EMA Partners India Ltd Auditor Reports

To,

The Board of Directors

EMA Partners India Limited

(formerly known as EMA Partners India Private Limited)

204, The Summit Business Bay, Western Express

Highway, Mumbai City, Vile Parle East,

Mumbai 400057, Maharashtra, India

Independent Auditors Examination Report on the Restated Consolidated Financial Information prepared in connection with the proposed issue of equity shares of 5 each pursuant to the initial public offering by EMA Partners India Limited

Dear Sirs,

1) We have examined the attached Restated Consolidated Financial Information of EMA Partners India Limited (Formerly known as EMA Partners India Private Limited) (the "Company") and its subsidiaries (together referred as "Group") which comprises of the Restated consolidated Statement of Assets and Liabilities as at March 31 2024, 2023 and 2022, the Restated Consolidated Statements of Profit and Loss and the Restated Consolidated Cash Flow Statement for the years ended March 31 2024, 2023 and 2022, the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively referred to as, the "Restated Consolidated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on September 05, 2024 for the purpose of inclusion in the Draft Red Herring Prospectus ("DRHP") prepared by the Company in connection with its proposed Initial Public Offering ("IPO") of equity shares on the NSE SME platform of National Stock Exchange of India Limited ("NSE) .

The Restated Consolidated Financial 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 (the "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 DRHP to be filed with NSE and Registrar of Companies, Mumbai 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 Note 3 to the Restated Consolidated Financial

Information. The responsibilities of the respective Board of Directors of the companies included in the Group 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 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 04, 2024 in connection with the proposed IPO of equity shares of the Company on NSE;

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 Consolidated Financial Information; and

d) 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 the Audited Consolidated Financial Statements of the Group for the years ended on March 31, 2024, March 31, 2023 and March 31, 2022 prepared in accordance with Accounting Standards as prescribed 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 meetings held on July 09, 2024, September 29, 2023 and September 29, 2022 respectively.

5) Audited Consolidated Financial Statements of the Group as referred to in paragraph 4 above, have been audited by us on which we issued unmodified opinion read with the emphasis of matters stated therein; vide our reports dated July 09, 2024, September 29, 2023 and September 29, 2022 respectively. Further, there were no qualifications in the Audit Reports issued by us as at and for the years ended on March 31, 2024, 2023 and 2022, which would require adjustments in this restated consolidated financial information of the Company.

6) As indicated in our audit reports on Consolidated Financial Statements of the Group for the years ended March 31, 2024, 2023 and 2022 referred above,

a) We did not audit the financial statements of foreign subsidiaries in UAE, Dubai for the years ended March 31, 2024, 2023 and 2022 and Singapore subsidiary for the years ended March 31, 2024 and 2023 included in the Consolidated Financial Statements. These Financial statements and other information have been prepared in accordance with the accounting principles generally accepted in their respective countries which have been audited by other auditors which has been converted from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India by the Management. We have reviewed these conversion adjustments wherever made by the Management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the reports of the other auditors and the conversion adjustments prepared by the management.

b) We did not audit the financial statements of foreign subsidiary in Singapore for the year ended March 31, 2022 included in the Consolidated Financial Statements. These Financial statements and other information are unaudited and have been furnished to us by the Management and our opinion on the consolidated financial statement, in so far as it relates to the amount or disclosure included in respect of said subsidiary for the year ended March 31, 2022 is based solely on such unaudited financial statements.

c) Details of Total Assets, Total Revenue and Net cash inflow/(outflow) of these foreign subsidiaries based on the report of other auditors/ Management* are given below:

7) Based on our examination and according to the information and explanations given to us and also based on reliance placed on the audit reports submitted by other auditors on their audits, wherever carried out, of financial statements of foreign subsidiaries for the respective years mentioned in paragraph 6 above, we report that:

a) there are no changes in accounting policies in FY 2023-24, FY 2022-23 and FY 2021-22 that will require adjustment to financial statements of other reporting period.

b) The Restated Consolidated Financial Information do not require any adjustments for the matter(s) giving rise to modifications mentioned in paragraph 5 above.

c) The Restated Consolidated Financial Information have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

d) The Restated Consolidated Financial Information have been made after incorporating adjustments, if any, for material errors and regrouping/ reclassifications in the respective financial years to which they relate and there are no qualifications which require adjustments;

e) There was no change in accounting policies, which needed to be adjusted in the Restated Consolidated Financial Information. Classification of certain disclosure line items have been changed in other reporting periods to bring them in line with classification made as per audited financials statements of year ended March 31, 2024. These, however, have no impact on the overall net profit / loss of the Company for the respective years.

8) 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 in the meeting held on September 05, 2024 and annexed to this report relating to the Company as at and for the years ended on March 31, 2024, 2023 and 2022 proposed to be included in the DRHP.

9) We, A P Sanzgiri & Co, Chartered Accountants have been subjected to the peer review process of the ICAI and hold a valid peer review certificate issued by the "Peer Review Board" of the ICAI.

10) The Restated Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Audited Financial Statements mentioned in paragraph 6 above except as stated below:

The Company has changed Face Value of its equity shares from 1 to 5 each on July 10, 2024 and approved bonus shares to its existing shareholders shares on July 10, 2024 in the ratio of 200:1 i.e. 200 shares for every 1 shares held. Earnings per share in the Restated Consolidated Financials Information has been calculated after giving effect of consolidation of shares and bonus shares as per Accounting Standard- 20 for all the reporting period.

11) 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.

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

13) Our report is intended solely for use of the Board of Directors for inclusion in the DRHP to be filed with Securities and Exchange Board of India, the stock exchanges and Registrar of Companies, Mumbai 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 and on behalf of

A P Sanzgiri & Co

Chartered Accountants

Firm Registration No.:116293W

Sonali Patil

Partner

Membership No: 135516

UDIN:24135516BKHYUV1716

Place: Mumbai

Date: 05-09-2024