Core4 Engineers Ltd Auditor Reports

INDEPENDENT AUDITORS EXAMINATION REPORT ON RESTATED FINANCIAL INFORMATION OF CORE4 ENGINEERS LIMITED

The Board of Directors Core4 Engineers Limited

No.12, 1st Floor, Near Ramana Mandira Gynana Kendra,

Next to New court, K-Block, Kuvempunagar,

Mysuru - 570023, Karnataka Dear Sirs,

1. We have examined the attached Restated Financial Information of Core4 Engineers Limited (Formerly known as Core4 Engineers Private Limited) (the Company [or the Issuer]) and its subsidiary Core4 Energy Private Limited (the Company and its subsidiaries together referred to as the Group), and its joint ventures Core4 Engineers Niranjan Enterprises JV and Core4 Engineers DPIPL JV , comprising the Consolidated Restated Statement of Assets and Liabilities for the period ended June 30, 2026 and financial years ended on March 31, 2026, 2025 and 2024 and Consolidated Restated Statement of Profit and Loss and Consolidated Restated Cash Flow Statement for the period ended June 30, 2026 and financial years ended on March 31, 2026, 2025 and 2024, the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively, the Restated Consolidated Financial Information), as approved by the Board of Directors of the Company at their meeting held on September 30, 2026 for the purpose of inclusion in the Red Herring Prospectus (RHP) prepared by the Company in connection with its proposed Initial Public Offer of equity shares (IPO) prepared in terms of the requirements of:

a. Section 26 and 32 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, (the SEBI ICDR Regulations) as amended from time to time in pursuance of Section 11 of the Securities and Exchange Board of India Act,1992;

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); and

d. The terms of reference to our engagement letter with the company dated September 07, 2026 requesting us to carry out the assignment, in connection with the proposed Initial Public Offering of equity shares on SME Platform of BSE Limited (IPO or SME IPO).

2. The Companys Board of Directors is responsible for the preparation of the Restated Consolidated Financial Information for the purpose of inclusion in the RHP to be filed with Securities and Exchange Board of India, SME platform of BSE Ltd and Registrar of Companies, in connection with the proposed IPO. The Restated Consolidated Financial Information have been prepared by the management of the Company on the basis of

preparation stated in Annexure 4 to the Restated Consolidated Financial Information. The respective Board of Directors of the Companies included in the Group and joint ventures responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Information. The respective Board of Directors are also responsible for identifying and ensuring that the Group and joint ventures 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 September 07, 2026 in connection with the proposed IPO of equity shares of the Company;

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

a. Audited special purpose interim consolidated financial statements of the Group and its joint ventures as at and for the period ended June 30, 2026 prepared in accordance with Accounting Standard 25 Interim Financial Reporting, specified under section 133 of the Act and other accounting principles generally accepted in India which have been approved by the Board of Directors at their meeting held on September 30, 2026.

b. Audited Consolidated financial statements of the Group and its joint ventures as at and for the year ended March 31, 2026 and 2025, prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on September 07, 2026 and June 08 2025.

5. We have audited the special purpose consolidated financial information of the Group and its joint ventures for the period ended June 30, 2026 prepared by the Company in accordance with the Accounting Standards for the limited purpose of complying with the requirement of getting its financial statements audited by an audit firm holding a valid peer review certificate issued by the Peer Review Board of the ICAI as required by ICDR Regulations in relation to proposed IPO. We have issued our report dated September 30, 2026 on this special purpose consolidated financial information to the Board of Directors who have approved these in their meeting held on September 30, 2026.

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

a. Auditors reports issued by us date September 30, 2026, September 07, 2026 and June 08, 2025 on the consolidated financial statements of the Group as at and for the period ended June 30, 2026 and as at and for the year ended March 31, 2026 and 2025 as referred in Paragraph [4] above; and

b. Auditors Report issued by the Previous Auditors dated June 24, 2024 on the consolidated financial statements of the Group as at and for the year ended March 31, 2024.

The audit for the financial year ended March 31, 2024 was conducted by the Companys previous auditors, ARSV & Associates, (the Previous Auditors). The Previous auditor is not in the position to examine 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, and other explanatory information and (collectively, the 2024 Restated Consolidated Financial Information). We have performed adequate procedures to Restate the Financial Information for the said years.

7. There were no qualifications in the Audit report issues by us on the consolidated financial statements as at and for the period ended June 30, 2026 and for the year ended March 31, 2026 and 2025. The audit report on the consolidated financial statements issued by Previous Auditors were modified and included following matter(s) giving rise to modifications on the financial statements as at and for the year ended March 31, 2024:

a) The Holding Company was formed by converting the erstwhile Core4 Engineers Partnership firm to Core4 Engineers Private Limited on 3rd February 2022. Even after conversion till the year end transactions were made in Core4 Engineers Partnership firm and the firm has not been dissolved till the date of this report.

b) The financial Statements prepared for Group includes all the income and expenditures made in Partnership Firm till the year ended 31st March 2024.

c) The financial Statements prepared for Group includes all the assets and liabilities of Partnership Firm till the year ended 31st March 2024.

8. As indicated in our audit reports referred above:

a. we did not audit the financial statements of subsidiary whose share of total assets, total revenues, net cash inflows / (outflows) in the consolidated financial statements, for the relevant years is tabulated below, which have been audited by other auditors, ARSV & Associates, and whose reports have been furnished to us by the Companys management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these components, is based solely on the reports of the other auditors:

(in Lakhs)

Particulars	As at/ for the period ended June 2026	As at/ for the year ended March 2026
Total assets	2302.09	885.12
Total revenue	1651.97	473.69
Net cash inflows/ (outflows)	(14.16)	16.45

b. we did not audit the financial statements of Joint ventures whose share of total assets, total revenues, net cash inflows / (outflows) and Share of profit / loss in joint ventures in the consolidated financial statements, for the relevant years is tabulated below, which have been not been audited, and these unaudited financial statements / information have been furnished to us by the Companys management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these components, is based solely on such unaudited financial statements / information:

(in Lakhs)

Particulars	As at/ for the period ended June 2026	As at/ for the year ended March 2026	As at/ for the year ended March 2025	As at/ for the year ended March 2024
Core4 Engineers Niranjan Enterprises JV
Total assets	443.78	486.98	539.53	388.04
Total revenue	45.65	155.13	182.86	530.82
Net cash inflows/ (outflows)	(0.36)	0.38	(0.14)	0.15
Share of profit / (loss)	1.86	1.20	2.06	13.81
Core4 Engineers DPIPL JV
Total assets	86.64	86.64	82.22	77.75
Total revenue	-	4.92	4.94	0.34
Net cash inflows/ (outflows)	-	-	-	-
Share of profit / (loss)	(0.25)	2.59	3.08	0.17

Our opinion on the consolidated AS financial statements is not modified in respect of these matters.

9. Based on our examination and according to the information and explanations given to us, we report that the Restated Consolidated Financial Information:

a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2025, 2024 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the period ended June 30, 2026;

b. do not require any adjustments for the matter(s) giving rise to modifications mentioned in paragraph [7] above; and

c. have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

10. 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 by the period ended 30 th June 2026, the year ended on 31 st March 2026, 2025 and 2024 proposed to be included in the Red Herring Prospectus.

Annexure No.	Particulars
1	Consolidated Statement of Assets & Liabilities as Restated
2	Consolidated Statement of Profit & Loss as Restated
3	Consolidated Statement of Cash Flow as Restated
4	Significant Accounting Policy and Notes to the Restated Summary Statements
5	Adjustments made in Restated Financial Statements / Regrouping Notes
6	Statement of Share Capital as restated
7	Statement of Reserves & Surpluses as restated
8	Statement of Long-Term Borrowings as restated
9	Statement of Other Long-Term Liabilities as restated
10	Statement of Long-Term Provisions as restated
11	Statement of Short-Term Borrowings as restated
12	Statement of Trade Payable as restated
13	Statement of Other Current Liabilities as restated
14	Statement of Short-Term Provisions as restated
15	Statement of Property, Plant & Equipment as restated
16	Statement of Capital Work in Progress as restated
17	Statement of Intangible Assets under Development as restated
18	Statement of Deferred Tax Asset (Net) as restated
19	Statement of Long-Term Loans & Advances as restated
20	Statement of Other Non-Current Assets as restated
21	Statement of Inventories as restated
22	Statement of Trade Receivable as restated
23	Statement of Cash & Bank Balances as restated
24	Statement of Short-Term Loans & Advances as restated
25	Statement of Other Current Assets as restated
26	Statement of Revenue from operations as restated
27	Statement of Other Income as restated
28	Statement of Cost of Materials Consumed as restated
29	Statement of Other Direct Expenses as restated
30	Statement of Changes in Inventories of Work-in-Progress as restated
31	Statement of Employees Benefit Expenses as restated
32	Statement of Financial Costs as restated
33	Statement of Depreciation & Amortization Expenses as restated
34	Statement of Other Expenses as restated
35	Restated Statement of Earnings Per Share
36	Payment to Auditors as restated
37	Contingent Liabilities and Commitments (To the extent not provided for)
38	Disclosure of Related Parties/ Related Party Transactions pursuant to Accounting Standard (AS) - 18 Related Party Disclosures
39	Additional Regulatory Information
40	Statement of Summary of Accounting Ratios as restated
41	Statement of Capitalisation Statement as restated

L. U. KRISHNAN & CO

CHARTERED ACCOUNTANTS

Annexure No.	Particulars
42	Financial Reporting of Interests in Joint Ventures
43	Additional Information, as required under Schedule III to the Companies Act, 2013, of Enterprises Consolidated as Subsidiaries

11. We, M/s. L.U. Krishnan & Co , 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.

12. The Restated Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose interim consolidated financial statements and audited consolidated financial statements mentioned in paragraph [4] above.

13. 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 or the Previous Auditors, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

15. Our report is intended solely for use of the Board of Directors for inclusion in the DRHP/RHP to be filed with Securities and Exchange Board of India, SME platform of BSE Ltd and Registrar of Companies, in connection with the proposed 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 L U Krishnan & Co. Chartered Accountants Firm\u2019s Registration No: 001527S
Place: Mysuru Date: 30-09-2026	S/d P K MANOJ Partner Membership No:207550 UDIN: 26207550EPJIEN8517