<dhhead>INDEPENDENT AUDITOR’S EXAMINATION REPORT ON RESTATED
FINANCIAL</dhhead>
STATEMENTS
The Board of Directors Bansal Wire Industries Limited
Dear Sirs / Madams,
1. We have examined the attached Restated Financial Statements of
Bansal Wire Industries Limited (the "Company" or the "Issuer"),
comprising the Restated Interim Statements of Balance Sheet for the six- month period as
at September 30, 2023 and for the year ended as at March 31, 2023, 2022 and 2021, the
Restated Statements of Profit and Loss (including other comprehensive income), the
Restated Statements of Cash Flows, the Restated Statements of Changes in Equity for the
six month period ended September 30, 2023 and for the year ended as at , March 31, 2023,
2022 and 2021, the Significant Accounting Policies, and other explanatory information
(collectively, the " Restated Financial Statement"), as approved by the
Board of Directors of the Company at their meeting held on January 18, 2024 for the
purpose of inclusion in the Draft Red Herring Prospectus (the "DRHP") to
be prepared by the Company in connection with its proposed initial public offer of equity
shares (the " IPO") prepared in terms of the requirements of:
a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the
"Act");
b) The Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018, as amended (the "ICDR Regulations");
and
c) The Guidance Note on Reports in Company Prospectuses (Revised 2019)
issued by the Institute of Chartered Accountants of India (the "ICAI"),
as amended from time to time (the "Guidance Note") read with SEBI
Communication as mentioned in Note 2.1 to the Restated Financial Statement (the "SEBI
Communication"), as applicable.
2. The Company’s management is responsible for the preparation of
the Restated Financial Statement which have been approved by the Board of Directors of the
Company for the purpose of inclusion in the DRHP to be filed with the Securities and
Exchange Board of India ("SEBI"), BSE Limited and National Stock Exchange
of India Limited (collectively, the "Stock Exchanges") in connection with
the proposed IPO. The Restated Financial Statement have been prepared by the management of
the Company on the basis of preparation stated in note 2.1 to the Restated Financial
Statement. The Board of Directors of the company is responsible for designing,
implementing and maintaining adequate internal control relevant to the preparation and
presentation of these Restated Financial Statement by the management of the Company, as
aforesaid. The Board of Director is also responsible for identifying and ensuring that the
company complies with the Act, the ICDR Regulations and the Guidance Note read with the
SEBI Communication, as applicable.
3. We have examined such Restated Financial Statement taking into
consideration:
a) The terms of reference and terms of our engagement agreed upon with
you in accordance with our engagement letter dated November 24, 2023 in connection with
the proposed IPO of equity shares of the Issuer;
b) The Guidance Note read with the SEBI Communication, as applicable.
The Guidance Note also requires that we comply with the ethical requirements of the Code
of Ethics issued by the ICAI;
c) Concepts of test checks and materiality to obtain reasonable
assurance based on verification of evidence supporting the Restated Financial Statement;
and
d) The requirements of Section 26 of the Act and the ICDR Regulations.
Our work was performed solely to assist you in meeting your
responsibilities in relation to your
compliance with the Act, the ICDR Regulations and the Guidance Note
read with the SEBI
Communication, in connection with the IPO.
4. These Restated Financial Statement have been compiled by the
management from:
a) The audited Ind AS Interim financial statements of the Company as at
and for the six-month period ended September 30, 2023 prepared in accordance with the
Indian Accounting Standards ("Ind AS"), prescribed under Section 133 of
the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and the other
accounting principles generally accepted in India (the "Ind AS Financial
Statements"), which have been approved by the Board of Directors at their meeting
held on 1st December, 2023.
b) The audited Ind AS financial statements of the Company as at and for
the year ended March 31, 2023 prepared in accordance with the Indian Accounting Standards
("Ind AS"), prescribed under Section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015 and the other accounting principles
generally accepted in India (the "Ind AS Financial Statements"), which
have been approved by the Board of Directors at their meeting held on 2nd
September, 2023.
c) the special purpose Ind AS financial statements of the Company as at
and for the year ended March 31, 2022 (the "2022 Special Purpose Ind AS Financial
Statements") prepared in accordance with basis of preparation explained in Note 2.1
to the Restated Financial Statement, which have been approved by the Board of Directors at
their meeting held on 30th November, 2023.
d) the special purpose Ind AS financial statements of the Company as at
and for the year ended March 31, 2021 (the "2021 Special Purpose Ind AS Financial
Statements") prepared in accordance with basis of preparation explained in Note 2.1
to the Restated Financial Statement, which have been approved by the Board of Directors at
their meeting held on 28th November, 2023.
5. For the purpose of our examination, we have relied on:
a) Auditors’ report issued by us dated 1st December,
2023 on the Ind AS Interim Financial Statements of the Company for the six month period
ended September 30, 2023, as referred to in paragraph 4(a) above.
Our opinion on interim Financial Statements is not modified."
b) Auditors’ report issued by the previous auditors (the
"Previous Auditors") dated 2nd September, 2023 on the Ind AS
Financial Statements of the Company as at and for the year ended March 31, 2023, as
referred to in paragraph 4(b) above.
Our opinion on Statutory Ind AS Financial Statements is not modified
and accordingly reliance has been placed on the said Ind AS Financial Statements."
c) Auditors’ report issued by us dated 30th November ,
2023 on the 2022 Special Purpose Ind AS Financial Statements of the Company as referred in
paragraph 4(c) above, which included an Emphasis of Matter paragraph as mentioned below:
We draw attention to Note 2 to the Special Purpose Ind AS Financial
Statements which describes the purpose and basis of preparation. The Special Purpose Ind
AS Financial Statements have been prepared by the Company for the purpose of preparation
of the Restated Financial Statement to be included in the Draft Red Herring Prospectus
("DRHP" or "offer document") prepared by the Company in relation to
the proposed initial public offer of equity shares of the Company. As a result, the
Special Purpose Ind AS Financial Statements may not be suitable for any another purpose.
Our report is intended solely for the purpose of use by the Company to comply with the
requirements of Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2019, as amended and is not to be used or referred to for any
other purpose without our prior written consent.
Our opinion is not modified in respect to above matter."
d) Auditors’ report issued by us dated 28th November ,
2023, on the 2021 Special Purpose Ind AS Financial Statements of the Company as referred
in paragraph 4(d) above, which included an Emphasis of Matter paragraph as mentioned
below:
"Basis of preparation and restriction on distribution and use
We draw attention to Note 2 to the Special Purpose Ind AS Financial
Statements which describes the purpose and basis of preparation. The Special Purpose Ind
AS Financial Statements have been prepared by the Company for the purpose of preparation
of the Restated Financial Statement to be included in the Draft Red Herring Prospectus
("DRHP" or "offer document") prepared by the Company in relation to
the proposed initial public offer of equity shares of the Company. As a result, the
Special Purpose Ind AS Financial Statements may not be suitable for any another purpose.
Our report is intended solely for the purpose of use by the Company to comply with the
requirements of Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2019, as amended and is not to be used or referred to for any
other purpose without our prior written consent.
Our opinion is not modified in respect to above matter."
6. Based on our examination and according to the information and
explanations given to us and also as per the reliance placed on the Audit report submitted
by the Previous Auditors, as mentioned in paragraphs 5 above, respectively, we report that
the Restated Financial Statement:
a) have been prepared after incorporating adjustments for the changes
in accounting policies, material errors and regrouping/reclassifications retrospectively,
as at and for the six month period ended September 30, 2023 and for the financial years
ended March 31, 2023, ,2022 and 2021 to reflect the same accounting treatment as per the
accounting policies and grouping / classifications adopted for preparation of Restated
Financial Statements;
b) do not require any adjustment for modification as there is no
modification in the underlying audit reports referred in paragraph 5 above. There are
items relating to emphasis of matters (refer paragraphs 5(c) and 5(d) above, which do not
require any adjustment to the Restated Financial Statement; and
c) have been prepared in accordance with the Act, ICDR Regulations and
the Guidance Note read with the SEBI Communication.
7. The Restated Financial Statement do not reflect the effects of
events that occurred subsequent to the
respective dates of the reports on the Interim Financial Statements,
Audited Financial Statements and Special Purpose Financial Statements mentioned in
paragraph 4 above.
8. This report should not in any way be construed as a reissuance or
re-dating of any of the previous audit reports issued by us or the Previous Auditors, nor
should this report be construed as a new opinion on any of the financial statements
referred to herein.
9. We have no responsibility to update our report for events and
circumstances occurring after the date of the report.
10. Our report is intended solely for use of the Board of Directors for
inclusion in the DRHP to be filed with Securities and Exchange Board of India and BSE
Limited and National Stock Exchange of India Limited in connection with the proposed IPO.
Our report should not be used, referred to, or distributed for any other purpose except
with our prior consent in writing. Accordingly, we do not accept or assume any liability
or any duty of care for any other purpose or to any other person to whom this report is
shown or into whose hands it may come without our prior consent in writing.
|
For Prateek Gupta & Co. Chartered
Accountants FRN: 016512C |
| Place: Delhi Date: January 18, 2024
UDIN:24416552BKAAFN6520 |
Prateek Gupta Proprietor
Membership No. 416552 |
+91-9892691696
