Invicta Diagnostic Ltd Auditor Reports

on Restated Financial Information (As required by Section 26 of Companies Act, 2013 read with Rule 4 of Companies (Prospectus and Allotment of Securities) Rules, 2014)

To,

The Board of Directors Invicta Diagnostic Limited 1 GF, Plot 217, Ambavat,

Bhavan, N.M Joshi Marg,

Delisle Road, Mumbai,

Maharashtra, India, 400013

Dear Sirs,

1. We have examined the attached Standalone Restated Financial Information of Invicta Diagnostic Limited (the "Company) comprising the Standalone Statement of Assets & Liabilities, As Restated as at March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022 and the related Standalone Restated Statement of Profit & Loss and Restated Statement of Cash Flow for the period ended on March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022 the Summary Statement of Significant Accounting Policies, and other explanatory information annexed to this report for the purpose of inclusion in the offer document prepared by the Company (collectively the" Restated Summary Statements" or "Standalone Restated Financial Statements"). These Restated Summary Statements have been prepared by the Company and approved by the Board of Directors of the Company in connection with the Initial Public Offering of Equity Shares (IPO) in SME Platform of Stock Exchange.

2. These Restated Summary Statements have been prepared in accordance with the requirements of:

(i) Section 26 of Part I of Chapter-III to the Companies Act, 2013("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; and

(iii) 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").

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus to be filed with SME Platform of Stock Exchanges in connection with proposed IPO. The management of the Company has prepared the Restated financial information. The Board of Directors of the Company is responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Standalone Restated Financial Information. 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 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 July 10, 2024 in connection with the proposed IPO of equity shares of the Issuer;

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 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

5. This Restated Financial information of the Company have been compiled by the management from the Audited Financial Statements of the Company for the financial period/year ended on March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022 prepared in accordance with the accounting standards notified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India. The same have been approved by the Board of Directors at their meeting held on July 30, 2024.

6. 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 "Standalone Statement of Assets & Liabilities, As Restated" as set out in Annexure I to this report, of the Company as at March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Standalone Statement of Assets and Liabilities, 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.

(ii) The "Standalone Statement of Profit & Loss, As Restated" as set out in Annexure II to this report, of the Company for the year/period ended March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Statement of Standalone Profit and Loss, 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.

(iii) The "Standalone Statement of Cash Flow, As Restated" as set out in Annexure III to this report, of the Company for the year/period ended March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Statement of Standalone 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.

7. We did not audit financial information of the company for any of the period presented under the standalone restated financial information. We have audited the special purpose financial information of the Company for the period / year ended on March 31, 2024 and November 30, 2023 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 on these special purpose financial information to the Board of Directors who have approved these in their meeting held on July 30, 2024.

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

a) Auditors Report issued by the Statutory Auditors i.e. M/s Kanak Rathod & Co. Chartered Accountants on the financial statement for the period /year ended on March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022 dated April 11, 2024, April 09, 2024, August 24, 2023 and September 06, 2022 respectively.

b) The audits for the financial period/years ended March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022 were conducted by the Statutory auditors of the company and accordingly reliance has been placed on the Balance Sheet, statements of profit and loss the Significant Accounting Policies, and other explanatory information and (collectively, the Audited Financial Statement") examined by them for the said years.

9. Based on our examination and according to the information and explanations given to us (and also as per the reliance placed on the audit report submitted by the Previous Auditors for the respective years), we are of the opinion that the Restated Financial Statements have been made after incorporating:

a) Adjustments for the changes in accounting policies, material errors and regrouping/reclassifications

retrospectively in respective financial period/years ended March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022 to reflect the same accounting treatment as per the accounting policies and grouping/ classifications for all the reporting periods, if any.

b) Adjustments for prior period and other material amounts in the respective financial years to which they relate and there are no qualifications, which require adjustments.

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

d) There were no qualifications in the Audit Reports issued by the Statutory Auditors for the financial period/year ended on March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022, which would require adjustments in this Restated Financial Statements of the Company.

e) These 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.

f) These have been prepared in accordance with the Act, ICDR Regulations and Guidance note.

10. In our opinion and to the best of information and explanation provided to us, the Restated Financial Information of the Company, read with significant accounting policies and notes to accounts as appearing in ANNEXURE - IV are prepared after providing appropriate adjustments and regroupings as considered appropriate.

11. We, M/s Piyush Kothari & 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.

12. 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 period ended on March 31, 2024, November 30, 2023, March 31, 2023 and March 31, 2022 proposed to be included in the Draft Red Herring Prospectus / Red Herring Prospectus/ Prospectus ("Offer Document") for the proposed IPO.

Annexures	Particulars
ANNEXUREI	Standalone Statement of Assets & Liabilities, as Restated
ANNEXURE II	Standalone Statement of Profit & Loss, as Restated
ANNEXURE III	Standalone Statement of Cash Flow, as Restated
ANNEXURE IV	significant accounting policies and notes to accounts
ANNEXURE I.1 to 1.19	Notes related to Standalone Statement of Assets & Liabilities, as Restated
ANNEXURE II.1 to II. 10	Notes related to Standalone Statement of Profit & Loss, as Restated
ANNEXUREV	Additional information related to standalone restated financial information
ANNEXURE VI	Statement of Account ratios
ANNEXURE VII	Statement of Capitalization, As Restated
ANNEXURE VIII	Statement of Tax Shelter, As Restated
ANNEXURE IX	Statement of Related Party & Transactions
ANNEXUREX	Statement of Dividends
ANNEXURE XI	Changes in the Significant Accounting Policies
ANNEXURE XII	Contingent Liabilities and Capital Commitment.

13. 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 Financial Statements and information referred to above is the responsibility of the management of the Company.

14. 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.

15. We have no responsibility to update our report for events and circumstances occurring after the date of the report. Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with the SME IPO. Our report should not be used, referred to or adjusted for any other purpose except with our consent in writing.

For M/s. Piyush Kothari & Associates

Chartered Accountants

Firms Registration No: 140711W

CA Piyush Kothari

Partner

Membership No. 158047

UDIN: 24158407BKBINE6780

Place: Ahmedabad

Date: July 30, 2024