Technocrats Plasma Systems Ltd Auditor Reports

Allotment of Securities) Rules, 2014)

To,

The Board of Directors,

TECHNOCRATS PLASMA SYSYTEMS LIMITED

(FORMERLY KNOWN AS TECHNOCRATS PLASMA SYSYTEMS PRIVATE LIMITED)

Dear Sir,

We have examined the attached Restated Audited Financial Information of Technocrats Plasma Systems Limited comprising the Restated Audited Statement of Assets and Liabilities as at June 30, 2025, March 31, 2025, March 31, 2024 & March 31, 2023. the Restated Audited Statement of Profit & Loss, the Restated Audited Cash Flow Statement for the financial period ended June 30, 2025, year ended March 31, 2025, year ended March 31, 2024 & year ended March 31, 2023, the Summary statement of Significant Accounting Policies and other explanatory Information (Collectively the Restated Financial Information) as approved by the Board of Directors in their meeting held on December 27,2025 for the purpose of inclusion in the Offer Document, to be filed in connection with its Initial Public Offer (IPO) of Equity Shares of the Company . This Restated Financial Information has been prepared in accordance with 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 (ICDR Regulations) as amended (ICDR Regulations); and related amendments / clarifications from time to time issued by the Securities and Exchange Board of India ( SEBI );

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).

Managements Responsibility for the Restated Financial Information:

The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the offer document to be filed with SME Platform of BSE Limited (BSE SME), Securities and Exchange Board of India, and Registrar of Companies, Mumbai in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company for the financial period ended June 30, 2025, year ended March 31, 2025, year ended March 31, 2024 & year ended March 31, 2023 on the basis of preparation stated in ANNEXURE - IV to the Restated Financial Information. The Board of Directors of the companys 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.

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 August 11, 2025 in connection with the proposed IPO of equity shares of the Company; The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

b) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information; and ,

c) 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.

Restated Financial Information:

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

Audited Financial Statement for the financial period ended June 30, 2025, year ended March 31, 2025, year ended March 31, 2024 & year ended March 31, 2023, 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 and which have been approved by the board of directors.

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

a) Auditors Report issued the previous statutory auditors Piyush Kothari & Associates (the Statutory Auditors) December 18, 2025 August 12, 2025 & September 30, 2024 for the period / year ended on June 30, 2025, March 31, 2025; March 31, 2024 respectively and D J A D & CO. (the Statutory Auditors) dated September 05, 2023 for the financial year ended March 31, 2023.

b) The audit was conducted by the Companys statutory auditors, and accordingly reliance has been placed on the statement of assets and liabilities and statements of profit and loss, the Significant Accounting Policies, and other explanatory information and (collectively, the Audited Financial Statement) examined by them for the said years.

Auditors Reports:

The audit reports on the financial statements were modified and included following matter(s) giving rise to modifications on the financial statements as at and for the period ended on June 30, 2025, year ended March 31, 2025, year ended March 31, 2024 & year ended March 31, 2023:-

a) The Restated Financial Information or Restated Summary Financial Statement have been made after incorporating adjustments for prior period and other material amounts in the respective financial years/period to which they relate and there were qualifications which required no adjustments;

b) Extra-ordinary items that needs to be disclosed separately in the accounts has disclosed wherever required;

c) There were no qualifications in the Audit Reports issued by Piyush Kothari & Associates for the period / year ended on June 30, 2025, March 31, 2025, and March 31, 2024 which required adjustments in this Restated Financial Statements of the Company. Qualifications stated by D J A D & CO. for the year ended March 31, 2023 required no adjustments in this Restated Financial Statements of the Company;

d) 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;

e) Adjustments in Restated Financial Information or Restated Summary Financial Statement have been made in accordance with the correct accounting policies,

f) There was no change in accounting policies, which needs to be adjusted in the Restated Financial Information or Restated Summary Financial Statement;

g) There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Information or Restated Summary Financial Statement.

h) The Company has not paid any dividend since its incorporation.

i) The related party transaction for purchase & sales of services entered by the company are at arms length.

In accordance with the requirements of Part I of Chapter III of Act including rules made there under,

ICDR Regulations, Guidance Note and Engagement Letter, we report that:

a) The Restated Statement of Assets and Liabilities as set out in ANNEXURE - I to this report, of the Company as at period Ended on June 30, 2025, year ended March 31, 2025, year ended March 31, 2024 & year ended March 31, 2023 is prepared by the Company and approved by the Board of Directors. These Restated Summary 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 - IV to this Report.

b) The Restated Statement of Profit and Loss as set out in ANNEXURE - II to this report, of the Company for the period Ended on June 30, 2025, year ended March 31, 2025, year ended March 31, 2024 & year ended March 31, 2023 is prepared by the Company and approved by the Board of Directors. These Restated 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 - IV to this Report.

c) The Restated Statement of Cash Flow as set out in ANNEXURE - III to this report, of the Company for the period Ended on June 30, 2025, year ended March 31, 2025, year ended March 31, 2024 & year ended March 31, 2023 is prepared by the Company and approved by the Board of Directors. 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, 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.

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 for the period Ended on June 30, 2025, year ended March 31, 2025, year ended March 31, 2024 & year ended March 31, 2023 proposed to be included in the Red Herring Prospectus / Prospectus (Offer Document) for the proposed IPO.

Restated Statement of Share Capital, Reserves And Surplus	Note - 2&3
Restated Statement of Long Term Borrowings	Note - 4
Restated Statement of Long Term Provisions	Note - 5
Restated Statement of Short Term Borrowings	Note - 6
Restated Statement of Short Term Provisions	Note - 7
Restated Statement of Trade Payables	Note - 8
Restated Statement of Other Current Liabilities	Note - 9
Restated Statement of Fixed Assets	Note - 10
Restated Statement of Other Current Investments	Note - 11
Restated Statement of Long Term Loans & Advances	Note - 12
Restated Statement of Deferred Tax Assets	Note - 13
Restated Statement of Other Non Current Assets	Note - 14
Restated Statement of Inventories	Note - 15
Restated Statement of Trade Receivables	Note - 16
Restated Statement of Cash & Cash Equivalents	Note - 17
Restated Statement of Short Term Loans & Advances	Note - 18
Restated Statement of Other Current Assets	Note - 19
Restated Statement of Revenue from Operations	Note - 20
Restated Statement of Other Income	Note - 21
Restated Statement of Cost Of Material Consumed	Note - 22
Restated Statement of Changes in Inventories of WIP	Note - 23
Restated Statement of Employee Benefit Expenses	Note - 24
Restated Statement of Finance Cost	Note - 25
Restated Statement of Depreciation & Amortisation	Note - 10
Restated Statement of Other Expenses	Note - 26
Restated Statement of Earnings per Share	Note -- 27
Restated Statement of Other Disclosure to the Restated Financial	Note - 28&29
Restated Statement of Contingent Liabilities & Commitments	Note - 30
Restated Statement of Gratuity	Note - 31
Restated statement of Related party transaction	Note - 32
Restated statement of General Instructions to the Statement of Profit and Loss	Note - 33&34

In our opinion and to the best of information and explanation provided to us, the Restated Financial Information of the Company, read with significant accounting policies and notes to accounts as appearing in ANNEXURE - IV are prepared after providing appropriate adjustments and regroupings as considered appropriate.

We, M/ s. Bhasin Hota & 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. Our Peer reviewed certificate number 021433 shall remain valid till 31-07-2028 issued by the Peer Review Board of the ICAI.

The preparation and presentation of the 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 Financial Statements and information referred to above is the responsibility of the management of the Company.

The Restated Financial Information does not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Audited Financial Statements as at and for the period/year ended June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023 as mentioned in paragraph 5 above.

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.

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

In our opinion, the above financial information contained in ANNEXURE - I to XII 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 Companies Act, ICDR Regulations, Engagement Letter and Guidance Note.

Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with the IPO-SME for Proposed Issue of Equity Shares of the Company and our report should not be used, referred to or distributed for any other purpose without our prior consent in writing.

For Bhasin Hota & Co,
Chartered Accountants
ICAI Firm Registration No.: 509935E
S d/-
CA Akshay Suresh Joshi
Partner
Membership No: 170787
Place: Mumbai
Date: 27th December,2025
UDIN: 25170787YXIUCP2337