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Cool Caps Industries Ltd.

BSE: 535441 Sector: Industrials
NSE: COOLCAPS ISIN Code: INE0HS001010
BSE 05:30 | 01 Jan Cool Caps Industries Ltd
NSE 00:00 | 24 Jun 103.00
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Cool Caps Industries Ltd. (COOLCAPS) - Auditors Report

Company auditors report

On the Restated Standalone Statement of Assets and Liabilities as on March 31

2021 2020 and 2019 Profit and Loss and Cash Flows for each of the years ended on March31 2021 March 31 2020 and March 31 2019 of Cool Caps Industries Limited(collectively the "Restated Standalone Summary Statements")

To
The Board of Directors
Cool Caps Industries Limited
(Erstwhile known as ‘Cool Caps Industries Private Limited')
23 Sarat Bose Road
Flat No. 1C 1st Floor
Kolkata West Bengal - 700020

Dear Sir/Ma'am

1. We have examined the attached Restated Standalone Summary Statements along withsignificant accounting policies and related notes of Cool Caps Industries Limited (the"Company") for the years ended March 31 2021 March 31 2020 and March 312019 annexed to this report and prepared by the Company for the purpose of inclusion inthe Offer Document in connection with its proposed Initial Public Offer ("IPO")on the EMERGE Platform of National Stock Exchange of India Limited.

2. These Restated Summary Statements have been prepared in accordance with therequirements of: (i) Part I of Chapter III to the Companies Act 2013 ("theAct") 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") issued by the Securities andExchange Board of India ("SEBI") in pursuance to Section 11 of theSecurities and Exchange Board of India Act 1992 and related amendments / clarificationsfrom time to time; (iii) The terms of reference to our engagements with the Companyrequesting us to carry out the assignment in connection with the Draft Red HerringProspectus / Red Herring Prospectus / Prospectus being issued by the Company for itsproposed IPO of equity shares on EMERGE Platform of National Stock Exchange of IndiaLimited.; and (iv) The Guidance Note on Reports in Company Prospectus (Revised 2016)issued by the Institute of

Chartered Accountants of India ("Guidance Note").

3. The Restated Standalone Summary Statements of the Company have been extracted bythe management from the Audited Financial Statements of the Company for the financialyears ended on March 31 2021 March 31 2020 and March 31 2019.

4. In accordance with the requirements of Part I of Chapter III of Act includingrules made therein ICDR Regulations Guidance Note and Engagement Letter we report that:(i) The "Restated Standalone Summary Statement of Assets and Liabilities" as setout in

Annexure 1 to this report of the Company as at March 31 2021 March 31 2020 andMarch 31 2019 are prepared by the Company and approved by the Board of Directors. TheseRestated Standalone Summary Statement of Assets and Liabilities 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.

(ii) The "Restated Standalone Summary Statement of Profit and Loss" as setout in Annexure 2 to this report of the Company for the years ended March 31 2021 March31 2020 and March 31 2019 are prepared by the Company and approved by the Board ofDirectors. These Restated Standalone Summary Statement of Profit and Loss have beenarrived at after making such adjustments and regroupings to the individual financialstatements of the Company as in our opinion were appropriate and more fully described inSignificant Accounting Policies and Notes to Accounts as set out in Annexure 4 to thisReport. (iii) The "Restated Standalone Summary Statement of Cash Flow" as setout in Annexure 3 to this report of the Company for the years ended March 31 2021 March31 2020 and March 31 2019 are prepared by the Company and approved by the Board ofDirectors. These Statement of Cash Flow as restated have been arrived at after makingsuch adjustments and regroupings to the individual financial statements of the Company asin our opinion were appropriate and more fully described in Significant AccountingPolicies and Notes to Accounts as set out in Annexure 4 to this Report.

5. Based on the above and also as per the reliance placed by us on the auditedfinancial statements of the Company and report thereon given by the Statutory Auditor ofthe Company for the financial years ended March 31 2021 March 31 2020 and March 312019 we are of the opinion that: a) The Restated Standalone Summary Statements have beenmade after incorporating 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 years if any; b) The RestatedStandalone Summary Statements have been made after incorporating adjustments for priorperiod and other material amounts in the respective financial years to which they relateand there are no qualifications which require adjustments; c) Extra-ordinary items thatneed to be disclosed separately in the accounts has been disclosed wherever required; d)There were no qualifications in the Audit Reports issued by the Statutory Auditors for thefinancial year ended on March 31 2021 March 31 2020 and March 31 2019 which wouldrequire adjustments in this Restated Standalone Financial Statements of the Company; e)Profits and losses have been arrived at after charging all expenses including depreciationand after making such adjustments/restatements and regroupings as in our opinion areappropriate and are to be read in accordance with the Significant Accounting Polices andNotes to Accounts as set out in Annexure 4 to this report; f) Adjustments in RestatedStandalone Summary Statements have been made in accordance with the correct accountingpolicies which includes the impact of provision of gratuity made on actuarial valuationbasis in the Restated Standalone Summary Statements; g) There was no change in accountingpolicies which needs to be adjusted in the Restated Standalone Summary Statements exceptmentioned in clause (f) above; h) There are no revaluation reserves which need to bedisclosed separately in the Restated Standalone Financial Statements; i) The company hasnot proposed any dividend for the said year.

6. Opinion:

In our opinion and to the best of information and explanation provided to us and alsoas per the reliance placed on reports submitted by previous auditors the restatedfinancial information of the Company read with significant accounting policies and notesto accounts as appearing in Annexure 4 are prepared after providing appropriateadjustments and regroupings as considered appropriate and disclosed in Annexure 4.

7. Audit for the Financial Year 2020-21 and Financial Year 2019-20 has beenconducted by M/s. Keyur Shah & Co. Chartered Accountants and for the financial year2018-19 has been conducted by M/s. K. S. Bothra & Co. Chartered Accountants.Accordingly reliance has been placed on the financial information examined by theseauditors for the said years. The financial report included for these years is based solelyon the report submitted by these auditors for the said years.

8. 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 onMarch 31 2021 March 31 2020 and March 31 2019 proposed to be included in the DraftRed Herring Prospectus/ Red Herring Prospectus/ Prospectus ("Offer Document")for the proposed IPO.

Annexure of Restated Standalone Financial Statements of the Company: -

a. Significant Accounting Policies and Notes to Accounts as restated in Annexure 4;

b. Reconciliation of Restated Profit and Loss as appearing in Annexure 4 to thisreport.

c. Reconciliation of Restated Equity/Net worth as appearing in Annexure 4 to thisreport.

d. Details of Share Capital as Restated appearing in Annexure 5 to this report;

e. Details of Reserves and Surplus as Restated appearing in Annexure 6 to this report;

f. Details of Long Term/Short Term Borrowings as Restated appearing in Annexure 7 tothis report;

g. Nature of Security and Terms of Repayment for Long term Borrowings appearing inAnnexure7.1 to this report;

h. Nature of Security and Terms of Repayment for Short Term Borrowings appearing inAnnexure7.2 to this report;

i. Details of Deferred Tax Assets/Liabilities (Net) as Restated appearing in Annexure 8to this report;

j. Details of Other Long-Term Liabilities as Restated appearing in Annexure 9 to thisreport;

k. Details of Long Term/Short Term Provisions as Restated appearing in Annexure 10 tothis report;

l. Details of Trade Payables as Restated appearing in Annexure 11 to this report;

m. Details of Other Current Liabilities as Restated appearing in Annexure 12 to thisreport;

n. Details of Property Plant & Equipment as Restated appearing in Annexure 13 tothis report;

o. Details of Non-Current Investments as Restated appearing in Annexure 14 to thisreport;

p. Details of Long/Short Term Loans and Advances as Restated appearing in Annexure 15to this report;

q. Details of Other Current Assets as Restated appearing in Annexure 16 to this report;

r. Details of Trade Receivables as Restated appearing in Annexure 17 to this report;

s. Details of Inventories as Restated appearing in Annexure 18 to this report;

t. Details of Cash and Cash Equivalents as Restated appearing in Annexure 19 to thisreport;

u. Details of Revenue from operations as Restated appearing in Annexure 20 to thisreport;

v. Details of Other Income as Restated appearing in Annexure 21 to this report;

w. Details of Cost of Material Consumed as restated appearing in Annexure 22 to thisreport

x. Details of Purchase of Stock in Trade as restated appearing in Annexure 22A to thisreport

y. Details of WIP as restated appearing in Annexure 22B to this Report

z. Details of Employee Benefit Expense as restated appearing in Annexure 23 to thisreport

aa. Details of Finance Cost as restated appearing in Annexure 24 to this report

bb. Details of Other Expense as restated appearing in Annexure 25 to this report

cc. Statement of Tax Shelter as Restated appearing in Annexure 26 to this report

dd. Capitalization Statement as Restated for the year ended March 31 2021 as appearingin Annexure 27 to this report;

ee. Details of Related Parties Transactions as Restated appearing in Annexure 28 tothis report;

9. We Keyur Shah & Co. Chartered Accountants have been subjected to the peerreview process of the Institute of Chartered Accountants of India ("ICAI") andhold a valid peer review certificate issued by the "Peer Review Board" of theICAI.

10. The preparation and presentation of the Restated Standalone FinancialStatements referred to above are based on the Audited financial statements of the Companyand are in accordance with the provisions of the Act and ICDR Regulations. The RestatedStandalone Financial Statements and information referred to above is the responsibility ofthe management of the Company.

11. The report should not in any way be construed as a re-issuance or re-dating ofany of the previous audit reports issued by any other firm of Chartered Accountants norshould this report be construed as a new opinion on any of the financial statementsreferred to therein.

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

13. In our opinion the above financial information contained in Annexure 1 to 28of this report read with the respective Significant Accounting Polices and Notes toAccounts as set out in Annexure 4 are prepared after making adjustments and regrouping asconsidered appropriate and have been prepared in accordance with the Act ICDRRegulations Engagement Letter and Guidance Note.

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

For Keyur Shah & Co.
Chartered Accountants
Firm's Registration No.: 141173W
SD/-
Keyur Shah
Proprietor
Membership No.: 153774
UDIN - 21153774AAAAFF7016
Date: 25-08-2021
Place: Ahmedabad

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