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Focus Business Solution Ltd.

BSE: 543312 Sector: Financials
NSE: N.A. ISIN Code: INE0DXR01010
BSE 00:00 | 29 Nov Focus Business Solution Ltd
NSE 05:30 | 01 Jan Focus Business Solution Ltd
OPEN 12.02
PREVIOUS CLOSE 12.02
VOLUME 6000
52-Week high 29.35
52-Week low 11.98
P/E 25.04
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.02
CLOSE 12.02
VOLUME 6000
52-Week high 29.35
52-Week low 11.98
P/E 25.04
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Focus Business Solution Ltd. (FOCUSBUSINESS) - Auditors Report

Company auditors report

(As required by Section 26 of Companies Act 2013 read with Rule 4 of Companies(Prospectus and Allotment of Securities) Rules 2014) To The Board of DirectorsFocus Business Solution Limited

Dear Sirs

We have examined the attached Restated Audited Financial Information of Focus BusinessSolution Limited (formerly known as Focus Business Solution Private Limited ( hereunderreferred to "the Company" "Issuer") comprising the Restated AuditedStatement of Assets and Liabilities as at December 31 2020 March 31 2020 March 312019 and March 31 2018 the Restated Audited Statement of Profit & Loss the RestatedStandalone Audited Cash Flow Statement for the Period ended December 31 2020 and yearended March 31 2020 March 31 2019 and March 31 2018 the Summary statement ofSignificant Accounting Policies and other explanatory Information (Collectively theRestated Standalone Financial Information) as approved by the Board of Directors in theirmeeting held on 22nd February 2021 for the purpose of inclusion in the OfferDocument prepared by the Company in connection with its Initial Public Offer of EquityShares (IPO) and prepared in terms of the requirement of:-

a) Section 26 of Part I of Chapter III of the Companies Act 2013 as amended (the"Act"); b) The Securities and Exchange Board of India (Issue of Capital andDisclosure Requirements) Regulations 2018 ("ICDR Regulations") as amended (ICDRRegulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by theInstitute of Chartered Accountants of India as amended from time to time. ("TheGuidance Note").

The Company's Board of Directors is responsible for the preparation of the RestatedFinancial Information for the purpose of inclusion in the offer document to be filed withStock Exchange Securities and Exchange Board of India and Registrar of CompaniesGujarat in connection with the proposed IPO. The Restated Financial Information have beenprepared by the management of the Company for the Period ended on December 31 2020 andyear ended on March 31 2020 2019 and 2018 on the basis of preparation stated in ANNEXURE– D to the Restated Financial Information. The Board of Directors of the company'sresponsibility includes designing implementing and maintaining adequate internal controlrelevant to the preparation and presentation of the Restated Financial Information. Wehave examined such Restated Financial Information taking into consideration: a) The termsof reference and terms of our engagement agreed upon with you in accordance with ourengagement letter dated 25/06/2020 in connection with the proposed IPO of equity shares ofthe Company; b) The Guidance Note also requires that we comply with the ethicalrequirements of the Code of Ethics issued by the ICAI; c) Concepts of test checks andmateriality to obtain reasonable assurance based on verification of evidence supportingthe Restated Financial Information; and d) The requirements of Section 26 of the Act andthe ICDR Regulations. Our work was performed solely to assist you in meeting yourresponsibilities in relation to your compliance with the Act the ICDR Regulations and theGuidance Note in connection with the IPO.

These Restated Financial Information have been compiled by the management from: a)Audited financial statements of company as at and for the Period/ year ended December 312020 March 31 2020 2019 and 2018 prepared in accordance with the Accounting Standardsas prescribed under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 as amended and other accounting principles generally accepted in India.

The information has been extracted from the financial statements for the Period endedDecember 31 2020 and financial years ended on March 31 2020 2019 and 2018. TheFinancial Statement for the Period ended December 31 2020 and the for the financial yearsended March 31 2020 2019 and 2018 were conducted by us The audit reports on thefinancial statements were modified and included following matter(s) giving rise tomodifications on the financial statements as at and for the Period ended December 31 2020and years ended March 31 2020 2019 & 2018:-

a) The Restated Financial Information or Restated Summary Financial Statement have beenmade after incorporating adjustments for the changes in accounting policiesretrospectively in respective financial period/years to reflect the same accountingtreatment as per the changed accounting policy for all reporting periods if any;

b) The Restated Financial Information or Restated Summary Financial Statement have beenmade after incorporating adjustments for prior period and other material amounts in therespective financial years/period to which they relate and there are no qualificationswhich require adjustments;

c) Extra-ordinary items that needs to be disclosed separately in the accounts has beendisclosed wherever required;

d) There were no qualifications in the Audit Reports issued by us for the Period endedDecember 31 2020 & Financial Year Ended March 31 2020 2019 and 2018 which wouldrequire adjustments in this Restated Financial Statements of the Company;

e) Profits and losses have been arrived at after charging all expenses includingdepreciation and after making such adjustments/restatements and regroupings as in ouropinion are appropriate and are to be read in accordance with the Significant AccountingPolices and Notes to Accounts as set out in ANNEXURE – D to this report;

f) Adjustments in Restated Financial Information or Restated Summary FinancialStatement have been made in accordance with the correct accounting policies

g) There was no change in accounting policies which needs to be adjusted in theRestated Financial Information or Restated Summary Financial Statement;

h) There are no revaluation reserves which need to be disclosed separately in theRestated Financial Information or Restated Summary Financial Statement

i) The Company has not paid any dividend since its incorporation.

In accordance with the requirements of Part I of Chapter III of Act including rulesmade there under ICDR Regulations Guidance Note and Engagement Letter we report that:

a) The "Restated Statement of Assets and Liabilities" as set out in ANNEXURE– A to this report of the Company as at December 31 2020 March 31 2020 2019 and2018 is prepared by the Company and approved by the Board of Directors. These RestatedSummary Statement of Assets and Liabilities 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 – D to this Report.

b) The "Restated Statement of Profit and Loss" as set out in ANNEXURE –B to this report of the Company for the Period ended December 31 2020 and FinancialYears Ended March 31 2020 2019 and 2018 is prepared by the Company and approved by theBoard of Directors. These Restated Summary Statement of Profit and Loss 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 Accounts as set out in ANNEXURE – D to this Report.

c) The "Restated Statement of Cash Flow" as set out in ANNEXURE – C tothis report of the Company for the Period ended December 31 2020 and Financial YearsEnded March 31 2020 2019 and 2018 is prepared by the Company and approved by the Boardof Directors. 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 – D to this Report.

We have also examined the following other financial information relating to the Companyprepared by the Management and as approved by the Board of Directors of the Company andannexed to this report relating to the Company for the Period ended December 31 2020 andFinancial Year Ended March 31 2020 2019 and 2018 proposed to be included in the DraftProspectus / Prospectus ("Offer Document") for the proposed IPO.

Restated Statement of Share Capital Reserves And Surplus ANNEXURE – A.1 & ANNEXURE – A.2
Restated Statement of Long Term Borrowings ANNEXURE – A.3
Restated Statement of Deferred Tax (Assets) / Liabilities ANNEXURE – A.8
Restated Statement of Trade Payables ANNEXURE – A.4
Restated Statement of Other Current Liabilities And Short Term Provisions ANNEXURE – A.5 & ANNEXURE – A.6
Restated Statement of Property Plant & Equipments ANNEXURE – A.7
Restated Statement of Long Term loans & Advances ANNEXURE – A.9
Restated Statement of Current Investments ANNEXURE – A.10
Restated Statement of Trade Receivables ANNEXURE – A.11
Restated Statement of Cash & Bank Balances ANNEXURE – A.12
Restated Statement of Short-Term Loans And Advances ANNEXURE – A.13
Restated Statement of Other Current Assets ANNEXURE – A.14
Restated Statement of Revenue from Operations ANNEXURE – B.1
Restated Statement of Other Income ANNEXURE – B.2
Restated Statement of Employee Benefit Expenses ANNEXURE – B.3
Restated Statement of Finance Cost ANNEXURE – B.4
Restated Statement of Depreciation & Amortisation ANNEXURE – B.5
Restated Statement of Other Expenses ANNEXURE – B.6
Material Adjustment to the Restated Financial ANNEXURE – E
Restated Statement of Tax shelter ANNEXURE – F
Restated Statement of Capitalization ANNEXURE – G
Restated Statement of Contingent Liabilities ANNEXURE – H
Restated Statement of Accounting Ratios ANNEXURE – I
Restated statement of related party transaction ANNEXURE – J

In our opinion and to the best of information and explanation provided to us theRestated Financial Information of the Company read with significant accounting policiesand notes to accounts as appearing in ANNEXURE – D are prepared after providingappropriate adjustments and regroupings as considered appropriate.

We M/s. Kansariwala & Chevli Chartered Accountants have been subjected to thepeer review 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.

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. 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. We haveno responsibility to update our report for events and circumstances occurring after thedate of the report.

In our opinion the above financial information contained in ANNEXURE – A to J ofthis report read with the respective Significant Accounting Polices and Notes to Accountsas set out in ANNEXURE – D are prepared after making adjustments and regrouping asconsidered appropriate and have been prepared in accordance with the Companies Act ICDRRegulations Engagement Letter and Guidance Note.

Our report is intended solely for use of the management and for inclusion in the OfferDocument in connection with the IPO-SME for Proposed Issue of Equity Shares of the Companyand our report should not be used referred to or distributed for any other purposewithout our prior consent in writing.

For KANSARIWALA & CHEVLI

Chartered Accountants

Firm Registration Number: 0123689W

Peer Review No.: 011854

Sd/0

H. B.Kansariwala

(Partner)

Membership No.032429

UDIN -21032429AAAALJ5981

Place: Surat

Date: February 22 2021

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