Gajanand International Ltd Auditor Reports

Independent Auditors Examination Report on the Restated Statement of Assets and Liabilities as at November 30, 2023, March 31, 2023, 2022 and 2021, the Restated Statement of Profit and Loss, Restated Cash-flow Statement, Summary Statement of Significant Accounting Policies and Other Explanatory Information for eight month ended November 30, 2023 and for each of the years ended March 31, 2023, 2022 and 2021.

To

The Board of Directors Gajanand International Limited

(Formerly known as "Gajanand Cottex Private Limited") Survey No. 1257/1266,

Jasdan – Atkot Road, Near Bypass Circle, Jasdan, Rajkot – 360050 Gujarat, India.

Dear Sirs,

1. We have examined the attached Restated Financial Information of Gajanand International Limited (the "Company") (Formerly known as Gajanand Cottex Private Limited), comprising the Restated Statement of Assets and Liabilities as at November 30, 2023, March 31, 2023, 2022 and 2021, the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for eight month ended November 30, 2023 and for each of the years ended March 31, 2023, 2022 and 2021, the Summary Statement of Significant Accounting Policies, and other explanatory information, as approved by the Board of Directors of the Company at their meeting held on Januany 30, 2024 for the purpose of inclusion in the Draft Prospectus ("DP Prospectus") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") prepared in terms of the requirements of:

1. 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;
2. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended from time to time in pursuance of provisions of Securities and Exchange Board of India Act,1992 (the "SEBI ICDR Regulations"); and
3. 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").

Managements Responsibility for the Restated Summary Statements

1. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the DRHP Prospectus to be filed with Securities and Exchange Board of India, relevant stock exchanges and Registrar of Companies, Ahmedabad 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 2 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. The Companys Board of Directors is also

responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

Auditors Responsibilities

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

1. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated January 01, 2024 in connection with the proposed IPO of equity shares of the Company;
2. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;
3. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information;
4. 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 IPO.

Restated Summary Statements as per audited Financial Statements

1. The Restated Financial Information have been compiled by the management of the Company from:

1. Audited special purpose interim financial statements of the Company as at and for the eight month periods ended November 30, 2023 prepared in accordance with the recognition and measurement principles of Accounting Standard (AS) 25 "Interim Financial Reporting", issued by Institute of Chartered Accountants of India and other accounting principles generally accepted in India (together, the "Special Purpose interim Financial Statements"), which have been approved by the Board of directors of the Company at their meetings held on January 30, 2024.
2. The Restated Financial Information also contains the proforma financial information as at and for the year ended March 31, 2023, 2022, 2021. The proforma financial information have been prepared by making adjustments to the audited Indian GAAP financial statements as at and for the year ended March 31, 2023, 2022, 2021 which have been approved by the Board of Directors at their meeting held on January 30, 2024 as described in Note 30 and 31 the Restated Financial Information.

1. We have audited the special purpose financial information of the Company for the year ended March 31, 2023 prepared by the Company in accordance with the 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 January 30, 2024 on this special purpose financial information to the Board of Directors who have approved these in their meeting held on January 30, 2024.
2. Based on our examination and according to the information and explanations given to us and based on the para 4 above, we report that the Restated Summary Financial Information:
1. has 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, 2022, 2021.
2. There were no qualifications in Auditors Report on the Audited Financial Statements of the Company for the year ended March 31 2023, 2022 and 2021 which require any adjustments to the Restated Financial Information.; and
3. have been prepared in accordance with the Act, SEBI ICDR Regulations and the Guidance Note.
3. We have not audited or reviewed any financial statements of the Company as of any date or for any period subsequent to November 30, 2023. Accordingly, we express no opinion on the financial position, results of the operations or cash flow of the Company as of any date or for any period subsequent to November 30, 2023.
4. The Restated Financial Information does not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements mentioned in paragraph 4 above.
5. 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.
6. We have no responsibility to update our report for events and circumstances occurring after the date of the report. Our report is intended solely for use of the Board of Directors for inclusion in the DRHP and Prospectus to be filed with Securities and Exchange Board of India and relevant stock exchanges 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.

Place: Rajkot For,

Date: January 30, 2024 H B Kalaria and Associates

Chartered Accountants Firm Reg. No. 104571W

Sd/-

(Hardik H. Kalaria) Partner

Mem. No. 155474 UDIN:24155474BJZXK06280