Mehul Telecom Ltd Auditor Reports

MEHUL TELECOM LIMITED

The Board of Directors MEHUL TELECOM LIMITED

West Gate Shop 223, 150 Ft Ring Road, Rajkot Raiya Road, Rajkot, Gujarat - 360007 Dear Sirs,

1. We, S V P S & Co, have examined the attached Restated Financial Information of MEHUL TELECOM LIMITED (the “ Company”) , having CIN: U46524GJ2023PLC141259 comprising Restated Statement of Assets and Liabilities as at 31^st March 2025 and 31^st March 2024 and the Restated Statement of Profit & Loss and Restated Statement of Cash Flow for the year ended on 31^st March 2025 and 31 ^st March 2024, the Summary Statement of Significant Accounting Policies and other explanatory information (collectively, the "Restated Financial Information") as prepared by the Company and approved by the Board of Directors of the Company at their meeting held on 07^th July, 2025 for the purpose of inclusion in the Draft Red Herring Prospectus, the Red Herring Prospectus and the Prospectus (hereinafter collectively referred to as the “Offer Documents”). These Restated Financial Statements have been prepared by the Company and approved by the Board of Directors of the Company in connection with the Initial Public Offering (the “IPO”) on the SME Platform of BSE Limited.

2. These Restated Financial Information h ave b een p repared in accordance with the requirements of: (i) Section 26 of Part I of Chapter III of Companies Act, 2013 (the “Act”); (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 Financial Information for the purpose of inclusion in the Offer Documents to be filed with Securities and Exchange Board of India (“SEBI”), Stock exchanges and Registrar of Companies (Ahmedabad) in connection with the proposed IPO. The Restated Financial Statements have been prepared by the management of the Company based on preparation stated in Annexure D to the Restated 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 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 Financial Information taking into consideration: a. The terms of reference to our engagements with the Company requesting us to carry out the assignment, in connection with the Offer documents being issued by the Company for its proposed IPO of equity shares; b. The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI), as amended from time to time (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; 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. The Restated Financial Information of the Company have been extracted by the management from the audited financial statements of the Company for the financial year ended on 31 ^st March 2025 and 31^st March 2024 which has been approved by the Board of Directors. Audit of Mehul Telecom Ltd for the financial year ended on 31^st March 2025, 31^st March 2024 was conducted by us.

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 “Restated Statement of Assets and Liabilities” as set out inAnnexure A to this report of the Company as at 31^st March 2025 and 31 ^st March 2024 are prepared by the Company and approved by the Board of Directors. These 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 and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure D to this Report

(ii) The “Restated Statement of Profit and Loss Account” as set out in Annexure B to this report of the Company for the year ended 31 ^st March 2025 and 31 ^st March 2024 are prepared by the Company and approved by the Board of Directors. These Restated Statement of Profit and Loss Account 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 D to this Report.

(iii)The “Restated Statement of Cash Flow” as set out in Annexure C to this report of the Company for the year ended 31^st March 2025 and 31 ^st March 2024 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 D to this Report.

7. Based on the above, we are of the opinion that the Restated Financial Statements have been made after incorporating:

a) 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 periods, if any.

b) Adjustments for prior period and other material amounts in the respective financial years/period to which they relate and there are n o q u alifications 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 31 ^st March 2025, 31 ^st March 2024 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 and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in Annexure D to this report.

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 financial period/year ended on 31 ^st March 2025, 31 ^st March 2024 proposed to be included in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus (“Offer Document”).

Annexure of Restated Financial Statements of the Company: -

1. Restated Statement of Assets and Liabilities in Annexure A

2. Restated Statement of Profit & Loss Account in Annexure B

3. Restated Statement of Cash Flow in Annexure C

4. Significant Accounting Policies and Notes to Accounts as restated in Annexure D;

5. Notes to Restated Statement of Assets and Liabilities and Profit and Loss Account from Note 1 to Note 25

6. Statement of Tax Shelters as appearing in Annexure E to this report.

7. Reconciliation of Restated Profit as appearing in Annexure F to this report.

8. Reconciliation of Other Equity as appearing in Annexure G to this report.

9. Details of Summary of Mandatory Accounting Ratios as Restated as appearing in Annexure H to this report

10. Details of Summary of Accounting Ratios as Restated as appearing in Annexure I to this report

11. Details of Related Parties Transactions as Restated as appearing in Annexure J to this report

12. Capitalization Statement as Restated as at 31^st March 2025 as appearing in Annexure K to this report

13. Details of Employee benefits as Restated as appearing in Annexure L to this report

14. Details of Other Statutory Information as Restated as appearing in Annexure M to this report;

9. We, S V P S & Co., 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 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.

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 A to M and Note 1 to 25 of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure D are prepared after making adjustments and regrouping as considered appropriate and h ave been p repared 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 SME IPO. Our report should not be used, referred to or adjusted for any other purpose except with our consent in writing.

For S V P S & Co. Chartered Accountants

Sd/-

Vivek J. Rupapara

Partner

Membership No. 608253

FRN No. 159852W

UDIN : 25608253BMJNOM7061

Date : 07^th July 2025

Place : Rajkot