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Markolines Traffic Controls Ltd.

BSE: 543364 Sector: Others
NSE: N.A. ISIN Code: INE0FW001016
BSE 00:00 | 28 Jun 98.10 2.15
(2.24%)
OPEN

95.40

HIGH

98.50

LOW

95.40

NSE 05:30 | 01 Jan Markolines Traffic Controls Ltd
OPEN 95.40
PREVIOUS CLOSE 95.95
VOLUME 6400
52-Week high 133.95
52-Week low 50.00
P/E 18.30
Mkt Cap.(Rs cr) 187
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 95.40
CLOSE 95.95
VOLUME 6400
52-Week high 133.95
52-Week low 50.00
P/E 18.30
Mkt Cap.(Rs cr) 187
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Markolines Traffic Controls Ltd. (MARKOLINESTRAF) - Auditors Report

Company auditors report

For the Restated Financial Statements of MARKOLINES TRAFFIC CONTROLS LIMITED

Auditor's Report on the Restated Financial Statement of Assets and Liabilities as atand for the financial years ended on March 31 2021 2020 and 2019 Restated Profit andLoss and Cash Flows for the financial years ended on March 31 2021 2020 and 2019MARKOLINES TRAFFIC CONTROLS LIMITED (collectively the

"Restated Summary Statements")

To
The Board of Directors
MARKOLINES TRAFFIC CONTROLS LIMITED
(Formerly Known as Markolines Traffic Controls Private Limited)
502 A Wing Shree Nand Dhamsector
11 CBD Belapur Navi Mumbai-400 614
Maharashtra India

Dear Sir

1. We have examined the attached Restated Statements of Assets and Liabilities ofMARKOLINES TRAFFIC CONTROLS LIMITED (the "Company") along with significantaccounting policies and related notes as at and for the financial years ended on March 312021 2020 and 2019 annexed to this report and prepared by the Company for the purpose ofinclusion in the Offer Document (collectively the "Restated SummaryStatements" or

"Restated Financial Statements"). These Restated Standalone SummaryStatements have been prepared by the company and approved by the Board of Directors of thecompany in connection with the Initial its proposed Initial Public Offering("IPO") on the SME Platform of BSE Limited.

2. These Restated Standalone Summary Statements have been prepared in accordance withthe requirements of:

i. Section 26 and 32 of 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 DisclosureRequirements) 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. In terms of Schedule VIII Clause IX (9) of the SEBI (ICDR) Regulations 2018 andother provisions relating to accounts of Markolines Traffic Controls Limited we GuptaAgarwal & Associates Chartered Accountants have been subjected to the peer reviewprocess of the Institute of Chartered Accountants of India (ICAI) and hold a validcertificate issued by the Peer Review Board of the ICAI.

iv. The terms of reference to our engagements with the Company requesting us to carryout the assignment in connection with the Draft Prospectus/ Prospectus being issued bythe Company for its proposed IPO of equity shares on SME Platform of BSE Limited("BSE"); and

v. The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by theInstitute of Chartered Accountants of India ("Guidance Note").

3. The Restated Summary Statements of the Company have been extracted by the managementfrom the Audited Financial Statements of the Company for the financial years ended onMarch 31 2021 2020 and 2019.

4. We have examined the accompanied ‘Restated Statement of Profit and Loss'(Annexure II) for the financial years ended on March 31 2021 2020 and 2019 and the‘Restated Statement of Assets and Liabilities' (Annexure I) as on those date formingPart of the ‘Financial Information' dealt with by this Report detailed below. Bothread together with the Significant Accounting Policies (Annexure IV) thereon which arethe responsibility of the Company's management. The information has been extracted fromthe financial statements for the financial years ended on March 31 2021 and 2020 auditedby us being the Statutory Auditors of the Company and from the financial statements forthe financial year ended on March 31 2019 audited by M/s. R. G. Mundada & Co.Chartered Accountants being the then Statutory Auditor of the Company which are allapproved by the Board of Directors as on that date and upon which we have placed ourreliance while reporting.

Based on our examination we further report that:

a) The Restated Statement of Assets and Liabilities of the Company for the financialyears ended on March 31 2021 2020 and 2019 examined by us as set out in Annexure I tothis examination report are after making adjustments and regrouping as in our opinion wereappropriate and more fully described in the statement of significant accounting policiesin Annexure IV.

b) The Restated Statement of Profit and Loss of the Company for the financial yearsended on March 31 2021 2020 and 2019 examined by us as set out in Annexure II to thisexamination report are after making adjustments and regrouping as in our opinion wereappropriate and more fully described in the statement of significant accounting policiesin Annexure IV.

c) The Restated Statement of Cash Flows of the Company for the financial years ended onMarch 31 2021 2020 and 2019 examined by us as set out in Annexure III to thisexamination report are after making adjustments and regrouping as in our opinion wereappropriate and more fully described in the statement of significant accounting policiesin Annexure IV.

d) The Restated Financial Statements have been made after incorporating adjustmentsfor:

i. The changes if any in accounting policies retrospectively in respective financialyears to reflect the same accounting treatment as per the changed accounting policy forall the reporting period/years. ii. Prior period and other material amounts in therespective financial years to which they relate.

e) There were no qualifications in the Audit Reports issued by Statutory Auditor (s)for the financial years ended on March 31 2021 2020 and 2019 which would requireadjustments in this Restated Financial Statements of the Company.

5. We have also examined the following Financial Information relating to the Companywhich is based on the Restated Financial Statements and approved by the Board of Directorsof the Company and annexed to this report is proposed to be included in the OfferDocument: We have also examined the following financial information ("Other FinancialInformation") proposed to be included in the offer document prepared by themanagement and approved by the board of directors of the company and annexed to thisreport:

Statement of Reconciliation of Restated profit after tax as restated (Annexure V)
Statement of Reconciliation of Restated Equity/Net Worth as restated (Annexure VI)
Statement of Share Capital as restated (Annexure - VII)
Statement of Reserves & Surplus as restated (Annexure - VIII)
Statement of Long Term Borrowings as restated (Annexure- IX)
Statement of Long Term Provisions as restated (Annexure- X)
Statement of Deferred Tax Liabilities (Net) as restated (Annexure- XI)
Statement of Short Term Borrowings as restated (Annexure- XII)
Statement of Trade Payables as restated (Annexure XIII)
Statement of Other Current Liabilities as restated (Annexure- XIV)
Statement of Short Term Provision as restated (Annexure- XV)
Statement of Property Plant and equipment as restated (Annexure- XVI)
Statement of Non-Current Investments as restated (Annexure- XVII)
Statement of Long Term Loans and Advances as restated (Annexure XVIII)
Statement of Inventories as restated (Annexure - XIX)
Statement of Trade Receivables as restated (Annexure - XX)
Statement of Cash and Cash Equivalents as restated (Annexure - XXI)
Statement of Short Term Loans and Advances as restated (Annexure XXII)
Statement of Other Current Assets as restated (Annexure XXIII)
Statement of Revenue from Operations as restated (Annexure XXIV)
Statement of Other Income as restated (Annexure XXV)
Statement of Cost of Material Consumed as restated (Annexure XXVI)
Statement of Changes in Inventories of W-I-P as restated (Annexure XXVII)
Statement of Employee Benefit Expenses as restated (Annexure XXVIII)
Statement of Finance Cost as restated (Annexure XXIX)
Statement of Depreciation and Amortization Expense as restated (Annexure XXX)
Statement of Other Expense as restated (Annexure XXXI)
Statement of Related Party Transactions as restated (Annexure XXXII)
Statement of Tax Shelter as restated (Annexure XXXIII)
Statement of Contingent Liabilities as restated (Annexure XXXIV)
Statement of Capitalisation as restated (Annexure XXXV)

6. In our opinion the Restated Standalone Financial Statements and the other FinancialInformation set forth in Annexure I to XXXV read with the significant accounting policiesand notes to the restated standalone financial statements have been prepared in accordancewith section 26 and 32 of Companies Act 2013 and the SEBI Regulations and the GuidanceNote on the reports in Company Prospectus (Revised 2019) issued by the Institute ofChartered Accountants of India (ICAI).

7. Consequently the financial information has been prepared after making suchregroupings and adjustments as were in our opinion considered appropriate to comply withthe same. As a result of these regrouping and adjustments the amount reported in thefinancial information may not necessarily be the same as those appearing in the respectiveaudited standalone financial statements for the relevant years.

8. This report should not in any way construed as a reissuance or redrafting of any ofthe previous audit report issued by us nor should this report be construed as new opinionon any of the standalone financial statement referred to therein.

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

10. This report is intended solely for your information and for inclusion in the Offerdocument in connection with the Company's proposed IPO of equity shares and is not to beused referred to or distributed for any other purpose without our prior written consent.

For Gupta Agarwal &Associates
Chartered Accountants
Firm's Registration No. 329001E
Jay Shanker Gupta
Partner
Membership No. 059535
UDIN: 21059535AAAAGA6589
Date: 27-08-2021
Place: Kolkata

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