(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
ICON FACILITATORS LIMITED
(Formerly known as "ICON FACILITATORS PRIVATE LIMITED")
C-28, Second Floor, Janakpuri Community Centre
New Delhi-110058
Dear Sir/ Madam,
1. We have examined the attached Restated Standalone Financial Statements of ICON FACILITATORS LIMITED (formerly known as "Icon Facilitators Private Limited") (hereinafter referred as the "Company" or "Issuer"), comprising of Restated Statement of Assets and Liabilities as at March 31, 2025, March 31, 2024 and March 31, 2023 the Restated Statement of Profit and Loss (including other comprehensive income), the Restated Statement of Changes in Equity, the Restated Cash Flow Statement for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023, the Summary Statement of Significant Accounting Policies to the Restated Financial Statements (collectively, the "Restated Standalone Financial Statements"), as approved by the Board of Directors of the Company at their meeting held on June 05, 2025 for the purpose of inclusion in the Red Herring Prospectus ("RHP") / Prospectus prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") prepared in terms of the requirements of:
a) Section 26 of Part-I of Chapter-III of the Companies Act, 2013 as amended ("the Act") read with Rules 4 to 6 of the Companies (Prospectus and Allotment of Securities) Rules,2014 ("the Rules").
b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended from time to time pursuant to the provisions of the Securities and Exchange Board of India , 1992 ("the SEBI 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 Standalone Financial Statements for the purpose of inclusion in the Red Herring Prospectus / Prospectus to be filed with Securities and Exchange Board of India, Stock Exchange (BSE Limited), and Registrar of Companies, NCT of Delhi and Haryana in connection with the proposed IPO. The Restated Standalone Financial Information has been prepared by the Management of the company. The responsibility of the Board of Directors includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Financial Statements. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note read with the SEBI Communication, as applicable.
3. We have examined such Restated Standalone Financial Information taking into consideration:
a) The terms of reference to our engagements with the Company requesting us to carry out the assignment, in connection with the Draft Red Herring Prospectus /Red Herring Prospectus/ Prospectus (Collectively called as "Offer Document") being issued by the Company for its proposed IPO of equity share on SME Platform of BSE Limited
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 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 Standalone Financial Information have been prepared and compiled by the management from the Audited Financial Statements of the Company for the Financial Year ended March 31, 2025, March 31, 2024, March 31, 2023 are prepared in accordance with accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act, ("Indian GAAP") read with the Companies (Accounting Standards) Rules, 2015, as amended which have been approved by the Board of Directors at their meetings held on June 05, 2025, August 05, 2024 and September 04, 2023 respectively.
5. Our Work has been carried out in accordance with the Standards on Auditing under section 143 (10) of the Act, Guidance Note on reports in company Prospectuses (Revised 2016) and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India and pursuant to the requirements of Section 26 of the Act read with applicable rules and ICDR Regulations. This work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act and the ICDR Regulations in connection with the issue.
8. We have also examined the following Restated Standalone Financial Information of the company set out in the Annexures prepared by the Management and approved by the Board of Directors for the Financial Year ended March 31, 2025, March 31, 2024, and March 31, 2023 :-
1. Restated Summary Statement of Significant Accounting Policies and Statement of Notes to the Restated Financial Information |
Annexure 4 |
2. Restated Summary Statement of Share capital |
Annexure 5 |
3. Restated Summary Statement of Reserves and Surplus |
Annexure 6 |
4. Restated Summary Statement of Long- Term / Short-Term Borrowings |
Annexure 7 |
5. Restated Summary Statement of Deferred Tax Liabilities / Assets (Net) |
Annexure 8 |
6. Restated Summary Statement of Provisions |
Annexure 9 |
7. Restated Summary Statement of Trade Payables |
Annexure 10 |
8. Restated Summary Statement of Other Current Liabilities |
Annexure 11 |
9. Restated Summary Statement of Property, Plant and Equipment |
Annexure 12 |
10. Restated Summary Statement of Loans and Advances |
Annexure 13 |
11. Restated Summary Statement of Other Current/Non-Current Assets |
Annexure 14 |
12. Restated Summary Statement of Trade Receivables |
Annexure 15 |
13. Restated Summary Statement of Cash and Bank Balances |
Annexure 16 |
14. Restated Summary Statement of Revenue from Operations |
Annexure 17 |
15. Restated Summary Statement of Other Income |
Annexure 18 |
16. Restated Summary Statement of Cost of Material Consumed |
Annexure 19 |
17. Restated Summary Statement of Employee Benefits Expense |
Annexure 20 |
18. Restated Summary Statement of Finance Cost |
Annexure 21 |
19. Restated Summary Statement of Depreciation and Amortisation Expense |
Annexure 22 |
20. Restated Summary Statement of Other Expenses |
Annexure 23 |
21. Restated Summary Statement of Accounting and Other Ratios |
Annexure 24 |
22. Restated Summary Statement of Tax Shelter |
Annexure 25 |
23. Restated Summary Statement of Capitalisation |
Annexure 26 |
24. Restated Summary Statement of Related Party Transaction |
Annexure 27 |
25. Restated Summary Statement of Additional Notes |
Annexure 28 |
26. Restated Summary Statement of Dividend |
Annexure 29 |
27. Restated Summary Statement of Ratios |
Annexure 30 |
28. Restated Summary Statement of Financial Indebtedness |
Annexure 31 |
For Singhal Gupta & Co. LLP |
Chartered Accountants |
ICAI Firm Registration No: 004933C/C400028 |
Chetan Singhal |
Partner |
Membership Number: 420018 |
Place: New Delhi |
Date: June 06, 2025 |
UDIN: 25420018BMHQPE4765 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
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