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Prevest Denpro Ltd.

BSE: 543363 Sector: Health care
NSE: N.A. ISIN Code: INE0GAO01018
BSE 00:00 | 06 Jul 291.10 1.00
(0.34%)
OPEN

288.00

HIGH

299.90

LOW

288.00

NSE 05:30 | 01 Jan Prevest Denpro Ltd
OPEN 288.00
PREVIOUS CLOSE 290.10
VOLUME 3600
52-Week high 478.15
52-Week low 170.65
P/E 30.20
Mkt Cap.(Rs cr) 349
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 288.00
CLOSE 290.10
VOLUME 3600
52-Week high 478.15
52-Week low 170.65
P/E 30.20
Mkt Cap.(Rs cr) 349
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Prevest Denpro Ltd. (PREVESTDENPRO) - Auditors Report

Company auditors report

For the Restated Financial Statements of Prevest Denpro Limited

Auditor's Report on the Restated Statement of Assets and Liabilities as at March 312021 2020 and 2019 Profit and Loss and Cash Flows for each of the years ended on March31 2021 2020 and 2019 of Prevest Denpro Limited (Collectively the "RestatedFinancial Information")

To

The Board of Directors Prevest Denpro Limited

EPIP Kartholi Bari Brahmana Samba Jammu181133 Jammu & Kashmir India

Dear Sir

1. We have examined the attached Restated Financial Information of Prevest DenproLimited (the "Company") comprising the Restated Statement of Assets andLiabilities (Annexure I) as at March 31 2021 2020 and 2019 the RestatedStatements of Profit and Loss (Annexure II) the Restated Cash Flow Statement (AnnexureIII) for the years ended March 31 2021 2020 and 2019 the Summary Statement ofSignificant Accounting Policies (Annexure IV) and other explanatory information(collectively the "Restated Financial Information") as approved by theBoard of Directors of the Company for the purpose of inclusion in the Draft Red HerringProspectus/Red Herring Prospectus/Prospectus in connection with its proposed InitialPublic Offer (IPO) of equity on SME Platform of BSE Limited ("BSE").

2. These Restated Summary Statements have been prepared in terms of the requirementsof:

(i) Section 26 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 andExchange Board of India ("SEBI") in pursuance to Section 11 of the Securitiesand Exchange Board of India Act 1992 and related amendments / clarifications from time totime;

(iii) The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by theInstitute of Chartered Accountants of India ("ICAI") as amended fromtime to time ("Guidance Note").

3. The Company's Board of Directors are responsible for the preparation of the RestatedFinancial Information for the purpose of inclusion in the Draft Red Herring Prospectus tobe filed with Securities and Exchange Board of India SME Platform of BSE Limited("BSE") in connection with the proposed IPO. The Restated Financial Informationhave been prepared by the management of the Company on the basis of preparation stated innotes to the Restated Financial Information. Responsibility of the Board of Directors ofthe companies included designing implementing and maintaining adequate internal controlrelevant to the preparation and presentation of the RestatedFinancial Information. TheBoard of Directors are also responsible for identifying and ensuring that the Companycomplies with the Act ICDR Regulations and the Guidance Note.

4. We have examined such Restated Financial Information taking into consideration:

(i) The terms of reference to our engagements with the Company letter dated December03 2020 requesting us to carry out the assignment in connection with the Draft RedHerring Prospectus/Prospectus being issued by the Company for its proposed Initial PublicOffering of equity shares in SME Platform of BSE Limited ("BSE") "SMEIPO"; and

(ii) The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by theInstitute of Chartered Accountants of India ("ICAI") as amended from time totime ("Guidance Note")

(iii) Concepts of test checks and materiality to obtain reasonable assurance based onverification of evidence supporting the Restated Financial Information; and

(iv) The requirements of Section 26 of the Act and the ICDR Regulations. Our work wasperformed solely to assist you in meeting your responsibilities in relation to yourcompliance with the Act the ICDR Regulations and the Guidance Note in connection with theIPO.

5. These Restated Financial Information of the Company have been extracted by themanagement from:

b. The Audited Financial Statements of the Company for the financial year ended onMarch 31 2021 2020 and 2019.

6. In accordance with the requirements of Part I of Chapter III of Act ICDRRegulations Guidance Note and Engagement Letter we report that:

(i) The "Restated Statement of Assets and Liabilities" as set out in AnnexureI to this report of the Company as at March 31 2021 2020 and 2019 are prepared bythe Company and approved by the Board of Directors. These Statement of Assets andLiabilities as restated have been arrived at after making such adjustments andregroupings to the financial statements of the Company as in our opinion were appropriateand more fully described in Significant Accounting Policies and Notes to theRestatedFinancial Information as set out in Annexure IV to this Report.

(ii) The "Restated Statement of Profit and Loss" as set out in AnnexureII to this report of the Company for the years ended March 31 2021 2020 and 2019are prepared by the Company and approved by the Board of Directors. These Statement ofProfit and Loss as restated have been arrived at after making such adjustments andregroupings to the financial statements of the Company as in our opinion were appropriateand more fully described in Significant Accounting Policies and Notes to the RestatedFinancial Information as set out in Annexure IV to this Report.

(iii) The "Restated Statement of Cash Flow" as set out in AnnexureIII to this report of the Company for the years ended March 31 2021 2020 and 2019are prepared by the Company and approved by the Board of Directors. These Statement ofCash Flow as restated have been arrived at after making such adjustments and regroupingsto the financial statements of the Company as in our opinion were appropriate and morefully described in Significant Accounting Policies and Notes to Restated FinancialInformation as set out in Annexure IV to this Report.

7. Based on the above we are of the opinion that the Restated Financial Statementshave been made after incorporating:

a) Adjustments for the changes in accounting policies retrospectively in respectivefinancial years/period to reflect the same accounting treatment as per the changedaccounting policy for all reporting periods.

b) Adjustments for prior period and other material amounts in the respective financialyears/period to which they relate and there are no qualifications which requireadjustments.

c) There are no extra-ordinary items that need to be disclosed separately in theaccounts and qualifications requiring adjustments.

d) These 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 Restated Financial Information as set out in Annexure IV tothis report.

e) Audit for the financial year 2019-20 and 2018-19 has been conducted by M/s VAK &Associates Chartered Accountants. Accordingly reliance has been placed on the financialinformation examined by this auditor for the said years. The financial report included forthese years is based solely on the report submitted by this auditor for the said years.

f) The financial statements of the year ended on March31 2021 which has been preparedby the Management in accordance with Indian Generally Accepted Accounting Principles(GAAP) under the historical cost convention on the accrual basis has been audited by us.

8. At the request of the company we have also examined the following financialinformation ("Other Financial Information") proposed to be included in the offerdocument prepared by the management and approved by the board of directors of the companyand annexed to this report:

1. Details of Share Capital as Restated as appearing in ANNEXURE V to this report;

2. Details of Reserves and Surplus as Restated as appearing in ANNEXURE VI to thisreport;

3. Details of Long-Term Borrowings as Restated as appearing in ANNEXURE VII& VII Ato this report; 4.Details of Long-Term Provision as Restated as appearing in ANNEXURE VIIIto this report; 5.Details of Deferred Tax Liabilities as Restated as appearing in ANNEXUREIX to this report; 6. Details of Trade Payables as Restated as appearing in ANNEXURE Xtothis report; 7. Details of Other Current Liabilities as Restated as appearing in ANNEXUREXI to this report; 8. Details of Short-Term Provisions as Restated as appearing inANNEXURE XII to this report; 9. Details of Fixed Assets as Restated as appearing inANNEXURE XIII to this report; 10. Details of Other Non-Current Assets as Restated asappearing in ANNEXURE XIV to this report; 11. Details of Inventories as Restated asappearing in ANNEXURE XV to this report; 12. Details of Trade Receivables as Restatedenclosed as ANNEXURE XVI to this report; 13. Details of Cash and Cash Equivalents asRestated enclosed as ANNEXURE XVII to this report; 14. Details of Current Investment asRestated as appearing in ANNEXURE XVIII to this report; 15. Details of Other CurrentAssets as Restated as appearing in ANNEXURE XIX to this report; 16. Details of Revenuefrom Operations (Net of Taxes) as Restated in ANNEXURE XX to this report; 17. Details ofOther Income as Restated as appearing in ANNEXURE XXI to this report; 18. Details of Costof Materials Consumed as Restated as appearing in ANNEXURE XXII to this report; 19.Details of Changes in Inventories as Restated as appearing in ANNEXURE XXIII to thisreport; 20. Details of Employee Benefit Expenses as Restated as appearing in ANNEXURE XXIVto this report; 21. Details of Finance Costs as Restated as appearing in ANNEXURE XXV tothis report; 22. Details of Other Expenses as Restated as appearing in ANNEXURE XXVI tothis report; 23. Statement of Tax Shelter as Restated as appearing in ANNEXURE XXVII tothis report; 24.Details of Related Parties Transactions as Restated as appearing inANNEXURE XXVIII to this report; 25.Details of Significant Accounting Ratios as Restated asappearing in ANNEXURE XXIX to this report 26.Capitalization Statement as Restated as at 31stMarch 2021 as appearing in ANNEXURE XXX to this report;

9. We M/s Mittal & Associates holds valid peer review certificate issued by ICAIas on date of this report.

10. 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.

11. The report should not in any way be construed as a re-issuance or re-drafting ofany of the previous audit reports issued by the statutory auditors nor should this reportbe construed as a new opinion on any of the financial statements referred 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 I to XXX ofthis report read with the respective Significant Accounting Polices and Notes to RestatedSummary Statements as set out in Annexure IV are prepared after making adjustments andregrouping as considered appropriate and have been prepared in accordance with the ActICDR Regulations Engagement Letter and Guidance Note.

14. 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 MITTAL& ASSOCIATES
Chartered Accountants
Firm Registration no: 106456W
Sd/-
Hemant R Bohra
Partner
Membership No.: 165667
UDIN:21165667AAAAFG3696
Mumbai
September 02 2021

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