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Le Merite Exports Ltd.

BSE: 535447 Sector: Industrials
NSE: LEMERITE ISIN Code: INE0G1L01017
BSE 05:30 | 01 Jan Le Merite Exports Ltd
NSE 00:00 | 16 May 76.90
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Le Merite Exports Ltd. (LEMERITE) - Auditors Report

Company auditors report

Independent Auditor's Report on Restated Financial Statements

To

The Board of Directors

Le Merite Exports Limited

B1-104D Boomerang 1st Floor Chandivali Farm Road Chandivali

Andheri East Mumbai Maharashtra 400072

Sub.: Public Issue of Equity Shares through Initial Public Offering (IPO) on NSE EMERGE

Dear Sir

1. We have examined the attached Restated Summary Statements and Other FinancialInformation of LE MERITE EXPORTS LIMITED (hereinafter referred to as "theCompany") described below and annexed to this report for the half year ended onSeptember 30 2021 & financial year ended March 31 2021 2020 & 2019 based onthe audited financial statements for the half year ended on September 30 2021 &financial year ended March 31 2021 2020 & 2019 (collectively referred to as the"Restated Summary Statements" or "Restated Financial Statements") ofthe Company as duly approved by the Board of Directors of the Company.

2. The said Restated Financial Statements and other Financial Information have beenexamined and prepared for the purpose of inclusion in the Draft Prospectus / Prospectus(collectively hereinafter referred to as "Offer Document") in connection withthe proposed Initial Public Offering (IPO) on EMERGE platform of NSE of the company takinginto consideration the followings and in accordance with the following requirements of:

Section 26 of Part I of Chapter III to the Companies Act 2013("the Act")read with Companies (Prospectus and

Allotment of Securities) Rules 2014 as amended from time to time;

The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements Regulations) 2018 (the ‘SEBI ICDR Regulations') as amended from time totime in pursuance of Section 11 of the Securities and Exchange Board of India Act1992;

The Guidance Note on Reports in Company Draft Prospectus / Prospectus (Revised) issuedby the Institute of Chartered Accountants of India ("ICAI") ("GuidanceNote");

The applicable regulation of SEBI (ICDR) Regulations 2018 as amended and as perSchedule VI (Part A) (11) (II) of the said Regulations; and

The terms of reference to our engagement letter with the company dated Oct 01 2021requesting us to carry out the assignment in connection with the proposed Initial PublicOffering of equity shares on EMERGE platform of NSE ("IPO" or "SMEIPO").

3. These Restated Standalone Financial Information (included in Annexure 1 to 34) havebeen extracted by the Management of the Company from:

The Company's Financial Statements for the half year ended on September 30 2021 &financial year ended March 31

2021 2020 & 2019 which have been approved by the Board of Directors at theirmeeting held in connection with the proposed IPO on NSE EMERGE and books of accountsunderlying those financial statements and other records of the Company to the extentconsidered necessary for the preparation of the Restated Financial Statements are theresponsibility of the Company's Management. The Financial Statement of the Company for thehalf year ended September 30 2021 has been audited by us & the financial year endedon March 31 2021 2020 2019 has been audited by M/s. MBRK & Co. CharteredAccountants as statutory auditors and there are no qualifications in the reports forthese years.

4. In accordance with the requirement of Section 26 of the Companies Act 2013 readwith Companies (Prospectus and Allotment of Securities) Rules 2014 the SEBI Regulationsthe Guidance Note as amended from time to time and in terms of our engagement agreed withyou we further report that:

a) The Restated Statement of Assets and Liabilities of the Company for the halfyear ended on September 30 2021 & financial year ended March 31 2021 2020 &2019 examined by us as set out in Annexure 1 to this report is prepared by theCompany and approved by the Board of Directors. These Restated Summary Statement of Assetsand Liabilities have been arrived at after making such adjustments and regroupings to theindividual financial statements of the Company as in our opinion were appropriate andmore fully described in Significant Accounting Policies and Notes to Accounts as set outin Annexure 4 to this Report.

b) The Restated Statement of Profit and Loss of the Company for the half yearended on September 30 2021 & financial year ended March 31 2021 2020 & 2019examined by us as set out in Annexure 2 to this report is prepared by the Companyand approved by the Board of Directors. These Restated Summary Statement of Profit andLoss have been arrived at after making such adjustments and regroupings to the individualfinancial statements of the Company as in our opinion were appropriate and more fullydescribed in Significant Accounting Policies and Notes to Accounts as set out in Annexure4 to this Report.

c) The Restated Statement of Cash Flows of the Company for the half year endedon September 30 2021 & financial year ended March 31 2021 2020 & 2019examined by us as set out in Annexure 3 to this report is prepared by the Companyand approved by the Board of Directors. These Restated Summary Statement of Cash Flowshave been arrived at after making such adjustments and regroupings to the individualfinancial statements of the Company as in our opinion were appropriate and more fullydescribed in Significant Accounting Policies and Notes to Accounts as set out in Annexure4 to this Report.

As a result of these adjustments the amounts reporting in the above-mentionedstatements are not necessarily the same as those appearing in the audited financialstatements of the Company for the relevant financial years.

5. Based on the above as per the reliance placed by us on the audited financialstatements of the Company and report thereon given by the Statutory Auditor of the Companythe half year ended on September 30 2021 & financial year ended March 31 2021 2020& 2019 and to the best of our information and according to the explanation given tous we are of the opinion that Restated Financial Statements:

a) Have been made after incorporating adjustments for the changes in accountingpolicies retrospectively in respective financial years to reflect the same accountingtreatment as per the changed accounting policies for all the reporting periods based onthe significant accounting policies adopted by the Company as on 30thSeptember 2021.

b) have been made after incorporating adjustments for prior period and other materialamounts if any in the respective financial years to which they relate to;

c) do not contain any extra ordinary items that need to be disclosed separately otherthan those presented in the Restated Financial Statements and do not contain anyqualification requiring adjustments; d) There were no qualifications in the Audit Reportsissued by the Statutory Auditors for the half year ended on September 30 2021 &financial year ended March 31 2021 2020 & 2019 which would require adjustments inthis 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 4 to this report;

f) Adjustments in Restated Summary Statements have been made in accordance with thecorrect accounting policies

g) There was no change in accounting policies which needs to be adjusted in theRestated Summary Statements;

h) There are no revaluation reserves which need to be disclosed separately in theRestated Financial Statements;

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

6. We have also examined the following other Restated Financial Statements as set outin the respective Annexure to this report and forming part of the Restated FinancialStatements prepared by the management of the Company and approved by the Board ofDirectors at their meeting held in connection with the proposed IPO on NSE EMERGE proposedto be included in the Draft Prospectus / Prospectus ("Offer Document") for theproposed IPO:

Annexure As Restated in
1 Statement of Assets and Liabilities
2 Statement of Profit and Loss
3 Statement of Cash Flows
4 Statement of Significant Accounting Polices and Notes to Accounts
1.1 Statement of Share Capital
1.2 Statement of Reserves and Surplus
1.3 Statement of Long-Term Borrowings
1.4 Statement of Deferred Tax Liabilities (Net)
1.5 Statement of Short-Term Borrowings
1.6 Statement of Trade Payables
1.7 Statement of Other Current Liabilities
1.8 Statement of Plant Property and Equipment
1.9 Statement of Non-Current Investments
1.10 Statement of Long-Term Loans and Advances
1.11 Statement of Current Investments
1.12 Statement of Inventories
1.13 Statement of Trade Receivables
1.14 Statement of Cash and Cash Equivalents
1.15 Statement of Short-Term Loans and Advances
1.16 Statement of Other Current Assets
2.1 Statement of Revenue from Operations
2.2 Statement of Other Income
2.3 Statement of Purchase for Stock-in-trade
2.4 Statement of Changes in Inventories of Stock-in-Trade
2.5 Statement of Employee Benefits Expenses
2.6 Statement of Finance Costs
2.7 Statement of Other Expenses
5 Statement of Related Party Disclosures
6 Statement of Expenditure in foreign Currency
7 Statement of Earnings in foreign Currency
8 Contingent Liabilities
9 Accounting Ratios
10 Restated Statement of Tax Shelters
11 Restated Statement of Capitalisation

7. We M/s NAGORI NUWAL & CO. 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 Number 013344 dated July 28 2021 issued by the"Peer Review Board" of the ICAI.

8. 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.

9. This report should not in any way be construed as a re-issuance or re-dating of anyof the previous audit reports issued by us nor should this report be construed as anopinion on any of the Standalone Financial Information referred to herein.

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

11. In our opinion the above Restated Financial Statements contained in Annexure 1 to34 to this report read along with the

‘Significant Accounting Policies and Notes to the Restated Standalone FinancialStatements' appearing in Annexure 4 after making adjustments andregrouping/reclassification as considered appropriate and have been prepared in accordancewith the provisions of Section 26 of the Companies Act 2013 read with the Companies(Prospectus and Allotment of Securities) Rules 2014 to the extent applicable the SEBIRegulations the Guidance Note issued in this regard by the ICAI as amended from time totime and in terms of our engagement agreed with you.

12. Our report is intended solely for use of the Management and for inclusion in theoffer documents in connection with the proposed SME IPO of equity shares of the Companyand is not to be used referred or distributed for any other purpose except with our priorwritten consent.

FOR NAGORI NUWAL & CO.

CHARTERED ACCOUNTANTS

FIRM REGISTRATION NO.: 008185C

CA SHANKAR LAL LADDHA

PARTNER

MEMBERSHIP NO.: 76554

PLACE: MUMBAI

DATE: DECEMBER 30 2021

Peer Review No.: 013344

UDIN: 22076554AAAAAA2335

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