated Financial Statements (collectively, the Restated Financial Information ), as approved by the Board of Directors of the Company at their meeting held on May 20, 2026 for the purpose of inclusion in the Red Herring Prospectus/Prospectus (RHP/Prospectus ) prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares ( SME 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); 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 Company s Board of Directors is responsible for the preparation of the Financial Information for the purpose of inclusion in the Red Herring Prospectus/Prospectus to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Chandigarh in connection with the proposed SME IPO. The Financial Information has been prepared by the management of the Company on the basis of preparation stated in Annexure IV of the Financial Information. 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 is also responsible for identifying and ensuring that the Company complies with the Companies Act, (ICDR) Regulations and the Guidance Note.

We, K.K. Kapoor & Associates, 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 08-08-2024 valid till 31-07-2027.

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 July 8, 2024 in connection with the proposed IPO of the Company; b) The Guidance Note. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by

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 and 32 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibility in relation to your compliance with the Act, the SEBI ICDR Regulations and the Guidance Note in Connection with the IPO.

4. These Restated Financial Information have been compiled by the management from the Audited Financial Statements of the Company for the period ended December 31, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 which has been approved by the Board of Directors. The financial statements of the Company for the period ended December 31, 2025 and year ended March 31, 2024 and March 31, 2025 has been audited by us.

5. Based on our examination and according to the information and explanations given to us, we report that the Restated Financial Information have been prepared:

a) After incorporating adjustments for the changes in accounting policies and regrouping/reclassifications retrospectively, if any in the restated financial years/ period ended December 31, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications; and

b) In accordance with the Act, ICDR Regulations and the Guidance Note.

6. We have also examined the following Notes to the financial information of the Company set out in the Annexure V, prepared by the management and approved by the Board of Directors on May 20, 2026 for the periods ended December 31, 2025, March 31, 2025, March 31, 2024 and March 31, 2023.

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 paragraph 4 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 Red Herring Prospectus/

Prospectus to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Chandigarh 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.

11. In our opinion, the above financial information contained in Annexure I to Annexure V of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure IV are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.

For K.K.KAPOOR & ASSOCIATES Chartered Accountants FRN-001013N

Sd/-

CA.VINAY KOHLI Partner Membership No. 94249

UDIN: 26094249LXVKQY8673

Place : Malerkotla Date : May 20, 2026

Ref No	Particulars
Annexure I	Restated Statement of Assets & Liabilities
Note 3	Restated Statement of Share Capital
Note 4	Restated Statement of Reserves & Surpluses
Note 5	Restated Statement of Long-Term Borrowings
Note 6	Restated Statement of Deferred Tax Liabilities/Assets
Note 7	Restated Statement of Other Long-Term Liabilities
Note 11	Restated Statement of Long-Term Provision
Note 8	Restated Statement of Short-Term Borrowing
Note 9	Restated Statement of Trade Payable
Note 10	Restated Statement of Other Current Liabilities
Note 11	Restated Statement of Short-Term Provisions
Note 12	Restated Statement of Property, Plant and Equipment
Note 13	Restated Statement of Non Current Investments
Note 14	Restated Statement of Long-Term Loans & Advances
Note 15	Restated Statement of Inventories
Note 16	Restated Statement of Trade Receivables
Note 17	Restated Statement of cash and Cash Equivalence
Note 18	Restated Statement of Short-Term Loans and advances
Annexure II	Restated Statement of Profit & Loss
Note 19	Restated Statement of Revenue from operations
Note 20	Restated Statement of Other Income
Note 21	Restated Statement of Cost of Material Consumed
Note 22	Restated Statement of Changes in inventories of Stock-in -Trade
Note 23	Restated Statement of Employees Benefit Expenses
Note 24	Restated Statement of Financial costs
Note 12	Restated Statement of Depreciation and amortization expenses
Note 25	Restated Statement of Other Expenses
Other Annexures:
Annexure III	Restated Statement of Cash Flow
Annexure IV	Statement of Material Accounting Policies
Note 1	General Information
Note 2	Significant Accounting Policies
Annexure V	Notes to the Restated Financial Statements
Note 26	Restated Statement of Earnings per share
Note 27	Restated Statement of value of Import on CIF Basis
Note 28	Restated Statement of Expenditure in Foreign Currency
Note 29	Restated Statement of Income in Foreign Currency
Note 30	Statement of imported/ Indigeneous Consumption to Total Consumption
Note 31	Statement of Contingent Liabilities
Note 32	Related Party Disclosures
Note 33	Statement on Remuneration
Note 34	Statement on Accounting Ratios
Note 35	Restated Statement of Other Financial information
Note 36	Other Statutory Information
Note 37	Other Miscellaneous Notes
Note 38	Other Notes to Restated Financial statements
Note 39	Restated Notes to Capitalisation Statement
Notes 40	Restated Noted to Segmental Reporting