Mobilise App Lab Ltd Auditor Reports

To,

The Board of Directors

Mobilise App Lab Limited,

(Previously known as Mobilise App Lab Private Limited)

Plot No 62B, HSIDC, Sector 31, Faridabad, Haryana 121002

Dear Sir,

We have examined the attached Restated Financial Statements along with significant accounting policies and related notes of Mobilise App Lab Limited (the "Company") (Formerly known as Mobilise App Lab Private Limited) comprising the Restated Statements of Assets and Liabilities, the Restated Statement of Profit & Loss, the Restated Cash Flow Statement for the years ended March 31, 2025, March 31, 2024, and March 31, 2023 annexed to this report (collectively referred to as the "Restated Financial Statements") prepared by the Company and duly approved by the Board of Directors at their meeting held on August 22, 2025 of the Company for the purpose of inclusion in the Draft Red Herring Prospectus I Red Herring Prospectus I Prospectus (hereinafter "Offer Documents"), in connection with its proposed Initial Public Offer

("IPO") on the SME Platform of NSE ("NSE EMERGE").

1. These Restated Financial Statements have been prepared in accordance with the requirements of:

(i) Section 26 of Part I of Chapter III to the 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") 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;

(iii) The terms of reference to our engagements with the Company requesting us to carry out the assignment, in connection with the Draft Red Herring Prospectus / Red Herring Prospectus / Prospectus being issued by the Company for its proposed IPO of equity shares to be listed on the SME platform of NSE ("NSE EMERGE"); and

(iv) The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India ("Guidance Note") as amended from time to time.

2. The Restated Financial Statements of the Company have been prepared by the management based on the following:

1. Financial statements of the Company for the year ending March 31, 2025 and for the period July 17, 2023 to March 31, 2024.

2. Financial statements for the period April 01, 2023 to July 16, 2023, and for the year ending March 31, 2023 of M/s Mobile App Lab LLP.

3. We have examined such Restated Financial Statements taking into consideration:

a. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated February 15, 2025 in connection with the proposed IPO of equity shares of the Company; b. 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 Statements; and

d. The requirements of Section 26 of The Companies Act, 2013 and the ICDR Regulations issued by SEBI. 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

4. These Restated Financial Information have been compiled by the management from:

a. Audited financial statements of company as at and for the year ended on March 31, 2025 and for the period July 17, 2023 to March 31, 2024 prepared in accordance with the Accounting Standards as 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.

b. Audited Financial Statement for the period April 01, 2023 to July 16, 2023, and for the year ending March 31, 2023 of M/s Mobile App Lab LLP, both prepared in accordance with the Accounting Principles generally accepted in India by making adjustments for Indian GAAP as applicable to corporates to the audited financial statements for the period/year ended of above non-corporate entities.

5. For the purposes of our examination, we have relied on:

a. Audited financial statements of Mobilise App Lab Limited for the year ended on March 31, 2025, which was conducted by M/s Ankit Vijay & Company, Chartered Accountants, via their audit report dated May 29, 2025. These financials statements were re-audited by us M/s JVA & Associates, Peer reviewed Chartered Accountants, as a special purpose via our audit report dated August 22, 2025.

b. Audited financial statements of Mobilise App Lab Limited for the period July 17, 2023 to March 31, 2024, which was conducted by M/s Ankit Vijay & Company, Chartered Accountants, via their audit report dated August 30, 2024.

c. Audited Financial Statement of Mobilise App Lab LLP for the period April 01, 2023 to July 16, 2023, which was conducted by M/s Ankit Vijay & Company, Chartered Accountants, via their audit report dated August 19, 2024.

d. Audited Financial Statement of Mobilise App Lab LLP for the year ended on March 31, 2023, which was conducted by M/s Ankit Vijay & Company, Chartered Accountants, via their audit report dated August 07, 2023.

6. In accordance with the requirements of Section 26 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 Financial Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at March 31, 2025, March 31, 2024, and March 31, 2023 are prepared by the Company and approved by the Board of Directors at their meeting held on August 22, 2025. These Restated Financial Statement of Assets and Liabilities, have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company/Firms, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV to this Report.

(ii) The "Restated Financial Statement of Profit and Loss" as set out in Annexure II to this report, of the Company for years ended March 31, 2025, March 31, 2024, and March 31, 2023 are prepared by the Company and approved by the Board of Directors at their meeting held on August 22, 2025. These Restated Financial Statement of Profit and Loss have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company/Firms, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV to this Report. (iii) The "Restated Financial Statement of Cash Flow" as set out in Annexure III to this report, of the Company for years ended March 31, 2025, March 31, 2024, and March 31, 2023 are prepared by the Company and approved by the Board of Directors at their meeting held on August 22, 2025. 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/Firms, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV to this Report.

7. Based on the above and also as per the reliance placed by us on the audited financial statements of the Company and

LLP, we are of the opinion that:

a) The Restated Financial Statements have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial years to reflect the same accounting treatment as per the changed accounting policy for all reporting years, if any;

b) The Restated Financial Statements have been made after incorporating 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) Extra-ordinary items that need to be disclosed separately in the accounts has been disclosed wherever required;

d) There were no qualifications in the Audit Reports issued by the Auditors for the financial year ended on March 31, 2025, March 31, 2024, and March 31, 2023 which would require adjustments in this Restated Financial Statements of the Company;

e) 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 IV to this report;

f) Adjustments in Restated Financial Statements have been made in accordance with the correct accounting policies, which includes:

- change in method of depreciation. In Audited Financials of LLP, Depreciation was charged at rates specified under income tax act, which are charged in Restatement as per Companies Act, 2013;

- recognition of expenses on time proportionate basis. In accordance with Accounting Standards expenses in Restated have been charged to Profit and Loss account on time proportionate basis.

- recognition of revenue as per AS-09. In restated financials revenue has been recognized in accordance with the provisions of (AS) 09 Revenue Recognition.

- recognition of deferred tax. In Audited Financials no deferred tax was recognized, which has been recognized in restatement as per Accounting Standards.

- recognition of Intangible Assets. During the reported period, expenses incurred towards the development of software expected to generate future economic benefits have been capitalized as intangible assets, in accordance with Accounting Standard (AS) 26 Intangible Assets.

g) There was no change in accounting policies, which needs to be adjusted in the Restated Financial Statements except mentioned in clause (a and f) above;

h) There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statements; i) The company has not proposed any dividend for the years ended March 31, 2025, March 31, 2024, and March 31, 2023.

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 at their meeting held on August 22, 2025 and annexed to this report relating to the Company for years ended March 31, 2025, March 31, 2024, and March 31, 2023 proposed to be included in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus ("Offer Document") for the proposed IPO.

Annexure	Particulars
I	Restated Summary Statement of Assets and Liabilities
II	Restated Summary Statement of Profit and Loss
III	Restated Cash Flow Statement
IV	Company Information and Significant Accounting Policies and Notes to Restated
	Statements
IV-A	Restated Statement of Company Information
IV-B	Restated Statement of Significant Accounting Policies and Notes
IV-C	Reconciliation of Restated Profit
IV-D	Reconciliation of Restated Equity/Net Worth
IV-E	Adjustments having no Impact on Networth and Profit
V	Restated Statement of Share Capital
VI	Restated Statement of Reserves and Surplus
VII	Restated Statement of Deferred Tax Liabilities
VIII	Restated Statement of Short-Term Borrowings
IX	Restated Statement of Trade Payables
X	Restated Statement of Other Current Liabilities
XI	Restated Statement of Short-Term Provisions
XII	Restated Statement of Property Plant and Equipment
XIII	Restated Statement of Intangible Assets
XIV	Restated Statement of Other Non-Current Assets
XV	Restated Statement of Current Investments
XVI	Restated Statement of Inventories
XVII	Restated Statement of Trade Receivable
XVIII	Restated Statement of Cash and Bank Balance
XIX	Restated Statement of Short-Term Loans and Advances
XX	Restated Statement of Other Current Assets
XXI	Restated Statement of Revenue from operations
XXII	Restated Statement of Other Income
XXIII	Restated Statement of Cost of Services
XXIV	Restated Statement of Employees Benefit Expenses
XXV	Restated Statement of Finance Costs
XII & XIII	Restated Statement of Depreciation and Amortization Expenses
XXVI	Restated Statement of Other Expenses
XXVII	Restated Statement of Earnings per Share
XXVIII	Restated Statement of Annexures forming Part of Restated Financial Statements
XXVIII-1	Restated Statement of Payment to Auditor
XXVIII-2	Restated Statement of Related Party Transactions
XXVIII-3	Restated Statement of Corporate Social Responsibility
XXVIII-4	Restated Statement of Additional Regulatory Information as per Para Y of Schedule III to
	Companies Act, 2013
XXIX	Restated Statement of Trade Payable Ageing
XXX	Restated Statement of Trade Receivable Ageing
XXXI	Restated Statement of Other Incomes
XXXII	Restated Statement of Accounting Ratio
XXXIII	Restated Statement of Contingent Liability and Commitments
XXXIV	Restated Statement of Tax Shelter
XXXV	Restated Statement of Value of Imports on C.I.F.
XXXVI	Restated Statement of Segment Reporting
XXXVII	Restated Statement of Small Enterprise and Micro Enterprise
XXXVIII	Restated Statement of Lease
XXXIX	Restated Statement of Capitalization Statement

9. We, JVA & 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 which is valid till November 30, 2026.

10. 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 Restated Financial Statements and information referred to above is the responsibility of the management of the

Company.

11. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose interim financial statements and audited financial statements mentioned in paragraph above.

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

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

14. In our opinion, the above financial information contained in Annexure I to XXXIX of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure IV 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.

15. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents to be filed with Securities and Exchange Board of India, the stock exchanges and Registrar of Companies, Delhi 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 inwriting.

For JVA & Associates Chartered Accountants FRN: 026849N PRCN: 014677

Vaibhav Jain Designated partner M. No.: 518200

UDIN: 25518200BMKSLL6061

Place: Delhi Date: 22-08-2025