EverestIMS Technologies Ltd Auditor Reports

Independent Auditors Examination Report on Restated Consolidated Financial Statements

To, The Board of Directors

EverestIMS Technologies Limited

(Formerly known as EverestIMS Technologies Private Limited) No.759, Sree Gururaya Mansion, South Wing 8th Main, J.P.Nagar, III Phase, Bangalore, Bengaluru, Karnataka, India, 560078

1. We have examined the attached restated consolidated financial information of EverestIMS Technologies Limited (Formerly known as EverestIMS Technologies Private Limited) (hereinafter referred to as "the company") and its subsidiaries (the company and its subsidiaries together referred to as the "Group") comprising the restated statement of consolidated assets and liabilities as at March 31, 2025, March 31, 2024 and March 31, 2023, restated statement of consolidated profit and loss and restated consolidated cash flow statement for the financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 and the summary statement of significant accounting policies and other explanatory information (collectively referred to as the "restated consolidated financial information" or "restated consolidated financial statements") annexed to this report and initialled by us for identification purposes. These restated consolidated financial statements have been prepared by the management of the company and approved by the board of directors at their meeting in connection with the proposed Initial Public Offering on SME Platform ("IPO" or "SME IPO") of BSE Limited ("BSE") of the company.

2. These restated summary statements have been prepared in accordance with the requirements of:

(i) Section 26 of Part I of Chapter III of Companies Act, 2013 (the "Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014; (ii) 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"); (iii) The Guidance Note on Reports in Company Prospectuses (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 consolidated financial statements for inclusion in the Draft Red Herring Prospectus / Red Herring Prospectus/ Prospectus ("Offer Document") to be filed with Securities and Exchange Board of India ("SEBI"), BSE and Registrar of Companies (Bangalore) in connection with the proposed IPO. The restated consolidated financial statements have been prepared by the management of the company on the basis of preparation stated in Annexure IV 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 the Act, ICDR Regulations and the Guidance Note.

4. We have examined such restated consolidated financial statements taking into consideration:

(i) The terms of reference and terms of our engagement letter requesting us to carry out the assignment, in connection with the proposed SME IPO;

(ii) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

(iii) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the restated consolidated financial statements;

(iv) 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.

5. The restated consolidated financial statements of the company have been compiled by the management from audited financial statements for the financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023.

6. Audit for the financial year ended on March 31, 2025 was audited by us vide our report dated August 07, 2025 Audit for the financial year ended on March 31, 2024 and March 31, 2023 was audited by S H & Co., Chartered Accountants vide report dt. August 16, 2024 and September 18, 2023. There are no audit qualifications in the audit reports issued by previous auditors and us which would require adjustments in the restated consolidated financial statements of the company. The financial report included for these years is based solely on the report submitted by them.

7. We did not audit the Standalone Financial Statements of the subsidiary company for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 whose share of total assets, total revenues, net cash inflows/(outflows) included in the restated consolidated financial statements for the relevant years is tabulated below which are un-audited and have been furnished us by the management and our opinion on the consolidated restated financial statements in so far as it related to amounts and disclosures included in respect of subsidiary is based solely on such unaudited standalone financial statements:

(Rs. In lakhs)

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2023
Total Assets	56.38	51.91	150.11
Total Revenues	73.42	34.63	150.70
Net Cash inflows/(outflows)	(1.42)	(75.06)	105.10

In our opinion and according to the information and explanations given to us by the management, these subsidiary standalone financial statements are not material to the company. Our opinion on the consolidated financial statements above is not modified in respect of the above matters with respect to our reliance on the standalone financial statements certified by the management.

8. Based on our examination and according to the information and explanations given to us, we are of the opinion that the restated consolidated financial statements:

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively in financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023.

b) do not require any adjustment for modification as there is no modification in the underlying audit reports;

c) have no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments.

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

9. In accordance with the requirements of the Act including the rules made there under, ICDR Regulations, Guidance Note and engagement letter, we report that:

(i) The "restated statement of consolidated assets and liabilities" of the company for the financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 examined by us as set out in Annexure I to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited consolidated financial statements of the company, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report.

(ii) The "restated statement of consolidated profit and loss" of the company for the financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 are examined by us, as set out in Annexure II to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited consolidated financial statements of the company, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report.

(iii) The "restated statement of consolidated cash flows" of the company for the financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023 are examined by us, as set out in Annexure III to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited consolidated financial statements of the company, as in our opinion were appropriate and more fully described in notes to restated summary statements to this report.

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 for the financial year ended on March 31, 2025, March 31, 2024 and March,31 2023 proposed to be included in the Offer Document.

Annexures to Restated Consolidated Financial Statements of the Company: -

Annexure No.	Particulars
Annexure I	Statement of consolidated assets and liabilities as restated
Annexure II	Statement of consolidated profit and loss as restated
Annexure III	Statement of consolidated cash flows as restated
Annexure IV	Corporate information, significant accounting policies, reconciliation of restated net profit/(loss) and reconciliation of networth
Annexure V	Details of share capital as restated
Annexure VI	Details of reserve and surplus as restated
Annexure VII	Details of minority interest as restated
Annexure VIII	Details of deferred tax liabilities (net) as restated
Annexure IX	Details of long term provision as restated
Annexure X	Details of trade payables as restated
Annexure XI	Details of other current liabilities as restated
Annexure XII	Details of short term provision as restated
Annexure XIII	Details of property, plant & equipment and intangible assets as restated
Annexure XIV	Details of other non-current assets as restated
Annexure XV	Details of current investment as restated
Annexure XVI	Details of trade receivable as restated
Annexure XVII	Details of cash and bank balance as restated
Annexure XVIII	Details of short term loans and advances as restated
Annexure XIX	Details of other current assets as restated
Annexure XX	Details of revenue from operations as restated
Annexure XXI	Details of other income as restated
Annexure XXII	Details of direct operating expenses as restated
Annexure XXIII	Details of employee benefit expenses as restated
Annexure XXIV	Details of finance costs as restated
Annexure XXV	Details of depreciation and amortization expenses as restated
Annexure XXVI	Details of other expenses as restated
Annexure XXVII	Details of bifurcation of other income as restated
Annexure XXVIII	Ageing of trade payables as restated
Annexure XXIX	Ageing of trade receivables as restated
Annexure XXX	Disclosure under AS-15 as restated
Annexure XXXI	Summary of accounting ratios as restated
Annexure XXXII	Details of related party transactions as restated
Annexure XXXIII	Disclosure as per para 2 of general instructions for the preparation of consolidated financial statements to Division I of Schedule III of Companies Act, 2013
Annexure XXXIV	Details of contingent liabilities & commitments as restated
Annexure XXXV	Details of dues to micro and small enterprises as restated
Annexure XXXVI	Details of additional regulatory information (as per para-Y of schedule III to Companies Act, 2013) as restated
Annexure XXXVII	Capitalisation statement as at March 31, 2025 as restated

11. 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.

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 offer document to be filed with SEBI, BSE and Registrar of Companies (Bangalore) 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: CGSS & ASSOCIATES LLP

Chartered Accountants

FRN: S200053

Sd/-

CA CHINNAPPA B.

Partner

MRN - 204458

UDIN - 25204458BMONVW5375

Place: Bengaluru

Date: August 07, 2025