KSH International Ltd Auditor Reports

The Board of Directors

KSH International Limited

(formerly known as KSH International Private Limited)

Gat No. 11/3,11/4,11/5, Village Biradwadi,

Chakan, Tal-Khed

Pune Maharashtra India 411 501

Dear Sirs,

1. We have examined the attached Restated Financial Statements of KSH International Limited (formerly known as KSH International Private Limited) (the ‘Company) which comprises of the Restated Statement of Assets and Liabilities as on and for the three months period ended June 30, 2025 and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Statement of Profit and Loss Account (including other comprehensive income), the Restated Statement of Cash Flow, the Restated Statement of Changes in Equity, the Summary of Material Accounting Policies, and other explanatory information and other financial information, including the annexures, notes and schedules thereto, as listed in Annexure to this report, for the three month period ended June 30, 2025 and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 as approved by the Board of Directors of the Company on October 18, 2025 (referred as "Restated Financial Statements"), prepared by the management of the Company for the purpose of inclusion in the red herring prospectus ("RHP") and prospectus ("Prospectus") to be prepared by the Company in connection with its proposed initial public offer of equity shares ("IPO") 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 ("SEBI ICDR Regulations");

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"); and

d. Indian Accounting Standards as specified under Section 133 of the Act and other accounting principles generally accepted in India.

Managements Responsibility for the Restated Financial Statements

2. The Companys Management is responsible for the preparation of the Restated Financial Statements for the purpose of inclusion in the RHP/ Prospectus to be filed with Securities and Exchange Board of India ("SEBI"), BSE Limited, National Stock Exchange of India Limited (together referred to as "Stock Exchanges"), in connection with the proposed IPO. The Restated Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Note 1 of Annexure V to the Restated Financial Statements. The Board of Directors of the Company are responsible for designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Statements.

Auditors Responsibilities for the Restated Financial Statements

3. We have examined such Restated Financial Statements taking into consideration:

a. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated October 08, 2024, read with an addendum dated October 11, 2024 and further addendum dated September 15, 2025 in connection with the IPO of the equity shares 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. The concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Statements; and

d. The requirements of Section 26 of the Act and the SEBI ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the

Act and the ICDR Regulations in connection with the proposed IPO.

Restated Financial Statements as per Audited Financial Statements

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

(a) Audited Interim Financial Statements of the Company as at and for the three months period ended June 30, 2025 prepared in accordance with Indian Accounting Standard (Ind AS) 34 "Interim Financial Reporting" specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rule 2015, which have been audited by us and approved by the Board of Directors at their meeting held on October 18, 2025.

(b) Audited General Purpose Financial Statement of the Company as at and for the year ended March 31, 2025, prepared in accordance with the Indian Accounting Standards as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, to the extend applicable, which have been approved by the Board of Directors at their meeting held on September 29, 2025 were audited by us.

(c) Audited Special Purpose Financial Statement of the Company as at and for the years ended March 31, 2024 and March 31, 2023, prepared in accordance with the Indian Accounting Standards as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, to the extend applicable, which have been approved by the Board of Directors at their meeting held on January 15, 2025 were audited by us.

(d) The Company prepared a separate set of statutory financial statements for the year ended March 31, 2024, in accordance with the Indian Accounting Standards prescribed under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India which were audited by Hingne Tare and Associates, Chartered Accountants ("Predecessor Auditor") who have issued an unmodified auditors report to the members of the Company dated September 28, 2024.

(e) The Company has prepared a separate set of statutory financial statements for the year ended March 31, 2023, in accordance with the Accounting Standards prescribed under section 133 of the Act, read with the Companies (Accounting Standards) Rules, 2021, as amended and other accounting principles generally accepted in India which were audited by Hingne Tare and Associates, Chartered Accountants ("Predecessor Auditor") who have issued an unmodified auditors report to the members of the Company dated September 21, 2023.

5. We have audited the special purpose financial statements of the Company for the year ended March 31, 2024 and March 31, 2023 prepared by the Company in accordance with the Ind AS 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 the ICDR Regulations in relation to the IPO of equity shares of the Company. We have issued our reports dated January 15, 2025 on these special purpose financial statements to the Board of Directors who have approved these in their meeting held on January 15, 2025.

6. For the purpose of our examination, we have relied on Independent Auditors reports issued by us dated October 18, 2025 on the audited interim financial statements of the Company as on and for three-month period ended June 30, 2025 as referred in Paragraph 4 above.

7. For the purpose of our examination, we have relied on Independent Auditors reports issued by us dated September 29, 2025 on the Audited General Purpose Financial Statements of the Company as on and for the year ended March 31, 2025 as referred in Paragraph 4 above.

8. For the purpose of our examination, we have relied on Independent Auditors reports issued by us dated January 15, 2025 on the Audited Special Purpose Financial Statements of the Company as on and for the years ended March 31, 2024 and March 31, 2023 as referred in Paragraph 4 above

9. For the purpose of our examination, we have relied on Independent Auditors reports issued by Predecessor Auditor dated September 09, 2024 and September 21,2023 respectively on the Audited Financial Statements of the Company as on and for the years ended March 31, 2024 and March 31, 2023 as referred in Paragraph 4 above.

10. Based on our examination and according to the information and explanations given to us, we report that the Restated

Financial Statements:

a. have been prepared after incorporating adjustments for the changes in material accounting policies, and regrouping/reclassifications retrospectively in the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed for the three-month period ended June 30, 2025;

b. have been prepared in accordance with the Act, SEBI ICDR Regulations and the Guidance Note;

c. there are no qualifications in the Independent Auditors reports on the Audited Interim Financial Statements of the Company as on and for the three months ended June 30, 2025.

d. there are no qualifications in the Independent Auditors reports on the Audited General Purpose Financial Statements of the Company as on and for the year ended March 31, 2025.

e. there are no qualifications in the Independent Auditors reports on the Audited Financial Statements of the Company as on and for the years ended March 31, 2024 and March 31, 2023.

f. The Independent Auditors Reports issued by us on General Purpose Financial Statements as on and for year ended March 31, 2025 have, without modifying the opinion, mention the following matter in the report which have been included in the other matter paragraph and which is reproduced as follows:

In report for the year ended March 31, 2025:

We have not audited the comparative financial information appearing in the statement, of the year ended March 31,2024. The comparative financial information appearing in the statement for the year ended March 31, 2024 were audited by the previous auditor whose reports dated September 28, 2024 expressed an unmodified opinion.

g. The Independent Auditors Reports issued by us on Audited Special Purpose Financial Statements as on and for years ended March 31, 2024 and March 31, 2023 have, without modifying the opinion, mention the following matters in the report for the respective periods which have been included in the other matter(s) paragraph and which is reproduced as follows:

In report for the year ended March 31, 2024:

(a) Since we were not the Statutory auditors of the Company for the year ended March 31, 2024, we had not participated in the physical verification of inventories that was carried out by the management as of the year end. Accordingly, we have performed alternate procedures to audit the existence of

inventory as per the guidance provided in SA 501 "Audit Evidence Specific consideration for selected items" and have obtained sufficient appropriate evidence.

(b) This Audit Report should not in any way be construed as a reissuance or re-dating of any of the previous Independent Audit Reports issued by Predecessor Auditor, nor should this report be construed as a new opinion on any of the Audited Financial Statements referred to herein.

In report for the year ended March 31, 2023

(a) Since we were not the Statutory auditors of the Company for the year ended March 31, 2023, we had not participated in the physical verification of inventories that was carried out by the management as of the year end. Accordingly, we have performed alternate procedures to audit the existence of inventory as per the guidance provided in SA 501 "Audit Evidence Specific consideration for selected items" and have obtained sufficient appropriate evidence.

(b) This Audit Report should not in any way be construed as a reissuance or re-dating of any of the previous Independent Audit Reports issued by Predecessor Auditor, nor should this report be construed as a new opinion on any of the Audited Financial Statements referred to herein.

11. The Restated Financial Statements do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Audited Interim Financial Statements and Special Purpose Financial Statements mentioned in paragraph 4 above.

12. 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.

13. This Examination Report should not in any way be construed as a reissuance or re-dating of any of the previous Independent Audit Reports issued by us, nor should this report be construed as a new opinion on any of the Audited Financial Statements referred to herein.

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

15. Our report is intended solely for use of the Board of Directors for inclusion in the RHP/ Prospectus to be filed with SEBI and the Stock Exchanges in connection with the IPO of the equity shares of the Company.

16. 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.

Annexure - Details of Restated Financial Statements