KVS Castings Ltd Auditor Reports

INDEPENDENT AUDITORS EXAMINATION REPORT ON THE RESTATED FINANCIAL INFORMATION OF KVS CASTINGS LIMITED (Formerly KVS Castings Private Limited)

To,

The Board of Directors

KVS CASTINGS LIMITED (Formerly KVS Castings Private Limited)

Kashipur,

Uttarakhand-244713

Dear Sir,

We have examined the accompanying Restated Financial Information of KVS CASTINGS LIMITED (Formerly KVS Castings Private Limited), hereunder referred to as "the company", "issuer" which comprises of Restated Statement of Assets and Liabilities as at 30.06.2024, 31.03.2024,31.03.2023 and 31.03.2022, the Restated Statement of Profit and Loss, and Restated Statement of Cash Flows for the three months ended 30.06.2024, and years ended 31.03.2024, 31.03.2023 and 31.03.2022 along with the Restated Statements of significant accounting policies and other explanatory information (Collectively, the "Restated Financial Information"), annexed to this report for the purpose of inclusion in the Draft Red Herring Prospectus ("DRHP") prepared by the company in connection with its proposed initial public offer of its equity shares. The Restated Financia Information as approved by the Board of Directors of the company at their meeting held on 10th September 2024, have been prepared by the company in connection with its proposed Initial Public Offer of equity shares (IPO) in accordance with the requirements of:

a) Section 26 of part l of Chapter III of the Companies Act, 2013;

b) Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended (the SEBI ICDR Regulations); and

c) The Guidance Note on Reports in Company prospectus (Revised 2019) (as amended) issued by the Institute of Chartered Accountants of India ("ICAr"), as amended from time to time ("The Guidance Note"),

The Companys Board of Directors are responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the DRHP to be filed with Securities and Exchange Board of India, Stock Exchange and Registrar of Companies, Uttarakhand in connection with the Proposed IPO. The Restated Financial Information has been prepared on the basis of preparation stated in Note 1 to the Restated Financial Information. 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 Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

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 in connection with the proposed IPO of equity shares of the Issuer;

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 he 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.

This Restated Financial Information have been compiled by the management from;

a) Audited financial statements of the Company as at and for the 2024, period/ years ended June 30, March 31, 2024, March 31, 2023 and March 31, 2022 prepared in accordance with the Accounting Standards notified under Section 133 of the Act read with (Indian GAAP), and other accounting principles generally accepted in India.

b) Audited Financial Statements of the Company for the year ended March 31, 2023 & March 31, 2022 have been prepared by the company in accordance with the generally accepted accounting principles and as approved by board of the company and Audited by M/s Vimal & Associates vide their Audit report dated 24/08/2023 & 25/08/2022 respectively.

c) Audited Financial Statements of the Company for the year ended March 31, 2024 and for the three months period ended June 30, 2024 have been prepared by the company in accordance with the generally accepted accounting principles and as approved by board of the company and Audited by us vide our Audit report dated 17/07/2024 and 11/10/2024 respectively.

For the purpose of our examination, we have relied on Auditors Report issued by the Previous Auditor M/s Vimal & Associates ("Previous Auditors) dated 24/08/2023 and 25/08/2022 for the Financial Year ended March 31, 2023 and March 31, 2022 respectively.

Based on our examination and according to the information and explanations given to us and also as per the reliance placed on the audit report submitted by the Previous Auditors for the respective years, 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 respective financial period/ years to reflect the same accounting treatment as per the changed accounting policies and grouping/classifications followed for all the periods reported, if any;

b) Do Not contain any modification which requires adjustment

c) Are in accordance with the requirements of Part I of Chapter III of the Act including rules made there under, ICDR Regulations, Guidance Note and Engagement Letter.

The 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 above.

Opinion

In our opinion and to the best of information and explanation provided to us the restated financial statements of the company read with significant accounting policies and notes to accounts are prepared after providing appropriate adjustments and regroupings as considered appropriate.

We, M/s Arora Gupta & Co. (Chartered Accountants) have been subjected to peer review process of the Institute of Chartered Accountants of India (ICA) and our peer review certificate is valid as on the date of signing of this report.

The preparation and presentation of the financial statements referred to above are based on the Audited Financial Statements of the company and are in a accordance with the provisions of the Act and the ICDR regulations. The financial statements and information referred to above is the responsibility of the management of the company.

This report should not in any way be construed as a reissuan^e 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.

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

In our opinion the above restated financial information along with read note number 1 to 28 of this report with the respective significant accounting policies and notes to accounts are prepared after regrouping as considered appropriate and have been prepared in accordance with the companies act, ICDR Regulations, Engagement Letter and Guidance Note.

Restriction of Use

Our report is intended solely for use of the Board of Directors for inclusion in the DRHP to be filed with Securities and Exchange Board of India, relevant Stock Exchange and Registrar of Companies, Uttaraklhand 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.

For Arora Gupta & Co.

Chartered Accountants Firm

Registration No. 021313C

S/d/-

CA Amit Arora

(Partner)

M.No:514828

UDIN: 24514828BKEGMU1173

Place: Rudrapur

Date: 10/09/2024