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Orient Technologies Ltd Auditor Reports

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Jun 6, 2025|12:00:00 AM

Orient Technologies Ltd Share Price Auditors Report

FINANCIAL INFORMATION

The Board of Directors

Orient Technologies Limited

502, Ackruti Star Building,

Central Road, MIDC,

Andheri East,

Mumbai - 400093

Dear Sirs,

1. We have examined the attached Restated Financial Information of Orient Technologies Limited (the “Company”), comprising the Restated Statement of Assets and Liabilities as at 31 March 2024, 31 March 2023 and 31 March 2022, the Restated Statement of Profit and Loss, the Restated Statement of Changes in Equity, the Restated Cash Flow Statement for the financial years ended 31 March 2024, 31 March 2023 and 31 March 2022, the Summary Statement of Material Accounting Policies, and other explanatory information (collectively, the “Restated Financial Information”), as approved by the Board of Directors of the Company at their meeting held on July 16, 2024 for the purpose of inclusion in the Updated Draft Red Herring Prospectus (“UDRHP”), Red Herring Prospectus (“RHP”) and Prospectus (“Offer Document”) prepared by the Company in connection with the Companys proposed Initial Public Offer of equity shares (“IPO”) prepared in terms of the requirements of:

a) Section 26 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"); 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 Information for the purpose of inclusion in the DRHP, RHP and Offer Document to be filed with Securities and Exchange Board of India (“SEBI”) and relevant stock exchanges, where the equity shares of the Company are proposed to be listed, in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in note 1 to the Restated Financial Information. The Board of Directors of the Company responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated 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 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 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 proposed IPO of the Company.

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

i. Audited Ind AS Financial Statements of the Company as at and for the year ended 31 March 2024 audited by Kirtane & Pandit LLP Chartered Accountants having Firm registration no 105215W/ W100057 prepared in accordance with Ind AS as prescribed under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India which have been approved by the Board of Directors at their meeting held on June 28 2024; and

ii. Audited Ind AS Financial Statements of the Company as at and for the year ended 31 March 2023 audited by R U Kamath & Co. Chartered Accountants having Firm registration no 104650W prepared in accordance with Ind AS as prescribed under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India which have been approved by the Board of Directors at their meeting held on 30 August 2023; and

iii. Audited Special Purpose Ind AS Financial Statements of the Company as at and for the year ended 31 March 2022 audited by R U Kamath & Co. Chartered Accountants having Firm registration no 104650W prepared in accordance with Ind AS as prescribed under section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India which have been approved by the Board of Directors at their meeting held on 12 January 2024 iv. The Company has adopted applicable Ind AS standards from the earliest reporting period in the Restated Financial Information and the adoptions were carried out in accordance with Ind AS 101 First time adoption of Indian Accounting Standards for the purposes of IPO. The transition was carried out from Accounting Standards as prescribed under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014, which was the previous GAAP due to which the Special Purpose Ind AS financial statements were prepared for the purposes of proposed IPO of the Company.

The financial information for the years ended 31 March 2022 included in the Special Purpose Ind AS financial statements audited by R U Kamath & Co. Chartered Accountants as mentioned above, are based on the previously issued statutory financial statements prepared for the year ended 31 March 2022 audited and reported by erstwhile statutory auditor M/s Santosh G. Ghag & Co., Chartered Accountants, having firm registration number 112786W who have issued an unmodified audit opinion vide audit report dated 16 September 2022 respectively.

5. For the purpose of our examination, we have relied on: a) Auditors report issued by Kirtane & Pandit LLP Chartered Accountants having Firm registration no 105215W/ W100057 dated 28 June 2024 on the financial statements of the Company as at and for the financial year ended 31 March 2024;

b)Auditors report issued by R U Kamath & Co. Chartered Accountants having Firm registration no 104650W dated 30 August 2023 on the financial statements of the Company as at and for the financial year ended 31 March 2023;

c) Auditors report issued by R U Kamath & Co. Chartered Accountants having Firm registration no 104650W dated 12 January 2024 on the Special Purpose Ind AS Financial Statements of the Company for the year ended 31 March 2022.

6. Based on the information and explanations given to us, we report the following

i) The Audit report on the Ind AS Financial statements as at and for the year ended 31 March 2024 issued by Kirtane & Pandit LLP Chartered Accountants, contained the following Other Matters paragraph:

a) We did not audit M/s Orient Technologies Private Limited - Singapore Branch (Branch registration no. T16FC0015G), whose financial statements reflect total assets of Rs. 566.57 lakhs as at 31 March 2024, total revenues of Rs. 372.20 lakhs and net cash outflows amounting to Rs. 387.55 lakhs for the year ended on that date, as considered in the financial statements.

Singapore Branch financial statements have not been audited by us. These financial statements have been audited by other auditors whose reports have been furnished to us and our opinion on the financial statements, in so far as it relates to the amounts and disclosures included in respect of this Singapore Branch office and our report in terms of sub-section (3)of Section 143 of the Act, in so far as it relates to the aforesaid Singapore Branch office is based solely on the reports of the other auditors.

b) The financial statements of the Company for the year ended 31st March 2023 were audited by the predecessor auditors, M/s R U Kamath & Co., Chartered Accountants (FRN 104650W), who have expressed an unmodified opinion on those financial statements, vide their audit report dated August 30, 2023.

Our opinion above on the financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors…”

ii)The Audit report on the Ind AS Financial statements as at and for the year ended 31 March 2023 issued by R U Kamath & Co. Chartered Accountants, contained the following Other Matters paragraph:

a)We did not audit M/s Orient Technologies Private Limited - Singapore Branch (Branch registration no. T16FC0015G), whose financial statements reflect total assets of Rs. 830,87,436 /- as at 31 March 2023, total revenues of Rs. 573,13,554/- and net cash inflows amounting to Rs. 762,78,374/- for the year ended on that date, as considered in the financial statements.

Singapore Branch financial statements have not been audited by us. These financial statements have been audited by other auditors whose reports have been furnished to us and our opinion on the financial statements, in so far as it relates to the amounts and disclosures included in respect of this Singapore Branch office and our report in terms of sub-section (3)of Section 143 of the Act, in so far as it relates to the aforesaid Singapore Branch office is based solely on the reports of the other auditors.

b)The financial statements of the Company for the year ended 31st March 2022 were audited by the predecessor auditors, M/s Santosh G. Ghag & Co., Chartered Accountants (FRN112786W), who have expressed an unmodified opinion on those financial statements, vide their audit report dated September 16, 2022.

Our opinion above on the financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors...”

Our opinion is not modified in respect of this matter.

iii)The Special purpose audit report on the financial statements for the year ended 31 March 2022 issued by R U Kamath & Co. Chartered Accountants contained the following Other Matters paragraph:

We did not audit the financial statements of branch office Singapore (‘Singapore Branch), whose financial statements reflect total assets of Rs.6,10,33,779/- as at 31 March 2022, total revenues of Rs. Rs.6,91,75,845/- and net cash inflows amounting to Rs.60,01,029/- for the year ended on that date, as considered in the financial statements. Singapore Branch financial statements have not been audited by us. These financial statements have been audited by other auditors whose reports have been furnished to us and our opinion on the financial statements, in so far as it relates to the amounts and disclosures included in respect of this Singapore Branch office and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid Singapore Branch office is based solely on the reports of the other auditors. Our opinion above on the financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors

Our opinion is not modified in respect of this matter.

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

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial year ended 31 March 2022 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the financial year ended 31 March 2023;

b)does not contain any qualification, further the matter(s) giving rise to emphasis of matter paragraph and other matter paragraph mentioned in paragraph [6] above does not require any adjustment; and

c)have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

8. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements mentioned in paragraph [4] above.

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

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

11. Our report is intended solely for use of the Board of Directors for inclusion in the UDRHP to be filed with Securities and Exchange Board of India and relevant stock exchanges in connection with the proposed IPO where the equity shares of the Company are proposed to be listed. 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.

Orient Technologies Limited

(Formerly Known as Orient Technologies Private Limited) CIN: U64200MH1997PLC109219

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