Mehul Telecom Ltd Auditor Reports

Independent Auditors Report for the Restated Financial Statements of
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 have been prepared 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 in Annexure 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 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 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 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 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