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Abhishek Integrations Ltd.

BSE: 535383 Sector: Others
NSE: AILIMITED ISIN Code: INE0CAJ01017
BSE 05:30 | 01 Jan Abhishek Integrations Ltd
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Abhishek Integrations Ltd. (AILIMITED) - Auditors Report

Company auditors report

On the Restated Statement of Assets & Liabilities as at March 31 2021 as at March31 2020 and as at March 31 2019 and Restated Statement of Profit & Loss for theyear ended on March 31 2021 on March 31 2020 and on March 31 2019 and Restated CashFlow Statement for the year ended on March 31 2021 on March 31 2020 and on March 312019 and Restated Significant Accounting Policies and Notes to the Restated FinancialStatements and Other Annexures forming part of Restated Financial Statements.

To

The Board of Directors Abhishek Integrations Limited Ahmedabad

Dear Sir

1. We have examined the attached Restated Statement of Assets and Liabilities of AbhishekIntegrations Limited (the "Company") as at 31st March 2021 asat 31st March 2020 and 31st March 2019 and the related Restated Statement ofProfit & Loss for the year ended on March 31 2021 on March 31 2020 and on March31 2019 and Restated Cash Flow Statement for the year ended on March 31 2021 on March31 2020 and on March 31 2019 annexed to this report for the purpose of inclusion in theoffer document prepared by the Company (collectively the "Restated SummaryStatements" or "Restated Financial Statements"). These RestatedSummary Statements have been prepared by the Company and approved by the Board ofDirectors of the Company in connection with the Initial Public Offering (IPO) in EmergePlatform of the National Stock Exchange of India Limited (NSE Emerge).

2. These Restated Summary Statements have been prepared in accordance with therequirements of:

(i) Part I of Chapter III to the Companies Act 2013 ("Act")read withCompanies (Prospectus and Allotment of Securities) Rules 2014; (ii) The Securities andExchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018

("ICDR Regulations") issued by the Securities and Exchange Board ofIndia ("SEBI") in pursuance to Section 11 of the Securities and ExchangeBoard of India Act 1992 and related amendments / clarifications from time to time; (iii)The terms of reference to our engagements with the Company requesting us to carry out theassignment in connection with the Draft Red Herring Prospectus/Prospectus being issued bythe Company for its proposed Initial Public Offering of equity shares in Emerge Platformof the National Stock Exchange of India Limited (NSE EMERGE) ("IPO" or"SME IPO"); and (iv) The Guidance Note on Reports in Company Prospectus(Revised 2019) issued by the Institute of Chartered Accountants of India ("GuidanceNote").

3. The Restated Summary Statements of the Company have been extracted by the managementfrom the Audited Financial Statements of the Company for the financial year ended on 31stMarch 2021 31st March 2020 and 31st March 2019 which have beenapproved by the Board of Directors.

4. In accordance with the requirements of Part I of Chapter III of Act including rulesmade therein ICDR Regulations Guidance Note and Engagement Letter we report that: (i)The "Restated Statement of Assets and Liabilities" as set out in Annexure1 to this report of the Company as at 31st March 2021 31stMarch 2020 and 31st March 2019 have been prepared by the Company and approved by theBoard of Directors. These Restated Statement of Assets and Liabilities have been arrivedat after making such adjustments and regroupings to the individual financial statements ofthe Company as in our opinion were appropriate and more fully described in SignificantAccounting Policies and Notes to Financial Statements as set out in Annexure 4 tothis Report.

(ii) The "Restated Statement of Profit and Loss" as set out in Annexure2 to this report of the Company for the year ended 31st March 2021 31stMarch 2020 and 31st March 2019 have been prepared by the Company and approved by theBoard of Directors. These Restated Statement of Profit and Loss have been arrived atafter making such adjustments and regroupings to the individual financial statements ofthe Company as in our opinion were appropriate and more fully described in SignificantAccounting Policies and Notes to Accounts as set out in Annexure 4 to this Report.(iii) The "Restated Cash Flow Statement" as set out in Annexure 3to this report of the Company for the year ended 31st March 2021 31stMarch 2020 and 31st March 2019 are prepared by the Company and approved by the Board ofDirectors. These Restated Cash Flow Statement have been arrived at after making suchadjustments and regroupings to the individual financial statements of the Company as inour opinion were appropriate and more fully described in Significant Accounting Policiesand Notes to Accounts as set out in Annexure 4 to this Report.

5. Based on the above and according to the information & explanations madeavailable to us by the Company and also reliance placed by us on the audited financialstatements of the Company we are of the opinion that the Restated Financial Statementshave been made after incorporating: a) Adjustments for the changes in accounting policiesretrospectively in respective financial years to reflect the same accounting treatment asper the changed accounting policy for all reporting periods if any. b) Adjustments forprior period and other material amounts in the respective financial years to which theyrelate and there are no qualifications which require adjustments. c) There are noextra-ordinary items that need to be disclosed separately in the accounts andqualifications requiring adjustments. d) There were no qualifications in the Audit Reportsissued by the Statutory Auditors for the financial year ended on 31st March2021 31st March 2020 and 31st March 2019 which would require adjustments inthis Restated Financial Statements of the Company. e) These Profits and Losses have beenarrived at after charging all expenses including depreciation and after making suchadjustments/restatements and regroupings as in our opinion are appropriate and are to beread in accordance with the Significant Accounting Polices and Notes to Accounts as setout in Annexure 4 to this report. f) There were no change in Significant AccountingPolicies which needs to be adjusted in the Restated Financial Statements. g) There were norevaluation reserves which need to be disclosed separately in the Restated FinancialStatements.

6. Audit for the financial year ended on 31st March 2021 31st March 2020and 31st March 2019 was conducted by Messers Harish Kumar Maheshwari CharteredAccountants and accordingly reliance has been placed on the financial information examinedby them for the said years. The financial report included for these years is based solelyon the report submitted by them and no routine audit has been carried out by us. Furtherfinancial statements for the financial year ended on 31st March 2021 have been re-auditedby us as per the relevant guidelines.

7. We have also examined the following other financial information relating to theCompany prepared by the Management and as approved by the Board of Directors of theCompany and annexed to this report relating to the Company for the financial year ended on31st March 2021 31st March 2020 and 31st March 2019 proposed tobe included in the Draft Red Herring Prospectus/Prospectus ("Offer Document").

Annexures of Restated Financial Statements of the Company:

A. Restated Significant Accounting Policies and Notes to Restated Financial Statementsas appearing in Annexure 4 to this report; B. Reconciliation of Restated Profit asappearing in Annexure 5 to this report; C. Details of Restated Share Capital as appearingin Annexure 6 to this report; D. Details of Restated Reserves and Surplus as appearing inAnnexure 7 to this report; E. Details of Restated Long Term Borrowings as appearing inAnnexure 8 to this report; F. Details of Restated Deferred Tax Liabilities (Net) asappearing in Annexure 9 to this report; G. Details of Restated Long & Short TermProvisions as appearing in Annexure 10 to this report; H. Details of Restated Short TermBorrowings as appearing in Annexure 11 to this report; I. Details of Restated TradePayables as appearing in Annexure 12 to this report; J. Details of Restated Other CurrentLiabilities as appearing in Annexure 13 to this report; K. Details of Restated PropertyPlant & Equipments as appearing in Annexure 14 to this report; L. Details of RestatedLoans & Advances as appearing in Annexure 15 to this report; M. Details of RestatedOther Non-Current Assets as appearing in Annexure 16 to this report; N. Details ofRestated Inventories as appearing in Annexure 17 to this report; O. Details of RestatedTrade Receivables as Annexure 18 to this report; P. Details of Restated Cash and CashEquivalentas appearing in Annexure 19 to this report; Q. Details of Restated Other CurrentAssets as appearing in Annexure 20 to this report; R. Details of Restated Revenue fromOperations as appearing in Annexure 21 to this report; S. Details of Restated OtherIncome as appearing in Annexure 22 to this report; T. Details of Restated Project Expensesas appearing in Annexure 23 to this report; U. Details of Restated Changes in Work inProgress as appearing in Annexure 24 to this report; V. Details of Restated Employees'Benefit Expenses as appearing in Annexure 25 to this report; W. Details of RestatedFinance Cost as appearing in Annexure 26 to this report; X. Details of Restated otherexpenses as appearing in Annexure 27 to this report.

Y. Details of Statement of tax shelter as appearing in Annexure 28 to this report. Z.Details of Statement Of Capitalisation as appearing in Annexure 29 to this report.

AA. Details of Restated Statement Of Contingent Liabilities as appearing in Annexure 30to this report BB. Details of Restated Related Party Transactions as appearing in Annexure31 to this report

8. We Gattani & Associates Chartered Accountants have been subjected to the peerreview process of the Institute of Chartered Accountants of India ("ICAI")and hold a valid peer review certificate issued by the "Peer Review Board" ofthe ICAI.

9. The preparation and presentation of the Financial Statements referred to above arebased on the Audited Financial Statements of the Company and are in accordance with theprovisions of the Act and ICDR Regulations. The Financial Statements and informationreferred to above is the responsibility of the management of the Company. 10. The reportshould not in any way be construed as a re-issuance or re-dating of any of the previousaudit reports issued by any other Firm of Chartered Accountants nor should this report beconstrued as a new opinion on any of the financial statements referred to therein. 11. Wehave no responsibility to update our report for events and circumstances occurring afterthe date of the report. 12. In our opinion the above financial information contained inAnnexure 1 to 31 of this report read with the respective Significant Accounting Policesand Notes to Restated Financial Statements as set out in Annexure 4 are prepared aftermaking adjustments and regrouping as considered appropriate and have been prepared inaccordance with the Act ICDR Regulations Engagement Letter and Guidance Note.

13. Our report is intended solely for use of the management and for inclusion in theOffer Document in connection with the SME IPO. Our report should not be used referred toor adjusted for any other purpose except with our consent in writing.

For Gattani & Associates
Chartered Accountants
FRN No.103097W
Harish Kumar Maheshwari
Partner
Membership No. 074113
Place: Ahmedabad
Date: April 06 2021
UDIN: 21074113AAAABE3724

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