Paradeep Parivahan Ltd Auditor Reports

Report on Restated Financial Information

The Board of Directors Paradeep Parivahan Limited

(Formerly Known as Paradeep Parivahan Private Limited)

Dear Sirs,

1. We have examined the attached Restated Financial Information of PARADEEP PARIVAHAN LIMITED (Formerly known as PARADEEP PARIVAHAN PRIVATE LIMITED) (the "Company" [or the "Issuer"]) comprising the Restated Statement of Assets and Liabilities as at 31st March 2024, 2023 and 2022 and the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the period ended 31st March 2024, 2023 and 2022, the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively, the "Restated Statements of Profit and Loss the Restated Cash Flow Statement for the 31st March 2024, 2023 and 2022, the Summary Statement 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 14, 2024 [for the purpose of inclusion in the [Draft Red Herring Prospectus ("DRHP ")] prepared by the Company in connection with its proposed Initial Public Offer of equity shares prepared in terms of the requirements of:

a. Section 26 of Part I of Chapter Ill 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").

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial

Information for the purpose of inclusion in the DRHP to be filed with Securities and Exchange Board of India, relevant stock exchanges and Registrar of Companies, Cuttack in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in note to the Restated Financial Information. The Board of Directors of the Company responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information.

3. We have examined such Restated 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 June 05, 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 Financial Information; and

4. These Restated Financial Information have been compiled by the management from:

a. Audited financial statements of the Company as at and for the years ended 31st March 2024, 2023 and 2022 prepared in accordance with the Accounting Standards (referred to as "AS") as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules 2021, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on August 14, 2024. b. The Restated Financial Information also contains the proforma financial information as at and for the year ended March 31, 2024. The proforma financial information has been prepared by making adjustments to the audited Indian GAAP financial statements in accordance with the prescribed Accounting Standards as at and for the year ended March 31, 2024 which have been approved by the Board of Directors at their meeting held on August 14, 2024 as described in Note to the Restated Financial Information.

5. We have audited the special purpose financial information of the Company for the year ended 31st March 2024, 2023 and 2022 prepared by the Company in accordance with the Accounting Standards for the limited purpose of complying with the requirement of getting its financial statements restated by an auditor holding a valid peer review certificate issued by the "Peer Review Board", the Board of Directors who have approved these in their meeting held on date.

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

a. Auditors Reports issued by the Previous Auditors dated 10th June 2024, 05th September 2023 and

15th September 2022 on the financial statements of the Group as at and for the years ended 31st March 2024, 2023 and 2022 respectively, as referred in Paragraph [4] above.

The audits for the financial years ended 31st March 2024, 2023 and 2022 were conducted by the

Companys previous auditors, RKP & Associates, (the "Previous Auditors"), and accordingly reliance has been placed on the restated statement of assets and liabilities and the restated statements of profit and loss, cash flow statements, the Summary Statement of Significant Accounting Policies, and other explanatory information and (collectively, the 2024 Restated Financial Information") examined by them for the said years. The examination report included for the said years is based solely on the report submitted by the Previous Auditors. They have also confirmed that the 31st March 2024, 2023 and 2022 Restated Financial Information:

a. 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, 2023 and 2022 to reflect the same accounting treatment as per the accounting policies and grouping / classifications followed as at 31st March 2024. b. do not require any adjustments for the matter(s) giving rise to modifications mentioned in paragraph

[7] below]; and c. have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.]

7. The audit reports on the financial statements issued by Previous Auditors were modified and included following matter(s) giving rise to modifications on the financial statements as at and for the years ended March 31, 2024, 2023 and 2022: [None]

8. The comparative financial information of the Company for the year ended March 31, 2023 and the transition date opening balance sheet as at April 1, 2022 prepared in accordance with AS included in these restated financial statements have been audited by the previous auditors. The report of the previous auditors on the comparative financial information and the said opening balance sheet dated 05th September 2023 and 15th September 2022 expressed an unmodified opinion.

9. Based on our examination and according to the information and explanations given to us [and also as per the reliance placed on the independent auditors report submitted by the Previous Auditors and other auditors for the years 31st March 2024, 2023 and 2022, we report that the Restated Financial Information a. [have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2023 and 2022 and to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at 31st March 2024]; b. do not require any adjustments for the matter(s) giving rise to modifications mentioned in paragraph

[7] above; and c. have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.l

10. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose interim Ind AS financial statements and audited financial statements mentioned in paragraph [4] 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 or the Previous Auditors, 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 [DRHP] to be filed with Securities and Exchange Board of India, [relevant stock exchanges and Registrar of Companies, Cuttack 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 T.K. Gupta & Associates
	Chartered Accountants
	Firms Registration Number 011604N
	Sd/-
	Saurab Bindal
Place: Delhi	Senior Partner
Date: August 14, 2024	Membership Number 516050
UDIN: 24516050BKERGKS185