Deepak Builders & Engineers India Ltd Auditor Reports

To,

Ludhiana

Dear Sirs / Madams,

1. We have examined the attached Restated Financial Statement of Deepak Builders & Engineers India Limited, (the "Company" or the "Issuer"), comprising the Restated Statement of Assets and Liabilities as at June 30, 2024, March 31, 2024, March 31 2023 and March 31, 2022, the Restated Statement of Profit and Loss (including Other Comprehensive Income), Restated Statement of Cash Flows and Restated Statement of Changes in Equity for the period ended June 30, 2024 and for the years ended March 31, 2024, March 31, 2023 and March 31, 2022, and the Summary of Significant Accounting Policies and other explanatory information (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on August 20, 2024 for the purpose of inclusion in the Red Herring Prospectus ("RHP") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") 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 ("SEBI") (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").

Managements Responsibility for the Restated Summary Statements

2. The preparation of the Restated Financial Information, which are to be included in the RHP to be filed with SEBI, Registrar Of Companies ("ROC") and the Stock Exchanges in connection with the proposed IPO is the responsibility of the Management of the Company. The Restated Financial Information have been prepared by the Management of the Company on the basis of preparation, as stated in Note 2.1 to the Restated Financial Information. The Managements responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Management is also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

Auditors Responsibilities

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

a) The terms of reference and terms of our engagement agreed with you vide our engagement letter dated February 9, 2024, requesting us to carry out the assignment, in connection with the proposed IPO of the Company;

b) 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 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 the Guidance Note in connection with the Offer.

Restated Summary Statements

4. These Restated Summary Statements have been compiled by the management of the Company from -

a) Audited Interim Financial Statements of the Company as at and for the period ended June 30, 2024 which were prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") including Indian Accounting Standard 34 "Interim Financial Reporting", as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, at the relevant time, which have been approved by the Board of Directors at their meeting held on August 19, 2024.

b) Audited Financial Statements of the Company as at and for the year ended March 31, 2024 which were prepared in accordance with the Ind AS, as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, at the relevant time, which have been approved by the Board of Directors at their meetings held on August 19, 2024.

c) Audited Financial Statements of the Company as at and for the year ended March 31, 2023 which were prepared in accordance with the Ind AS, as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, at the relevant time, which have been approved by the Board of Directors at their meetings held on September 29, 2023.

d) Audited Financial Statements of the Company as at and for the years ended March 31, 2022 prepared in accordance with the Accounting Standards (‘Indian GAAP"), as prescribed under the section 133 of the Act and other accounting principles generally accepted in India, at the relevant time, which have been approved by the Board of Directors at their meetings held on September 6, 2022.

e) The information for the years ended March 31, 2022 included in such restated financial statements have been prepared by the management by making Ind AS adjustments to the audited financial statements of the Company as at and for the years ended March 31, 2022 prepared in accordance with the Accounting Standards ("Indian GAAP") notified under the section 133 of the Act which was approved by the Board of Directors at their meeting held on March 26, 2024.

5. We have re-audited the special purpose financial information of the Company for the year ended March 31, 2023 prepared by the Company in accordance with the Ind AS as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended and other accounting principles generally accepted in India, at the relevant time, 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 IPO. We have issued our report dated February 09, 2024 on this special purpose financial information to the Board of Directors who have approved these Special Purpose Information in their meeting held on February 09, 2024.

Auditors Report

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

a) Auditors Report issued by us, dated August 19, 2024, on the Audited Ind AS Financial Statements of the Company as at and for the period ended June 30, 2024 as referred in Paragraph 4(a) above.

b) Auditors Report issued by us, dated August 19, 2024, on the Audited Ind AS financial Statements of the Company as at and for the year ended March 31, 2024 as referred in Paragraph 4(b) above.

c) Auditors Report issued by us, dated February 9, 2024, on the Re-Audited Ind AS financial Statements of the Company as at and for the year ended March 31, 2023 as referred in Paragraph 5 above.

d) Auditors reports issued by M/s Krishan Goel & Associates, Chartered Accountants, (the "Previous Auditors"), dated September 6, 2022 on the Audited Financial Statements of the Company as at and for the years ended March 31, 2022, respectively, as referred in Paragraph 4(d) above.

7. Based on our examination and according to the information and explanations given to us, we report that Restated Financial Information of the Company -

(i) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively in the financial year ended March 31, 2024, March 31, 2023, and March 31, 2022 to reflect the same accounting treatment as per the accounting policies and grouping / classifications, to the extent applicable followed as at and for the period ended June 30, 2024;

(ii) does not contain any qualification requiring adjustments.

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

8. These Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates for the special purpose Interim Ind AS Financial Statements and Audited Financial Statements mentioned in the paragraph 4 above.

9. 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.

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 the use of the Board of Directors for inclusion in the RHP to be filed with SEBI, ROC and the Stock Exchanges in connection with the proposed Offer. 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 Parmod G Gupta & Associates

Chartered Accountants

Firm Registration No. - 018870N

Sd/-

Parmod Gupta

Partner

Membership No. - 096109

UDIN - 24096109BKDSCO8400

Ludhiana August 20, 2024