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Ganga Bath Fittings Ltd Auditor Reports

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(-3.49%)
Jun 25, 2025|12:00:00 AM

Ganga Bath Fittings Ltd Share Price Auditors Report

RESTATED FINANCIAL STATEMENTS

Independent Auditors Report for the Restated Financial Statements of

M/s. Ganga Bath Fittings Limited (Formerly known as M/s. Ganga Plast Industries Limited).

INDEPENDENT AUDITORS REPORT ON RESTATED FINANCIAL STATEMENTS

To,
The Board of Directors,
Ganga Bath Fittings Limited
(Formerly known as M/s Ganga Plast Industries Limited)
Survey No. 121, Nr Vraj Industrial Estate
SIDC Road, B/H Shantidham Residency
TA. Kotda Sanghani, Verawal(shaper)
Rajkot, Gujarat 360024

Dear Sir,

1. We have examined the attached Restated Financial Information of M/s Ganga Bath Fittings Limited (the "Company" or the "Issuer"), comprising the Restated Statement of Assets and Liabilities as at December 31, 2024 , May 21, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, the Restated Statements of Profit and Loss and the Restated Cash Flow Statement for the period ended on December 31, 2024, May 21, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, the Restated 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 February 05, 2025 for the purpose of inclusion in the Draft Red Herring Prospectus("DRHP")/ Red Herring Prospectus("RHP")/Prospectus 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") read with Companies(Prospectus and Allotment of Securities) Rules 2014.

b) Relevant provision of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations");

c) The terms of reference to our engagement with the Company requesting us to examine financials statement referred to above and proposed to be included in the DRHP being issued by the Company for IPO of equity shares in SME Platform.

d) The applicable regulation of SEBI (ICDR) Regulations, 2018, as amended, and as per Schedule VI (Part A) (11) (II) of the said Regulations;

e) The company is in compliance with Regulation 229 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended and in force as on the date of our Report and adequate disclosures are made in the financial statements as required to be made by the issuer as per Schedule III of the Companies Act, 2013;

f) The Guidance Note on Reports in Company Prospectus (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 FinancialInformation for the purpose of inclusion in the DRHP to be filed with, Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Ahmedabad 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 Note 1.2 (i) under Annexure D "Basis of Preparation to the Restated Financial Information". The Board of Directors of the Company are responsible for 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 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 15th Jan 2025 in connection with the proposed IPO of the Company.

b) The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the ICAI. 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 Statements; 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 in connection with the IPO.

4. These Restated Financial Statements have been compiled by the management from the Audited Financial Statements of the Company for the period/year ended on December 31, 2024, May 21, 2024, March 31, 2024, March 31, 2023 and March 31, 2022, which has been approved by the Board of Directors. The financial statements of the Company for the period/year ended December 31, 2024, May 21, 2024 and March 31, 2024, has been audited by us and for the year ended March 31, 2023 and March 31, 2022 has been audited by M/s. Santoki Delvadia & Associates (Chartered Accountants).

5. We, M/s. ASDT & Co. Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India ("ICAI") and hold the peer review certificate No. 016067 having effective date from December 8, 2023 to December 31, 2026.

6. For our examination, we have relied on:

a) Financial Information as per Audited Financial Statements and Auditors reports issued by us for the period ended December 31, 2024, May 21, 2024 and financial year ended March 31, 2024.

b) Financial Information as per Audited Financial Statements and their Auditors reports issued by previous auditors for the financial year ended on March 31, 2023, and March 31, 2022. The financial report included for these years is based solely on the report submitted by them and no routine audit has been carried out by us.

7. We have examined:

a) The attached Restated Statement of Assets and Liabilities of the company, as at December 31, 2024, May 21, 2024, March 31, 2024, March 31, 2023 and March 31, 2022. (Annexure A).

b) The attached Restated Statement of Profits & Losses of the Company for the Period/year ended on December 31, 2024, May 21, 2024, March 31, 2024, March 31, 2023, and March 31, 2022. (Annexure B).

c) The attached Restated Statement of Cash flows of the Company for period/year ended on December 31, 2024, May 21, 2024, March 31, 2024, March 31, 2023, and March 31, 2022. (Annexure C)

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 D); (Collectively hereinafter referred as "Restated Financial Statements" or "Restated Summary Statements")

8. In accordance with the requirements of Act, SEBI ICDR Regulations, 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 A to this report, of the Company as at December 31, 2024, May 21, 2024 , March 31, 2024, March 31, 2023 and March 31, 2022 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 D to this Report.

b) The "Restated Statement of Profit and Loss" as set out in Annexure B to this report, of the Company for period/year ended December 31, 2024, May 21, 2024, March 31, 2024, March 31, 2023, and March 31, 2022, 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 D to this Report.

c) The "Restated Statement of Cash Flow" as set out in Annexure C to this report, of the Company for period/year ended December 31, 2024, May 21, 2024, March 31, 2024, March 31, 2023, and March 31, 2022 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 D to this Report.

d) Based on the above and as per the reliance placed by us on the audited financial statements of the company and auditors report thereon which have been prepared by Previous Auditors for the Period ended on that date, we are of the opinion that "Restated Financial Statements" have been made after incorporating:

i. Adjustments for the changes in accounting policies retrospectively in respective financial period / years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any ii. Adjustments for prior period and other material amounts in the respective financial years / period to which they relate and there are no qualifications which require adjustments. iii. There are no Extra-ordinary items which need to be disclosed separately in the Restated Summary Statements. iv. There were no qualifications in the Audit Reports issued by the Statutory Auditors for the financial period / year ended on December, 2024, May 21, 2024, March 31, 2024, March 31, 2023, and March 31, 2022, which would require adjustments in this Restated Financial Statements of the Company. v. These Profits and Losses have been arrived at after charging all expenses including depreciation and after making such adjustments / restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in Annexure D to this report.

9. 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/year ended on December 31, 2024, May 21, 2024, March 31, 2024, March 31, 2023, and March 31, 2022.

Sr No Particulars

Annexures
1 Corporate information as appearing in 1.1
2 Summary of significant accounting policies as appearing in 1.2
3 Restated Statement of Share Capital 2
4 Restated Statement of Reserves and Surplus 3
5 Restated Statement of Long-Term Borrowings & Short-term borrowings 4
6 Restated Statement of Long-Term Provision 5
7 Restated Statement of Trade Payables 6
8 Restated Statement of Other Current Liabilities 7
9 Restated Statement of Short-Term Provisions 8
10 Restated Statement of Property, Plants and Equipment & Intangible Assets 9
11 Restated Statement of Deferred Tax Asset/Liabilities 10
12 Restated Statement of Inventories 11
13 Restated Statement of Trade Receivables 12
14 Restated Statement of Cash and Cash Equivalents 13
15 Restated Statement of Long-Term and Short- Terms Loans & Advances 14
16 Restated Statement of Other Current Assets 15
17 Restated Statement of Revenue from Operations 16
18 Restated Statement of Other Income 17
19 Restated Statement of Cost of materials consumed and Changes in Inventory of Finished Goods & WIP 18
20 Restated Statement of Employee Benefit Expenses 19
21 Restated Statement of Finance Cost 20
22 Restated Statement of Depreciation and Amortisation Cost 9, 21
23 Restated Statement of Other Expenses 22
24 Restated Statement of Earnings Per Share 23
25 Restated Statement of Debtors Ageing Report 24
26 Restated Statement of Creditors Ageing Report 25
27 Restated Statement of Related Party Transaction 26
28 Material Adjustments and Regroupings to Restated Summary Statements 27
29 Restated Statement of Mandatory Accounting Ratios 28
30 Restated Capitalisation Statement 29
31 Restated Statement of Tax Shelters 30
32 Restated Statement of Contingent Liability 31
33 Disclosure under Accounting Standard 15 32
34 Restated Statement of Disclosures of Accounting ratios and reason for variance 33
35 Additional Disclosure to Financial Statements 34

10. The Restated Financial Information contains all the disclosures required by the SEBI ICDR regulations and disclosures as required by Accounting Standards notified under section 133 of Companies Act, 2013.

11. 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.

12. In our opinion, the above financial information contained in Annexure A to D and Annexure 1 to 34 of this report read along with the Restated Statement of Significant Accounting Polices and Notes as set out in Annexure D 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 ICDR 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 you. 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.

13. Consequently, 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.

14. The Restated Financial Statement do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements mentioned in paragraph 4 above.

15. 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.

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

17. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Red Herring Prospectus("DRHP")/ Red Herring Prospectus("RHP")/Prospectus to be filed with Securities and Exchange Board of India, relevant stock exchange 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.

For A S D T and Co.

Chartered Accountants

Firm Reg. No. 130450W

Arpit Jain

Membership No. 132740
Place: Rajkot
Dated: 7th February 2025
UDIN: 25132740BMMBYD4491

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