Shree Marutinandan Tubes Ltd Auditor Reports

(As required by Section 26 of Companies Act, 2013 read with Rule 4 of Companies (Prospectus and Allotment of Securities) Rules, 2014)

To,

The Board of Directors,

Shree Marutinandan Tubes Limited,

A-21, Second Floor,

Amrapali Complex, S.P Ring Road, Bopal, Ahmedabad 380058

Dear Sir/Maam,

1. We have examined the attached Restated Financial statements and other financial information of Shree Marutinandan Tubes Limited (the "Company") as at and for the year ended on March 31, 2023, March 31, 2022 and March 31, 2021 annexed to this report and prepared by the Company for the purpose of inclusion in the Draft Prospectus / Prospectus (being collectively referred as "Offer Document") in connection with its proposed Initial Public Offer ("IPO") on the SME Platform of the BSE Limited ("BSE").

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 of 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") issued by the Securities and Exchange Board of India ("SEBI") in pursuance to Section 11 of the Securities and Exchange Board of India Act, 1992 and related amendments / clarifications from time to time;

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

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 Prospectus / Prospectus to be filed with Securities and Exchange Board of India, relevant stock exchanges and Registrar of Companies, Ahmedabad 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.

We have examined the accompanied,

i. the ‘Restated Statement of Assets and Liabilities (Annexure- 1),

ii. the ‘Restated Statement of Profit and Loss (Annexure 2),

iii. the ‘Restated Statement of Cash Flows" (Annexure 3) for the financial years ended on March 31, 2023, March 31, 2022, March 31, 2021, as on above dates, forming Part of the ‘Financial Information dealt with by this Report, detailed below. All three annexures read together with the Significant Accounting Policies (Annexure 4) thereon, which are the responsibility of the Companys management.

The information has been extracted from the Financial Statements of the company for the financial year ended on March 31, 2023, March 31, 2022, and March 31, 2021. The Financial Statements of the company for the year ended on March 31, 2023, March 31, 2022, and March 31, 2021, is audited by M/s. JPMK And Company, Chartered Accountants (Peer Review), which were approved by the Board of Directors as on that date and upon which we have placed our reliance while reporting.

3. In terms of Schedule VI (Part A)(11)(II)(A)(i) of the SEBI (ICDR) Regulations, 2018 and other provisions relating to accounts of Shree Marutinandan Tubes Limited , we, M/s. JPMK And Company, Chartered Accountants, have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and hold a valid certificate issued by the Peer Review Board of the ICAI.

4. Based on our examination, we report that: a. The "Restated Financial Statement of Assets and Liabilities" as set out in Annexure 1, Restated Financial Statement of Profit and Loss" as set out in Annexure 2, "Restated Financial Statement of Cash Flows" as set out in Annexure 3, to this report, of the Company as of March 31, 2023, March 31, 2022 and March 31, 2021 is prepared by the Company and approved by the Board of Directors. These Restated Financial Statements 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 as set out in Annexure 4 & and Notes to Accounts to this Report.

b. The Restated Financial Statements have been made after incorporating adjustments for:

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

II. Prior period and other material amount in the respective financial years to which they relate.

c. The audit reports on the Financial Statements of the Company as at and for years ended March 31, 2023, March 31, 2022, and March 31, 2021 as referred in paragraph 3 above, expresses an unmodified opinion for the years ended March 31, 2023, March 31, 2022 and March 31, 2021.

other remarks/comments in the Companies (Auditors Report) Order, 2016 ("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 financial years ended March 31, 2023, 2022 and 2021.

5. 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 Equity Share Capital, as restated (Annexure 5)

ii. Statement of Reserves & Surplus, as restated (Annexure - 6)

iii. Statement of Long-Term Borrowings, as restated (Annexure - 7)

iv. Statement of Long-Term Provisions, as restated (Annexure - 8)

v. Statement of Short-Term Borrowing, as restated (Annexure 9)

vi. Statement of Trade Payables, as restated (Annexure 10)

vii. Statement of Other Current Liabilities, as restated (Annexure - 11)

viii. Statement of Short-Term Provisions, as restated (Annexure -12)

ix. Statement of Property, Plant and Equipment, as restated (Annexure -13)

x. Statement of Other Non-Current Assets, as restated (Annexure 14)

xi. Statement of Deferred tax Assets, as restated (Annexure 15)

xii. Statement of Inventory, as restated (Annexure 16)

xiii. Statement of Trade Receivables, as restated (Annexure - 17)

xiv. Statement of Cash and Cash Equivalents, as restated (Annexure - 18)

xv. Statement of Short Terms Loans and Advances, as restated (Annexure - 19)

xvi. Statement of Other Current Asset, as restated (Annexure - 20)

xvii. Statement of Revenue from Operations, as restated (Annexure 21)

xviii. Statement of Other Income, as restated (Annexure - 22)

xix. Statement of Purchases Made During the Year, as restated (Annexure 23)

xx. Statement of Changes in Inventory, as restated (Annexure 24)

xxi. Statement of Employee Benefit Expenses, as restated (Annexure - 25)

xxii. Statement of Finance Cost, as restated (Annexure - 26)

xxiii. Statement of Other Expenses, as restated (Annexure - 27)

xxiv. Statement of Earnings Per Share, as restated (Annexure - 28)

xxv. Statement of Reconciliation of Restated profit (Annexure 29)

xxvi. Statement of Tax Shelter, as restated (Annexure -30)

xxvii. Statement of Related Party Transactions, as restated (Annexure - 31)

xxviii. Statement of Summary Accounting Ratios, as restated (Annexure - 32)

6. In our opinion, the Restated Financial Statements and the other Financial Information set forth in Annexure 1 to 32 read with the significant 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.

7. 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.

2

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

9. 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 JPMK And Company

Chartered Accountants

FRN: 124193W

Sd/-

CA Jitendra Vageriya

Partner

Membership No: 114424

UDIN: 23114424BGWIHZ1669

Place: Ahmedabad

Date: 18.08.2023