We have audited the accompanying financial statements of
Five-Star Business Finance Limited (the “Company”), which
comprise the Balance Sheet as at March 31, 2026, and the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Cash Flows and the Statement of
Changes in Equity for the year ended on that date, and notes to the
financial statements, including a summary of material accounting
policies and other explanatory information.

In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Companies Act, 2013 (the “Act”) in
the manner so required and give a true and fair view in conformity
with the Indian Accounting Standards prescribed under section
133 of the Act, (“Ind AS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March
31, 2026, and its profit, total comprehensive income, its cash flows
and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance
with the Standards on Auditing (“SA”s) specified under section
143(10) of the Act. Our responsibilities under those Standards are

further described in the Auditor's Responsibility for the Audit of the
Financial Statements section of our report. We are independent
of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (“ICAI”) together
with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the
Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the
ICAI's Code of Ethics. We believe that the audit evidence obtained
by us is sufficient and appropriate to provide a basis for our audit
opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed
in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. we have determined the matter
described below to be the key audit matter to be communicated
in our report.

Information Other than the Financial Statements and Auditor's
Report Thereon

• The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Director's report including Annexures,
Management Discussion & Analysis, Business Responsibility
& Sustainability Report, but does not include the financial
statements and our auditor's report thereon.

• Our opinion on the financial statements does not cover the
other information and we do not express any form of assurance
conclusion thereon.

• In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained during
the course of our audit or otherwise appears to be materially
misstated.

• If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this
regard.

• When we read the Director's report including Annexures,
Management Discussion & Analysis, Business Responsibility
& Sustainability Report, if we conclude that there is a material
misstatement therein, we are required to communicate the
matter to those charged with governance as required under SA
720 ‘The Auditor's responsibilities Relating to Other Information.

Responsibilities of Management and Board of Directors for the
Financial Statements

The Company's Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation
of these financial statements that give a true and fair view of
the financial position, financial performance including other
comprehensive income, cash flows and changes in equity of the
Company in accordance with the accounting principles generally
accepted in India, including Ind AS specified under section 133 of
the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether
due to fraud or error.

In preparing the financial statements, management and Board of
Directors are responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the Board of Directors either intend to liquidate
the Company or to cease operations, or has no realistic alternative
but to do so.

The Company's Board of Directors is also responsible for overseeing
the Company's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the
audit. We also:

• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to
the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we are
also responsible for expressing our opinion on whether the
Company has adequate internal financial controls with reference
to financial statements in place and the operating effectiveness
of such controls.

• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures
made by the management.

• Conclude on the appropriateness of management's use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related disclosures
in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However,
future events or conditions may cause the Company to cease to
continue as a going concern.

• Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial
statements that, individually or in aggregate, makes it probable that
the economic decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our
audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the financial
statements.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit

and significant audit findings, including any significant deficiencies
in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe
these matters in our auditor's report unless law or regulation
precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act we report, that:

a) We have sought and obtained all the information and
explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from our
examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including
Other Comprehensive Income, the Statement of Cash Flows
and Statement of Changes in Equity dealt with by this report
are in agreement with the relevant books of account.

d) In our opinion, the aforesaid financial statements comply with
the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the
directors as on March 31, 2026 and taken on record by the
Board of Directors, none of the directors is disqualified as on
March 31, 2026 from being appointed as a director in terms
of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls
with reference to financial statements of the Company and
the operating effectiveness of such controls, refer to our
separate Report in “Annexure A”. Our report expresses
an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls
with reference to financial statements.

g) With respect to the other matters to be included
in the Auditor's Report in accordance with the
requirements of section 197(16) of the Act, as amended,
in our opinion and to the best of our information and according
to the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance
with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the
Auditor's Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion
and to the best of our information and according to the
explanations given to us:

i. The Company has disclosed the impact of pending
litigations on its financial position as at the year end in
its financial statements - Refer Note 36 to the financial
statements.

ii. The Company has made provision at the year end,
as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long¬
term contracts including derivative contracts - Refer Note
6 and 15 to the financial statements.

iii. There were no amounts which were required to be
transferred to the Investor Education and Protection Fund
by the Company.

iv. (a) The Management has represented that, to the best
of its knowledge and belief, other than as disclosed in
the Note 50(v)(i) to the financial statements no funds
have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or
kind of funds) by the Company to or in any other person(s)
or entity(ies), including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, directly or indirectly
lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company
(“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of
its knowledge and belief, other than as disclosed in the
Note 50(v)(ii) to the financial statements, no funds have
been received by the Company from any person(s) or
entity(ies), including foreign entities (“Funding Parties”),
with the understanding, whether recorded in writing or
otherwise, that the Company shall, directly or indirectly,
lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Funding
Party (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have
been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub¬
clause (i) and (ii) of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.

v. The final dividend proposed in the previous year, declared
and paid by the Company during the year is in accordance
with section 123 of the Act, as applicable. As stated in Note
22 to the financial statements, the Board of Directors of the
Company has proposed final dividend for the year which
is subject to the approval of the members at the ensuing
Annual General Meeting. Such dividend proposed is in
accordance with section 123 of the Act, as applicable.

vi. Based on our examination, which included test checks, the
Company has used accounting softwares for maintaining
its books of account for the year ended March 31, 2026,
which has a feature of recording audit trail (edit log) facility
and the audit trail has operated throughout the year for all
relevant transactions recorded in the software. Further,
during the course of our audit we did not come across any

instance of the audit trail feature being tampered with and
the audit trail has been preserved by the Company as per
the statutory requirements for record retention.

2. As required by the Companies (Auditor's Report) Order, 2020
(“the Order”) issued by the Central Government in terms of
Section 143(11) of the Act, we give in “Annexure B” a statement
on the matters specified in paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells

Chartered Accountants
Firm's Registration No: 008072S

G.K. Subramaniam

Partner

Place: Mumbai Membership No: 109839

Date: April 28, 2026 UDIN: 26109839VVUPCS7582