United Cotfab Ltd Auditor Reports

ON RESTATED FINANCIAL INFORMATION OF UNITED COTFAB LIMITED

To,

The Board of Directors, United Cotfab Limited.

(Formerly known as United Cotfab LLP)

Dear Sir,

1. We have examined the attached Restated Financial Information of United Cotfab Limited (Formerly known as United Cotfab LLP) comprising the Restated Statement of Asset and Liabilities for period ended September 30,2023 , March 31, 2023, March 31, 2022 and March 31, 2021, the Restated Statement of Profit & Loss and Restated Statement of Cash Flow for the period ended on September 30,2023 ,March 31, 2023, March 31, 2022 and March 31, 2021, 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 for the purpose of inclusion in the Draft Prospectus/ Prospectus (Here-in Offer Documents) prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO").

2. These Restated Summary Statements have been 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").

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Prospectus to be filed with the Securities and Exchange Board of India, Registrar of Companies, Ahmedabad and SME platform of BSE Limited where the equity shares of the Company are proposed to be listed, 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 Annexure 4 to the Restated Financial Information.

The respective Board of Directors of the Company are responsible for 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.

4. 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 in connection with the proposed IPO of equity shares 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 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.

5. These Restated Financial Information have been compiled by the management from:

Audited financial statements of the Company for the period ended September 30, 2023, prepared in accordance with the Accounting Standards (referred to as "AS") as prescribed under Section 133 of the Act, as amended, and other accounting principles generally accepted in India.

Audited financial statements of the Company as at and for the half year ended September 30, 2023 and year ended March 31, 2023, March 31, 2022 and March 31, 2021 prepared in accordance with the Accounting

Standards (referred to as "AS") as prescribed under Section 133 of the Act, as amended, and other accounting principles generally accepted in India.

6. For the purpose of our examination, we have relied on: a. Auditors reports issued by us dated October 13, 2023, September 21, 2023, September 24, 2022 and

September 23, 2021 on the financial statements of the Company as at and for the period ended September 30, 2023, March 31, 2023, March 31, 2022 and March 31, 2021 as referred in Paragraph [5] above

7. There were no qualifications in the Audit Reports issued by us for the period ended September 30, 2023, March 31, 2023, March 31, 2022 and March 31, 2021 which would require adjustments in this Restated Financial Information of the Company.

8. Based on our examination and according to the information and explanations given to us for the respective years, we report that the Restated Financial Information:

a. do not contain any qualifications requiring adjustments for modification as there is no modification in the underlying audit reports. b. there are no extra-ordinary items that need to be disclosed separately in the and requiring adjustments. c. have been prepared in accordance with the Act, the ICDR Regulations and the Guidance Note. d. adequate disclosure has been made in the financial statements as required to be made by the issuer as per schedule III of the Companies Act, 2013. e. The accounting standards prescribed under the Companies act, 2013 have been followed. f. The financial statements present a true and fair view of the companys accounts. g. From Financial Years 2020-21 to 2022-23 and period ended September 30, 2023 i.e., the period covered in the restatement, the Company has not declared and paid any dividend.

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

(i) The "Restated Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company for the period ended September 30, 2023, March 31, 2023, March 31, 2022, and March 31, 2021 are prepared by the Company and approved by the Board of Directors. These Statement of Assets Liabilities, as restated have been arrived at after making such and regroupings to the financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to the Restated Financial Information as set in Annexure 4 to this Report.

(ii) The "Restated Statement of Profit and Loss" as set out in Annexure II to this report, of the Company for the period ended September 30, 2023, March 31, 2023, March 31,2022, and March 31,2021 are prepared by the Company and approved by the Board of Directors. These Statement of Profit and Loss, as restated have been arrived at after making such adjustments and regroupings to the financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to the Restated Financial Information as set out in Annexure 4 to this Report.

(iii) The "Restated Statement of Cash Flow" as set out in Annexure III to this report, of the Company for the period ended September 30, 2023, March 31, 2023, March 31,2022, and March 31,2021 are prepared by the Company and approved by the Board of Directors. These Statement of Cash Flow, as restated have been arrived at after making such adjustments and regroupings to the financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Restated Financial Information as set out in Annexure 4 to this Report.

(iv) 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:

a. Details of Share Capital as Restated as appearing in Annexure 5 to this report;

b. Details of Reserves and Surplus as Restated as appearing in Annexure 6 to this report;

c. Details of Long-Term Borrowings as Restated as appearing in Annexure 7 to this report;

d. Details of Deferred Tax Liabilities (Net) as Restated as appearing in Annexure 8 to this report;

e. Details of Long-Term Liabilities as Restated as appearing in Annexure 9 to this report;

f. Details of Long-Term Provision as Restated as appearing in Annexure 10 to this report;

g. Details of Short-term Borrowings as Restated as appearing in Annexure 7 to this report;

h. Details of Trade Payables as Restated as appearing in Annexure 11 to this report;

i. Details of Other Current Liabilities as Restated as appearing in Annexure 12 to this report;

j. Details of Short-Term Provisions as Restated as appearing in Annexure 10 to this report;

k. Details of Property, Plant & Equipments as Restated as appearing in Annexure 13 to this report;

l. Details of Deferred Tax Assets as Restated as appearing in Annexure 8 to this report.

m. Details of Long-term Loans and Advances as appearing in Annexure 14 to this report.

n. Details of Other Non-Current Assets as Restated as appearing in Annexure 15 to this report;

o. Details of Short-term Loan & Advances as Restated as appearing in Annexure 14 to this report;

p. Details of Other Current Assets as Restated as appearing in Annexure 16 to this report;

q. Details of Trade Receivables as Restated enclosed as appearing in Annexure 17 to this report;

r. Details of Inventories as Restated as appearing in Annexure 18 to this report;

s. Details of Cash & Bank balances as Restated enclosed as appearing in Annexure 19 to this report;

t. Details of Revenue from Operations as Restated in Annexure 20 to this report;

u. Details of Other Income as Restated as appearing in Annexure 21 to this report;

v. Details of Cost of Materials consumed as Restated as appearing in Annexure 22 to this report;

w. Details of Changes in Inventories of Finished Goods, WIP and Traded Goods as Restated as appearing in Annexure 22A to this report;

x. Details of Employee Benefit Expenses as Restated as appearing in Annexure 23 to this report;

y. Details of Finance Costs as Restated as appearing in Annexure 24 to this report;

z. Details of Depreciation & Amortization as Restated as appearing in Annexure 13 to this report; aa. Details of Other Expenses as Restated as appearing in Annexure 25 to this report; bb. Details of Earnings Per Share as Restated as appearing in Annexure 26 to this report; cc. Details of Statement of Tax Shelter as Restated as appearing in Annexure 27 to this report; dd. Capitalization Statement as Restated for period ended 30th September, 2023 as appearing in Annexure 28 to this report; ee. Details of Related Parties Transactions as Restated as appearing in Annexure 29 to this report; ff. Details of Additional Notes as appearing in Annexure 30 to this report; gg. Details of Segment reporting as appearing in Annexure 31 to this report; hh. Details of Statement of Ratios as restated as appearing in Annexure 32 to this report; i

i. Details of Contingent Liabilities as Restated as appearing in Note C of Annexure 4 to this report; jj. Details of Earnings & Expenditure in Foreign Currency as Restated as appearing in Note D of Annexure

4 to this report;

kk. Details of Restatement adjustments as restated as appearing in Note H of Annexure 4 to this report;

10. We, M/s Rajiv Shah & Associates, have been subjected to the peer review process of the Institute of

Chartered Accountants of India ("ICAI") and hold a valid peer review certificate issued by the "Peer Review Board" of the ICAI.

11. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by the Company Auditors, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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 Draft Prospectus/

Prospectus to be filed with Securities and Exchange Board of India, SME Platform of BSE Limited and Registrar of Companies, Ahmedabad, 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.

14. In our opinion, the above financial information contained in these Restated Financial Statements read with the respective Significant Accounting Polices and Notes to Accounts as set out 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 M/S. Rajiv Shah & Associates

Chartered Accountants

FRN: 108454W

Ca Rajiv Shah

Partner

Membership No. 043261

UDIN: 23043261BGVNDQ7537

Place: Ahmedabad

Date: 19th December, 2023