Aesthetik Engineers Ltd Auditor Reports

To

The Board of Directors of Aesthetik Engineers Limited

(Formerly known as Aesthetik Engineers Private Limited) CIN: U74210WB2008PLC124716

1. We have examined the accompanying Restated Consolidated Financial Statements of Aesthetik Engineers Limited (formerly known as Aesthetik Engineers Private Limited) (the Company) and its associate (together referred to as "the group) for the period ended 31^stMarch 2024, 31^st March 2023, and 31^st March 2022 which comprise the Restated Consolidated Balance Sheet, Restated Consolidated Statement of Profit and Loss (including Other Comprehensive Income), Restated Consolidated Cash flow Statement, Statement of Changes in Equity, summary of significant accounting policies and ot her explanatory information. The Restated Financial Statements have been prepared by the Management of the Company in connection with the proposed Initial Public Offering on EMERGE Platform ("IPO" or "EMERGE IPO") of National Stock Exchange of India Limited ("NSE") of the Company and initialed by us for identification purpose only.
2. This Statement which is the responsibility of the Companys management and approved by the Board of Directors of the company at their meeting held on 31^st March 2024, and has been prepared in accordance with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (‘Ind AS) and other accounting principles generally accepted in India with the requirements of:
1. Section 26 of Part-I of Chapter III of Companies Act, 2013 (the "Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;
2. 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");
3. The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India ("Guidance Note")
3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Statements for inclusion in the Red herring Prospectus ("Offer Document") to be filed with Securities and Exchange Board of India (SEBI), EMERGE platform (EMERGE IPO) of NSE Limited (NSE) & Registrar of Company (Kolkata). The restated Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Note - 1 to the Restated Consolidated 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 Consolidated Financial Statements. The board of directors are also responsible for identifying and ensuring that the Company complies with Ind AS, the Act, ICDR Regulations and the Guidance Note.
4. We have examined such Restated Financial Statements taking into consideration:

1. The terms of reference and terms of our engagement letter requesting us to carry out the assignment, in connection with the proposed EMERGE IPO;
2. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;
3. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Statements;
4. 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.

1. The Restated Consolidated Financial Statements of the Company for the period ended 31^st March, 2023 and 2022 have been compiled by the management from audited financial statements for the period ended March 31^st,2023 and 2022. The period for which the Financial Statement are Restated were audited by M/s N.K. Chirania & Co. and we have relied upon the report given by them that the Financial Statements are free from any material misstatements vide report dt. September 07, 2023 and September 05, 2022. There are no audit qualifications in the audit reports issued by previous auditors and which would require adjustments in the Restated Financial Statements of the Company. The financial report included for these years is based solely on the report submitted by them.
2. We did not audit the financial statement and other financial information of 1 associate company included in the consolidated annual financial statements that reflect for the year ended 31st March, 2024:

(Rs. In Thousands)

Name of the Company	Total Assets	Total Profit/(Loss)	Group Share in Net Profit/ (Loss)
ASSOCIATE COMPANY
Solysis Solar Pvt Ltd	46.61	(527.44)	(210.98)

3. Based on our examination and according to information and explanations given to us, we are of the opinion that the Restated Consolidated Financial Statements:

1. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively for the period ended on March 31^st, 2024, 2023and 2022.
2. have no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments.
3. have been prepared in accordance with the Act, Ind AS, ICDR Regulations and Guidance Note.
4. Present a true & fair view of the Companys state of affairs, Profit / Loss and Cash flow Statement.

1. In accordance with the requirements of the Act including the rules made there under, ICDR Regulations, Guidance Note and Ind AS, we report that:

• The "Restated Consolidated Balance Sheet" of the Company as at March 31^st, 2024, March 31^st, 2023 and March 31^st, 2022 examined by us as set out in Annexure - I to this report read with significant accounting policies and other explanatory information in Notes Annexure - IV;
• The "Restated Consolidated Statement of Profit and Loss" of the Company for the period ended 31^st March 2024, March 31^st, 2023 and March 31^st 2022 examined by us, as set out in Annexure - II to this report read with significant accounting policies and other explanatory information in Notes in Annexure - IV;
• The "restated consolidated statement of cash flows" of the Company for the period ended on 31^st March 2024, March 31^st, 2023 and March 31^st 2022 examined by us, as set out in Annexure - III to this report read with significant accounting policies and other explanatory information in Notes Annexure - IV; has been arrived at after making such adjustments and regroupings to the audited financial statements of the Company, as in our opinion were appropriate and more fully described in notes to the restated financial statements to this report.

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1. We have also examined the 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 period/year ended on 31^st March 2024, 31^st March 2023, and 31^st March 2024, proposed to be included in the Draft. The reinstated Financial Statement & Other Financial Information forming part of the report and annexed herewith are as under:

Annexure No.	Particulars
I	Restated consolidated Statements of Assets and Liabilities
II	Restated Consolidated Statement of Profit and Loss
III	Consolidated Statement of Cash Flow, as Restated
IV	Consolidated Statement of Change in Equity (SOCE) & Notes to Re-stated Financial Statements
Notes No.	Particulars
1	Statement of Material Accounting Policy
2	Restated Statement of Property Plant and Equipment & Depreciations
3	Restated Statement of Investement
4	Restated Statement of Other financial assets
5	Restated Statement of Deferred Tax Assets (Net)
6	Restated Statement of Other Non - Current Assets
7	Restated Statement of Inventories
8	Restated Statement of Trade Receivables
9	Restated Statement of Cash and Cash Equivalents
10	Restated Statement of Current Tax Assets (Net)
11	Restated Statement of Other Current Assets
12	Restated Statement of Equity Share Capital
13	Restated Statement of Other Equity
14	Restated Statement of Borrowings (Non – Current Liabilities)
15	Restated Statement of Borrowings (Current Liabilities)
16	Restated Statement of Trade Payables
17	Restated Statement of Other Current Liabilities
18	Restated Statement of Provisions
19	Restated Statement of Current Tax Liability (Net)
20	Restated Statement of Revenue from operations
21	Restated Statement of Other Income
22	Restated Statement of Cost of Materials Consumed
23	Restated Statement of Change in Work-in-progress
24	Restated Statement of Employee Benefits Expenses
25	Restated Statement of Finance costs
26	Restated Statement of Depreciation and Amortisation Expense
27	Restated Statement of Other expenses
28	Restated Statement for Tax Expenses
29	Restated Statement for EPS
30-51	Other Notes to Accounts as per requirement

2. 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.
3. We have no responsibility to update our report for events and circumstances occurring after the date of the

report.

4. Our report is intended solely for the information and use of the Board of Directors of the Company for inclusion in the offer document to be filed with SEBI, NSE, and Registrar of Companies (Kolkata) in connection with the proposed EMERGE IPO. 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.

For MAROTI & ASSOCIATES

Chartered Accountants

(Firm Registration No. 322770E)

CA Radhika Patodia Partner

Membership No. 309219 UDIN: 24309219BKGPJK2474

Place: Kolkata Date: 31.07.2024