Marushika Technology Ltd Auditor Reports

To,

The Board of Directors

Marushika Technology Limited Shop No. 5, Acharya Niketan, Mayur Vihar, East Delhi, Delhi - 110 091

1. We have examined the attached restated standalone financial information of "Marushika Technology Limited" (hereinafter referred to as "the Company" or "the Issuer") comprising the restated standalone statement of assets and liabilities as at 31^st March 2025, 31^st March 2024 and 31^st March 2023, restated standalone statement of profit and loss and restated standalone statement of cash flow for the financial year ended 31^st March 2025, 31^st March 2024 and 31^st March 2023, and the summary statement of significant accounting policies and other explanatory information (collectively referred to as the "restated standalone financial information" or "restated standalone financial statements") annexed to this report and initialed by us for identification purposes. These Restated Standalone Financial Statements have been prepared by the management of the Company and approved by the board of directors at their meeting held on 30 July, 2025 in connection with the proposed Initial Public Offer in SME platform of NSE Limited ("NSE Emerge") of the company.

2. The 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) (as amended) issued by the Institute of Chartered Accountants of India ("Guidance Note").

Managements Responsibility for the Restated Standalone Financial Statements

3. The Companys Board of Directors is responsible for the preparation of the Restated Standalone Financial

Statement & other financial information for the purpose of inclusion in the Offer document to be filed with Securities and Exchange Board of India, the stock exchanges i.e. National Stock Exchange and

Registrar of Companies, NCT of Delhi ("ROC") in connection with the proposed IPO. The Restated Standalone Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Annexure IV to the Restated Standalone Financial Statements.

4. 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 Standalone Financial Statements. The boards of directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

5. We have examined such Restated Standalone 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 Standalone 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.

6. The Restated Standalone Financial Statements of the Company have been compiled by the management from:

(i) Audited Standalone Financial Statements as at and for the financial year ended on 31^st March 2025, 31^st March 2024 and 31^st March 2023, prepared in accordance with the Accounting Standards prescribed 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.

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

(i) Auditors report issued by the previous auditor i.e Naresh Jai and Associates, Chartered Accountants (the "Previous Auditor") dated 01 September 2023 for the financial year ended 31^st March 2023. (ii) Auditors report issued by us dated 15^th June 2024 and 21 July 2025 for the financial years ended 31^st March 2024 and 31^st March 2025 respectively. (iii) There were no audit qualifications in the audit reports issued by the previous statutory and tax auditor and by us for the financial year ended on 31^st March 2025, 31^st March 2024 and 31^st March 2023, which would require adjustments in the Restated Standalone Financial Statements of the Company.

8. Based on our examination and according to the information and explanations given to us, we are of the opinion that the Restated Standalone Financial Statements:

a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/ reclassifications retrospectively in the financial year ended on 31^st March 2025, 31^st March 2024 and 31^st March 2023. b. do not require any adjustment for modification as there is no modification in the underlying audit reports; c. there are 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. e. adequate disclosure has been made in the financial statements as required to be made by the issuer as per schedule III of the Companies Act, 2013. f. the accounting standards prescribed under the Companies act, 2013 have been followed. g. the restated standalone financial statements present a true and fair view of the companys accounts.

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:

a. The "Restated Standalone Summary Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at 31^st March 2025, 31^st March 2024 and 31st March 2023, 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 IV and V to this Report.

b. The "Restated Standalone Summary Statement of Profit and Loss" as set out in Annexure II to this report, of the Company for the financial year ended on 31^st March 2025, 31^st March 2024 and 31^st March 2023, 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 IV and V to this Report.

c. The "Restated Standalone Summary Statement of Cash Flow" as set out in Annexure III to this report, of the Company for the financial year ended on 31^st March 2025, 31^st March 2024 and 31^st March 2023, are prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Cash Flow 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 IV and V 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 31^st March 2025, 31^st March 2024 and 31^st March 2023, proposed to be included in the Draft Prospectus/Prospectus ("Offer Document").

We, G B S G & 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.

11. This report should not in any way be construed as a reissuance 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 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 Offer Document 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.

Chartered Accountants Firm Reg No: 031422N

Partner

Membership Number: 506712 UDIN: 25506712BMKYMI8110

Place: Delhi Date: 30-07-2025