Nouveau Global Ventures Ltd Auditor Reports

INDEPENDENT AUDITORS REPORT ON RESTATED FINANCIAL STATEMENT

On the Statement of Assets and Liabilities as on 31^st March 2025, 31^st March 2024, and 31st March 2023 and Statement of Profit and Loss and Statement of Cash Flows for each of the years ended on 31^st March 2025, 31^st March 2024, and 31st March 2023 of ATS Techno Limited (formerly known as ATS Techno Private Limited)

To,

The Board of Directors,

ATS Techno Limited

Plot No. 419 and 420, Road No 10 GIDC

Kathwada, Ahmedabad, Gujarat, India, 382430.

Dear Sir/Maam

1. We have examined the attached Financial Information of ATS Techno Limited (formerly known as ATS Techno Private Limited) (the "Company" or the "Issuer"), comprising the Statement of Assets and Liabilities as at 31^st March 2025, 31^st March 2024, and 31st March 2023 ,the Statements of Profit and Loss and the Cash Flow Statement for the year ended 31^st March 2025, 31^st March 2024, and 31st March 2023 and the Summary Statement of Significant Accounting Policies, and other explanatory information, as approved by the Board of Directors of the Company at their meeting held on September 09, 2025 for the purpose of inclusion in the Draft Red Herring Prospectus / Red Herring Prospectus /Prospectus prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("SME IPO").

These Summary Statement have been prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the "Act")

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("lCDR 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 Financial Information for the purpose of inclusion in the Draft Red Herring Prospectus / Red Herring Prospectus /Prospectus to be filed with Securities and Exchange Board of India, Registrar of Companies, Ahmedabad and the SME Platform of National Stock Exchange of India Limited (NSE EMERGE) in connection with the proposed IPO. The Financial Information have been prepared by the management of the Company on the basis of preparation stated in Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

3. We have examined such 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 May 18^th, 2025 in connection with the proposed IPO of equity shares of the Issuer;

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 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 Financial Information have been compiled by the management from:-

a. Audited financial statements of the company as at and for 31^st March 2025, 31^st March 2024, and 31st March 2023 prepared in accordance with the applicable Accounting Standards notified under Section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts Rules), 2014, which has been approved by the Board of Directors at their meeting held on July 07, 2025, September 03, 2024, 02 September 2023 respectively.

5. We have audited the financial information of the Company for the year ended March 31, 2025 prepared by the Company in accordance with the applicable Accounting Standards notified under Section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts Rules), 2014 for the limited purpose of complying with the requirement of getting its financial statements audited by an audit firm holding a valid peer review certificate issued by the "Peer Review Board" of the ICAI as required by ICDR Regulations in relation to proposed IPO. We have issued our report dated 07 September 2025 for the financial information to the Board of Directors who have approved these in their meeting held on 09^th September 2025.

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

a. Auditors Report issued by us dated 09^th September 2025 on the financial statements of the Company as at and for year ended March 31, 2025, year ended March 31, 2024 and year ended March 31, 2023 as referred in paragraph 4 above.

b. Auditors Report issued by previous auditors dated July 07, 2025, September 03, 2024, 02 September 2023 on the financial statements of the company as at and for the year ended March 31, 2025, year ended March 31, 2024 and year ended March 31, 2023 respectively as referred in Paragraph 4 above.

7. Based on our examination and according to the information and explanations given to us, we report that:

a. The "Summary Statement of Assets and Liabilities" as set out in Annexure 1 to this report, of the Company as at and for year ended on 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 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 to this Report.

b. The "Summary Statement of Profit and Loss" as set out in Annexure to this report, of the Company as at and for the year ended on 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 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 to this Report.

c. The "Summary Statement of Cash Flow" as set out in Annexure to this report, of the Company as at and for the year ended 31st March 2025, 31st March 2024, and 31st 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 to this Report.

d. The Summary Statement have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

e. The Summary 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 periods, if any;

f. The Summary Statements have been made after incorporating adjustments for prior period and other material amounts in the respective financial years to which they relate, if any and there are no qualifications which require adjustments;

g. Extra-ordinary items that need to be disclosed separately in the accounts has been disclosed wherever required;

h. There were no qualifications in the Audit Reports issued by the Statutory Auditors as at and for the year ended on 31st March 2025, 31st March 2024, and 31st March 2023, which would require adjustments in this Financial Statements of the Company;

i. 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 to this report;

j. There was no change in accounting policies, which needs to be adjusted in the Summary Statements;

k. There are no revaluation reserves, which need to be disclosed separately in the Financial Statements;

l. The Company has not declared dividend during the period.

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 for the year ended on 31^st March 2025, 31^st March 2024, and 31st March 2023 proposed to be included in the Draft Red Herring Prospectus / Red Herring Prospectus /Prospectus

Annexure of Financial Statements of the Company:-

_a. Restated Summary Statement of Assets and Liabilities in Annexure 1;

_b. Restated Summary Statement of Profit and Loss in Annexure 2;

_c. Restated Summary Statement of Cash Flows in Annexure 3;

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

_e. Reconciliation of Restated Profit and Loss as appearing in Annexure 2 to this report;

f Reconciliation of Restated Equity/ Net worth as appearing in Annexure 5 to this report;

_g Details of Share Capital as Restated appearing in Annexure 5 to this report;

_h. Details of Reserves and Surplus as Restated appearing in Annexure 6 to this report;

Details of Long Term/Short Term Borrowings as Restated appearing in Annexure 7 to this report;

j. Nature of Security and Terms of Repayment for Long term/Short term Borrowings appearing inAnnexure7.1

to this report;

_k Details of Deferred Tax Assets/Liabilities (Net) as Restated appearing in Annexure 8 to this report;

_L Details of Trade Payables as Restated appearing in Annexure 10 to this report;

m. Details of Other Current Liabilities as Restated appearing in Annexure 11to this report;

n. Details of Property Plant Equipment & Intangible Asset & Capital work in progress as Restated appearing

in Annexure 12 to this report;

_o Details of Long/Short Term Loans and Advances as Restated appearing in Annexure 13 to this report;

_p. Details of Non-Current Investment as Restated appearing in Annexure 14 to this report;

Details of Trade Receivables as Restated appearing in Annexure 17 to this report;

_r. Details of Cash and Bank Balances as Restated appearing in Annexure 19 to this report;

_s. Details of Revenue from operations as Restated appearing in Annexure 20 to this report;

_t Details of Other Income as Restated appearing in Annexure 21 to this report;

_u. Details of Cost of materials consumed as restated appearing in Annexure 22 to this report;

_v Details of manufacturing and operating cost as restated appearing in Annexure 23 to this report;

w. Details of Employee Benefit Expense as restated appearing in Annexure 24 to this report;

x. Details of Finance Cost as restated appearing in Annexure 25 to this report;

y Details of Depreciation and amortization as restated appearing in Annexure 27 to this report;

aa. Details of Other Expense as restated appearing in Annexure 28 to this report;

ab. Details of Accounting and other ratios as restated appearing in Annexure 29 to this report;

ac. Statement of Tax Shelter as Restated appearing in Annexure 30 to this report:

ad. Details of statement of Capitalization as restated appearing in Annexure 31 to this report;

ae. Details of Related Parties Transactions as Restated appearing in Annexure 32 to this report;

af. Details of Additional notes as restated appearing in Annexure 34 to this report;

ag. Details of Ratios as restated appearing in Annexure 29 to this report;

ah. Statement of contingent liability in Annexure 33 to this report

9. We, M/s. D Trivedi & 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 April 30, 2028.

10. The 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 4 above.

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 Draft Red Herring Prospectus / Red Herring Prospectus /Prospectus to be filed with Securities and Exchange Board of India, SME Platform of National Stock Exchange of India Limited (NSE EMERGE) and Registrar of Companies, Ahmedabad 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, D. Trivedi & Associates Chartered Accountants Firms Registration Number - 128309W SD/-

D.K. TRIVEDI Proprietor

Membership Number: 047978 UDIN: 25047978BMHVYX5471

Place: Ahmedabad Date:09^thSeptember 2025