ON RESTATED FINANCIAL STATEMENT
(As required by Section 26 of the Companies Act 2013 read with Rule 4 of the Companies(Prospectus and Allotment of Securities) Rules 2014
The Board of Directors SBL Infratech Limited
Plot No. 44 Block-B10 Second Floor Sector-13 Dwarka New Delhi-110070
Report on Restated Financial Statement
1. We have examined the attached Restated Statement of Assets and Liabilities of SBLInfratech Limited as at 31st March 2021 31st March 2020 31stMarch 201931st March 2018 the related Restated Statement of Profit & Lossand Restated Statement of Cash Flow for the period ended on 31st March 2021 31stMarch 2020 31st March 2019 and 31stMarch 2018 (collectively the?Restated Summary Statements or Restated Financial Statements ).These Restated summaryStatements have been prepared by the company and as approved by the Board of Directors ofthe company in connection with the Initial Public Offering (IPO) on the SME Platform ofBSE Limited (?BSE ).
2. These Restated Summary Statements has been prepared in accordance with therequirements of:
i. Section 26 read with applicable provisions within Rule 4 to 6 of Companies(Prospectus and
Allotment of Securities) Rules 2014of companies Act 2013 as amended (hereinafterreferred to as the ?Act ) and
ii. Part-I of Chapter-IX of the Securities and Exchange Board of India(Issue of Capitaland Disclosure
Requirements) Regulation 2018 as amended (The ?SEBI Regulation ) issued by the SEBI.
iii. The terms of reference to our engagements with the company requesting us to carryout the assignment in connection with the Prospectus/Prospectus being issued by theCompany for its proposed Initial Public Offering of equity shares in SME Platform of BSELimited (?IPO of ?SME
IPO ): and
iv. The Guidance Note on Reports in Company Prospectus (Revised) issued by theInstitute of Chartered
Accountants of India (?Guidance Note ).
v. In terms of Schedule-VI of the SEBI (ICDR) Regulations 2018 and other provisionsrelating to accounts We Vinay Jain & Associates Chartered Accountants havebeen subjected to the peer review process of the Institute of Chartered Accountants ofIndia (ICAI) and hold valid Certificate No. 008849 dated 09.02.2016 issued by the?Peer Review Board of the ICAI.
3. The Restated Summary Statements and Financial information of the Company have beenextracted by the management from the Audited Financial Statements of the Company for theperiod ended on 31st March 2021 31st March 2020 31st March 2019and 31st March 2018 which has been approved by the Board of Directors.
4. Financial Statements for the period ended 30st March 2021 31stMarch 2020 31st March 2019 & 31st March 2018 have been auditedby respectively M/s Habibullah & Co. and accordingly reliance has been placed on thefinancial information examined by them for the said years. The Financial Report includedfor these years is based solely on the report submitted by them. We have carried out there-audit of the financial statement for the period ended 31st March 2021 31stMarch 2020 as required by SEBI regulations.
5. Financial Information as per Audited Financial Statements:
1. We have examined:
a) The attached Restated Statements of Assets and Liabilities of the company as at 31stMarch 202131st March 2020 31st March 2019 and 31st March2018.(Annexure I);
b) The attached Restated Statement of Profits and Losses of the company for the periodended on 31st March 202131stMarch 2020 31stMarch 2019year ended 31stMarch 2018 (Annexure II);
c) The attached Restated Statement of Cash Flows of the company for period ended on 31stMarch2021 31stMarch 2020 31stMarch2019 and year ended 31stMarch2018.(Annexure III);
d) The Significant Accounting Policies adopted by the company and notes to RestatedFinancial Statements along with adjustments on account of audit qualifications/adjustments /regroupings.(Annexure IV);
2. In accordance with the requirements of Act ICDR Regulations Guidance Note on thereports in Company Prospectus (Revised)issued by ICAI and the terms of our EngagementLetter we further report that:
a) The ?Restated Statement of Assets and Liabilities as set out in Annexure I to thisreport of the company as at 31st March 2021 31stMarch 2020 31stMarch201931stMarch 2018 are preparedby the company and approved by the Board ofDirectors. This Statement of Assets and Liabilitiesas restated have been arrived at aftermaking such adjustments and regroupings to the individual Financial Statements of theCompany as in our opinion were appropriate and more fully described in SignificantAccounting Policies and Notes to the Restated Summary Statements as set out in Annexure IVto this report.
b) The ?Restated Statement of Profit and Loss as set out in Annexure II to this reportof the company for the period ended on 31st March 202131stMarch2020 31stMarch 2019 and year ended on 31stMarch 2018 are preparedby the company and approved by the Board of Directors. This Statement of Profit and Lossas restated 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 the Restated SummaryStatements as set out in Annexure IV to this Report. c) The ?Restated Statement of CashFlow ? as set out in Annexure III to this report of the company for the period ended on31st March 2021 31stMarch 2020 and 31stMarch 2019 andyear ended on 31stMarch 2018 are prepared by the company and approved by theBoard of Directors. This Statement of Cash flow as restated have been arrived at aftermaking such adjustments and regroupings to the individual financial statements of thecompany as in our opinion were appropriate and more fully described in SignificantAccounting Policies and Notes to the Restated Summary Statements as set out in Annexure IVto this Report.
Based on the above and also as per the reliance placed by us on the audited financialstatements of the company and Auditors Report thereon which have been prepared by theStatutory Auditor of the Company for the period ended 31st March 2021 31stMarch2020 31st March 2019 and 31st March 2020we are of the opinionthat ?Restated Financial Statements or ?Restated Summary Statements have been made afterincorporating:
a) Adjustments for the changes in accounting policies retrospectively in respectivefinancial years to reflect the same accounting treatment as per changed accounting policyfor all reporting periods.
b) Adjustments for any prior period material amounts in the respective financial yearshave been made to which they relate; and
c) Adjustments on account of the statutory audit qualifications if any have beenadjusted and regrouped to the individual financial statements of the company as in ouropinion were appropriate and more fully described in Significant Accounting Policies andNotes to the Restated Summary Statements as set out in Annexure IV to this Report.
d) Adjustments in Financial Statements have been made in accordance with the correctaccounting policies.
e) There is no change in accounting policies which needs to be adjusted in the?Restated Financial
Statements . There is no revaluation reserve which needed to be disclosed separatelyin the Restated Financial Statement in the respective financial years.
f) The company has not paid any dividend on its equity shares till 31stMarch 2021.
6. Other Financial Information:
1. We have also examined the following standalone financial information as set out inannexure prepared by the Management and as approved by the Board of directors of thecompany for period ended 31st March 2021 31st March 2020 31stMarch 2019 and 31st March 2018.
|Restated Statement of Share Capital Reserves and surplus ||Annexure-A |
|Restated statement of Long term and Short term Borrowings ||Annexure-B B(A) |
|Restated Statement of Deferred Tax (Assets)/Liabilities ||Annexure-C |
|Restated Statement of Long Term Provisions ||Annexure-D |
|Restated Statement of Trade Payables ||Annexure-E |
|Restated Statement of Other Current Liabilities and Short Term Provisions ||Annexure-F |
|Restated Statement of Fixed Assets ||Annexure-G |
|Restated Statement of Non- Current Investments ||Annexure-H |
|Restated Statement Long term Loans and Advances ||Annexure-I |
|Restated Statement of Inventory ||Annexure-J |
|Restated Statement of Trade Receivables ||Annexure-K |
|Restated Statement of Cash & Cash Equivalents ||Annexure-L |
|Restated Statement of Short-Term Loans and Advances ||Annexure-M |
|Restated Statement of Other Current Assets ||Annexure-N |
|Restated Statement of Other Income ||Annexure-O |
|Restated Statement of Turnover ||Annexure-P |
|Restated Statement of Mandatory Accounting Ratios ||Annexure-Q |
|Restated Statement of Related party transaction ||Annexure-R |
|Restated Statement of Capitalization ||Annexure-S |
|Restated Statement of Tax shelter ||Annexure-T |
|Restated Statement of Contingent liabilities ||Annexure-U |
|Restated Statement of Current Investment ||Annexure-V |
2. The Restated Financial Information contains all the disclosures required by theAccounting Standards notified under the Companies Act 2013 of the Ministry of CorporateAffairs in respect of Section 133 of the Act.
3. We have carried out re-audit of the financial statements for the period ended 31stMarch 2021 and 31st March 2020 as required by SEBI regulations.
4. The preparation and presentation of the financial statements referred to above arebased on the Audited financial statements of the company in accordance with the provisionsof the Act and the Financial Information referred to above is the responsibility of themanagement of the company.
5. In our opinion the above financial information contained in Annexure I to III andAnnexure A to V of this report read along with the restated statement of SignificantAccounting Policies and Notes as set out in Annexure IV are prepared after makingadjustments and regrouping as considered appropriate and have been prepared in accordancewith paragraph B Part II of Schedule II of the Act the SEBI Regulations The RevisedGuidance Note on Reports in Company Prospectus and Guidance Note on AuditReports/Certificates on Financial Information in Offer Documents issued by the Instituteof
Chartered Accountants of India (?ICAI ) to the extent applicable as amended from timeto time and in terms of our engagement as agree with you.
6. Consequently the financial information has been prepared after making suchregroupings and adjustments as were in our opinion considered appropriate to comply withthe same. As result of these regroupings and adjustments the amount reported in theinformation may not necessarily be same as those appearing in the respective auditedfinancial statements for the relevant years.
7. The report should not in any way be construed as a re-issuance or re-drafting of anyof the previous audit report nor should this constructed as a new opinion on any of thefinancial statements referred to herein.
8. We have no responsibility to update our report for events and circumstancesoccurring after the date of the report.
9. Our report is intended solely for use of the management and for inclusion in theOffer Document in connection with the IPO-SME for proposed Issue of Equity Shares of thecompany and our report should not be used referred to or adjusted for any other purposewithout our written consent.
7. Our responsibility is to express an opinion on these restated financial statementsbased on our audit. We conducted our audit in accordance with the Standards on Auditingissued by the Institute of Chartered Accountants of India. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.
In making those risk assessments the auditor considers internal control relevant tothe Company s preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management as well as evaluating the overall presentation ofthe financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
Emphasis of Matter
8. We draw attention to the matter company has not complied with certain provisions ofIncome Tax Act 1961 in relation to deduction and deposit of Tax Deducted at Source. TheCompany is already in the process of regularizing the same. Our opinion is not qualifiedin respect of this matter.
9. In our opinion and to the best of our information and according to the explanationsgiven to us there stated financial statements read together with the notes thereon givethe information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India to theextent applicable;
a) In the case of Restated Statement of Assets and Liabilities of the Company as at 31stMarch 2021 31stMarch 2020 31stMarch 2019 and 31stMarch 2018;
b) In the case of the Restated Statement of Profit and Loss of the profit of theCompany for the Years ended on that date; and
c) In the case of the Restated Cash Flow Statement of the cash flows of the Companyfor the Years ended on that date.
|For Vinay Jain & Associates |
|Chartered Accountants |
|Firm Registration No. : 0004085N |
|CA Vinay Kumar Jain |
|Membership No.: 080163 |
|Date: 07 July 2021 |
|Place: New Delhi |
|UDIN: 21080163AAAAEY2420 |