Beezaasan Explotech Ltd Auditor Reports

Independent Auditors Report on Restated Consolidated Financial Information of Beezaasan Explotech Limited (Formerly known as Beezaasan Explotech Private Limited) (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

Beezaasan Explotech Limited

(Formerly known as Beezaasan Explotech Private Limited)

511, 5th Floor,

Pramukh Tangent Complex,

Sargasan Cross Road,

S.G. Highway, Gandhinagar,

Gujarat-382421.

Dear Sir/Maam,

We have examined the attached Restated Consolidated Financial Information of Beezaasan Explotech Limited (Formerly known as Beezaasan Explotech Private Limited) (hereinafter referred as "the Company" or the "Issuer") comprising the Restated Consolidated Statement of Assets and Liabilities of the Company as at June 30, 2024, March 31, 2024, March 31, 2023, and March 31, 2022, the Restated Consolidated Statements of Profit and Loss of the company, the Restated Consolidated Cash Flow Statement of the company for the period ended on June 30, 2024, March 31, 2024, March 31, 2023, and March 31, 2022, the Summary Statement of Significant Accounting Policies adopted by the company and notes to the restated financial information (collectively hereinafter referred as "Restated Consolidated Financial Statement" or "Restated Consolidated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 14^th November, 2024 for the purpose of inclusion in the Draft Red-Herring Prospectus/ Red-Herring Prospectus/ Prospectus prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares ("SME IPO") at SME Platform of BSE Limited ("BSE SME").

1. These Restated Consolidated 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 (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").

2. The Companys Board of Directors is responsible for the preparation of the Restated Consolidated Financial Information for the purpose of inclusion in the Draft Red-Herring Prospectus/ Red-Herring Prospectus/ Prospectus to be filed with Securities and Exchange Board of India ("SEBI"), the relevant Stock Exchange ("BSE SME") and Registrar of Companies, Ahmedabad ("ROC") in connection with the proposed SME IPO. The Restated Consolidated Financial Information of the company have been extracted and prepared by the management of the Company on the basis of preparation stated in Annexure IV to the Restated Consolidated Financial Information. The Board of Directors of the Company responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated 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.

3. We have examined such Restated Consolidated 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 dated 18^th October, 2024 in connection with the proposed IPO of equity shares of the Issuer;

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 Consolidated 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.

4. This Restated Consolidated Financial Information have been compiled by the management from:

a) Audited financial statements of the Company as at June 30, 2024 and for the period ended March 31, 2024, March 31, 2023, and March 31, 2022, prepared in accordance with the Indian Accounting Standards ("Indian GAAP") which have been approved by the Board of Directors.

5. For the purpose of our examination, we have relied on:

b) Auditors Report issued by M/s. D.K Laddha & Associates dated 9^th August, 2022, 9^th August, 2023, and by PSV Jain & Associates dated 30^th September, 2024 and 30^th September, 2024 on the financial statements of the company as at and for the period June 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 respectively, as referred in Paragraph 5(a) above.

Reliance has been placed on the Restated Consolidated Statement of assets and liabilities and the Restated Consolidated Statements of profit and loss and cash flow statements, the Summary Statement of Significant Accounting Policies adopted by the company and notes to the restated financial information (collectively hereinafter referred as "Restated Consolidated Financial Statement" or "Restated Consolidated Financial Information") examined by us for the said years.

6. Based on our examination and according to the information and explanations given to us, we report that:

a) The "Restated Consolidated Summary Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at June 30, 2024 and for period ended on March 31, 2024, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Restated Consolidated Summary Statement of Assets and Liabilities 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 IV to this Report.

b) The "Restated Consolidated Summary Statement of Profit and Loss" as set out in Annexure II to this report, of the Company as at June 30, 2024 and for the period ended March 31, 2024, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Restated Consolidated Summary Statement of Profit and Loss 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 IV to this Report.

c) The "Restated Consolidated Summary Statement of Cash Flow" as set out in Annexure III to this report, of the Company as at June 30, 2024 and for the period ended March 31, 2024, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Restated Consolidated Summary Statement of Cash Flow 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 IV to this Report.

d) The Restated Consolidated Summary Statement have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

e) The Restated Consolidated Summary Statements have been made after incorporating adjustments for prior period and other material amounts in the respective financial years to which they relate, if any and there are no qualifications which require adjustments;

f) Extra-ordinary items that need to be disclosed separately in the accounts has been disclosed wherever required;

g) There were no qualifications in the Audit Reports issued by the Statutory Auditors as at June 30, 2024 and for the period ended March 31, 2024 and March 31, 2023, March 31, 2022.

h) 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 IV to this report; i) Adjustments in Restated Consolidated Summary Statements have been made in accordance with the correct accounting policies, which includes the impact of adjustments for Deferred Tax Assets/Liabilities made basis in the Restated Summary Statements;

j) There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statements;

k) The company has not proposed any dividend in past effective for the said period.

7. 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 as at and for the period ended June 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 proposed to be included in the Draft Red-Herring Prospectus/ Red-Herring Prospectus/ Prospectus.

Annexure No.	Particulars
I	Restated Consolidated Statement of Assets & Liabilities
II	Restated Consolidated Statement of Profit & Loss
III	Restated Consolidated Cash Flow Statement
IV (A)	Statement of Significant Accounting Policies & Notes
IV (B)	Reconciliation of Restated Consolidated Profit
IV (C)	Reconciliation of Restated Consolidated Equity/ Net Worth
V	Restated Consolidated Statement of Share Capital
VI	Restated Consolidated Statement of Reserves & Surplus
VIIA	Restated Consolidated Statement of Long/Short -Term Borrowings
VIII	Restated Consolidated Statement of Long Term Provisions
VII (B)	Nature of security & terms of repayment for long/ short term borrowings including current maturities
IX	Restated Consolidated Statement of Trade Payable
X	Restated Consolidated Statement of Other Current Liabilities
XI	Restated Consolidated Statement of Short-Term Provisions
XII	Restated Consolidated Statement of Tangible & Intangible Assets
XIII	Restated Consolidated Statement of Deferred tax Liabilities/ Assets
XIV	Restated Consolidated Statement of Long-Term Loans and Advances
XV	Restated Consolidated Statement of Inventories
XVI	Restated Consolidated Statement of Trade Receivable
XVII	Restated Consolidated Statement of Cash & Cash Equivalents
XVIII	Restated Consolidated Statement of Short-Term Loans and Advances
XIX	Restated Consolidated Statement of Other Current Assets
XX	Restated Consolidated Statement of Revenue from operations
XXI	Restated Consolidated Statement of Other Income
XXII	Restated Consolidated Statement of Cost of Material Consumed
XXIII	Restated Consolidated Statement of Changes in Inventories
XXIV	Restated Consolidated Statement of Employees Benefit Expenses
XXV	Restated Consolidated Statement of Financial Cost
XXVI	Restated Consolidated Statement of Other Expenses
XXVII	Restated Consolidated Statement of Financial Ratio
XXVIII	Restated Consolidated Statement of Related Parties Transactions
XXIX	Consolidated Statement of Capitalization, As Restated
XXX	Consolidated Statement of Tax Shelter, As Restated
XXXI	Consolidated Statement of Contingent Liabilities & Commitments, As Restated
XXXII	Consolidated Statement of Other Financial Information, As Restated
XXXIII	Notes to Consolidated Restated Financial Statement

8. We, M/s. Vinay Bhushan & 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 which is valid till 30^th June, 2026.

9. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose interim financial statements and audited financial statements mentioned in paragraph 5 above.

10. 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 Auditor, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

12. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Red-Herring Prospectus/ Red-Herring Prospectus/ Prospectus to be filed with Securities and Exchange Board of India ("SEBI"), the relevant stock exchange ("BSE SME") and Registrar of Companies, Ahmedabad ("ROC") in connection with the proposed SME

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.

For M/s. Vinay Bhushan & Associates

Chartered Accountants

Firms Reg No. 130529W

Peer Review No: 015503

CA. Vinay Bhushan

Partner

Membership No. 502632

Place: Mumbai

Date: 14th November, 2024

UDIN:24502632BKCLBR4961