Auditor Report of Ken Enterprises Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial
statements of Ken Enterprises Limited (Formerly known
as Ken Enterprises Private Limited) (‘the Company’), which
comprise the balance sheet as at 31 March 2025, the statement
of profit and loss, the statement of cash flows for the year
then ended and a summary of the significant accounting
policies and other explanatory information (herein after
referred to as “standalone financial statements”).

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 (“the Act”) in the manner
so required and give a true and fair view in conformity with
the Indian Accounting Standards prescribed under section
133 of the Act and other accounting principles generally
accepted in India, of the state of affairs of the Company as
at 31 March 2025, the profit and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit ofthe standalone financial statements
in accordance with the Standards on Auditing specified
under section 143(10) of the Act (SAs). Our responsibilities
under those Standards are further described in the Auditor’s
Responsibility for the Audit of the standalone financial
statements section of our report. We are independent of
the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to

our audit of the standalone financial statements under the
provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI’s Code of Ethics. We
believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit opinion on
the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current period.
These matters were addressed in the context of our audit
of the standalone financial statements as a whole, and in
forming our opinion thereon, and we do not provide a
separate opinion on these matters. For each matter below,
our description of how our audit addressed the matter is
provided in that context.

We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the standalone
financial statements section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the
standalone financial statements. The results of our audit
procedures, including the procedures performed to address
the matters below, provide the basis for our audit opinion on
the accompanying standalone financial statements.

Key Audit Matters	How the matter was addressed in our audit
1) IPO Expenses
(Refer Note 2 and 38 of the Standalone financial statements) In the Current financial year, the Company initiated its Initial Public Offering and consequently accrued Share Issue Expenses. The total offer expenses aggregating to T 379.32 lacs have been utilised from Securities Premium Account in accordance with section 52 of the Companies Act, 2013.	Our audit procedures include the following: • Obtained a detailed understanding of such Share Issue Expenses from the Management. • Verified all the supporting document related to IPO. • Ensured proper accounting treatment for writing off the above- mentioned expenses as per section 52 of the Companies Act, 2013

Key Audit Matters	How the matter was addressed in our audit
2) Revenue Recognition
Revenue is measured net of returns, discounts and rate difference on the Company’s sales. Revenue is recognized when the control of the underlying products has been transferred to the customer. There is a risk of revenue being overstated due to fraud resulting from the pressure on management to achieve performance targets at the reporting period end.	• Our audit procedures included the following: Assessing the appropriateness of the revenue recognition accounting policies, including those relating to sales returns, discounts and rate difference. • Performing substantive testing (including year- end cutoff testing) by selecting samples of revenue transactions recorded during the year by verifying the underlying documents, which included sales invoices/ e-invoice, etc. • For sample customers, obtained and assessed the arrangements with the Company and impact on revenue recognition including their payment terms and right to returns. • For sample customer balances, obtained direct confirmation and tested the reconciliations, if any

Information other than the standalone financial
statements and auditors’ report thereon

The Company’s board of directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Board’s
Report including Annexures to Board’s Report, Business
Responsibility Report but does not include the standalone
financial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does
not cover the other information and we do not express
any form of assurance conclusion thereon. In connection
with our audit of the standalone financial statements, our
responsibility is to read the other information and, in doing
so, consider whether the other information is materially
inconsistent with the standalone financial statements or
our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that
there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report
in this regard.

Responsibilities of Management for the
Standalone financial statements

The Company’s Board of Directors is responsible for the
matters stated in Section 134(5) of the Act with respect to the
preparation of these standalone financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance
with the accounting principles generally accepted in India,
including the accounting standards specified under section
133 of the Act. This responsibility also includes maintenance
of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls,

that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the
preparation and presentation of the standalone financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the standalone financial statements,
management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so. Those Board of
Directors are also responsible for overseeing the Company’s
financial reporting process.

Auditor’s Responsibility for the Audit of the
Standalone financial statements

Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone
financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:

? Identify and assess the risks of material misstatement
of the standalone financial statements, whether due to
fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for

one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.

? Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)

(i) of the Companies Act, 2013, we are also responsible
for expressing our opinion on whether the company
has adequate internal financial controls system in place
and the operating effectiveness of such controls.

? Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

? Conclude on the appropriateness of management’s use
of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions
that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related
disclosures in the standalone financial statements or, if
such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to
cease to continue as a going concern.

? Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the standalone financial
statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated

in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.

Report on Other Legal and Regulatory
Requirements

1. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”) issued by the Central Government
of India in terms of section 143(11) of the Act, we
give in the ‘Annexure A’, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the
extent applicable;

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purposes of our audit;

(b) In our opinion proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books;

(c) the balance sheet, the statement of profit and loss
and the statement of cash flows dealt with by this
Report are in agreement with the books of account;

(d) in our opinion, the aforesaid standalone financial
statements comply with the Accounting Standards
specified under Section 133 of the Act read with
relevant rule issued thereunder;

(e) On the basis of the written representations
received from the directors and taken on record
by the Board of Directors, none of the directors
is disqualified as on 31 March 2025 from being
appointed as a director in terms of Section 164(2)
of the Act; and

(f) With respect to the adequacy of the internal
financial controls with reference to the standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate report in “Annexure B”.

3. With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:

a. The Company does not have any pending litigations
which would impact its financial position except
contingent liabilities as reported in note 27 to the
Standalone financial statements of the Company.

b. The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses.

c. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company.

d. (i) The management has represented that,

to the best of its knowledge and belief, no
funds have been advanced or loaned or
invested (either from borrowed funds or
share premium or any other sources or kind
of funds) by the Company to or in any other
persons or entities, including foreign entities
(“Intermediaries”), with the understanding,
whether recorded in writing or otherwise,
that the Intermediary shall:

? directly or indirectly lend or invest in
other persons or entities identified
in any manner whatsoever (“Ultimate
Beneficiaries”) by or on behalf of the
Company or

? provide any guarantee, security
or the like to or on behalf of the
Ultimate Beneficiaries.

(ii) The management has represented that, to
the best of its knowledge and belief, no funds
have been received by the Company from any
persons or entities, including foreign entities
(“Funding Parties”), with the understanding,
whether recorded in writing or otherwise,
that the Company shall:

? directly or indirectly, lend or invest
in other persons or entities identified
in any manner whatsoever (“Ultimate
Beneficiaries”) by or on behalf of the
Funding Party or

? provide any guarantee, security or the
like from or on behalf of the Ultimate
Beneficiaries; and

(iii) Based on such audit procedures as
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
representations under subclause (d) (i) and
(d) (ii) contain any material mis-statement.

e. The Company has not declared or paid any
dividend during the year.

f. Based on our examination, which included test
checks, the Company has used an accounting
software for maintaining its books of account for
the financial year ended March 31, 2025 which has
a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for
all relevant transactions recorded in the software.
Further, during the course of our audit we did not
come across any instance of the audit trail feature
being tampered with.

4. With respect to the matter to be included in the
Auditors’ Report under Section 197(16) of the Act:

In our opinion and according to the information and
explanations given to us and based on examination of
the records of the Company, the Company has paid/
provided for managerial remuneration in accordance
with the requisite approvals mandated by the provisions
of Section 197 read with Schedule V to the Act.

For Mittal Agarwal & Company

Chartered Accountants
(Firm Registration No. 131025W)

Place: Ichalkaranji Piyush Agarwal

Dated: 30/05/2025 Partner

UDIN: 25135505BMKSEL9359 Membership No. 135505