Asset Reconstruction Company India Ltd Auditor Reports

The Board of Directors

Asset Reconstruction Company (India) Limited

The Ruby, 10th Floor,

29, Senapati Bapat Marg,

Dadar (West), Mumbai 400 028

Dear Sirs,

1. We M S K A & Associates LLP (Formerly M S K A & Associates), Chartered Accountants (referred to as "we" or "us") have examined the Restated Standalone Financial Information of Asset Reconstruction Company (India) Limited (the "Company") comprising the Restated Standalone Balance Sheet as at 31 March 2026, 31 March 2025 and 31 March 2024, Restated Standalone Statement of Profit and Loss (including other comprehensive income), the Restated Standalone Statement of Changes in Equity, the Restated Standalone Statement of Cash Flow for each of the years ended 31 March 2026, 31 March 2025 and 31 March 2024, the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively, the "Restated Standalone Financial Information"), annexed to this report for the purpose of inclusion in the Red Herring Prospectus ("RHP") and Prospectus (collectively, the "Offer Documents"), prepared by the Company in connection with its proposed Initial Public Offer of equity shares of face value of Rs. 10 each ("Offer"). The Restated Standalone Financial Information, which have been approved by the Board of Directors of the Company at their meeting held on August 21, 2026, have been prepared by the Company in accordance with 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 (the "SEBI 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 management is responsible for the preparation of Restated Standalone Financial Information for the purpose of inclusion in the Offer Documents to be filed with Securities and Exchange Board of India ("SEBI"), BSE Limited ("BSE"), the National Stock Exchange of India Limited ("NSE") and Registrar of Companies, Mumbai - I at Mumbai in connection with the Offer. The Restated Standalone Financial Information have been prepared by the management of the Company in accordance with the basis of preparation stated in Note 2.1 to the Restated Standalone Financial Information. The Board of Directors of the Company is responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Financial Information. The Board of Directors of the Company is also responsible for identifying and ensuring that the Company complies with the Act, the SEBI ICDR Regulations and the Guidance Note.

3. We have examined such Restated Standalone Financial Information taking into consideration:

a) the terms of reference and our engagement agreed with you vide our engagement letter dated 30 May 2025 and addendum dated 15 July 2026, in connection with the Offer.

b) The Guidance Note. The Guidance Note also requires that we comply with the ethical requirements as stated in the Code of Ethics issued by the ICAI;

c) the concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Standalone Financial Information; and

d) the requirements of Section 26 of the Act and the SEBI ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the SEBI ICDR Regulations and the Guidance Note in connection with the Offer.

4. The Restated Standalone Financial Information have been compiled by the management from the:

Audited financial statements of the Company as at and for the years ended 31 March 2026, 31 March 2025 and 31 March 2024 prepared in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (referred to as "Ind AS") as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, along with the presentation requirements of Division II of Schedule III to the Act , and have been approved by the Board of Directors at their meetings held on 15 May 2026, 07 May 2025 and 29 May 2024.

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

a. Auditors report issued by us dated 15 May 2026 and 07 May 2025 on the financial statements of the Company as at and for the year ended 31 March 2026 and 31 March 2025 respectively as referred in Para 4 above. The audited financial statements of the Company for the year ended 31 March 2026 and 31 March 2025 didnt include any Emphasis of Matter Paragraph.

b. Auditors reports issued by K. S. Aiyar & Co ("Previous Auditor") dated 29 May 2024 on the financial statements of the Company as at and for the year ended 31 March 2024, as referred in Para 4 above. The audited financial statements of the Company for the year ended March 31, 2024 didnt include any Emphasis of Matter Paragraph.

6. Based on our examination and according to the information and explanations given to us, we report that the Restated Standalone Financial Information:

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regroupings/ reclassifications retrospectively for each of the financial years 31 March 2025 and 31 March 2024, to reflect the same accounting treatment as per the accounting policies and grouping/ classifications followed as at and for the 31 March 2026, as more fully described in Note 74 to Restated Standalone Financial Information;

b) there are no qualifications in the auditors reports on the audited financial statements of the Company as at and for the financial years ended 31March 2026, 31 March 2025 and 31 March 2024 which require any adjustments to the Restated Standalone Financial Information.

c) have been prepared in accordance with the Act, the SEBI ICDR Regulations and the Guidance Note.

7. The Restated Standalone 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.

8. This report should not in any way be construed as a reissuance or re-dating of any of the previous auditors reports issued by us, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

10. Our report is intended solely for use of the Board of Directors and for inclusion in the Offer Documents to be filed with the SEBI, BSE, NSE and the Registrar of Companies, Maharashtra, situated at Mumbai - I at Mumbai, as applicable in connection with the Offer. Our report should not be used, referred to or distributed for any other purpose without 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.

(Formerly M S K A & Associates)

Chartered Accountants

Firm Registration Number: 105047W

Partner

Membership No. 117812

UDIN : 26117812ZVWYIN8214

Place: Mumbai

Date: August 21, 2026.