Vigor Plast India Ltd Auditor Reports

VIGOR PLAST INDIA LIMITED

The Board of Directors
VIGOR PLAST INDIA LIMITED

640/3 Behind Gujarat Gas CNG Pump Godown Zone,

Lalpur Road,

Dared,Village, Chela
Jamnagar,

Gujarat

Dear Sirs,

1. We have examined the attached Restated Statement of Assets and Liabilities of VIGOR PLAST INDIA LIMITED,
having CIN: U25190GJ2014PLC078525 which comprise the Balance Sheet as at 31^st March 2025, 31^st March 2024,
31^st March 2023 and the related Restated Statement of Profit & Loss and Restated Statement of Cash Flow for the year
ended on 31^st March 2025, 31^st March 2024, 31^st March 2023 annexed to this report for the purpose of inclusion in the
offer document prepared by the Company (collectively the "Restated Summary Statements" or "Restated Financial
Statements"). These Restated Summary Statements have been prepared by the Company and approved by the Board of
Directors of the Company in connection with the Initial Public Offering (IPO) in Emerge Platform of NSE.

2. These Restated Summary Statements have been prepared in accordance with the requirements of:

(i) Section 26 of Part - I of Chapter III of 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 terms of reference to our engagements with the Company letter dated 12^th August 2024 requesting us to
carry out the assignment, in connection with the Draft Red Herring Prospectus/ Red Herring Prospectus/
Prospectus being issued by the Company for its proposed Initial Public Offering of equity shares in Emerge
Platform of NSE. ("IPO" or "SME IPO"); and

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

3. The Restated Summary Statements of the Company have been extracted by the management from the Audited
Financial Statements of the Company for the financial year ended on 31^st March 2025, 31^st March 2024, 31^st March
2023 which has been approved by the Board of Directors.

4. The Company s Board of Directors is responsible for the preparation of the Restated Financial Statements for inclusion
in the Draft Prospectus / Prospectus ("Offer Document") to be filed with Securities and Exchange Board of India
("SEBI"), Stock exchanges and Registrar of Companies (Ahmedabad) in connection with the proposed IPO. The
Restated Financial Statements have been prepared by the management of the Company based on preparation stated in
Annexure D to the Restated Financial Statements. The responsibility of the board of directors of the Company includes
designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the
Restated 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.

5. 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:

(i) The "Summary of Statement of Assets and Liabilities as Restated" as set out in Annexure A to this report, of
the Company as at 31^st March 2025, 31^st March 2024, 31^st March 2023 are prepared by the Company and approved
by the Board of Directors. These 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 and more fully

(ii) Described in Significant Accounting Policies and Notes to Accounts as set out in Annexure D to this Report.

(iii) The "Summary of Statement of Profit and Loss as Restated" as set out in Annexure B to this report, of the
Company for the year ended 31^st March 2025, 31^st March 2024, 31^st March 2023 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 individual financial statements of the Company, as in our opinion were
appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in
Annexure D to this Report.

(iv) The "Summary of Statement of Cash Flow as Restated" as set out in Annexure C to this report, of the Company
for the year ended 31^st March 2025, 31^st March 2024, 31^st March 2023 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 individual financial statements of the Company, as in our opinion were
appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in
Annexure D to this Report.

6. Based on the above, we are of the opinion that the Restated Financial Statements have been made after incorporating:

a) Adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect
the same accounting treatment as per the changed accounting policy for all reporting periods, if any.

b) Adjustments for prior period and other material amounts in the respective financial years/period to which they
relate and there are no qualifications which require adjustments.

c) There are no extra-ordinary items that need to be disclosed separately in the accounts and qualifications requiring
adjustments.

d) There were no qualifications in the Audit Reports issued by the Statutory Auditors for the financial year ended on
31^st March 2025, 31^st March 2024, 31^st March 2023 which would require adjustments in this Restated Financial
Statements of the Company.

e) These Profits and Losses have been arrived at after charging all expenses including depreciation and after making
such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance
with the Significant Accounting Polices and Notes to Accounts as set out in Annexure D to this report.

7. Audit of Vigor Plast India Ltd for the financial year ended on 31^st March 2025, 31^st March 2024, 31^st March 2023 was
conducted by Sarvesh Gohil and Associates and accordingly reliance has been placed on the financial information
examined by them for the said years. The financial report included for these years is based solely on the report
submitted by them and no routine audit has been carried out by us.

8. We have also examined the following other financial information relating to the Company prepared by the
Management and as approved by the Board of Directors of the Company and annexed to this report relating to the
Company for the financial year ended on 31^st March 2025, 31^st March 2024, 31^st March 2023 proposed to be included
in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus ("Offer Document").

Annexure of Restated Financial Statements of the Company: -

1. Restated Statement of Assets and Liabilities in Annexure A

2. Restated Statement of Profit & Loss Account in Annexure B

3. Restated Statement of Cash Flow in Annexure C

4. Significant Accounting Policies and Notes to Accounts as restated in Annexure D;

5. Notes to Restated Statement of Assets and Liabilities and Profit and Loss Account from Note 1 to Note 26

6. Statement of Tax Shelters as appearing in Annexure E to this report.

7. Reconciliation of Restated Profit as appearing in Annexure F to this report.

8. Reconciliation of Other Equity as appearing in Annexure G to this report.

9. Details of Summary of Mandatory Accounting Ratios as Restated as appearing in Annexure H to this report

10. Details of Summary of Accounting Ratios as Restated as appearing in Annexure I to this report

11. Details of Related Parties Transactions as Restated as appearing in Annexure J to this report

12. Capitalization Statement as Restated as at 31^st March 2025 as appearing in Annexure K to this report;

13. Details of Terms & Condition of Long-term borrowing as restated as appearing in annexure L to this report

14. Details of Terms & Condition of Short-term borrowing as restated as appearing in annexure M to this report

9. We, Sarvesh Gohil & Associates, Chartered Accountants 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.

10. The preparation and presentation of the Financial Statements referred to above are based on the Audited financial
statements of the Company and are in accordance with the provisions of the Act and ICDR Regulations. The Financial
Statements and information referred to above is the responsibility of the management of the Company.

11. The 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. In our opinion, the above financial information contained in Annexure A to M and Note 1 to 26 of this report read
with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure D 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.

14. Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with
the SME IPO. Our report should not be used, referred to or adjusted for any other purpose except with our consent in
writing.

For Sarvesh Gohil & Associates

Chartered Accountants

 

Sd/-

Madhvi Khetiya

FRN No. 0156550W

Membership No. 631969

UDIN : 25631969BMLNNF8461

Date : July 24, 2025

Place : Jamnagar