Yash Highvoltage Ltd Auditor Reports

EXAMINATION REPORT ON RESTATED FINANCIAL INFORMATION

To, The Board of Directors,

Yash Highvoltage Limited

Dear Sirs,

1. We have examined the attached Restated Financial Information of Yash Highvoltage Limited (the "Company") comprising the Restated Statement of Assets and Liabilities as at June 30, 2024, March 31, 2024, 31^st March 2023 and 31^st March 2022, the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the three month period ended June 30, 2024 and for the years ended March 31, 2024, 31^st March 2023 and 31^st March 2022, the Summary Significant Accounting Policies, and other explanatory Statement of information (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 14^th October 2024 for the purpose of inclusion in the Draft Red Herring Prospectus ("DRHP") prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares ("SME IPO") 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 ("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 to be filed with Security Exchange Board of India, Bombay Stock Exchange, and Registrar of Companies, Gujarat and Dadra & Nagar Haveli in connection with the proposed SME IPO. The Restated Financial Information have been prepared by the management of the Company for the period ended 30^th June 2024 and for the financial year ended on 31^st March 2024, 31^st March, 2023 and 31^st March 2022 on the basis of preparation stated in note-B to the Restated Financial Information. The Board of Directors of the Company are responsible for 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 dated 18^th July 2024 in connection with the proposed SME IPO of equity shares of the Company;

b) The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by ICAI. 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 Information; and 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 compiled by the management from Audited financial statements of the Company for the period ended 30^th June 2024 and for the financialyear ended on 31^st March 2024, 31^st March, 2023 and 31^st March, 2022, which have been approved by the Board of Directors at their meeting held on 14^th October 2024, 29^th June 2024, 21^st July 2023 & 19^th July 2022 respectively. The financial statements of the Company for the year ended 31^st March 2024, 31^st March 2023 and 31^st March 2022 have been audited by M/s. Naresh & Co. (the "Previous Auditors").

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

a) Auditors Report issued by us dated 14^th October 2024 on the audit of financial statement as at 3 months period ended 30^th June 2024 as referred to in para [4] above. b) Auditors Report issued by the Previous Auditors dated 29^th June 2024, 21^st July 2023 & 19^th July 2022 on the financial statements of the company as at and for the years ended March 31, 2024, 31^st March 2023 and 31^st March 2022, as referred in Paragraph [4] above.

6. There were no modifications to the audit reports on the financial statements issued by Previous Auditors as at and for the years ended 31^st March 2024, 31^st March 2023 and 31^st March 2022 and by us as at and for the period ended 30^th June 2024.

7. We have examined:

a) The attached Restated Statement of Assets and Liabilities of the Company, as at 30^th June 2024, 31^st March 2024, 31^st March 2023, 31^st March 2022.

b) The attached Restated Statement of Profits & Losses of the Company for the period ended 30^th June 2024 & for the financial year ended on 31^st March 2024, 31^st March 2023 and 31^st March 2022.

c) The attached Restated Statement of Cashflows of the Company for the period ended 30^th June 2024 & for the financial year ended on 31^st March 2024, 31^st March 2023, and 31^st March 2022. ant Accounting Policies adopted by the Company and notes to the Restated Signifint.

d) The Financial Statements along with adjustments on account of adjustments / regroupings.

8. Based on our examination, as per reliance placed by us on the audited of the company and auditors report thereon, which have been prepared by us for the period ended 30^th June 2024 and by the previous auditor for the year ended 31^st March, 2024, 31^st March 2023, 31^st March 2022 and according to the information and explanations given to us, we report that the Restated Financial Information:

i. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the 31^st March 2024, 31^st March 2023 & 31^st March 2022 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for theperiod ended June 30, 2024;

ii. do not require any adjustments for the matters giving rise to modifications as stated in paragraph 6 above; and

iii. Made after incorporating adjustments for any material amounts in the respective financial years to which they relate; and

iv. Have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

9. We, M/s Shah Mehta & Bakshi, Chartered Accountants, have been subjected to the peer review process of the Institute of Chartered Accountant of India (‘ICAI) and hold the peer review certificate no. 014422 having effective date from 20^th July 2022 to 31^st July 2025.

10. 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.

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 the Previous Auditors, 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 DRHP to be filed Security Exchange Board of India, Bombay Stock Exchange and Registrar with of Companies, Gujarat and Dadra & Nagar Haveli in connection with the proposed SME 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 Shah Mehta and Bakshi

Chartered Accountants

Firm Registration No. 103824W

SD

Daxal Pandya

Partner

Membership No.: 177345

Date: 14th October 2024

Place: Vadodara

UDIN: 24177345BKBFJK9071