BLT Logistics Ltd Auditor Reports

To,

The Board of Directors BLT Logistics Limited

Plot No 304 A/2 Kh 14/20/1 F/F, Patel Garden, Kakrola, South West Delhi, India, 110078 Dear Sirs,

1. We have examined the attached Restated Standalone Financial Information of BLT Logistics Limited (the "Company" or the "Issuer"), comprising the Restated Standalone Statement of Assets and Liabilities as at March 31, 2024, 2023 and 2022, the Restated Standalone Statements of Profit and Loss, the Restated Standalone Cash Flow Statement for the financial year ended March 31, 2024, 2023 and 2022, the Statement of Significant Accounting Policies, and other explanatory information (collectively, the "Restated Standalone Financial Information"), as approved by the Board of Directors of the Company at their meeting held on September 21, 2024 for the purpose of inclusion in the Draft Red Herring Prospectus / Red Herring Prospectus /Prospectus prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO").

2. These Restated Standalone Financial Information have been 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").

3. The Companys Board of Directors is responsible for the preparation of the Restated Standalone Financial Information for the purpose of inclusion in the Draft Red Herring Prospectus / Red Herring Prospectus / Prospectus to be filed with Securities and Exchange Board of India, Registrar of Companies, Delhi and the SME Platform of BSE Limited (BSE SME) in connection with the proposed IPO. The Restated Standalone Financial Information have been prepared by the management of the Company on the basis of preparation stated in Annexure IV to the Restated Standalone Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone 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.

4. We have examined such Restated Standalone 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 July 28, 2024 in connection with the proposed IPO of equity shares of the Issuer;

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 Standalone 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.

5. These Restated Standalone Financial Information have been compiled by the management from the Audited Standalone

Financial Statements of the Company for the financial year ended March 31, 2024 and Audited Financial Statements of the Company for the financial year ended on March 31, 2023 and March 31, 2022 which has been approved by the Board of Directors.

a) We have audited the Standalone Financial Statements of the Company for the financial year ended March 31, 2024 prepared by the company in accordance with Indian Accounting Standard (Indian GAAP). We have issued our report dated August 02, 2024 on this Financial Statements which have been approved by the Board of Directors at their meeting held on August 02, 2024. b) Audited Financial statements of the Company as at and for the years ended March 31, 2023 and March 31, 2022 prepared in accordance with the Indian Accounting Standards (Indian GAAP) which have been approved by the Board of Directors at their meeting held on September 20, 2023 and September 05, 2022 respectively.

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

a) Auditors Report issued by us dated August 02, 2024 for the financial year ended on March 31, 2024 respectively as referred in paragraph 5 (a) above

b) Auditors Report issued by Mehta Garg & Associates dated September 20, 2023 and Sanket Jain & Co. dated September 05, 2022 on the financial statements of the company as at and for the year ended on March 31, 2023 and 2022 respectively as referred in Paragraph 5(b) above.

7. Based on our examination and according to the information and explanations given to us, we report that:

a) The "Restated Standalone Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at and financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Restated Standalone 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 as set out in Annexure IV to this Report.

b) The "Restated Standalone Statement of Profit and Loss" as set out in Annexure II to this report, of the Company as at and financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Restated Standalone 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 as set out in Annexure IV to this Report.

c) The "Restated Standalone Statement of Cash Flow" as set out in Annexure III to this report, of the Company as at and financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Restated Standalone Statement of Cash Flow 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 as set out in Annexure IV to this Report.

d) The Restated Standalone Financial Information have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

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

f) The Restated Standalone Financial Information have been made after incorporating adjustments for prior period and other material amounts in the respective financial years to which they relate, if any and there are no qualifications which require adjustments;

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

h) There were no qualifications in the Audit Reports issued by the Statutory Auditors as at and for the financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022 which would require adjustments in this Restated Standalone Financial Information of the Company;

i) Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in Annexure IV to this report;

j) There was no change in accounting policies, which needs to be adjusted in the Restated Standalone Financial Information;

k) There are no revaluation reserves, which need to be disclosed separately in the Restated Standalone Financial Information;

l) The Company has not declared dividend during the period.

8. We have also examined the following other financial information relating to the Company prepared by the Management and as approved by the Board of Directors of the Company and annexed to this report relating to the Company as at and financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022 proposed to be included in the Draft Red Herring Prospectus / Red Herring Prospectus /Prospectus.

Annexure No.	Particulars
I	Restated Standalone Statement of Assets & Liabilities
II	Restated Standalone Statement of Profit & Loss
III	Restated Standalone Statement of Cash Flows
IV(A)	Restated Standalone Statement of Significant Accounting Policies
IV(B)	Notes to Standalone Restated Financial Statements
V	Restated Standalone Statement of Share Capital
VI	Restated Standalone Statement of Reserves and Surplus
VII	Restated Standalone Statement of Share Application Money Pending Allotment
VIII	Restated Standalone Statement of Long Term Borrowings
VIII(a)	Restated Standalone Statement of Principal Terms of Secured Loans and Assets Charged as Security
VIII(b)	Restated Standalone Statement of Terms & Conditions of Unsecured Loans
IX	Restated Standalone Statement of Deferred Tax (Assets)/ Liabilities
X	Restated Standalone Statement of Long Term Provisions
XI	Restated Standalone Statement of Short Term Borrowings
XII	Restated Standalone Statement of Trade Payable
XIII	Restated Standalone Statement of Other Current Liabilities
XIV	Restated Standalone Statement of Short-Term Provisions
XV(A)	Restated Standalone Statement of Fixed Assets
XV(B)	Restated Standalone Statement of Capital Work in Progress
XV(C)	Restated Standalone Statement of Intangible Assets under Development
XVI	Restated Standalone Statement of Non current Investments
XVII	Restated Standalone Statement of Other Non Current Assets
XVIII	Restated Standalone Statement of Trade Receivable
XIX	Restated Standalone Statement of Cash & Cash Equivalents
XX	Restated Standalone Statement of Short-Term Loans and Advances
XXI	Restated Standalone Statement of Other Current Assets
XXII	Restated Standalone Statement of Revenue from operations
XXIII	Restated Standalone Statement of Other Income
XXIV	Restated Standalone Statement of Cost of Operating Expenses
XXV	Restated Standalone Statement of Employees Benefit Expenses
XXVI	Restated Standalone Statement of Finance Cost
XXVII	Restated Standalone Statement of Depreciation and Amortisation Expenses
XXVIII	Restated Standalone Statement of Other Expenses
XXIX	Restated Standalone Statement of Earning Per Share
XXX	Restated Standalone Statement of Tax Shelter
XXXI	Restated Standalone Statement of Related Party Disclosure
XXXII	Statement of Standalone Analytical Ratios, As Restated
XXXIII	Statement of Standalone Accounting & Other Ratios, As Restated
XXXIV	Capitalization Statement

9. We, M/s. Jain Agarwal & Co., 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 which is valid till August 31, 2025.

10. The Restated Standalone Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose interim financial statements and audited financial statements mentioned in paragraph 5 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 us, 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 Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus to be filed with Securities and Exchange Board of India, the stock exchanges and Registrar of Companies, Delhi in connection with the proposed 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, Jain Agarwal & Co.

Chartered Accountants

Firm Reg. No: 024866N

Sd/-

Jatin Jain

Partner

Membership No: 516377

UDIN: 24516377BKBMIW9956

Place: Delhi

Date: September 21, 2024