Msafe Equipments Ltd Auditor Reports

(As required by Section 26 and 32 of Companies Act, 2013)

To,

The Board of Directors,

MSAFE EQUIPMENTS LIMITED

(Formerly Known as MSAFE Equipments Private Limited)

F-311, 3rd Floor, Aditya Arcade Plot No. 30, Community Center,

Preet Vihar, East Delhi,

Delhi, India, 110092

Dear Sir/Madam,

1. We have examined the attached Restated Financial Statements of MSAFE EQUIPMENTS LIMITED (formerly known as “MSAFE EQUIPMENTS PRIVATE LIMITED”) (hereinafter referred as the “Company” or “Issuer”),comprising of Restated Statement of Assets and Liabilities as at, March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Statement of Profit and Loss, the Restated Cash Flow Statement for the periods ended March 31, 2025, March 31, 2024 and March 31, 2023, the Summary Statement of Significant Accounting Policies to the Restated Financial Statements (collectively, the “Restated Financial Statements”), as approved by the Board of Directors of the Company at their meeting held on 29thAugust, 2025 for the purpose of inclusion in the Draft Red Herring Prospectus (“DRHP”) prepared by the Company in connection with its proposed Initial Public Offer of equity shares (“IPO”) prepared in terms of the requirements of:

a. Section 26 and 32 of Part I of Chapter III of the Companies Act, 2013 as amended ("the Act”).

b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended (“ICDR Regulations”) from time to time pursuant to theprovisions of the Securities and Exchange Board of India ,1992 ("the SEBI ICDR Regulations"); and

c. 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”).

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Statements for

the purpose of inclusion in the DRHP to be filed with SME Exchange, and Registrar of Companies, Delhi in connection with the proposed IPO. The Restated Financial Information have been prepared by the Management of the company. The responsibility of the Board of Directors 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 Group complies with the Act, ICDR Regulations and the Guidance Note read with the SEBI Communication, as applicable.

3. 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 19^th April, 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 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.

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

a) The Audited financial statements of the company for the years ended March 31,2025, March 31,2024 and

March 31,2023 are prepared in accordance with accounting principles generally accepted in India including the Accounting Standards specified under Section133 of the Act, (“ Indian GAAP”) read with the Companies (Accounting Standards) Rules, 2015,as amended which have been approved by the Board of Directors at their meetings held on August 02, 2025, July 20, 2024, and August 26, 2023 respectively.

b) The Financial Statements of the company for the years ended March 31, 2025, March 31, 2024 and March

31, 2023 were also audited by us. Accordingly, reliance has been placed on the audited statements of accounts and audit report thereon issued.

5. Our Work has been carried out in accordance with the Standards on Auditing under section 143 (10) of the Act,

Guidance Note on reports in company Prospectuses (Revised 2016) and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India and pursuant to the requirements of Section 26 of the Act read with applicable rules and ICDR Regulations. This work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act and the ICDR Regulations in connection with the issue.

Opinion

6. In accordance with the requirements of Section 26 of Part I of Chapter III of the Act read with the Rules, the

ICDR Regulations and the Guidance Note, we have examined the Restated Financial Information of the company which have been arrived after making adjustments and regrouping /reclassifications, which in our opinion were appropriate, and have been fully described in Annexure 4 Significant Accounting Policy and Notes to The Restated Financial Statements and based on our examination, we report that:

i) The Restated Statement of Assets and Liabilities 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, as set out in Annexure 1 to this report. These Restated Statement of Assets and Liabilitieshave 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 4 to this Report.

ii) The Restated Statement of Profit and Loss of the Company, for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 are prepared by the Company and approved by the Board of Directors, as set out in Annexure 2 to this report. These Restated Statement of Profit & 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 4 to this Report.

iii) The Restated Statement of Cash Flows of the Company for the years ended March 31,2025, March 31, 2024 and March 31, 2023, are prepared by the Company and approved by the Board of Directors, as set out in Annexure 3 to this report. These Restated 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 4 to this Report.

7. Based on the above and according to the information and explanations given to us, we further report that the

Restated Financial Information of the Company, as attached to this report and as mentioned in paragraph 6 above, read with Notes on Adjustments for Restatement of Profit and Loss (Annexure 4), Significant Accounting Policies and Notes forming part of the Financial Information (Annexure 4) have been prepared in accordance with the Act, the Rules, and the ICDR Regulations and;

a) Have been made after incorporating adjustments for the changes in accounting policies of the company in respective financial years/period to reflect the same accounting treatment as per the changed accounting policy for all the reporting years/period;

b) Have been made after incorporating adjustments for the material amounts in the respective financial years/period to which they relate.

c) There are no qualifications in the Auditors Report on the audited financial statements of the company as at, March 31,2025, March 31,2024 and March 31,2023 which require any adjustments; and

d) There are no extra-ordinary items that needs to be disclosed separately.

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 as at and year ended on March 31, 2025, March 31, 2024, and March 31, 2023 proposed to be included in the Draft Red Herring Prospectus / Red Herring Prospectus /Prospectus.

9. We, M/s. V.K KILA & 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 which is valid till 31st August 2026.

10. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements

11. 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.

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 Drat Red Herring Prospectus /Red Herring Prospectus/Prospectus to be filed with Securities and Exchange Board of India, SME Platform of BSE and Registrar of Companies, Mumbai 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 in writing.

For V.K. KILA & CO.

Chartered Accountants (Firm Registration No. 007772C)

Sd/-

VIKAS KUMAR GOGASARIA (PARTNER)

(M. No. 503474)

Place: New Delhi Date: 29-08-2025 UDIN: 25503474BMIJSL8147

ANNEXURE-1