Electro Force (India) Ltd Auditor Reports

To,

The Board of Directors,

Electro Force (India) Limited

(Formerly Known as Electro Force (India) Private Limited)

39/5, Village - Waliv,

Taluka - Vasai East, District - Palghar,

Maharashtra - 401 208, India

Auditors? Report on Restated Financial Information in connection with the Initial Public Offering of
Electro Force (India) Limited (Formerly Known as Electro Force (India) Private Limited)

Dear Sirs,

1. This report is issued in accordance with the terms of our agreement dated August 25, 2023.

2. The accompanying restated financial information, expressed in Indian Rupees, of Electro Force (India)
Limited (Formerly Known as Electro Force (India) Private Limited) (hereinafter referred to as the
"Company"), comprising Financial Information in paragraph A below and Other Financial Information
in paragraph B below (hereinafter together referred to as "Restated Financial Information"), has been
prepared by the Management of the Company in accordance with the requirements of section 26 and
Section 32 of the Companies Act, 2013 (hereinafter referred to as the "Act") read with Rule 4 to Rule 6
of the Companies (Prospectus and Allotment of Securities) Rules, 2014 (the "Rules") and item (IX) of
Part A of Schedule VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018, as amended to date on September 11, 2018 issued by the Securities
and Exchange Board of India (the "SEBI") in connection with the Proposed Initial Public Offering of
Equity Shares of the Company (the "Issue") read with the Guidance Note on Reports in Company
Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India ("Guidance Note
2019") and has been approved by the Board of Directors and initialed by us for ident ification purposes
only. For the purposes of our examination, we have placed reliance on the audited financial statement for
the years ended March 31, 2022 and March 31, 2021 (all of which were expressed in Indian Rupees), on
which previous auditor have expressed unmodified audit opinions vide our reports dated September 05,
2022 and November 23, 2021 respectively.

Management?s Responsibility for the Restated Financial Information

3. The preparation of the Restated Financial Information, which is to be included in the Offer Document, is
the responsibility of the Management of the Company and has been approved by the Board of Directors,
at its meeting held on April 25, 2022 for the purpose set out in paragraph 13 below. The Management?s
responsibility includes designing, implementing and maintaining internal control relevant to the
preparation and presentation of the Restated Financial Information. The Management is also responsible
for identifying and ensuring that the Company complies with the laws and regulations applicable to its
activities.

Auditors? Responsibilities

4. Our work has been carried out in accordance with the Standards on Auditing under section 143(10) of
the Act, (Revised) Guidance Note on Reports in Company Prospectuses and other applicable
authoritative pronouncements issued by the Institute of Chartered Accountants of India and pursuant to
the requirements of section 26 and Section 32 of the Act read with applicable provisions within Rule 4
to Rule 6 of the Rules and the SEBI Regulations. Our work was performed solely to assist you in meeting
your responsibilities in relation to your compliance with the Act and the SEBI Regulations in connection
with the Issue.

A. Financial Information as per audited financial statements:

5. We have examined the following summarized financial statements of the Company contained in
Financial Information of the Company:

a) the "Restated Statement of Assets and Liabilities " as at March 31, 2023, 2022 and 2021 (enclosed as
Annexure I);

b) the "Restated Statement of Profit and Loss" for the years ended March 31, 2023, 2022 and 2021
(enclosed as Annexure II) and

c) the "Restated Statement of Cash Flows" for the years ended March 31, 2023, 2022 and 2021 (enclosed
as Annexure III).

6. The Restated Financial Information, expressed in Indian Rupees, has been derived from the audited
financial statement as at March 31, 2023, 2022 and 2021, all of which expressed in Indian Rupees and for
the years ended March 31, 2023, March 31, 2022, and March 31, 2021, all of which expressed in India
Rupees.

7. We draw your attention to the following:

a) the Restated Financial Information should be read in conjunction with the basis of preparation and
significant accounting policies given in Annexure IV (as described in paragraph 9 below);

b) the Restated Financial Information does not contain all the disclosures required by the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.

8. We have not audited any financial statements of the Company as of any date or for any period
subsequent to March 31, 2023. Accordingly, we do not express any opinion on the financial position,
results of operations or cash flows of the Company as of any date or for any period subsequent to
March 31, 2023.

B. Other Financial Information:

9. At the Company?s request, we have also examined the following Other Financial Information relating to
the Company as at March 31, 2023, 2022 and 2021 and for the years ended March 31, 2023, March 31,
2022, and March 31, 2021 proposed to be included in the offer document, prepared by the Management
of the Company and as approved by the Board of Directors of the Company and annexed to this report:

a) Basis of preparation and Significant Accounting Policies as enclosed in Annexure IV

b) Notes to the Restated Financial Information as enclosed in Annexure V

c) Restated Statement of Reserves & Surplus as enclosed in Annexure VI

d) Restated Statement of Secured Borrowings as enclosed in Annexure VII

e) Restated Statement of Unsecured Borrowings as enclosed in Annexure VIII

f) Restated Statement of Current Liabilities & Provisions as enclosed in Annexure IX

g) Restated Statement of Trade Receivables as enclosed in Annexure X

h) Restated Statement of Long Term Loans and Advances as enclosed in Annexure XI

i) Restated Statement of Short Term Loans and Advances as enclosed in Annexure XII

j) Restated Statement of Other Income as enclosed in Annexure XIII

k) Restated Statement of Accounting Ratios as enclosed in Annexure XIV

l) Restated Statement of Capitalisation as enclosed in Annexure XV

m) Restated Statement of Tax Shelter as enclosed in Annexure XVI

n) Reconciliation Of Restatement Adjustments Annexure XVII

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

Opinion

11. In our opinion:

a) the Restated Financial Information of the Company, as attached to this report and as mentioned in
paragraphs A and B above, read with basis of preparation and respective significant accounting policies
have been prepared in accordance with the Act, Rules, and the SEBI Regulations;

b) there have been no changes in accounting policies of the Company (as disclosed in Annexure IV to this
report);

c) there are no qualifications in the Auditors? Report which require any adjustments; and

d) there are no extra-ordinary items which needs to be disclosed separately.

12. This report should not in any way be construed as a re-issuance or re-dating of any of the previous audit
reports issued by us on the financial statements of the Company.

Restriction on Use

13. This report is addressed to and is provided to enable the Board of Directors of the Company to include this
report in the offer document, prepared in connection with the proposed Initial Public Offering of Equity
Shares of the Company, to be filed by the Company with the SEBI, Registrar of Companies, Mumbai and
the concerned Stock Exchanges.