Supertech EV Ltd Auditor Reports

Independent Auditors Report on Restated Financial Statements

To,

The Company,

Supertech EV Limited

Plot No. 150, Sector 16, HSIIDC Bahadurgarh, Jhajjar, Haryana-124507

1. We have examined the attached restated financial information of Supertech EV Limited (hereinafter referred to as "the Entity") comprising the restated statement of assets and liabilities as at March 31, 2024 and March 31,

2023, restated statement of profit and loss and restated cash flow statement for the period ended on March 31, 2024 and March 31, 2023 and the summary statement of significant accounting policies and other explanatory information (collectively referred to as the "restated financial information" or "restated financial statements") annexed to this report and initialed by us for identification purposes. These Rest ated Financial Statements have been prepared by the management of the Entity and approved by the management in connection with the proposed Initial Public Offering on SME Platform ("IPO" or "BSE SME Platform") of BSE Limited ("BSE") of Supertech EV Limited ("New Company").

2. These restated summary statements have been prepared in accordance with the requirements of:

(i) Section 26 of Part I of Chapter III of 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") 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 Entitys Management is responsible for the preparation of the Restated Financial Statements for inclusion in the DRHP to be filed with Securities and Exchange Board of India ("SEBI"), BSE and Registrar of Companies (NCT of Delhi and Haryana) in connection with the proposed IPO. The Restated Financial Statements have been prepared by the management of the Entity on the basis of preparation stated in Annexure IV to the Restated Financial Statements. The responsibility of the management of the Entity inclu des designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Statements. The management is responsible for identifying and ensuring that the Entity complies with the Act, ICDR Regulations and the Guidance Note.

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

(i) The terms of reference and terms of our engagement letter requesting us to carry out the assignment, in connection with the proposed SME Platform of BSE Limited;

(ii) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

(iii) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Statements;

(iv) 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 Statements of the Entity have been compiled by the management from audited financial statements for the year ended on March 31, 2024 and March 31, 2023.

6. Audit for the year ended March 31, 2024 and 2023 was conducted by M/s Rajesh Kukreja & Associates, Chartered Accountants vide report dt. September 29, 2023 and September 30, 2022 respectively. There are no audit qualifications in the audit reports issued by previous auditors and which would require adjustments in the Restated Financial Statements of the Entity. The financial report included for these years is based solely on the report submitted by him.

7. Based on our examination and according to information and explanations given to us, we are of the opinion that the Restated Financial Statements:

a) Have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively in period ended on March 31, 2024 and March 31, 2023.

b) do not require any adjustment for modification as there is no modification in the underlying audit reports; c) have no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments. d) have been prepared in accordance with the Act, ICDR Regulations and Guidance Note.

8. In accordance with the requirements of the Act including the rules made there under, ICDR Regulations, Guidance Note and engagement letter, we report that:

(i) The "restated statement of asset and liabilities" of the Entity year ended on March 31, 2024 and March

31, 2023 examined by us as set out in Annexure I to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited financial statements of the Entity, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report.

(ii) The "restated statement of profit and loss" of the Entity for the financial period ended on March 31,

2024 and March 31, 2023 are examined by us, as set out in Annexure II to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited financial statements of the Entity, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report.

(iii) The "restated statement of cash flows" of the Entity for the financial period ended on March 31, 2024 and March 31, 2023 are examined by us, as set out in Annexure III to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the unaudited/audited financial statements of the Entity, as in our opinion were appropriate and more fully described in notes to restated summary statements to this report.

9. We have also examined the following other financial information relating to the Entity prepared by the management and as approved by the management of the Entity and annexed to this reporting relating to the Entity for the financial period ended on March 31, 2024 and March 31, 2023 proposed to be included in the Draft

Prospectus / Prospectus ("Offer Document").

Annexure to Restated Financial Statements of the Company:

I. Summary statement of assets and liabilities, as restated as appearing in ANNEXURE I; II. Summary statement of profit and loss, as restated as appearing in ANNEXURE II; III. Summary statement of cash flows as restated as appearing in ANNEXURE III;

IV. Business Information, Significant accounting policies as restated and Notes to reconciliation of restated profits and net worth as appearing in ANNEXURE IV; V. Details of Prop as restated as appearing in ANNEXURE V to this report;

VI. Details of long-term borrowings as restated as appearing in ANNEXURE VI to this report; VII. Details of long-term provisions as appearing in ANNEXURE VII to this report;

VIII. Details of short-term borrowings as restated as appearing in ANNEXURE VIII to this report;

IX. Details of trade payables as restated as appearing in ANNEXURE IX to this report;

X. Details of other current liabilities as restated as appearing in ANNEXURE X to this report; XI. Details of short-term provisions as restated as appearing in ANNEXURE XI to this report;

XII. Details of property, plant & equipment and intangible assets as restated as appearing in ANNEXURE XII to this report; XIII. Details of non-current investments as appearing in ANNEXURE XIII to this report;

XIV. Details of Deferred Tax Asset (Net) as restated as appearing in ANNEXURE XIV to this report; XV. Details of other non-current assets as restated as appearing in ANNEXURE XV to this report; XVI. Details of inventories as restated as appearing in ANNEXURE XVI to this report;

XVII. Details of trade receivables as restated as appearing in ANNEXURE XVII to this report; XVIII. Details of cash and bank balance as restated as appearing in ANNEXURE XVIII to this report;

XIX. Details of short-term loans and advances as restated as appearing in ANNEXURE XIX to this report; XX. Details of revenue from operations as restated as appearing in ANNEXURE XX to this report;

XXI. Details of other income as restated as appearing in ANNEXURE XXI to this report;

XXII. Details of cost of materials consumed as restated as appearing in ANNEXURE XXII to this report. XXIII. Details of employee benefit expenses as restated as appearing in ANNEXURE XXIII to this report; XXIV. Details of finance cost as restated as appearing in ANNEXURE XXIV to this report;

XXV. Details of depreciation and amortization expenses as restated as appearing in ANNEXURE XXV to this report; XXVI. Details of other expenses as restated as appearing in ANNEXURE XXVI Ito this report;

XXVII. Details of other income as restated as appearing in ANNEXURE XXVII to this report; XXVIII. Ageing of trade payable as restated as appearing in ANNEXURE XXVIII to this report;

XXIX. Ageing of trade receivable as restated as appearing in ANNEXURE XXIX to this report; XXX. Details of contingent liabilities as restated as appearing in ANNEXURE XXX to this report; XXXI. Accounting Ratios as restated as appearing in ANNEXURE XXXI to this report;

XXXII. Statement of tax shelter as restated as appearing in ANNEXURE XXXII to this report;

XXXIII. Details of related party transaction as restated as appearing in ANNEXURE XXXIII to this report; XXXIV. Disclosure under AS-15as restated as appearing in ANNEXURE XXXIV to this report;

XXXV. Details of restated value of imports calculated on C.I.F. basis by the Entity during the period/period as appearing in ANNEXURE XXXV to this report; XXXVI. Details of restated value (including incidental expenses) of imported and indigenous raw materials consumed as appearing in ANNEXURE XXXVI to this report; XXXVII. Details of earnings in foreign exchange as restated as appearing in ANNEXURE XXXVII to this report;

XXXVIII. Details of dues of small enterprises and micro enterprises restated as appearing in ANNEXURE XXXVIII to this report;

10. 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.

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

12. Our report is intended solely for use of the board of directors for inclusion in the offer document to be filed with

SEBI, BSE and Registrar of Companies (NCT of Delhi and Haryana) in connection with the proposed SME Platform of BSE Limited. 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.

Place: New Delhi Date: June 29, 2024