ON RESTATED FINANCIAL INFORMATION
To,
The Board of Directors,
Ecoline Exim Limited. 8, G.C Ghosh Road, Kolkata 700048
Dear Sirs,
1. We have examined the attached Restated Financial Statements of Ecoline Exim Limited, comprising the Restated Standalone Statement of Assets and Liabilities as at March 31, 2025, and Restated Consolidated Statement of Assets and Liabilities for the financial year ended on March 31, 2024 and March 31, 2023, the Restated Standalone Statements of Profit and Loss for the financial year ended March 31, 2025, and the Restated Consolidated Statements of Profit and Loss for the financial years ended on March 31, 2024 and March 31, 2023 and the Restated Standalone Cash Flow Statement for the financial year ended March 31, 2025 and the Restated Consolidated Cash Flow Statement for the financial years ended on March 31, 2024 and March 31, 2023, the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these
Restated Financial Statements (collectively, the "Restated Financial Information"), as approved by the Board of
Directors of the Company at their meeting held on June 28, 2025, for the purpose of inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus("Draft Offer Document/Offer Document") prepared by the Company in connection with its proposed SME Initial Public Offer of equity shares ("SME 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 ("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 Draft Offer Document/Offer Document to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Kolkata in connection with the proposed SME IPO. The Restated Financial Information has been prepared by the management of the Company on the basis of preparation stated in Annexure IV of the Restated Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Companies Act, (ICDR) Regulations and the Guidance Note.
3. We, Das & Prasad, Chartered Accountants have been subjected to the peer review process of the Institute of
Chartered Accountants of India ("ICAI") and holds the peer review certificate dated September 01, 2024 valid till August 31, 2027. We confirm that there is no express refusal by the peer review board of ICAI to renew the certificate and the process to renew the peer review certificate has been initiated by us.
4. These Restated Financial Information have been compiled by the management from:
a) Audited Standalone Financial Statements of the Company for the period from April 01, 2024 to March 31, 2025 prepared in accordance with Accounting Standards specified 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 June 28, 2025.
b) Audited Consolidated Financial Statements of the Company for the period from April 01, 2023 to March 31, 2024 prepared in accordance with Accounting Standards specified 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 July 09, 2024.
c) Audited Consolidated Financial Statements of the Company for the period from April 01, 2022 to March 31, 2023 prepared in accordance with Accounting Standards specified 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 September 06, 2023.
5. 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 28, 2025 in connection with the proposed IPO of the Company;
b) The Accounting Standards as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on June 28, 2025;
c) The Guidance Note. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;
d) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information; and
e) 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 in connection with the IPO.
6. We have Audited the standalone/consolidated financial statements of the company for the year ended March 31, 2025, March 31, 2024 and March 31, 2023 prepared in accordance with the accounting standards as prescribed under Section 133 of the Act 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 the proposed IPO, which have been approved by the Board of Directors. We have issued our consolidated audit report dated July 09, 2024 and September 06, 2023 on the financial information to the Board of Directors who have approved these in their meeting held on July 09, 2024 and September 06, 2023 for the year ended March 31, 2024 and March 31, 2023 respectively, and we have issued our standalone report dated June 28, 2025 on the financial information to the Board of Directors who have approved these in the meeting held on June 28, 2025 for the year ended March 31, 2025.
7. For the purpose of our examination, we have relied on:
a. Auditors Report issued by us dated June 28, 2025 on the standalone financial statement of the Company for the year ended March 31, 2025.
b. Auditors Report issued by us dated July 09, 2024 on the consolidated financial statement of the Company for the year ended March 31, 2024.
c. Auditors Report issued by us, dated September 06, 2023 for the consolidated financial year ended March 31, 2023 as referred in Paragraph 4 above.
8. Based on our examination and according to the information and explanations given to us, we report that the Restated Financial Information have been prepared:
a) after incorporating adjustments for the changes in accounting policies and regrouping/reclassifications retrospectively, if any in the financial years March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications; and
b) in accordance with the Act, ICDR Regulations and the Guidance Note.
9. We have also examined the following Notes to the Restated financial information of the Company set out in the Annexure I, II, V, prepared by the management and approved by the Board of Directors on June 28, 2025 for the years ended March 31, 2025, March 31, 2024 and March 31, 2023.
Annexure I, II, V - Notes to the Restated Summary Financial Information;
a) Restated Statement of Share Capital, Reserves and Surplus as appearing in Annexure I.1 & I.2 to this report;
b) Restated Statement of Long Term Borrowings as appearing in Annexure I.3 to this report;
c) Restated Statement of principal terms of Secured Loans and Assets charged as security as appearing in Annexure I.3 (A & B) to this report; d) Statement of terms & conditions of unsecured loans as appearing In Annexure I.3 (C) to this report;
e) Restated Statement of Long Term Provisions as appearing in Annexure I.7A to this report;
f) Restated Statement of Short term borrowings as appearing in Annexure I.4 to this report;
g) Restated Statement of Trade Payables as appearing in Annexure I.5 to this report;
h) Restated Statement of Other Current Liabilities as appearing in Annexure I.6 to this report;
i) Restated Statement of Short Term Provisions as appearing in Annexure I.7B to this report;
j) Restated Statement of Fixed Assets as appearing in Annexure I.8 to this report;
k) Restated Statement of Capital Work in progress as appearing in Annexure I.8 B to this report;
l) Restated Statement of Intangible Assets as appearing in Annexure I.9 to this report;
m) Restated Statement of Non-Current Investments as appearing in Annexure I.10 to this report;
n) Restated Statement of Deferred Tax (Assets) / Liabilities as appearing in Annexure I.11 to this report;
o) Restated Statement of Non-Current & Current Loans and Advances as restated as appearing in Annexure I.12 to this report;
p) Restated Statement of Other Non-current assets as appearing in Annexure I.13 to this report;
q) Restated Statement of Current Investments as appearing in Annexure I.14 to this report;
r) Restated Statement of Inventories as appearing in Annexure I.15 to this report;
s) Restated Statement of Trade Receivables as appearing in Annexure I.16 to this report;
t) Restated Statement of Cash and bank balance as appearing in Annexure I.17 to this report;
u) Restated Statement of Other Current Assets as appearing in Annexure I.18 to this report;
v) Restated Statement of Revenue from Operations as appearing in Annexure II.1 to this report;
w) Restated Statement of Other Income as appearing in Annexure II.2 to this report;
x) Restated Statement of Cost of materials consumed as appearing in Annexure II.3 to this report;
y) Restated Statement of Purchase of Stock in Trade as appearing in Annexure II.4 to this report;
z) Restated Statement of Change in Inventories of finished goods and work-in-progress as appearing in Annexure II.5 to this report;
aa) Restated Statement of Employee Benefit Expenses as appearing in Annexure II.6 to this report;
bb) Restated Statement of Finance Cost as appearing in Annexure II.7 to this report;
cc) Restated Statement of Depreciation & Amortization as appearing in Annexure II.8 to this report;
dd) Restated Statement of Other Expenses as appearing in Annexure II.9 to this report;
ee) Restated Statement of Contingent Liabilities as appearing in Annexure V.2.(A, B, C and D) to this report;
ff) Capitalisation Statement as appearing in Annexure V.23 to this report;
gg) Restated Statement of Mandatory Accounting Ratios as appearing in Annexure V.24 to this report;
hh) Restated Statement of Other Financial Ratios as appearing in Annexure V.25 to this report;
ii) Restated Statement of Tax Shelter as appearing in Annexure V. 26 to this report;
jj) Restated Statement of Related Party Transactions as appearing in Annexure V.27 to this report;
10. The Restated Financial Information do not reflect the effects of events that occurred subsequent to audited financial statements mentioned in paragraph 6 above.
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 Draft Offer Document/ Offer
Document to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Kolkata 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.
14. In our opinion, the above financial information contained in Annexure I to Annexure V of this report read with the respective Significant Accounting Polices and Notes to Accounts as set out in Annexure IV are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.
For Das & Prasad |
Chartered Accountants |
Firm Registration No: 303054E |
Pramod Kumar Agarwal |
Partner |
M. No. 056921 |
UDIN: 25056921BMLLNE8620 |
Date: June 28, 2025 |
Place: Kolkata |
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