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Sonu Infratech Ltd.

BSE: 535448 Sector: Infrastructure
NSE: SONUINFRA ISIN Code: INE0JZA01018
BSE 05:30 | 01 Jan Sonu Infratech Ltd
NSE 00:00 | 17 May 35.05 -0.70
(-1.96%)
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Sonu Infratech Ltd. (SONUINFRA) - Auditors Report

Company auditors report

Independent Auditor's Report for the Restated Financial Statements of Sonu InfratechLimited

The Board of Directors

Sonu Infratech Limited

Platinum 404 4th Floor

Park Colony Opp Joggers Park

Jamnagar

Gujarat - 361008

Dear Sirs

1. We have examined the attached Restated Statement of Assets and Liabilities of SonuInfratech Limited (the "Company") as at 31st October 2021 31stMarch 2021 2020 2019 and the related Restated Statement of Profit & Loss andRestated Statement of Cash Flow for the period ended on 31st October 2021 31stMarch 2021 2020 and 2019 annexed to this report for the purpose of inclusion in the offerdocument prepared by the Company (collectively the ''Restated Summary Statements"or "Restated Financial Statements"). These Restated Summary Statementshave been prepared by the Company and approved by the Board of Directors of the Company inconnection with the Initial Public Offering (IPO) in SME Platform of Stock Exchange.

2. These Restated Summary Statements have been prepared in accordance with therequirements of:

i. Part I of Chapter-III to the Companies Act 2013("Act") read withCompanies (Prospectus and Allotment of Securities) Rules 2014;

ii. The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations 2009 ("ICDR Regulations") issued by theSecurities and Exchange Board of India ("SEBI") in pursuance to Section11 of the Securities and Exchange Board of India Act 1992 and related amendments /clarifications from time to time;

iii. The terms of reference to our engagements with the Company letter December 152021 requesting us to carry out the assignment in connection with the Draft Prospectus/Prospectus being issued by the Company for its proposed Initial Public Offering of equityshares in Emerge Platform of NSE. ("IPO" or "SME IPO");and

iv. The Guidance Note on Reports in Company Prospectus (Revised) 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 period/ year endedon 31st October 2021 31st March 2021 2020 and 2019 which has beenapproved by the Board of Directors.

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 "Summary of Statement of Assets and Liabilities as Restated"as set out in Annexure A to this report of the Company as at 31stOctober 2021 31st March 2021 2020 and 2019 are prepared by the Company andapproved by the Board of Directors. These Statement of Assets and Liabilities 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 fully

(ii) Described in Significant Accounting Policies and Notes to Accounts as set out in AnnexureD to this Report.

(iii) The "Summary of Statement of Profit and Loss as Restated" as setout in Annexure B to this report of the Company for the period/year ended 31stOctober 2021 31st March 2021 2020 and 2019 are prepared by the Company andapproved by the Board of Directors. These Statement of Profit and Loss as restated havebeen arrived at after making such adjustments and regroupings to the individual financialstatements of the Company as in our opinion were appropriate and more fully described inSignificant Accounting Policies and Notes to Accounts as set out in Annexure D tothis Report.

(iv) The "Summary of Statement of Cash Flow as Restated" as set out inAnnexure C to this report of the Company for the period/year ended 31stOctober 2021 31st March 2021 2020 and 2019 are prepared by the Company andapproved by the Board of Directors. These Statement of Cash Flow as restated have beenarrived at after making such adjustments and regroupings to the individual financialstatements of the Company as in our opinion were appropriate and more fully described inSignificant Accounting Policies and Notes to Accounts as set out in Annexure D tothis Report.

5. 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 period/years to reflect the same accounting treatment as per the changedaccounting policy for all reporting periods if any.

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) There were no qualifications in the Audit Reports issued by the Statutory Auditorsfor the financial period/year ended on 31st October 2021 31stMarch 2021 2020 and 2019 which would require adjustments in this Restated FinancialStatements of the Company.

e) 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 Accounts as set out in Annexure D to this report.

6. Audit of M/s Sonu Infratech Limited for the period / financial year ended on 31thOctober 2021 and 31st March 2021 was conducted by M/s. Raichura &Associates (Chartered Accountants) and Audit for the Y ear ended 31st march2020 and 2019 was conducted by M/s. B B Gusani & Associates (Chartered Accountants)and accordingly reliance has been placed on the financial information examined by them forthe said years. The financial report included for these years is based solely on thereport submitted by them and no routine audit has been carried out by us.

7. 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 period/yearended on 31st October 2021 31st March 2021 2020 and 2019 proposedto be included in the Draft Prospectus/Prospectus ("Offer Document").

Annexure of Restated Financial Statements of the Company:-

A. Restated Statement of Assets and Liabilities Annexure A

B. Restated Statement of Profit and Loss Account Annexure B

C. Restated Statement of Cash flow Annexure C

D. Significant Accounting Policies and Notes to Accounts as restated in Annexure D;

E. Restated notes to Statement of Assets and Labilities and Profit and Loss Accountfrom Note 1 to Note 26

F. Statement of tax shelter Annexure E

G. Reconciliation of Profit and Loss Annexure F

H. Reconciliation of Equity Annexure G

I. Restated Accounting Ratio Annexure H

J. Restated Accounting Ratio Schedule III Annexure I

K. Restated Related Party Transactions Annexure J

L. Restated Capitalisation Statement Annexure K

M. Term and Conditions for Borrowing Annexure L;

8. I Raichura & Associates Chartered Accountants have been subjected to the peerreview process of the Institute of Chartered Accountants of India ("ICAI")and hold a valid peer review certificate issued by the "Peer Review Board" ofthe ICAI.

9. 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.

10. The report should not in any way be construed as a re-issuance or re-dating of anyof the previous audit reports issued by any other Firm of Chartered Accountants nor shouldthis report be construed as a new opinion on any of the financial statements referred totherein.

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

12. In our opinion the above financial information contained in Annexure A to L ofthis report read with the respective Significant Accounting Polices and Notes to Accountsas set out in Annexure D are prepared after making adjustments and regrouping asconsidered appropriate and have been prepared in accordance with the Act ICDRRegulations Engagement Letter and Guidance Note.

13. 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 Raichura &Associates

Chartered Accountants

Anand Raichura

Partner

FRN No.: 115486

Membership No. 126105W

Place : Jamnagar

Date : January 27 2022

UDIN: 22115486AAAACB2679 .

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