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Integrity Infrabuild Developers Ltd Auditor Reports

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Jun 20, 2025|12:00:00 AM

Integrity Infrabuild Developers Ltd Share Price Auditors Report

INDEPENDENT AUDITOR REPORT

RESTATED FINANCIAL INFORMATION

To,

The Board of Directors,

Integrity Infrabuild Developers Limited (Formerly Known as M/s Dipak J Gandhi)

Office No-2, Indiabulls, Mega Mall, Jetalpur Road, Akota, Vadodara- 390020, Gujarat.

Dear Sir/Ma‘am,

We have examined the attached Restated Financial Statement along with the Significant Accounting Policies and related notes of Integrity Infrabuild Developers Limited (the Company) (formed by conversion of a partnership firm i.e. ?M/s Integrity Infrabuild , under the provisions of Companies Act, 2013 on June 01, 2024) as at and for the period ended December 31, 2024 and May 31, 2024 and for the financial year ended March 31, 2024, March 31, 2023 and March 31, 2022 annexed to this report and prepared by the Company for the purpose of inclusion in this Prospectus

(being collectively referred as ?Offer Document ) in connection with its proposed Initial Public Offer (?IPO ) on the EMERGE Platform of the the National Stock Exchange of India Limited (?NSE ).

1. The said Restated Financial Statements and other Financial Information have been prepared in accordance with the requirements of:

i) Section 26 of Part I of Chapter III to the Companies Act, 2013(?the Act ) read with Companies (Prospectus and Allotment of Securities) Rules 2014;

ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 (?ICDR Regulations ) issued by the Securities and Exchange Board of India (?SEBI ) in pursuance to Section

11 of the Securities and Exchange Board of India Act, 1992 and related amendments / clarifications from time to time;

iii) The terms of reference to our engagements with the Company requesting us to carry out the assignment, in connection with the Offer Document being issued by the Company for its proposed IPO of equity shares on EMERGE Platform of the the National Stock Exchange of India Limited (?NSE ).; and

iv) The Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered

Accountants of India (?Guidance Note ).

2. We have examined the accompanied Restated Statement of Profit and Loss‘ (Annexure II) for the period ended December 31, 2024 and May 31, 2024 and for the financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022, the Restated Statement of Assets and Liabilities‘ (Annexure-I) as on above dates and Restated Financial Statement of Cash Flows‘ (Annexure-III) as on above dates, forming part of the Financial Information‘ dealt with by this Report, detailed below. Both read together with the Significant Accounting Policies and Notes to Accounts (Annexure IV & V) thereon. The Restated Financial Information has been prepared by Company‘s management. The information has been extracted from the special purpose financial statements for the period June 01, 2024-December 31, 2024 and Apr 01, 2024-May 31, 2024 which were audited by us S V J K and Associates, being the peer-review auditor and was approved by Board of Directors as on March 25, 2025. For the period April 01, 2024-December 31, 2024 and financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022, which were audited by O.P. Rathi & Co being the Statutory Auditor for the respective period, which was approved by the Board of Directors as on March 06, 2025, June 24, 2024, September 12, 2023 and August 09, 2022 respectively and upon which we have placed our reliance while reporting.

3. In terms of Schedule VI (Part A) (11) (II) (i) of the SEBI (ICDR) Regulations, 2018 and other provisions relating to accounts of Integrity Infrabuild Developers Limited, we, S V J K and Associates, Chartered Accountants, have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and hold a valid certificate issued by the Peer Review Board of the ICAI.

4. Based on our examination, we report that: a. The ?Restated Financial Statement of Assets and Liabilities as set out in Annexure I, ?Restated Financial Statement of Profit and Loss as set out in Annexure II and ?Restated Financial Statement of Cash Flows as set out in Annexure III to this report, of the Company as at December 31, 2024, May 31, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 is prepared by the Company and approved by the Board of Directors. These Restated Financial Statements have been arrived at after making such adjustments and regroupings to the financial statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV & V to this Report.

b. The Restated Financial Statements have been made after incorporating adjustments for:

i. The changes, if any, in accounting policies retrospectively in respective financial years to reflect the same accounting treatment as per the changed accounting policy for all the reporting period /years ii. Prior period and other material amount in the respective financial years to which they relate. iii. 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 Policies and Notes to Accounts as set out in Annexure IV & V to this report. iv. Extra-ordinary items, if any, that needs to be disclosed separately in the accounts requiring adjustments, which are stated in the Notes to Accounts as set out in Annexure V.

c. There were no qualifications in the Audit Reports issued by Statutory Auditor(s) for the period ended on December

31, 2024, March 31, 2024, March 31, 2023 and March 31, 2022.

5. At the request of the company, we have also examined the following financial information ("Other Financial Information") proposed to be included in the offer document prepared by the management and approved by the board of directors of the company and annexed to this report:

Annexure of Restated Financial Statements of the Company:-

i. Statement of Equity Share Capital, as restated (Note 1 of Annexure V)

ii. Statement of Reserves & Surplus, as restated (Note - 2 of Annexure V)

iii. Statement of Long-Term Borrowings, as restated (Note- 3 of Annexure V)

iv. Statement of Short Term Borrowings, as restated (Note-4 of Annexure V)

v. Statement of Trade Payables, as restated (Note -5 of Annexure V)

vi. Statement of Other Current Liabilities, as restated (Note- 6 of Annexure V)

vii. Statement of Short-Term Provisions, as restated (Note- 7 of Annexure V)

viii. Statement of Property, Plant and Equipment, as restated (Note- 8 of Annexure

V) ix. Statement of Non Current Investment, as restated (Note- 9 of Annexure V)

x. Statement of Deferred Tax Assets/ Liabilities, as restated (Note- 10 of Annexure V)

xi. Statement of Long Terms Loans and Advances, as restated (Note- 11 of Annexure V)

xii. Statement of Other non-current assets, as restated (Note-12 of Annexure V)

xiii. Statement of Inventories, as restated (Note- 13 of Annexure V)

xiv. Statement of Trade Receivables, as restated (Note- 14 of Annexure V)

xv. Statement of Cash and Bank Balances, as restated (Note - 15 of Annexure V)

xvi. Statement of Short Terms Loans and Advances, as restated (Note- 16 of Annexure V)

xvii. Statement of Other Current Assets, as restated (Note - 17 of Annexure V)

xviii. Statement of Revenue from Operations, as restated (Note 18 of Annexure V)

xix. Statement of Other Income, as restated (Note 19 of Annexure V)

xx. Statement of Purchase of Cost of Material Consumed, as restated (Note 20 of Annexure V)

xxi. Statement of Change in Inventories, as restated (Note 21 of Annexure V)

xxii. Statement of Employee Benefit Expenses, as restated (Note 22 of Annexure V)

xxiii. Statement of Finance Cost, as restated (Note 23 of Annexure V)

xxiv. Statement of Other Expenses, as restated (Note 24 of Annexure V)

xxv. Statement of Earnings Per Share, as restated (Note- 25 Annexure V)

xxvi. Statement of Adjustments to Audited Financial Statements appearing in (Note - 26 of Annexure V)

xxvii. Statement of Other Financial Ratios, as restated (Note 27 Annexure V)

xxviii. Statement of Related Party Transactions, as restated (Note- 28 Annexure V)

xxix. Statement of Other statutory information, as restated (Note- 29 of Annexure V)

xxx. Statement of Mandatory Accounting Ratios, as restated (Annexure VI)

xxxi. Statement of Capitalization, as restated (Annexure VII)

6. In our opinion, the Restated Financial Statements and the other Financial Information set forth in Annexure I to VIII read with the significant accounting policies and notes to the restated financial statements have been prepared in accordance with section 26 of Companies Act, 2013 and the SEBI Regulations and the Guidance Note on the reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI).

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 a result of these regrouping and adjustments, the amount reported in the financial information may not necessarily be the same as those appearing in the respective audited financial statements for the relevant years.

7. This report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by any other Firm of Chartered Accountants nor should this report be construed as a new opinion on any of the financial statements referred to therein.

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

9. This report is intended solely for your information and for inclusion in the Offer document in connection with the Companys proposed IPO of equity shares and is not to be used, referred to or distributed for any other purpose without our prior written consent.

For S V J K and Associates
Chartered Accountants
Firm Registration Number: 135182W
Sd/-
CA Ankit Singhal
Partner
Membership Number: 151324
Place: Ahmedabad
Date: March 25, 2025
UDIN: 25151324BMOBYU4643

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