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Cryogenic OGS Ltd Auditor Reports

125.61
(5.00%)
Jul 18, 2025|12:00:00 AM

Cryogenic OGS Ltd Share Price Auditors Report

Report on Restated Financial Information consisting of Statement of Assets and Liabilities, statement of Profit and Loss, Statement of Cash Flow Statement, Summary Statement of significant accounting policies and other explanatory information for Years ended on March 31, 2025, March 31, 2024 and March 31, 2023 for:

Cryogenic OGS Limited

(Formerly Known as Cryogenic Liquide Private Limited)

To,

The Board of Directors Cryogenic OGS Limited

(Formerly Known as Cryogenic Liquide Private Limited)

60,61,62,63, Por Industrial Park,

Behind Sahyog Hotel,

POR,

Vadodara Gujarat - 391243.

Dear Sirs,

1. We have examined the attached Restated Financial Information of Cryogenic OGS Limited (Formerly known as Cryogenic Liquide Private Limited.) (the "Company") comprising the Restated Statement of Assets and Liabilities as at March 31 2025, March 31 2024 and March 31 2023, the Restated Statements of Profit and Loss and the Restated Cash Flow Statement for the years ended March 31 2025, March 31 2024 and March 31 2023, the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively referred to as, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 02nd June, 2025 for the purpose of inclusion in the Offer Document prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") on SME Platform of BSE.

These restated Summary Statement have been 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 ("ICDR Regulations"); and

c. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note").

2. 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 Securities and Exchange Board of India, Registrar of Companies, Ahmedabad and the Stock Exchange in connection with the proposed IPO. The Restated Financial Information has been prepared by the management of the Company on the basis of preparation stated in Annexure 4 to the Restated Financial Information. The responsibilities of the Board of Directors of the Company include 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.

3. We have examined such Restated Financial Information taking into consideration:

a. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated April 10, 2024 in connection with the proposed IPO of equity shares of Cryogenic OGS Limited (the "Issuer Company") on SME platform of BSE;

b. 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 Information; and

d. The requirements of Section 26 of the Act and the ICDR Regulations.

Our work was performed solely toassist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

4. These Restated Financial Information have been compiled by the management from:

Audited Financial Statements of the Company for the years ended on March 31 2025, March 31 2024 and March 31 2023 prepared in accordance with Accounting Standard as prescribed under section 133 of the Act and other accounting principles generally accepted in India, which has been approved by the Board of Directors at their meeting held on 31st May 2025, 26th July 2024 and 11th September 2023 respectively.

5. For the purpose of our examination, we have relied on:

Auditors Report issued by us dated May 31, 2025, July 26, 2024 and September 11, 2023 on the Financial Statement of the Company for the year ended on March 31 2025, March 31 2024 and March 31 2023 respectively as referred in Paragraph 4(a) and (b) above.

6. There were no qualifications in the Audit Reports issued by us as at and for the years ended on March 31 2025, March 31 2024 and March 31 2023 which would require adjustments in this Restated Financial Information of the Company.

7. Based on our examination and according to the information and explanations given to us, we report that:

a. The Restated Summary Statements have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial years to reflect the same accountingtreatment as per the changed accounting policy for all reporting periods, if any;

b. The Restated Summary Statements do not require any adjustments for the matter(s) giving rise to modifications mentioned in paragraph 6 above.

c. The Restated Summary Statements have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

d. The Restated Summary Statements have been made after incorporating adjustments for priorperiod and other material amounts in the respective financial years to which they relate, if any and thereare no qualifications which require adjustments;

e. Extra-ordinary items (if any) that need to be disclosed separately in the accounts has been disclosed wherever required;

f. There was no change in accounting policies, which need to be adjusted in the Restated Summary Statement. The details of Prior period Adjustments are given in Annexure 5 of the Restated Financial Statements.

g. From Financial Years 2022-23 to 2024-25 i.e., the period covered in the restatement, the Company has not declared and paid any dividend.

8. 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 as at and for the year ended on March 31, 2025, 2024 and 2023 proposed to be included in the Offer Document.

9. We, M/s. Maloo Bhatt & Co, 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.

10. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Audited Financial Statements.

11. 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, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

12. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

13. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document to be filed with Securities and Exchange Board of India, the stock exchanges and Registrar of Companies, Ahmedabad 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.

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