Apex Ecotech 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,

Apex Ecotech Limited

Office no. 202, Garden Plaza, Five Gardens Road,

Sunshine Villas, Rahatani,

Pune-411017, Maharashtra, India Dear Sir/Madam,

1. We have examined the attached Restated Financial Information of Apex Ecotech Limited (formerly known as Apex Ecotech Private Limited) [hereinafter referred as the "Company"] which comprise of the Restated Statement of Assets and Liabilities as at September 30, 2024, March 31,2024, March 31, 2023 and March 31, 2022, the Restated statement of Profit and Loss, the Restated Cash Flow Statement for the period ended on September 30, 2024, March 31,2024, March 31, 2023 and March 31, 2022, the Statement of Basis of Preparation and 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 at their meeting held on 16-11-2024 for the purpose of inclusion in the Red Herring Prospectus, Prospectus hereinafter collectively referred to as "Offer Documents") prepared by the Company in connection with its proposed Initial Public Offer of Equity Shares ("IPO") on Emerge Platform of National Stock Exchange of India Limited ("NSE Emerge").

The restatement Summary Statement have been prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 as amended ("the Act") read with Rules 4 to 6 of the Companies (Prospectus and Allotment of Securities) Rules, 2014 (the "Rules")

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended from time to time pursuant to the provisions of the Securities and Exchange Board of India, 1992 ("the SEBI 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").

Managements Responsibility for the Restated Financial Information:

2. The Companys Board of Directors is responsible for the preparation of the Restated Information for the purpose of inclusion in the Offer Documents to be filed with Stock Exchange, Securities and Exchange Board of India ("SEBI") and Registrar of Companies, Pune in connection with the proposed SME IPO. The Restated Financial Information have been prepared by the Management of the company. 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 Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, SEBI ICDR Regulations and the Guidance Note.

Auditors Responsibilities

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 in connection with the proposed Initial Public Issue of the Company;

b) 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 proposed Issue.

Restated Financial Information as per audited Financial Statements

These Restated Financial Information have been prepared and compiled by the management from audited financial statements of the Company as at and for the period ended September 30, 2024, March 31,2024, March 31, 2023 and March 31, 2022 prepared in accordance with Accounting Standard, specified under section 133 of the Act and other accounting principles generally accepted in India.

4. We have also examined the following Restated Indian GAAP financial information of the Company set out in the Annexures prepared by the Management and approved by the Board of Directors for the period ended September 30, 2024, March 31,2024, March 31, 2023 and March 31, 2022.

5. In accordance with the requirements of Section 26 of Part I of Chapter III of the Act read with, the ICDR Regulations and the Guidance Note, we report that:

a. The Restated Statement of Assets and Liabilities of the Company, including as at September 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 examined by us, as set out in Annexure to this report, have been arrived at after making adjustments and regrouping/reclassifications as in our opinion were appropriate and more fully described in Note 1 - Significant Accounting Policies.

b. The Restated Statement of Profit & Loss of the Company, for the years ending on September 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 examined by us, as set out in Annexure to this report, have been arrived at after making adjustments and regrouping/reclassifications as in our opinion were appropriate and more fully described in Note 1 - Significant Accounting Policies.

c. The Restated Statement of Cash Flows of the Company, for the years ending on September 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 examined by us, as set out in Annexure to this report, have been arrived at after making adjustments and regrouping/reclassifications as in our opinion were appropriate and more fully described in Note 1 - Significant Accounting Policies.

6. 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:

1 Restated Summary Statement of Significant accounting policies	Annexure-1
2 Restated Statement of Share Capital	Annexure-2
3 Restated Summary Statement of Reserves and Surplus	Annexure-3
4 Restated Summary Statement of Borrowings	Annexure-4
5 Restated Summary Statement of Provisions	Annexure-5
6 Restated Summary Statement of Trade Payables	Annexure-6
7 Restated Summary Statement of Other Current Liabilities	Annexure-7
8 Restated Summary Statement of Property Plant and Equipment	Annexure-8
9 Restated Summary Statement of Other Non-Current Assets	Annexure-9
10 Restated Summary Statement of Inventories	Annexure-10
11 Restated Summary Statement of Trade Receivables	Annexure-11
12 Restated Summary Statement of Cash and Bank Balances	Annexure-12
13 Restated Summary Statement of Short-Term Loans and Advances	Annexure-13
14 Restated Summary Statement of Other Current Assets	Annexure-14
15 Restated Summary Statement of Revenue from Operations	Annexure-15
16 Restated Summary Statement of Other income	Annexure-16
17 Restated Summary Statement of Cost of Material Consumed	Annexure-17
18 Restated Summary Statement of Change in Inventories in WIP	Annexure-18
19 Restated Summary Statement of Employee Benefit Expense	Annexure-19
20 Restated Summary Statement of Finance Costs	Annexure-20
21 Restated Summary Statement of Other Expenses	Annexure-21
22 Restated Summary Statement of Related Party Disclosures	Annexure-22
23 Restated Summary Statement of Payment to Auditors	Annexure-23
24 Restated Summary Statement of Foreign currency transactions	Annexure-24
25 Restated Summary Statement of Deferred Tax Assets/ Liabilities	Annexure-25
26 Restated Summary Statement of Contingent liabilities and commitments	Annexure-26
27 Restated Summary Statement of Other Matters	Annexure-27
28 Restated Summary Statement of Other Notes	Annexure-28
29 Restated Summary Statement of Additional Regulatory Information as per Schedule III	Annexure-29
30 Restated Summary Statement of Financial ratios as per Schedule III	Annexure-30
31 Restated Summary Statement of Payables & Receivables Ageing	Annexure-31
32 Restated Summary Statement of Expenditure in Foreign Currency	Annexure-32
33 Restated Summary Statement of Bifurcation of Revenue among Domestic Sales and Exports	Annexure-33
34 Restated Summary Statement of Segment Information	Annexure-34
35 Restated Summary Statement of Reconciliation of Restated Profit/ (Loss) to Profit/ (Loss) as per Audited Financial Statements	Annexure-35
36 Restated Summary Statement of Summary of Accounting Ratios	Annexure-36
37 Restated Summary Statement of Tax Shelters	Annexure-37
38 Restated Summary of Capitalisation Statement	Annexure-38
39 Restated Summary of Restated EPS after considering the Bonus issue	Annexure-39

7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

8. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on audited Financial Statements mentioned in para 4 above.

9. 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.

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

11. Our report is intended solely for use of the management for inclusion in the Offer Document to be filed with Securities and Exchange Board of India, the stock exchanges, National Stock Exchange of India Limited, and Registrar of Companies, Pune in connection with the proposed offer of equity shares of the Company. 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.