Beacon Trusteeship Ltd Auditor Reports

Report on the Restated Consolidated Statements of Assets and Liabilities as at March 31, 2024 , March 31, 2023, and March 31, 2022 and Restated Consolidated Statement of Profits and Losses, Restated Consolidated Statement of Cash Flows for each of the years ended March 31, 2024, March 31, 2023, and March 31, 2022, Summary Statement of Significant Accounting Policies and other explanatory information of Beacon Trusteeship Limited (collectively, the "Restated Consolidated Summary Statements").

To

The Board of Directors Beacon Trusteeship Limited

7A & B, Siddhivinayak Chambers, Gandhi Nagar, Opp MIG Cricket Club, Bandra (E), Mumbai - 400051

Dear Sirs/Madams:

1. We, have examined the Restated Consolidated Summary Statements of Beacon Trusteeship Limited (the

"Company") as at and for the year ended March 31, 2024, March 31, 2023 , and March 31, 2022 annexed to this report and prepared by the Company for the purpose of inclusion in the Red Herring Prospectus / Prospectus ("Offer Document") proposed to be filed with National Stock Exchange of India Limited ( "NSE" or "the Stock Exchange") ; in connection with the proposed initial public offering of equity shares ("IPO") on the EMERGE Platform of NSE. The Restated Consolidated Summary Statements, which have been approved by the Board of Directors of the Company at their meeting held on May 13, 2024, have been prepared 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 ("ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) (as amended) issued by the Institute of Chartered Accountants of India ("ICAI"), (the "Guidance Note").

2. The preparation of the Restated Consolidated Summary Statements, which are to be included in the Offer Document to be submitted with NSE in connection with the proposed IPO is the responsibility of the Management of the Company. The Restated Consolidated Summary Statements have been prepared by the Management of the Company on the basis of preparation, as stated in 1.a to the Restated Consolidated Summary Statements. The Managements responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Summary Statements. The Management is also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations, the Guidance Note and the SEBI Letter.

3. We have examined such Restated Consolidated Summary Statements taking into consideration:

a) the terms of reference and terms of engagement agreed with you vide our engagement letter dated October 10, 2023; and requesting us to carry out the assignment, in connection with the proposed IPO of the Company. b) the Guidance Note. The Guidance Note also requires that we comply with ethical requirements of the Code of Ethics Issued by ICAI. c) concepts of test checks and materiality to obtain reasonable assurance based on the verification of evidence supporting the Restated Ind AS Summary Statements; 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 Guidance Note in connection with the IPO.

4. The Company proposes to make an initial public offering which comprises an offer for sale by certain existing shareholders and fresh issue of its equity shares of face value of Rs. 10 each at such premium arrived at by the book building process (referred to as the Issue), as may be decided by the Companys Board of Directors.

Restated Consolidated Summary Statements

5. These Restated Consolidated Summary Statements have been compiled by the management of the Company from:

a) Audited Consolidated financial statements of the Company as at and for the year ended March 31, 2024 prepared in accordance with the Accounting Standards prescribed under Section 133 of the Act read with Companies (Accounts) Rules, 2014, as amended and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on May 13, 2024.

b) Audited special purpose consolidated financial statements of the Company as at and for the year ended March 31, 2023 prepared in accordance with Accounting Standards prescribed under Section 133 of the Act with Companies (Accounts) Rules, 2014 as amended and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on February 09, 2024.

c) Audited special purpose consolidated financial statements of the Company as at and for each of the years ended March 31, 2022 and March 31, 2021, which were prepared by the Company after taking into the consideration the requirements of the SEBI Letter and were approved by the Board of Directors at their meeting held on February 09, 2024.

The Company appointed us to audit the special purpose consolidated financial statements of the Company as at and for each of the years ended March 31, 2023, March 31, 2022, and March 31, 2021 in lieu of the statutory financial statements that were adopted by the Company on July 31 2023, July 08, 2022 and September 03, 2021. We have examined the restated consolidated summary statements based on our audit of special purpose consolidated financial statements for the said years.

The audited special purpose consolidated financial statements as at and for each of the years ended March 31, 2023, March 31, 2022 and March 31, 2021 have been prepared after incorporating suitable adjustments for consolidation of financial statements of the associate company "Beacon payroll and benefits private limited"

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

a) Auditors reports issued by us dated May 13, 2024 on the audited consolidated financial statements of the Company as at and for the year period ended 31 March, 2024 as referred in Paragraph 5(a) above.

b) Auditors reports issued by us, dated February 09, 2024 on the audited special purpose consolidated financial statements of the Company as at and for the year ended March 31, 2023 as referred in Paragraph 5 (b) above.

c) Auditors report issued by us, dated February 09, 2024, on the audited consolidated special purpose Financial Statements as at and for each of the years ended March 31, 2022 and March 31, 2021, respectively, as referred in paragraph 5(c) above.

7. We have not audited any financial statements of the Company as of any date or for any period subsequent to March 31, 2024. Accordingly, we express no opinion on the financial position, results of operations, and its cash flows of the Company as of any date or for any period subsequent to March 31, 2024.

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

9. The Restated Consolidated Summary Statements do not reflect the effects of events that occurred subsequent to the audited financial statements mentioned in paragraph 5(a) above.

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

11. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document to be filed with NSE in connection with the proposed IPO on the EMERGE platform of NSE. Our report should not be used, referred to, or distributed for any other purpose. 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.

For PVK & Co

Chartered Accountants

ICAI Firm Registration Number: 139505W

Vinay Luharuka

Partner

Membership Number: 143422

UDIN: 24143422BKCNPE5884

Place : Navi Mumbai

Date: May 13, 2024