Sahaj Solar Ltd Auditor Reports

INDEPENDENT AUDITORS REPORT ON RESTATED FINANCIAL INFORMATION (As required by Section 26 of Companies Act, 2013 read with Rule 4 of Companies (Prospectus and Allotment of Securities) Rules, 2014)

To,

The Board of Directors, Sahaj Solar Limited

Office No. 301, Ashirvad Paras Opp Prahladnagar Garden, Satellite,Ahmedabad, Gujarat, India, 380051

Dear Sir,

We have examined the attached Restated Financial Information of Sahaj solar Limited (CIN: U35105GJ2010PLC059713) comprising the Restated Statement of Assets and Liabilities as at March 31, 2024, March 31, 2023,March 31, 2022 & March 31, 2021 the Restated Statement of Profit & Loss, the Restated Cash Flow Statement for the financial year ended March 31, 2024, March 31, 2023,March 31, 2022 & March 31, 2021 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 June 13, 2024 for the purpose of inclusion in the Offer Document, prepared by the Company in connection with its Initial Public Offer of Equity Shares (SME IPO) and prepared in terms of the requirement 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 as amended from time to time. (“The Guidance Note”).

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 Stock Exchange, Securities and Exchange Board of India, and Registrar of Companies, Ahmedabad in connection with the proposed SME IPO. The Restated Financial Information have been prepared by the management of the Company for the Financial year ended on March 31, 2024, March 31, 2023,March 31, 2022 & March 31, 2021 on the basis of preparation stated in 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 June 01 2024 in connection with the proposed SME 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 SME IPO.

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

Audited financial statements of company as at and for the financial year ended March 31, 2024, and restated financials statement for March 31, 2023, March 31, 2022 & March 31, 2021 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.

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

a) Stand-alone Auditors Report issued by us for March 31,2024 dated 11^th May,2024 and Restated Standalone Financials statement audited by previous auditor i.e., B.V. Zalawadia & Co on December 30, 2023 for the financial year ended 31st March 2023, 31st March 2022 & 31st March 2021 respectively.

b) The companys Restated Financial statements for the financial year ended March 31, 2024, 2023, 2022 and 2021 which have been approved by the board of Directors at their meeting respectively and books of accounts underlying those financial statements and other records of the company, to the extent considered necessary for the preparation of restated financial statements are responsibility of the companys Management.

Also, it is important to note that we have only restated financials for the Year ended March 31, 2024 and for the Financial year ended March 31, 2023, March 31, 2022 and March 31, 2021 we have relied on the restated financials audited by predecessor auditor M/s B V Zalawadia & Co.

The figures for the years ended March 31, 2023, March 31, 2022, and March 31, 2021, have been regrouped from the restated audited financials where necessary to ensure comparability with the financial data for the year ended March 31, 2024.

We have audited the special purpose financial information of the Company for the year ended March 31, 2024, prepared by the Company in accordance with the Accounting Standard for the limited purpose of complying with the requirement of getting its financial statements audited by an audit firm holding a valid peer review certificate issued by the “Peer Review Board” of the ICAI as required by ICDR Regulations in relation to proposed SME IPO. We have issued our report dated 13^th June, 2024 on these special purpose financial information to the Board of Directors who have approved these in their meeting held on June 13, 2024.

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 March 31, 2024 & financial year ended on March 31, 2023, March 31, 2022 & March 31,2021:-

a) The Restated Financial Information or Restated Summary Financial Statement have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;

b) 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 are no qualifications which require adjustments;

c) Extra-ordinary items that need to be disclosed separately in the accounts has been disclosed wherever required;

d) There were no qualification made in the Audit Reports issued by us and B.V.ZALAWADIA & CO. for the period ended on March 31, 2023, March 31, 2022 & March 31,2021 which would require adjustments in this Restated Financial Statements of the Company;

e) Profits and losses have been arrived at after charging all expenses including depreciation and after making such regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts.

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

g) There was no change in accounting policies, which need to be adjusted in the Restated Financial Information or Restated Summary Financial Statement.

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

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” of the Company for the Financial Year Ended March 31, 2024, March 31, 2023, March 31, 2022 & March 31, 2021 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.

b) The “Restated Statement of Profit and Loss” of the Company for the Financial Year Ended March 31, 2024, March 31, 2023, March 31, 2022 & March 31,2021 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.

c) The “Restated Statement of Cash Flow” of the Company for the Financial Year Ended March 31, 2024, March 31, 2023, March 31, 2022 & March 31,2021 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.

Restated Audit of Financials for the financial year ended on March 31, 2024 was conducted by us & for the financial year ended on March 31, 2023 & March 31, 2022 was conducted by B. V. ZALAWADIA & CO and Accordingly reliance has been placed on the Restatement of Financial information examined by them for the said years and whenever required we regrouped the financial information for such years.

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 are prepared after providing appropriate adjustments and regroupings as considered appropriate.

We, Mistry and Shah LLP, 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.

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.

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

Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with the SME IPO 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.