Exim Routes Ltd Auditor Reports

On Restated Standalone Financial Information in connection with the Proposed Initial Public Offering of Exim Routes Limited (Formerly Known as Exim Routes Private Limited)

The Board of Directors

Exim Routes Limited,

(Formerly known as Exim Routes Private Limited) 421, 4^th Floor, Suncity Success Tower, Golf Course Extension Road, Sector-65, Gurugram, Haryana- 122101

Dear Sirs,

1. We have examined, the attached Restated Standalone Financial Information of Exim Routes Limited (Formerly known as "Exim Routes Private Limited") (referred to as "the Company" or the "Issuer") comprising the Restated Standalone Statement of Assets and Liabilities as at March 31, 2025, March 31, 2024, March 31, 2023, the Restated Standalone Statement of Profit and Loss and the Restated Standalone Statement of Cash Flows for the financial years ended March 31, 2025, 2024 and 2023 and the statement of significant accounting policies, notes to accounts and other explanatory information (collectively, the "Restated Standalone Financial Information"), as prepared and approved by the Board of Directors of the Company at their meeting held on 2 June 2025 for the purpose of inclusion in the Draft Red Herring Prospectus/Red Herring Prospectus/Prospectus (referred to as "Offer Document") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") on the SME platform of NSE Limited ("NSE Emerge").

2. This Restated Standalone Financial Information have been prepared in accordance with the requirements of prepared in terms of the requirements of:

a. Section 26 of Part I of Chapter III of the Companies Act, 2013 ("the Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;

b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 ("ICDR Regulations") issued by the Securities and Exchange Board of India ("SEBI") in pursuance to Section 11 of the Securities and Exchange Board of India Act, 1992 and related amendments / clarifications from time to time;

c. The terms of reference to our engagements with the Company requesting us to carry out the assignment, in connection with the Offer Document being issued by the Company for its proposed IPO of equity shares on SME Platform of NSE Limited; and

d. 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").

Management Responsibility for the Restated Standalone Financial Information

3. The Companys Board of Directors is responsible for the preparation of the Restated Standalone Financial Statement & other financial information for the purpose of inclusion in the Offer document to be filed with Securities and Exchange Board of India, the stock exchanges i.e. National Stock Exchange and Registrar of Companies, NCT of Delhi & Haryana ("ROC") 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 2 to the Restated Standalone Financial Information.

4. The responsibilities of the Board of Directors of the Company include 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.

Auditors Responsibilities

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

i. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 17 April 2025 in connection with the proposed IPO of equity shares of the Company;

ii. The Guidance Note - The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

iii. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Standalone Financial Information; and

iv. 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 proposed IPO of equity shares of the Company.

6. These restated standalone financial information have been compiled by the management from the audited financial statements for the financial years ended on March 31, 2025, March 31, 2024 and March 31, 2023; prepared in accordance with the with the accounting standards notified under the section 133 of the Act ("Indian GAAP") 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 19 May 2025, 15 July 2024 and September 2, 2023 respectively.

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

a) Auditors Report issued by us on Standalone financial statements of the Company as at and for the year ended March 31, 2025 dated 19 May 2025.

b) Auditors Report issued by other auditor viz. Mayank Kumar & Associates on Standalone financial statements of the Company as at and for the year ended March 31, 2024 & March 31, 2023 dated 15 July 2024 & 2 September 2023 respectively.

c) Restatement adjustments made to such audited financial statements [referred to in 6 above] to comply with the requirements specified in Paragraph-2 above, along with the basis of preparation set out in Annexure-2 to the Restated Standalone Financial Information and statement of reconciliation thereof set out in Annexure- 3A, have been audited by us.

8. 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 arrived at after making such adjustments and regroupings to the audited 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 2 to Annexure- 55 to this Report

b) The Restated Standalone Financial Information have been made after incorporating adjustments for:

i. The changes, if any, in accounting policies retrospectively in respective financial years to reflect the same accounting treatment as per the changed accounting policy for all the reporting years.

ii. Prior period and other material amount in the respective financial years to which they relate

iii. Extra-ordinary items, if any, that needs to be disclosed separately in the accounts requiring adjustments, which are stated in the Notes to Accounts wherever applicable

c) does not contain any qualifications requiring adjustments.

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

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 other auditor (Mayank Kumar & Associates), nor should this report be construed as a new opinion on any of the financial statements referred to herein.

10. We, M/s NKSC & 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 bearing number 014317.

11. 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 6 above.

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 management and for inclusion in the Offer Document to be filed with SEBI, Stock Exchanges and ROC 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.

14. In our opinion, the above financial information contained in these restated standalone financial information read with the respective Significant Accounting Polices and Notes to Accounts as set out, 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 and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.

For NKSC & Co.	Sd/-
Chartered Accountants	CA Priyank Goyal
Firm Registration No.: 020076N	Partner
Date: June 02, 2025	Membership No.: 521986
Place: New Delhi	UDIN: 25521986BMNYRA4720