Deccan Transcon Leasing Ltd Auditor Reports

To

The Board of Directors

Deccan Transcon Leasing Limited

Suite No 507,5th Floor Image, Capital Park, Image Garden Road, Madhapur, Hyderabad, Shaikpet, Telangana-500081 Dear Sirs,

1. We have examined the attached restated consolidated financial statements of DECCAN TRANSCON LEASING LIMITED (hereinafter referred to as "the Company") (formed by conversion of a Private Limited Company i.e Deccan Transcon Leasing Private Limited", under the provisions of Companies Act, 2013 on March 27, 2024) and its subsidiaries (the Company and its subsidiaries collectively referred to as the "Group") comprising the Restated Consolidated Statement of Assets and Liabilities as at March 31, 2024, March 31, 2023 and March 31, 2022, the Restated Consolidated Statements of Profit and Loss, the Restated Consolidated Cash Flow Statement for the year ended March 31, 2024, March 31, 2023, March 31, 2022, the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these Restated Consolidated Financial Statements (collectively, the "Restated Consolidated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 27^th August, 2024, for the purpose of inclusion in the Red Herring Prospectus/ Prospectus("Offer Document") prepared by the Company in connection with its proposed SME Initial Public Offer. These Restated Summary Statements for offer of equity shares ("SME IPO") prepared in accordance with the requirements of:

(i) sub-clauses (i) and (iii) of clause (b) of sub-section (1) of section 26 of part I of chapter III of the Companies Act, 2013 including Rules thereon, as amended ("the Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;

(ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018, as amended ("ICDR Regulations") and related amendments / clarifications from time to time issued by the Securities and Exchange Board of India ("SEBI")

(iii) The terms of reference to our engagements with the Company letter dated 13^th January, 2024 requesting us to carry out the assignment, in connection with the Red Herring Prospectus/ Prospectus being issued by the Company for its proposed Initial Public Offering of equity shares in SME Platform of relevant stock Exchange. ("IPO" or "SME IPO"); and (iv) The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note")

2. The Companys Board of Directors are responsible for the preparation of the Restated Consolidated Financial Information for the purpose of inclusion in the Offer Document to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Hyderabad in connection with the proposed SME IPO. The Restated Consolidated Financial Information has been prepared by the management of the Company on the basis of preparation stated in Annexure IV of the Restated consolidated Financial Information. The Board of Directors responsibility includes designing implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Information. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Companies Act, (ICDR) Regulations and the Guidance Note.

3. We, M/s A D V & Associates Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and holds the peer review certificate dated 25 January, 2022 valid till 31 January, 2025. We confirm that there is no express refusal by the peer review board of ICAI to renew the certificate and the process to renew the peer review certificate has been initiated by us.

4. These Restated Consolidated Financial Statement have been compiled by the management of the company from Audited Financial Statements of the company as at and for the year ended 31st March, 2024, 31st March, 2023 and 31st March, 2022 prepared in accordance with Accounting Standard as specified under section 133 of the Act and other accounting principles generally accepted in India which have been approved by the Board of Directors.

5. In accordance with the requirements of the Act including the rules made there under, ICDR Regulations, Guidance Note and Engagement Letter, we report that:

(i) The "restated statement of consolidated asset and liabilities" of the Company as at March 31, 2024, March 31, 2023, and March 31, 2022 examined by us, as set out in Annexure I to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited consolidated financial statements of the Company, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report.

(ii) The "restated statement of Consolidated profit and loss" of the Company for the year ended on March 31, 2024, March 31, 2023, and March 31, 2022 examined by us, as set out in Annexure II to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited consolidated financial statements of the Company, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report.

(iii) The "restated statement of consolidated cash flows" of the Company for the year ended on March 31, 2024, March 31, 2023, and March 31, 2022 examined by us, as set out in Annexure III to this report read with significant accounting policies in Annexure IV has been arrived at after making such adjustments and regroupings to the audited consolidated financial statements of the Company, as in our opinion were appropriate and more fully described in notes to restated summary statements to this report.

6. Based on our examination, we are of the opinion that the restated consolidated financial statements have been prepared after incorporating:

a) 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.

b) Adjustments for prior period and other material amounts in the respective financial year to which they relate and there are no qualifications which require adjustments and

c) There are no extra-ordinary items that need to be diclosed separately in the accounts and qualifications requiring adjustments

d) There were no qualifications in the Audit Reports issued by the Statutory Auditors for the financial year ended on 31st March 2024, 2023, and 2022 which would require adjustments in this Restated Financial Statements of the Company.

e) These 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.

7. Audit of DECCAN TRANSCON LEASING LIMITED (erstwhile Private Limited ‘Deccan

Transcon Leasing Private Limited) for the year ended 31^st March 2024, is Conducted by us. whereas audit for the financial year ended on 31st March 2024, 31st March 2023 and 31st March 2022 was conducted by M/s Sanjay Mutha & Co. and accordingly reliance has been placed on the financial information examined by them for the said years.

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 for the year ended 31st March 2024, 31st March 2023 and 31st March 2022 proposed to be included in the Offer Document.

9. We did not audit financial statements of a subsidiary and two associates whose share of profit included in the consolidated financial information, for the relevant year is tabulated below, which have been audited by other auditors and whose report have been furnished to us by the Companys Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these components, is based solely on the report of the other auditors:

Particulars	for the year ended March 31, 2024	for the year ended March 31, 2023	for the year ended March 31, 2022
Number of subsidiary	1	1	1
Number of associates	2	2	2
Revenue of Subsidiary	10,378.03	8,062.44	7,302.04
Share of profit from associates	128.32	143.41	27.57

Annexure to restated consolidated financial statements of the Company: -

1. Summary Consolidated Statement of Assets and Liabilities, as restated as appearing in ANNEXURE I;

2. Summary Consolidated Statement of Profit and Loss, as restated as appearing in ANNEXURE II;

3. Summary consolidated Statement of Cash flowas restated as appearing in ANNEXURE III;

4. Restated significant accounting policies and notes to accounts as appearing in ANNEXURE IV;

5. Share capital as restated as appearing in ANNEXURE V to this report;

6. Reserves and surplus as restated as appearing in ANNEXURE VI to this report;

7. Minority Interest as restated as appearing in ANNEXURE VII to this report;

8. Long-term borrowings as restated as appearing in ANNEXURE VIII to this report;

9. Deferred tax asset/liability as restated as per ANNEXURE IX to this report;

10. Long-term provisions as restated as appearing in ANNEXURE X to this report;

11. Short-term borrowings as restated as appearing in ANNEXURE XI to this report;

12. Trade payables as restated as appearing in ANNEXURE XII to this report;

13. Other current liabilities as restated as appearing in ANNEXURE XIII to this report;

14. Short-term provisions as restated as appearing in ANNEXURE XIV to this report;

15. Property, Plant & Equipment as restated as appearing in ANNEXURE XV to this report;

16. Non-Current Investment as restated as appearing in ANNEXURE XVI to this report;

17. Long-term loans & advances as restated as appearing in ANNEXURE XVII to this report;

18. Other non-current assets as restated as appearing in ANNEXURE XVIII to this report;

19. Current Investment as restated as appearing in ANNEXURE XIX to this report;

20. Trade receivables as restated as appearing in ANNEXURE XX to this report;

21. Cash & cash equivalents as restated as appearing in ANNEXURE XXI to this report;

22. Short-term loans & advances as restated as appearing in ANNEXURE XXII to this report;

23. Other current assets as restated as appearing in ANNEXURE XXIII to this report;

24. Revenue from operations as restated as appearing in ANNEXURE XXIV to this report;

25. Other income as restated as appearing in ANNEXURE XXV to this report;

26. Operating Expenses as restated as appearing in ANNEXURE XXVI to this report;

27. Employees benefit expenses as restated as appearing in ANNEXURE XXVII to this report;

28. Finance costs as restated as appearing in ANNEXURE XXVIII to this report;

29. Depreciation and amortization expenses as restated as appearing in ANNEXURE XV to this report; 30. Other expenses as restated as appearing in ANNEXURE XXIX to this report;

31. Contingent liabilities as restated as appearing in ANNEXURE XXX to this report;

32. Information in respect of CSR Expenditure Required to be spent by the company as restated as appearing in ANNEXURE XXXI to this report; 33. Related party transactions as restated as appearing in ANNEXURE XXXII to this report;

34. Tax shelter as restated as appearing in ANNEXURE XXXIII to this report;

35. Capitalisation statement as at 31st March, 2024 as restated as appearing in ANNEXURE XXXIV to this report; 36. Statement of accounting ratios & additional Information as restated as appearing in ANNEXURE XXXV to this report,

10. The Restated consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited consolidated financial statements mentioned above. 11. The preparation and presentation of the consolidated Financial Statements referred to above are based on the Audited consolidated financial statements of the Company and are in accordance with the provisions of the Act and ICDR Regulations. The consolidated Financial Statements and information referred to above is the responsibility of the management of the Company. 12. The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by any other firm of chartered accountants nor should this report be construed as a new opinion on any of the financial statements referred to therein. 13. We have no responsibility to update our report for events and circumstances occurring after the date of the report. 14. In our opinion, the above consolidated financial information contained in Annexure I to XXXV of this report read with the respective significant accounting policies and notes to restated summary statements as set out in Annexure IV are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note. 15. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document in connection with the SME IPO. Our report should not be used, referred to or adjusted for any other purpose except with our 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.

Yours faithfully,

M/s A D V & Associates

Chartered Accountants

Firm Registration No: 128045W

Sd/-

CA Pratik Kabra

Partner

M. No. 611401

UDIN: 24611401BKCLEU7633

Date: August 27, 2024

Place: Mumbai