(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
Shree OSFM E-Mobility Limited
104, Green Park, Plot No. 2 & 3, Sector 3, Opp. Ghansoli Rly Station, Ghansoli, New Mumbai - 400701, Maharashtra, India
Dear Sir,
1. Report on Restated Financial Statements
We have examined the Restated Financial Statements of Shree OSFM E-Mobility Limited (hereinafter referred as "the Company"), the summarized statements of which annexed to this report have been prepared in accordance with the requirements of:
i. Section 26 read with the applicable provisions within Rule-4 to 6 of Companies (Prospectus and Allotment of Securities) Rules, 2014 of Companies Act, 2013, As amended (hereinafter referred to as the "Act") and
ii. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("the Regulation") ("SEBI ICDR Regulations") issued by the Securities and Exchange Board of India (SEBI) and amendments made thereto;
iii. The terms of reference to our engagements with the Company requesting us to examine financial statements referred to above and proposed to be included in the Prospectus /Prospectus being issued by the Company for its proposed Initial Public Offering of equity shares on SME Platform of Stock Exchange ("IPO" or "SME IPO");
iv. The (Revised) Guidance Note on Reports in Company Prospectus issued by the Institute of Chartered Accountants of India ("ICAI"); and
v. In terms of Schedule VI of the SEBI (ICDR) Regulations, 2018 and other provisions relating to accounts, We, M/s Kale Malde & Co., Chartered Accountants, have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and hold a valid certificate issued by the Peer Review Board of the ICAI.
2. The Restated Summary Statements and Financial information of the Company have been extracted and prepared by the management from the Audited Financial Statements of the Company for the period ended September 30, 2023 and for the financial years ended March 31, 2023, 2022 and 2021 which have been approved by the Board of Directors.
3. Financial Statements for the period ended September 30, 2023 and for the financial year ended March 31, 2023 have been audited by us, further the financial statements for the year ended March 31, 2022 and 2021 was audited by M/s M. S. Sheth & Associates, Chartered Accountants, being then Statutory Auditor of the Company for the respective years, which are all approved by the Board of Directors as on that date and are audited by us for the purpose of restatement as required under SEBI ICDR Regulations.
4. Financial Information as per Audited Financial Statements:
i. We have examined:
a. The attached Restated Statement of Assets and Liabilities of the company, for the period ended September 30, 2023 and as at March 31, 2023, 2022 and 2021, (Annexure I);
b. The attached Restated Statement of Profits and Losses of the Company for the period ended September 30, 2023 and for the financial years ended March 31, 2023, 2022 and 2021, (Annexure II);
c. The attached Restated Statement of Cash Flows of the Company for the period ended September 30, 2023 and for the financial years ended March 31, 2023, 2022 and 2021, (Annexure III);
d. The Significant Accounting Policies adopted by the Company and notes to the Restated Financial Statements along with adjustments on account of audit qualifications / adjustments / regroupings. (Annexure IV);
(Collectively hereinafter referred as "Restated Financial Statements" or "Restated Summary Statements")
ii. In accordance with the requirements of Act, ICDR Regulations as amended from time to time, Guidance Note on the reports in Company Prospectus (Revised) issued by ICAI and the terms of our Engagement Letter, we further report that:
a. The "Restated Statement of Assets and liabilities" as set out in Annexure I to this report, of the Company for the period ended September 30, 2023 and as at March 31, 2023, 2022 and 2021 are prepared by the Company and approved by the Board of Directors. This Statement of Assets and Liabilities, as restated have been arrived at after making such adjustments and regroupings to the individual Financial Statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to the Restated Summary Statements as set out in Annexure IV to this Report.
b. The "Restated Statement of Profit and Loss" as set out in Annexure II to this report, of the Company for the period ended September 30, 2023 and for the financial years ended March 31, 2023, 2022 and 2021 are prepared by the Company and approved by the Board of Directors. This Statement of Profit and Loss, as restated have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to the Restated Summary Statements as set out in Annexure IV to this Report.
c. The "Restated Statement of Cash Flow" as set out in Annexure III to this report, of the Company for the period ended September 30, 2023 and for the financial years ended March 31, 2023, 2022 and 2021, are prepared by the Company and approved by the Board of Directors. This Statement of Cash Flow, as restated, have been arrived at after making such adjustments and regroupings to the individual financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Restated Summary Statements as set out in Annexure IV to this Report.
Based on the above we are of the opinion that "Restated Financial Statements" or "Restated Summary Statements" have been made after incorporating:
a. There are no adjustments for any material amounts in the respective financial years have been made to which they relate, other than the adjustment for Deferred Tax and depreciation.
b. There are no Extra-ordinary items that need to be disclosed separately in the Restated Summary Statements. c. There were no audit qualifications for which adjustment was required. d. There was no change in accounting policies, which needs to be adjusted in the Restated Financial Statements. e. There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statements. f. The Company has not paid dividend on its equity shares.
5. Other Financial Information:
I. We have also examined the following financial information as set out in annexure prepared by the Management and as approved by the Board of Directors of the Company for the period ended September 30, 2023 and for the financial years ended March 31, 2023, 2022 and 2021.
PARTICULARS |
ANNEXURENO. |
STATEMENT OF ASSETS AND LIABILITIES AS RESTATED | I |
STATEMENT OF PROFIT & LOSS AS RESTATED | II |
STATEMENT OF CASH FLOWS AS RESTATED | III |
SIGNIFICANT ACCOUNTING POLICY AND NOTES TO THE RESTATED SUMMARY STATEMENTS |
IV |
STATEMENT OF SHARE CAPITAL AS RESTATED | I.1 |
STATEMENT OF RESERVES AND SURPLUS AS RESTATED | I.2 |
STATEMENT OF LONG-TERM BORROWINGS AS RESTATED | I.3 |
STATEMENT OF SHORT-TERM BORROWINGS AS RESTATED | I.4 |
STATEMENT OF TRADE PAYABLES AS RESTATED | I.5 |
STATEMENT OF OTHER CURRENT LIABILITIES AS RESTATED | I.6 |
STATEMENT OF SHORT-TERM PROVISIONS | I.7 |
STATEMENT OF FIXED ASSETS AS RESTATED | I.8 |
STATEMENT OF NON-CURRENT INVESTMENTS AS RESTATED | I.9 |
STATEMENT OF LONG TERM LOANS AND ADVANCES AS RESTATED | I.10 |
STATEMENT OF DEFERRED TAX ASSETS AS RESTATED | I.11 |
STATEMENT OF TRADE RECEIVABLES AS RESTATED | I.12 |
STATEMENT OF CASH AND CASH EQUIVALENTS AS RESTATED | I.13 |
STATEMENT OF SHORT-TERM LOANS & ADVANCES AS RESTATED | I.14 |
STATEMENT OF OTHER CURRENT ASSETS AS RESTATED | I.15 |
STATEMENT OF REVENUE FROM OPERATIONS AS RESTATED | II.1 |
STATEMENT OF OTHER INCOME AS RESTATED | II.2 |
STATEMENT OF OPERATING EXPENSES AS RESTATED | II.3 |
STATEMENT OF EMPLOYEE BENEFIT EXPENSES AS RESTATED | II.4 |
STATEMENT OF OTHER EXPENSES AS RESTATED | II.5 |
STATEMENT OF FINANCIAL CHARGES AS RESTATED | II.6 |
STATEMENT OF RELATED PARTY TRANSACTIONS AS RESTATED | V |
OTHER FINANCIAL INFORMATION |
|
STATEMENT OF ACCOUNTING RATIOS AS RESTATED | VI |
STATEMENT OF CAPITALIZATION AS RESTATED | VII |
II. The Restated Financial Information contain all the disclosures required by the SEBI ICDR regulations and partial disclosures as required by Accounting Standards notified under section 133 of Companies Act, 2013.
III. We have not audited any financial statements of the Company as of any date or for any period subsequent to September 30, 2023. Accordingly, we do not express any opinion on the financial position, results or cash flows of the Company as of any date or for any period subsequent to September 30, 2023.
IV. The preparation and presentation of the Financial Statements referred to above are based on the Audited financial statements of the Company in accordance with the provisions of the Act and the Financial Information referred to above is the responsibility of the management of the Company.
V. In our opinion, the above restated financial information contained in this report read along with the are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with paragraph B, Part II of Schedule II of the Act, the SEBI Regulations, The Revised Guidance Note on Reports in Company Prospectus and Guidance Note on Audit Reports/Certificates on Financial Information in Offer Documents issued by the Institute of Chartered Accountants of India (ICAI) to the extent applicable, as amended from time to time, and in terms of our engagement as agreed with the Company. We did not perform audit tests for the purpose of expressing an opinion on individual balances of account or summaries of selected transactions, and accordingly, we express no such opinion thereon.
VI. The financial information has been prepared after making such regroupings and adjustments as were, in our opinion, considered appropriate to comply with the same. As result of these regroupings and adjustments, the amount reported in the financial information may not necessarily be same as those appearing in the respective audited financial statements for the relevant years.
VII. The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit report, nor should this construed as a new opinion on any of the financial statements referred to herein.
VIII. We have no responsibility to update our report for events and circumstances occurring after the date of the report.
IX. 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 adjusted for any other purpose without our written consent.
6. Auditors Responsibility
Our responsibility is to express an opinion on these restated financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the Companys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
7. Opinion
In our opinion and to the best of our information and according to the explanations given to us, the restated financial statements read together with the notes thereon, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.
As per our Report Attached
For Kale Malde & Co. Chartered Accountants
SD/-
CA Alpesh Malde Partner Membership No: 138034
FRN: 154422W
Date: November 27, 2023
Place: Dombivli
UDIN: 23138034BGPNPR8539
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.