Auditor's Report on the Restated Statement of Assets and Liabilities as on March31 2021 2020 and March 31 2019 Profit and Loss and Cash Flows for each of the yearsended on March 31 2021 March 31 2020 and March 31 2019 of Quadpro ITES Limited
The Board of Directors Quadpro ITES Limited
No. 17 3rd Cross Lalbagh Road Bangalore 560027 Karnataka
1. We have examined the attached Restated Summary Statements along with significantaccounting policies and related notes of Quadpro ITES Limited (the "Company")for the years ended March 31 2021 March 31 2020 and March 31 2019 annexed to thisreport and prepared by the Company for the purpose of inclusion in the Draft OfferDocument / 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 ("the Act") read withCompanies (Prospectus and Allotment of Securities) Rules 2014; (ii) The Securities andExchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018("ICDR Regulations") issued by the Securities and Exchange Board of India("SEBI") in pursuance to Section 11 of the Securities and Exchange Board ofIndia Act 1992 and related amendments / clarifications from time to time; (iii) The termsof reference to our engagements with the Company requesting us to carry out theassignment in connection with the Draft Red Herring Prospectus / Red Herring Prospectusbeing issued by the Company for its proposed IPO of equity shares on EMERGE Platform ofNational Stock Exchange of India Limited.; and (iv) The Guidance Note on Reports inCompany Prospectus (Revised 201) issued by the Institute of Chartered Accountants of India("Guidance Note"). 3. The Restated Summary Statements of the Company have beenextracted by the management from the Audited Financial Statements of the Company for thefinancial years 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 including rulesmade therein ICDR Regulations Guidance Note and Engagement Letter we report that: (i)The "Restated Summary Statement of Assets and Liabilities" as set out inAnnexure 1 to this report of the Company as at March 31 2021 March 31 2020 and March31 2019 are prepared by the Company and approved by the Board of Directors. TheseRestated Summary Statement of Assets and Liabilities 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. (ii) The"Restated Summary Statement of Profit and Loss" as set out in Annexure 2 to thisreport of the Company for the years ended March 31 2021 March 31 2020 and March 312019 are prepared by the Company and approved by the Board of Directors. These RestatedSummary Statement of Profit and Loss have been arrived at after making such adjustmentsand regroupings to the individual financial statements of the Company as in our opinionwere appropriate and more fully described in Significant Accounting Policies and Notes toAccounts as set out in Annexure 4 to this Report. (iii) The "Restated SummaryStatement of Cash Flow" as set out in Annexure 3 to this report of the Company forthe years ended March 31 2021 March 31 2020 and March 31 2019 are prepared by theCompany and approved by the Board of Directors. These Statement of Cash Flow as restatedhave 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.
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 Summary Statements have been made afterincorporating adjustments for the changes in accounting policies retrospectively inrespective financial years to reflect the same accounting treatment as per the changedaccounting policy for all reporting years if any; b) The Restated Summary Statements havebeen made after incorporating adjustments for prior period and other material amounts inthe respective financial years to which they relate and there are no qualifications whichrequire adjustments; c) Extra-ordinary items that need to be disclosed separately in theaccounts has been disclosed wherever required; d) There were no qualifications in theAudit Reports issued by the Statutory Auditors for the financial year ended on March 312021 March 31 2020 and March 31 2019 which would require adjustments in this RestatedFinancial Statements of the Company; e) Profits and losses have been arrived at aftercharging all expenses including depreciation and after making suchadjustments/restatements and regroupings as in our opinion are appropriate and are to beread in accordance with the Significant Accounting Polices and Notes to Accounts as setout in Annexure 4 to this report; f) Adjustments in Restated Summary Statements have beenmade in accordance with the correct accounting policies which includes the impact ofprovision of gratuity made on actuarial valuation basis in the Restated SummaryStatements; g) There was no change in accounting policies which needs to be adjusted inthe Restated Summary Statements except mentioned in clause (f) above; h) There are norevaluation reserves which need to be disclosed separately in the Restated FinancialStatements; i) The company has not proposed any dividend for the said year. 6. Opinion: Inour opinion and to the best of information and explanation provided to us and also as perthe reliance placed on reports submitted by previous auditors the restated financialinformation of the Company read with significant accounting policies and notes toaccounts as appearing in Annexure 4 are prepared after providing appropriate adjustmentsand regroupings as considered appropriate and disclosed in Annexure 4. 7. Audit for theFinancial 2019-20 and Financial Year 2018-19 has been conducted by M/s. Srinivasan &Shankar Chartered Accountants. Accordingly reliance has been placed on the financialinformation examined by these auditors for the said years. The financial report includedfor these years is based solely on the report submitted by these auditors for the saidyears. 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.
9. We Deora Maheshwari and 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 Financial Statements referredto above are based on the Audited financial statements of the Company and are inaccordance with the provisions of the Act and ICDR Regulations. The Restated FinancialStatements and information referred to above is the responsibility of the management ofthe Company. 11. The report should not in any way be construed as a re-issuance orre-dating of any of the previous audit reports issued by any other firm of CharteredAccountants nor should this report be construed as a new opinion on any of the financialstatements referred to therein. 12. We have no responsibility to update our report forevents and circumstances occurring after the date of the report. 13. In our opinion theabove financial information contained this report read with the respective SignificantAccounting Polices and Notes to Accounts as set out are prepared after making adjustmentsand regrouping as considered appropriate and have been prepared in accordance with theAct ICDR 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 IPO. Our report should not be used referred to oradjusted for any other purpose except with our consent in writing.
|For Deora Maheshwari & Co. |
|Chartered Accountants |
|Firm's Registration No.: 123009W |
|Aditya Deora |
|Membership No.: 160575 |
|UDIN - 21160575AAAACX5790 |
|Date: August 08 2021 |
|Place: Ahmedabad |