HVAX Technologies Ltd Auditor Reports

Independent Auditors Examination Report on Restated Financial Information

To,

The Board of Directors

HVAX Technologies Limited

601, Lodha supremus, i-think techno campus,

kanjurmarg (east), Mumbai City, Maharashtra,

India, 400042

Dear Sir/Maam

1. We have examined the attached Restated Summary Statements along with significant accounting policies andrelated notes of HVAX Technologies Limited (Fomerly Known as HVAX Technologies Private Limited) (the "Company") for year ended on 31st March 24, 31st March 23, and 31st March 22 annexed to this report and prepared by the Company for the purpose of inclusion in the Offer Document in connection with its proposed Initial Public Offer ("IPO") on the EMERGE Platformof National Stock Exchange of India Limited.

2. These Restated Summary Statements have been prepared in accordance with the requirements of (i) Part I of Chapter III to the 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") issued by the Securities and Exchange Board of India ("SEBI") in pursuance to Section 11 of the Securities and Exchange Board of India Act, 1992 and related amendments/clarifications from time to time;

(iii) The terms of reference to our engagements with the Company requesting us to carry out the assignment, in connection with the Red Herring Prospectus/ Prospectus (Collectively called as "Offer Document") being issued by the Company for its proposed IPO of equity share on EMERGE Platform of National Stock Exchange of India Limited.

(iv) (The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India ("Guidance Note").

3. The Restated Summary Statements of the Company have been extracted by the management from the Audited Financial Statements of the Company for the financial year ended on 31st March 24, 31st March 23, and 31st March 22.

4. In accordance with the requirements of Part I of Chapter III of Act including rules made therein, ICDR Regulations, Guidance Note and Engagement Letter, we report that:

(i) The "Restated Summary Statement of Assets and Liabilities" as set out in Annexure 1 to this report, of the Company as at 31st March 24, 31st March 23, and 31st March 22 are prepared by the Company and approved by the Board of Directors. These Restated 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 4 (B) to this Report. 193

(ii) The "Restated Summary Statement of Profit and Loss" as set out in Annexure 2 to this report, of the Company for the year ended on 31st March 24, 31st March 23, and 31st March 22 are prepared by the Company and approved by the Board of Directors. These Restated 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 4 (B) to this Report.

(iii) The "Restated Standalone Summary Statement of Cash Flow" as set out in Annexure 3 to this report, of the Company for the year ended on 31st March 24, 31st March 23, and 31st March 22 are prepared by the Company and approved by the Board of Directors. These Statement of Cash Flow, as restated 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 4 (B) to this Report.

5. Based on the above and also as per the reliance placed by us on the audited financial statements of the Company and report thereon given by the Statutory Auditor of the Company for the Financial Year ended 31st March 24, 31st March 23, and 31st March 22 we are of the opinion that:

a. The Restated Summary Statements have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per the changed accounting policy for all reporting period/years, if any;

b. The Restated Summary Statements have been made after incorporating adjustments for prior period and other material amounts in the respective financial year to which they relate and there are no qualifications which require adjustments;

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

d. There were no qualifications in the Audit Reports issued by the Statutory Auditors for the financial year ended 31st March 24, 31st March 23, and 31st March 22 which would require adjustments in this Restated Financial Statements of the Company;

e. 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 4 (B) to this report;

f. Adjustments in Restated Summary Statements have been made in accordance with the correct accounting policies, which includes the impact of provision of gratuity made on actuarial valuation basis in the Restated Summary Statements;

g. There was no change in accounting policies, which needs to be adjusted in the Restated Summary Statements except mentioned in clause (f) above;

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

i. The company has no proposed dividend.

6. Opinion:

In our opinion and to the best of information and explanation provided to us, and also as per the reliance placed on reports submitted by previous auditors, the restated financial information of the Company, read with significant accounting policies and notes to accounts as appearin194 Annexure 4(B) are prepared after providing appropriate adjustments and regroupings as considered appropriate and disclosed in Annexure 4(B).

7. Audit for the Financial Year ended on 31st March 24 have been Audited by us and Audit for the Financial Year, 2022-23 have been conducted by CHK & Associates, Chartered Accountants, Audit for the Financial Year, 2021-22 have been conducted by Alpesh Chandaria and co, Chartered Accountants, Accordingly, reliance has been placed on the financial information examined by these auditors for the said years.

The financial report included for these years is based solely on the report submitted by these auditor for the said 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 and annexed to this report relating to the Company for the year ended 31st March 24, 31st March 23, and 31st March 22 proposed to be included in the Red Herring Prospectus/ Prospectus ("Offer Document") for the proposed IPO.

Annexure of Restated Standalone Financial Statements of the Company: -

a. Significant Accounting Policies and Notes to Accounts as restated in Annexure 4(B);

b. Reconciliation of Restated Profit and Loss as appearing in Annexure 4 H (a) to this report.

c. Reconciliation of Restated Equity/Net worth as appearing in Annexure 4 H (c) to this report.

d. Details of Share Capital as Restated appearing in Annexure 5 to this report;

e. Details of Reserves and Surplus as Restated appearing in Annexure 6 to this report;

f. Details of Long Term/Short Term Borrowings as Restated appearing in Annexure 7 to this report;

g. Nature of Security and Terms of Repayment for Long term Borrowings appearing in Annexure 7.1 to this report;

h. Details of Deferred Tax Assets/Liabilities (Net) as Restated appearing in Annexure 8 to this report;

i. Details of Other long- term Liabilities as Restated appearing in Annexure 9 to this report;

j. Details of Long Term/Short Term Provisions as Restated appearing in Annexure 10 to this report;

k. Details of Trade Payables as Restated appearing in Annexure 11 to this report;

l. Details of Other Current Liabilities as Restated appearing in Annexure 12 to this report;

m. Details of Property Plant & Equipment as Restated appearing in Annexure 13 to this report;

n. Details of non-current Investments as Restated appearing in Annexure 14 to this report;

o. Details of Long/Short Term Loans and Advances as Restated appearing in Annexure 15 to this report;

p. Details of Other Non-Current/Current Asset as Restated appearing in Annexure 16 to this report;

q. Details of Inventories as Restated appearing in Annexure 17 to this report;

r. Details of Trade Receivables as Restated appearing in Annexure 18 to this report;

s. Details of Cash and cash equivalent as Restated appearing in Annexure 19 to this report;

t. Details of Revenue from operations as Restated appearing in Annexure 20 to this report;

u. Details of Other Income as Restated appearing in Annexure 21 to this report;

v. Details of Cost of Materials and Services Consumed as restated appearing in Annexure 22 to this report;

w. Details of Employee Benefit Expense as restated appearing in Annexure 23 to this report;

x. Details of Finance Cost as restated appearing in Annexure 24 to this report;

y. Details of Depreciation as restated appearing in Annexure 13 to this report;

z. Details of Other Expense as restated appearing in Annexure 25 to this report;

aa. Details of Statement of Accounting and other Ratios as Restated appearing in Annexure 26 to this report;

bb. Details of Statement of Tax Shelter as Restated appearing in Annexure 27 to this report;

cc. Statement of Capitalization as Restated appearing in Annexure 28 to this report;

dd. Details of Related Party transactions as Restated appearing in Annexure 29 to this report;

ee. Details of Additional Notes as Restated appearing in Annexure 30 to this report;

ff Details of Segment Reporting as Restated appearing in Annexure 31 to this report;

gg. Details of Statement of Ratios as Restated appearing in Annexure 32 to this report;

9. We, Keyur Shah & 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.

10. The preparation and presentation of the Restated Financial Statements referred to above are based on the Audited financial statements of the Company and are in accordance with the provisions of the Act and ICDR Regulations. The Restated Financial Statements and information referred to above is the responsibility of the management of the Company.

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. In our opinion, the above financial information contained in Annexure 1 to 32 of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure 4 are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note.

14. Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with the IPO. Our report should not be used, referred to or adjusted for any other purpose except with our consent in writing

For Keyur Shah & Associates.
Chartered Accountants
Firms Registration No.: 333288W
Akhlaq Ahmad Mutvalli
Partner
Membership No.: 181329	Date: 17th September 24
UDIN - 24181329BKCCEG1388	Place: Ahmedabad