Ken Enterprises Ltd Auditor Reports

SECTION-VI FINANCIAL INFORMATION

RESTATED FINANCIAL STATEMENTS

INDEPENDENT AUDITORS EXAMINATION REPORT ON RESTATED CONSOLIDATED FINANCIAL INFORMATION

To

The Board of Directors,

Ken Enterprises Limited

(Formerly Known as Ken Enterprises Private Limited)

9/621 Industrial Estate,

Near Kalyan Kendra,

Ichalkaranji, Maharashtra 416 115

Auditors Report on Restated Consolidated Financial Statememts in connection with the Initial Public Offering of Ken Enterprises Limited (Formerly Known as Ken Enterprises Private Limited)

Dear Sirs,

1. We have examined the attached Consolidated Restated Financial Statements of Ken Enterprises Limited (Formerly Known as Ken Enterprises Private Limited) ("the Company"), comprising the Consolidated Restated Statement of Assets and Liabilities as at March 31, 2024, March 31, 2023 and March 31, 2022, the Consolidated Restated Statements of Profit and Loss, the Consolidated Restated Cash Flow Statement for the year ended March 31, 2024, March 31, 2023 and March 31, 2022, the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these Consolidated Restated Financial Statements (collectively, the "Consolidated Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on September 13, 2024 for the purpose of inclusion in the Draft Offer Document/ Offer Document prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares ("SME IPO") prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III 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 Consolidated Restated Financial Information for the purpose of inclusion in the Draft Offer Document/Offer Document to be filed with Securities and Exchange Board of India, relevant stock exchange and relevant Registrar of Companies in connection with the proposed SME IPO. The Consolidated Restated Financial Information has been prepared by the management of the Company on the basis of preparation stated in Annexure IV of the Consolidated Restated Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Consolidated Restated Financial Information. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Companies Act, (ICDR) Regulations and the Guidance Note.

3. We have examined such Consolidated 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 July 19, 2024 in connection with the proposed IPO of the Company;

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 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.

4. These Consolidated Restated Financial Information have been compiled by the management from the Audited Consolidated Financial Statements of the Company for the years ended March 31, 2024, March 31, 2023 and March 31, 2022 which has been approved by the Board of Directors on September 13, 2024.

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

a) Auditors reports issued by us dated September 13, 2024, on the consolidated financial statements of the Company as at and for the year ended March 31, 2024 as referred in Paragraph 4 above;

b) Auditors reports issued by previous auditor dated September 01, 2023 and September 01, 2022, on the Consolidated Financial Statements of the Company as at and for the year ended March 31, 2023 and March 31, 2022 respectively as referred in Paragraph 4 above;

6. Based on our examination and according to the information and explanations given to us, we report that the Consolidated Restated Financial Information have been prepared:

a) After incorporating adjustments for the changes in accounting policies and regrouping / reclassifications retrospectively, if any in the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 to reflect the same accounting treatment as per the accounting policies and grouping/classifications; and

b) in accordance with the Act, ICDR Regulations and the Guidance Note.

7. We have also examined the following Notes/Annexure to the Consolidated Restated financial information of the Company set out in the restated financial statement, prepared by the management and approved by the Board of Directors on September 13, 2024 for the years ended March 31, 2024, March 31, 2023 and March 31, 2022:

a) Basis of preparation and Significant Accounting Policies as enclosed in Annexure IV

b) Notes to the Restated Financial Information as enclosed in Annexure V

c) Restated Statement of Reserves and Surplus as enclosed in Annexure VI

d) Restated Statement of Long Term Borrowings as enclosed in Annexure VII

e) Restated Statement of Short Term Borrowings as enclosed in Annexure VIII

f) Restated Statement of Other Liabilities and Provisions as enclosed in Annexure IX

g) Restated Statement of Trade Receivables as enclosed in Annexure X

h) Restated Statement of Other Non-Current Assets as enclosed in Annexure XI

i) Restated Statement of Other Current Assets as enclosed in Annexure XII

j) Restated Statement of Other Income as enclosed in Annexure XIII

k) Restated Statement of Accounting Ratios as enclosed in Annexure XIV

l) Restated Statement of Capitalisation as enclosed in Annexure XV

m) Restated Statement of Tax Shelter as enclosed in Annexure XVI

n) Reconciliation of Restatement Adjustments Annexure XVII

8. The Consolidated Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements mentioned in paragraph 5 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 Offer document/Offer document to be filed with Securities and Exchange Board of India, relevant stock exchange and relevant Registrar of Companies 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. In our opinion, the above Consolidated financial information contained in Annexure I to Annexure XVII of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure IV are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR

Regulations, Engagement Letter and Guidance Note and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.

For Mittal Agarwal & Company

Chartered Accountants

(Firm Registration No. 131025W)

Sd/-

Deepesh Mittal

Partner

Membership No. 539486

Dated: 13/09/2024

Place: Ichalkaranji

UDIN: 24539486BKFMGB4865

INDEX

Ken Enterprises Limited

(Formerly Known as Ken Enterprises Private Limited)

Sr. No. Details of Restated Financial Information	Annexure
	Reference
1 Restated Statement of Assets and Liabilities	I
2 Restated Statement of Profit and Loss	II
3 Restated Statement of Cash Flows	III
4 Basis of Preparation and Significant Accounting Policies	IV
5 Notes to the Restated Financial Information	V
6 Restated Statement of Reserves and Surplus	VI
7 Restated Statement of Long Term Borrowings	VII
8 Restated Statement of Short Term Borrowings	VIII
9 Restated Statement of Current Liabilities and Provisions	IX
10 Restated Statement of Trade Receivable	X
11 Restated Statement of Other Non-Current Assets	XI
12 Restated Statement of Other Current Assets	XII
13 Restated Statement of Other Income	XIII
14 Restated Statement of Accounting Ratios	XIV
15 Restated Statement of Capitalisation	XV
16 Restated Statement of Tax Shelter	XVI
17 Reconciliation of Restatement Adjustments	XVII