KRM Ayurveda Ltd Auditor Reports

i. Section 26 of Part I of Chapter III of Companies Act, 2013 (the “Act”) read with Companies (Prospectus and Allotment of Securities) Rules 2014; ii. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 (“ICDR Regulations”) and related amendments/clarifications from time to time issued by the Securities and Exchange Board of India (“SEBI”); iii. The Guidance Note on Reports in Company Prospectuses (Revised 2019) (as amended) issued by the Institute of Chartered Accountants of India (“Guidance Note”).

Managements Responsibility for the Restated Financial Statements

The boards of directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

Auditors responsibilities

(i) The terms of reference and terms of our engagement letter requesting us to carry out the assignment, in connection with the proposed SME IPO; (ii) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI; (iii) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Statements; (iv) 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 Statements

(i) Audited Financial Statements as at and for the financial year ended on 31^st March 2025, 31^st March 2024 and 31^st March 2023, prepared in accordance with the Accounting Standards 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.

Auditors Report

(i) Auditors report issued by the previous auditor i.e S. C. Kwatra & Co., Chartered Accountants (the “Previous Auditor”) dated 29^th September, 2023 and 6^th September, 2024 for the financial years ended 31^st March 2023 and 31^st March 2024 respectively. (ii) Auditors report issued by us dated 2^nd July 2025 for the financial years ended 31^st March 2025. (iii) There were no audit qualifications in the audit reports issued by the previous statutory and tax auditor and by us for the financial year ended on 31^st March 2025, 31^st March 2024 and 31^st March 2023, which would require adjustments in the Restated Financial Statements of the Company.

a. have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/ reclassifications retrospectively in the financial year ended on 31^st March 2025,

31^st March 2024 and 31^st March 2023. b. do not require any adjustment for modification as there is no modification in the underlying audit reports; c. there are no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments. d. have been prepared in accordance with the Act, ICDR Regulations and Guidance Note. e. adequate disclosure has been made in the financial statements as required to be made by the issuer as per schedule III of the Companies Act, 2013. f. the accounting standards prescribed under the Companies act, 2013 have been followed. g. the restated financial statements present a true and fair view of the companys accounts.

a. The “Restated Summary Statement of Assets and Liabilities” as set out in Annexure I to this report, of the Company as at 31^st March 2025, 31^st March 2024 and 31st March 2023, 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 and V to this Report.

b. The “Restated Summary Statement of Profit and Loss” as set out in Annexure II to this report, of the Company for the financial year ended on 31^st March 2025, 31^st March 2024 and 31^st March 2023, 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 and V to this Report.

c. The “Restated Summary Statement of Cash Flow” as set out in Annexure III to this report, of the Company for the financial year ended on 31^st March 2025, 31^st March 2024 and 31^st March 2023, 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 and V to this Report.

10. 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 for the financial year ended on 31^st March 2025, 31^st March 2024 and 31^st March 2023, proposed to be included in the Draft Prospectus/Prospectus (“Offer Document”).

We, Shiv & Associates, Chartered Accountants, have been subjected to the peer review process of the Institute of Chartered Accountants of India (“ICAI”) and hold a valid peer review certificate issued by the “Peer Review Board” of the ICAI.

11. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by any other firm of chartered accountants, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

13. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document in connection with the proposed SME 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.