Indo Farm Equipment Ltd Auditor Reports

INDEPENDENT AUDITORS EXAMINATION REPORT ON RESTATED CONSOLIDATED FINANCIAL INFORMATION IN CONNECTION WITH PROPOSED INITIAL PUBLIC OFFERING OF EQUITY SHARES BY INDO FARM EQUIPMENT LIMITED

To,

The Board of Directors

Indo Farm Equipment Limited

EPIP, Phase II, Baddi, Distt. Solan,

Himachal Pradesh Dear Sirs,

1. We have examined the attached Restated Consolidated Financial Information of Indo Farm Equipment Limited (the "Company") and its Subsidiary (Barota Finance Limited) (the Company and its subsidiaries together referred to as the "Group"), comprising the Restated Consolidated Statement of Assets and Liabilities as at June 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 the Restated Consolidated Statements of Profit and Loss (including other comprehensive income), the Restated Consolidated Statement of Changes in Equity, the Restated Consolidated Cash Flow Statement for the quarter ended June 30, 2024 and year ended March 31, 2024, March 31, 2023 and March 31, 2022, the Summary Statement of Material 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 October 05, 2024 for the purpose of inclusion in the 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 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 Groups Management is responsible for the preparation of the Restated Consolidated Financial Information which have been approved by the Board of Directors for the purpose of inclusion in the RHP to be filed with Securities and Exchange Board of India (the "SEBI"), BSE Limited and National Stock Exchange of India Limited ("NSE") (collectively, with BSE Limited, the "Stock Exchanges") in connection with the proposed IPO. The Restated Consolidated Financial Information have been prepared by the Management of the Group on the basis of preparation stated in Note 1.2 to the Restated Consolidated Financial Information. The responsibility of the respective Board of Directors of the companies included in the Group includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the respective restated financial information, which have been used for the purpose of preparation of these Restated Consolidated Financial Information by the management of the Group, as aforesaid. 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 read with SEBI Communication, as applicable.

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 August 25, 2023 in connection with the proposed IPO of equity shares of the Group;

b. The Guidance Note read with SEBI Communication, as applicable. 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 read with SEBI Communication, as applicable in connection with the IPO.

4. These Restated Consolidated Financial Information have been compiled by the management from the audited Consolidated Ind AS Financial Statements of the Group as at and for the quarter ended 30 June, 2024 and years ended March 31, 2024, March 31, 2023 and March 31, 2022 prepared in accordance with the Indian Accounting Standards (referred to as "Ind AS") as prescribed under section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India (the "Consolidated Ind AS Financial Statements"), which have been approved by the Board of Directors at their meeting held on October 05, 2024, July 26, 2024, September 09, 2023 and September 16, 2022 respectively.

5. For the purpose of our examination, we have relied on Auditors report issued by us dated October 05, 2024, July 26, 2024, September 09, 2023 and September 16, 2022 respectively on the consolidated Financial Statements of the Group as at and for the quarter ended June 30, 2024 and year ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively as referred to in paragraph 4 above.

6. We did not Audit financial statements of the subsidiary included in the Group for the quarter ended 30 June, 2024 and year ended March 31, 2024, March 31, 2023 and March 31, 2022 whose share of total assets, total revenues and net cash inflows / (outflows) included in the restated consolidated financial statements, for the relevant years is tabulated below, which have been audited by M/s Datta Singla & Co.("other auditor") and whose reports have been furnished to us by the Groups management and our opinion on the consolidated Ind AS 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 auditor.

Our opinion on the consolidated financial statements is not modified in respect of this matter.

The auditor of the subsidiary, as mentioned above, has examined the restated financial information of the subsidiary, and has confirmed that the restated financial information:

a. Have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively in the quarter ended June 30, 2024 and year ended March 31, 2024, March 31, 2023, and March 31, 2022.

b. Do not require any adjustment for modification as there is no modification in the underlying Audit reports.; and

c. Have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note read with SEBI Communication, as applicable.

7. Based on our examination and according to the information and explanations given to us and also as per reliance placed on the examination report submitted by the other auditors, 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 quarter ended June 30, 2024 and year ended March 31, 2024, March 31, 2023 and March 31, 2022.

b. Do not require any adjustment for modification as there is no modification in the underlying Audit reports; and

c. Have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note read with SEBI Communication, as applicable.

8. The Restated Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on audited consolidated Ind AS financial statements/ audited consolidated Indian GAAP financial statements mentioned in paragraph 4 above.

9. This report should not in any way be construed as a reissuance or re-dating of any of the previous Audit reports, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

11. Our report is intended solely for use of the Board of Directors for the purpose for inclusion in the RHP to be filed with SEBI and Stock Exchanges 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.