Jeyyam Global Foods Ltd Auditor Reports

INDEPENDENT AUDITORS EXAMINATION REPORT ON STANDALONE RESTATED FINANCIAL INFORMATION OF M/s JEYYAM GLOBAL FOODS LIMITED

(As required by Section 26 of Companies Act, 2013 read with Rule 4 of Companies (Prospectus and Allotment of Securities) Rules, 2014)

To,

The Board of Directors Jeyyam Global Foods Limited. Old No. 19, New No. 37,

Padmavathiyar Road, Gopalapuram, Chennai,Tamil Nadu, 600086, India.

Dear Sir,

Reference: Proposed Public Issue of Equity Shares of Jeyyam Global Foods Limited

1. We have examined the attached Restated Financial Statement of (hereunder referred to "the Company", "Issuer") comprising the Restated Statement of Assets and Liabilities as on March 31, 2024, as on March 31,2023 and as on March 31, 2022, the Restated Statement of Profit & Loss, the Restated Cash Flow Statement for the period ended March 31, 2024, March 31, 2023 and March 31, 2022, the summary statement of Significant Accounting Policies and other explanatory Information (Collectively, the "Restated Financial Information" or "Restated Financial Statement"), as approved by the Board of Directors in their meeting held on 09-07-2024 for the purpose of inclusion in the Red Herring Prospectus/Prospectus ("Offer Document") in connection with its proposed Initial Public Offering (IPO) of equity shares, prepared by the Company in connection with its Initial Public Offer of Equity Shares (IPO).
2. These restated summary statement have been prepared in terms of the requirement of:
1. Section 26 of Part I of Chapter III of the Companies Act, 2013 as amended (the "Act");
2. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)

Regulations 2018 as amended ("ICDR Regulations"); and

3. The Guidance Note on Reports in Company Prospectuses (Revised 2020) issued by the Institute of Chartered Accountants of India as amended from time to time. ("The Guidance Note")
3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Statement for the purpose of inclusion in the offer document to be filed with Stock Exchange, Securities and Exchange Board of India, and Registrar of Companies, of relevant state in connection with the proposed IPO. The Restated Financial Statements have been prepared by the management of the Company for the period ended March 31, 2024, March 31, 2023 and March 31, 2022 on the basis of notes to restatement in note IV to the Restated Financial Statement. The Board of Directors of the companys responsibility includes designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Statement.
4. We have examined such Restated Financial Statement taking into consideration:
1. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated October 31, 2023, 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 Statements; and
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.
1. This Restated Financial information have been compiled by the management from the Audited financial statements of the company for the financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022, which has been approved by the Board of Directors.
1. We have audited the special purpose financial information of the company as at March 31, 2024, March 31, 2023, March 31, 2022 prepared by the company in accordance with Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India for the limited purpose of complying with the requirement of Restated Audited 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 09-07-2024 on this special purpose financial information which have been approved by the Board of Directors at their meeting held on 09-07-2024.
2. Audited financial statements of the Company as at and for the years ended March 31, 2024, 2023 and 2022 prepared in accordance with the Accounting Standards which have been approved by the Board of Directors at their meeting held on July 02, 024, September 27, 2023 and September 05, 2022, respectively.
2. For the purpose of our examination, we have relied on:
1. Auditors Report issued by us dated 02-07-2024 as at for year ended on March 31, 2024 as referred in Paragraph 5(a) 5(a) above; and
2. Auditors Report issued by the Previous Auditor M/s. Rishab Nahar & Co. dated September 27, 2023, and September 05, 2022 for the year ended March 31, 2023, March 31, 2022, and March 31, 2021 respectively.
3. Based on our examination and according to the information and explanations given to us, we report that:
1. The "Restated Summary Statement of Assets and Liabilities" as set out in Annexure I to this report, of the Company as at and for the years ended on March 31, 2024, March 31, 2023 and March 31, 2022 and as at and for the years ended March 31, 2023, March 31, 2022 and March 31,2021 are prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Assets and Liabilities have been arrived at after making such adjustments and regroupings to the individual 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 IV to this Report.
2. The "Restated Summary Statement of Profit and Loss" as set out in Annexure II to this report, of the Company as at and for the years ended on March 31, 2024, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Profit and Loss have been arrived at after making such adjustments and regroupings to the individual 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 IV to this Report
3. The "Restated Summary Statement of Cash Flow" as set out in Annexure III to this report, of the Company as at and for the years ended on March 31, 2024, March 31, 2023 and March 31, 2022 are prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Cash Flow have been arrived at after making such adjustments and regroupings to the individual 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 IV to this Report.
4. The Restated Standalone Summary Statement has been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.
5. The Restated Summary Statements have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;
6. The Restated Summary Statements have been made after incorporating adjustments for prior period and other material amounts in the respective financial years/period to which they relate, if any and there are no qualifications which require adjustments;
7. Extra-ordinary items that needs to be disclosed separately in the accounts has been disclosed wherever required
8. There were no qualifications in the Audit Reports issued by the Statutory Auditors as at years ended on March 31, 2024, March 31, 2022 and March 31,2022 which would require adjustments in this Restated Financial Statements of the Company.
9. Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in Annexure IV to this report;
10. Adjustments in Restated Financial Statement have been made in accordance with the correct accounting policies,
11. There was no change in accounting policies, which needs to be adjusted in the Restated Financial Statement, except:-
12. Accounting of retirement benefits was accounted on cash basis which is not as per AS-15 (Revised) "Employee benefits", however during the restatement. Company has accounted such retirement benefits basis actuarial valuation certificate.
13. There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statement.
14. The Company has not proposed any dividend in past effective for the said period.

Particulars	Annexure No.
Restated Statement of Assets & Liabilities	I
Restated Statement of Share Capital	I.1
Restated Statement of Reserves & Surpluses	I.2
Restated Statement of Long-Term Borrowings	I.3
Restated Statement of Deferred Tax Liabilities/Assets	I.4
Restated Statement of Long-Term Provisions	I.5
Restated Statement of Short-Term Borrowings	I.6
Restated Statement of Trade Payable	I.7
Restated Statement of Other Current Liabilities	I.8
Restated Statement of Short-Term Provisions	I.9
Restated Statement of Fixed Assets, Depreciations and Capital Work-in Progress	I.10
Restated Statement of Non-Current Investment	I.11
Restated Statement of Long-Term Loans and Advances	I.12
Restated Statement of Inventories	I.13
Restated Statement of Trade Receivable	I.14
Restated Statement of Cash & Cash Equivalent	I.15
Restated Statement of Short-Term Loans and Advances	I.16
Restated Statement of Other Current Assets	I.17
Restated Statement of Profit & Loss	II
Restated Statement of Revenue from operations	II.1
Restated Statement of Other Income	II.2
Restated Statement of Cost of Material Consumed	II.3
Restated Statement of Changes in Inventories	II.4
Restated Statement of Employees Benefit Expenses	II.5
Restated Statement of Finance Costs	II.6
Restated Statement of Depreciation and amortization expenses	II.7
Restated Statement of Other Expenses	II.8
Restated Statement of Current Tax	II.9
Restated Statement of Deferred Tax	II.10
Restated Statement of Earnings per share	II.11
Other Annexures:
Cash Flow Statement	III
Notes On Accounts Forming Part of Restated Financial Statements And Significant Accounting Policies	IV
Additional Regulatory Information	V
Adjustments made in restated financial statements / regrouping notes	VI
Statement of Related Parties & Transactions	VII
Statement of Tax Shelter, As Restated	VIII

4. We have also examined the following other financial information relating to the Company prepared by the Management and as approved by the Board of Directors of the Company and annexed to this report relating to the Company as at and for the years ended March 31, 2024, March 31, 2023, and March 31, 2022 proposed to be included in the Red Herring Prospectus/Prospectus.
5. We, A B C D & Co., Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and our peer Review Certificate is valid as on the date of signing of this report.
6. 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 financial statements and audited financial statements mentioned in paragraph 5 above.
7. 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.
8. We have no responsibility to update our report for events and circumstances occurring after the date of the report.
9. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Prospectus / Prospectus to be filed with Securities and Exchange Board of India, the stock exchanges and Registrar of Companies, Chennai 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.

Yours faithfully,

For M/s A B C D & CO, Chartered Accountants FRN: 016415S

Sd/-

Vinay Kumar Bachhawat – Partner Membership No. 214520

UDIN: 24214520BKCWVC6147

Date: 09^th July 2024 Place: Chennai

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INDEPENDENT AUDITORS REPORT

To the Board of Directors of M/s Jeyyam Global Foods Limited Report on Audit of the Special Purpose Restated Financial Statements

1. Opinion:

We have audited the accompanying Special Purpose Restated financial statements of M/s Jeyyam Global Foods Limited (hereinafter referred to as the "Company"), which comprise the Restated Balance Sheet as at 31^st March 2024, the Restated Statement of Profit and Loss and the Restated Statement of Cash Flows for the period ended 31^st March 2024, and a summary of significant 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 Special Purpose Restated Financial Statements is prepared, in all material respects, in accordance with the basis set out in Annexure - IV to the Special Purpose Restated Financial Statements.

2. Basis of Opinion:

We conducted our audit of the Special Purpose Restated Financial Statements in accordance with the Standards on Auditing ("SA"s) issued by the Institute of Chartered Accountants of India ("ICAI").

The restated financial statements were prepared for the purpose of inclusion in the offer document to be filed with Stock Exchange, Securities and Exchange Board of India, and Registrar of Companies, of relevant state in connection with the proposed IPO. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Special Purpose Restated Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the ICAI together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 (the "Act") and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion on the Special Purpose Restated Financial Statements.

3. Emphasis of Matter – Basis of Accounting and Restriction on Distribution and use

We draw attention to Annexure - IV to the Special Purpose Restated Financial Statements, which describes the purpose and basis of preparation. The Special Purpose Restated Financial Statements have been prepared by the Company for the purpose of preparation of the restated financial information as required under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended from time to time (the "ICDR Regulations") in relation to the proposed initial public offering of the Company. As a result, the Special Purpose Restated Financial Statements may not be suitable for any another purpose. The Special Purpose Restated Financial Statements cannot be referred to or distributed or included in any offering document or used for any other purpose except with our prior consent in writing. Our report is intended solely for the purpose of preparation of the restated financial information and is not to be used, referred to or distributed for any other purpose without our prior written consent.

Our opinion is not modified in respect of this matter.

4. Responsibilities of Management and Those Charged with Governance for the Special Purpose Restated Financial Statements

The Companys Board of Directors is responsible for the preparation and presentation of these Special Purpose Restated Financial Statements that give a true and fair view of the Restated financial position, Restated financial performance, Restated profit and loss and Restated cash flows in accordance with the basis stated in Annexure - IV to the Special Purpose Restated Financial Statements for the purpose set out in paragraph 3 above.

In preparing the Special Purpose Restated Financial Statements, the Board of Directors of the Company are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors of the Company are also responsible for overseeing the financial reporting process of the Company.

1. Auditors Responsibilities for the Audit of the special Purpose Restated Financial Statements

Our objectives are to obtain reasonable assurance about whether the Special Purpose Restated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 Special Purpose Restated 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 Special Purpose Restated 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal financial control of the Company.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements 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 ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Special Purpose Restated Financial Statements or, if such disclosures are inadequate, to modify our opinion. 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 Special Purpose Restated Financial Statements, including the disclosures, and whether the Special Purpose Restated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial Information of the Company to express an opinion on the Special Purpose Restated Financial Statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of the Company.

Materiality is the magnitude of misstatements in the Special Purpose Restated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Special Purpose Restated 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 Special Purpose Restated Financial Statements.

We communicate with those charged with governance of the Company in the Special Purpose Restated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings 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.

1. Other Matter

The comparative financial information of the Company for the year ended March 31, 2023, March 31, 2022 and March 31, 2021, is included in these Restated financial statements. These statements are based on the financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006, which was audited by Mr. Rishab Nahar & Co. dated 27^th September 2023, 05^th September, 2022 for the year ended March 31, 2023 and March 31, 2022 respectively. We express an unmodified opinion on those standalone audited financial statements, which have been restated for the purpose of IPO. We have audited the adjustments to the comparative financial information for the changes in Accounting Principles adopted by the Company.

Our opinion on the Special Purpose Restated Financial Statements is not modified in respect of the above matter.

For M/s A B C D & CO, Chartered Accountants FRN: 016415S

Sd/-

Vinay Kumar Bachhawat – Partner Membership No. 214520

UDIN: 24214520BKCWVC6147

Date: 09^th July 2024 Place: Chennai