INDEPENDENT AUDITORS REPORT ON RESTATED FINANCIAL INFORMATION
(As required by Section 26 of Companies Act, 2013 read with Rule 4 of Companies (Prospectus and Allotment of Securities) Rules, 2014)
To,
The Board of Directors, Gabriel Pet Straps Limited
Dear Sir,
We have examined the attached Restated Audited Financial Information of Gabriel Pet Straps Limited (hereinafter referred as "the Company" which was incorporated pursuant to conversion of "Gabriel Pet Straps LLP"(erstwhile Partnership Firm)) comprising the Restated Audited Statement of Assets and Liabilities as at October 15, 2023, August 2, 2023, March 31, 2023, March 31, 2022 & March 31, 2021. the Restated Audited Statement of Profit & Loss, the Restated Audited Cash Flow Statement for the financial year ended October 15, 2023, August 2, 2023, March 31, 2023, March 31, 2022 & March 31, 2021, the Summary statement of Significant Accounting Policies and other explanatory Information (Collectively the Restated Financial Information) as approved by the Board of Directors in their meeting held on January 19, 2024. for the purpose of inclusion in the Offer Document, prepared by the Company in connection with its Initial Public Offer of Equity Shares (IPO) and prepared in terms of the requirement of:-
The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the offer document to be filed with Stock Exchange, Securities and Exchange Board of India, and Registrar of Companies, Ahmedabad in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company for the financial year ended October 15, 2023, August 2, 2023, March 31, 2023, March 31, 2022 & March 31, 2021 on the basis of preparation stated in ANNEXURE IV to the Restated Financial Information. The Board of Directors of the companys responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The board of directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.
We have examined such Restated Financial Information taking into consideration:
These Restated Financial Information have been compiled by the management from:
Accounting Principles generally accepted in India by making adjustments for Indian GAAP as applicable to corporates and which have been approved by the board of directors.
We have audited the special purpose financial information of the Company for the stub period ended on October 15, 2023, August 02, 2023 & financial year ended March 31, 2023 prepared by the Company in accordance with the AS for the limited purpose of complying with the requirement of getting its financial statements audited by an audit firm holding a valid peer review certificate issued by the "Peer Review Board" of the ICAI as required by ICDR Regulations in relation to proposed IPO. We have issued our report dated November 07, 2023 on these special-purpose financial information to the Board of Directors who have approved these in their meeting held on November 07, 2023
For the purpose of our examination, we have relied on:
The modification in restated financials were carried out based on the modified reports, if any, issued by statutory auditor which is giving rise to modifications on the financial statements as at and for the periods ended October 15, 2023, August 2, 2023, March 31, 2023 & March 31, 2022. There is no qualification of statutory auditor for the Financial Statement of October 15, 2023, August 02, 2023, March 31, 2023, March 31, 2022.
The audit reports on the financial statements were modified and included following matter(s) giving rise to modifications on the financial statements as at and for the period ended on October 15, 2023, August 2, 2023, March 31, 2023 , March 31, 2022 and March 31, 2021:-
In accordance with the requirements of Part I of Chapter III of Act including rules made there under, ICDR Regulations, Guidance Note and Engagement Letter, we report that:
We have also examined the following other financial information relating to the Company prepared by the Management and as approved by the Board of Directors of the Company and annexed to this report relating to the Company for the Period Ended on October 15, 2023, August 2, 2023, March 31, 2023 , March 31, 2022 and March 31, 2021 proposed to be included in the Draft Prospectus / Prospectus ("Offer Document") for the proposed IPO.
Restated Statement of Partners Capital, Share Capital, Reserves And Surplus | Annexure A.1 & Annexure A.2 |
Restated Statement of Long Term Borrowing | Annexure A.3 |
Restated Statement of Deferred Tax (Assets) / Liabilities | Annexure A.4 |
Restated Statement of Short Term Borrowing | Annexure A.5 |
Restated Statement of Trade Payables | Annexure A.6 |
Restated Statement of Other Current Liabilities And Short Term Provisions | Annexure A.7 & Annexure A.8 |
Restated Statement of Fixed Assets | Annexure A.9 |
Restated Statement of Non Current Assets | Annexure A.10 |
Restated Statement of Current Investments | Annexure A.11 |
Restated Statement of Inventories | Annexure A.12 |
Restated Statement of Trade Receivables | Annexure A.13 |
Restated Statement of Cash & Cash Equivalents | Annexure A.14 |
Restated Statement of Short Term Loans & Advances | Annexure A.15 |
Restated Statement of Other Current Assets | Annexure A.16 |
Restated Statement of Revenue from Operations | Annexure B.1 |
Restated Statement of Other Income | Annexure B.2 |
Restated Statement of Cost of Material Consumed | Annexure B.3 |
Restated Statement of Stock-in-Trade | Annexure B.4 |
Restated Statement of Changes in Inventory of WIP, Finished Goods & Stock in Trade | Annexure B.5 |
Restated Statement of Employee Benefit Expenses | Annexure - B.6 |
Restated Statement of Finance Cost | Annexure - B.7 |
Restated Statement of Depreciation & Amortisation | Annexure - B.8 |
Restated Statement of Other Expenses | Annexure - B.9 |
Restated Statement of Deferred Tax Asset / Liabilities | Annexure - B.10 |
Material Adjustment to the Restated Financial | Annexure E |
Restated Statement of Tax shelter | Annexure F |
Restated Statement of Capitalization | Annexure G |
Restated Statement of Contingent Liabilities | Annexure H |
Restated Statement of Accounting Ratios | Annexure I |
Restated statement of related party transaction | Annexure J |
In our opinion and to the best of information and explanation provided to us, the Restated Financial Information of the Company, read with significant accounting policies and notes to accounts as appearing in ANNEXURE D are prepared after providing appropriate adjustments and regroupings as considered appropriate.
We, M/s. A Y & Company, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India ("ICAI") and hold a valid peer review certificate issued by the "Peer Review Board" of the ICAI.
The preparation and presentation of the Financial Statements referred to above are based on the Audited financial statements of the Company and are in accordance with the provisions of the Act and ICDR Regulations. The Financial Statements and information referred to above is the responsibility of the management of the Company.
The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by any other Firm of Chartered Accountants nor should this report be construed as a new opinion on any of the financial statements referred to therein.
We have no responsibility to update our report for events and circumstances occurring after the date of the report.
In our opinion, the above financial information contained in ANNEXURE A to J of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in ANNEXURE D are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Companies Act, ICDR Regulations, Engagement Letter and Guidance Note.
Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with the IPO-SME for Proposed Issue of Equity Shares of the Company and our report should not be used, referred to or distributed for any other purpose without our prior consent in writing.
For, M/s A Y & CO. Chartered Accountants
Firm Registration Number: - 020829C Peer Review No. 013225
CA Arpit Gupta (Partner)
Membership No.421544
UDIN 24421544BKFPHZ9495
Date: January 19, 2024 Place: Rajkot
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