Kanishk Aluminium India Ltd Auditor Reports

ON RESTATED FINANCIAL INFORMATION

The Board of Directors,

Kanishk Aluminium India Limited

(Formerly known as Kanishk Aluminium India Private Limited) Plot No E-849 A, Fourth Phase Ricco Boranada, Jodhpur, Rajasthan, India, 342001

Dear Sirs,

1. We have examined the attached Restated Financial Information of Kanishk Aluminium India Limited (Formerly known as Kanishk Aluminium India Private Limited) (the "Company" or the "Issuer") comprising the Restated Statement of Assets and Liabilities as at January 31, 2025, March 31, 2024, March 31, 2023 & March 31, 2022 the Restated Statements of Profit and Loss and the Restated Cash Flow Statement for the ten month period ended January, 2025 & financial year 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"), as approved by the Board of Directors of the Company at their meeting held on June 10, 2025 for the purpose of inclusion in the Draft Prospectus ("DP") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") on SME platform of BSE Limited ("BSE SME")prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013, as amended (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 (the "Guidance Note").

Managements Responsibility for the Restated Financial Information

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the DP to be filed with the BSE Limited 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 1 to the Restated Financial Information. The responsibility of the respective Board of Directors of the companies includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The respective Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

Auditors Responsibility

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 5^th November 2024 in connection with the proposed IPO of equity shares of the Issuer;

b) The Guidance Note. 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

d) 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 Financial Information

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

a) Audited financial statements as at and for the ten month period ended January 31, 2025 and year ended March 31, 2024, March 31, 2023 prepared in accordance with Accounting Standard 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, which have been approved by the Board of Directors at their meeting held on June 10, 2025, September 02, 2024 & September, 01, 2023 respectively.

b) Audited financial statements as at and for the year ended March 31, 2022 prepared in accordance with Accounting Standard 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, which have been approved by the Board of Directors at their meeting held on August 08, 2022 which were audited by M/s Mohit J & Associates.

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

a) The reports issued by us dated June 10, 2025, September 02,2024 & September, 01, 2023 on the financial statements of the Company as at and for ten months period ended January 31,2025 and year ended March 31, 2024, March 31, 2023 as referred in Paragraph 4 above;

b) The report issued by Previous Auditor M/s Mohit J & Associates (Proprietorship) having FRN: 028605C dated August 08, 2022 on the financial statements of the Company as at and for the year ended March 31, 2022 as referred in Paragraph 4 above; and

The audits for the financial year ended March 31, 2022 was conducted by the Companys previous auditors, M/s Mohit J & 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, statements of cash flow statements, the Summary Statement of Significant Accounting Policies, and other explanatory information and (collectively, the "2022 Restated Financial Information") examined by them for the said year. The examination report included for the said year is based solely on the report submitted by the Previous Auditors. They have also confirmed that the 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, 2022 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at January 31,2025;

b) have been prepared after incorporating proforma AS adjustments to the audited Indian GAAP financial statements as at and for the year ended March 31, 2022 as described in Note 1 to the Restated Financial Information;

c) do not require any adjustments for the matter(s) giving rise to modifications mentioned in paragraph [6] below; and

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

6. Based on our examination and according to the information and explanations given to us, 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, 2024, March 31, 2023 & March 31, 2022 to reflect the same accounting treatment as per the accounting policies and grouping/ classifications followed as at and for the ten month period ended January 31, 2025;

b) Do not require any adjustment for modification as there is no modification in the underlying audit reports; and c) Have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

8. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the dates of the report on audited financial statements mentioned in paragraph 4 above.

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 us, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

10. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

11. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Prospectus to be filed with the BSE

Limited 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.

12. Report on Other Legal and Regulatory Requirements paragraphs with respect to our audit reports issued by us

Reporting on Audit Trail : The Company has used accounting software for maintaining its books of account for the period ended on January 31, 2025 which as per the certificate of expert provided by the management, has feature of recording audit trail (edit log) facility and the same has been operated throughout the period for all relevant transactions recoded in the software and there is no instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per statutory requirements for records retention.

In terms of our report attached.

For Mahaveer Gandhi And Associates

Chartered Accountants

FRN NO. 010756C

Sd/-

Mahaveer Gandhi

Partner

M.NO: 074020

Place: Jodhpur

Date:- 10/06/2025

UDIN:- 25074020BMICHO7016