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LGT Business Connextions Ltd Auditor Reports

59.85
(-4.98%)
Sep 5, 2025|12:00:00 AM

LGT Business Connextions Ltd Share Price Auditors Report

To,

The Board of Directors

LGT Business Connextions Limited

New no.38, old no. 44, first floor, Brindavan street extn., West Mambalam, Chennai, Tamil Nadu - 600033

Dear Sirs:

1. We have examined the attached Restated Standalone Summary Statements of LGT Business Connextions Limited (herein after referred to as "the Company") comprising the restated statements of assets and liabilities as at March 31, 2025, and as at March 31, 2024 and 2023 and restated statement of profits and losses (including other comprehensive income), restated statement of cash flows and changes in equity for the year ended March 31, 2025 and for the year ended March 31, 2024, and 2023 (collectively the "Restated standalone financial statement") as approved by the Board of directors of the Company at their meeting held on July 21 2025 for the purpose of inclusion in the Prospectus in connection with its proposed Initial Public Offer ("IPO"). The Restated Standalone Summary Statements have been prepared in accordance with the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act 2013 (the "Act"); and

b) The Guidance Note on Reports in Company Prospectuses (as amended) issued by the Institute of Chartered Accountants of India ("ICAI"), (the "Guidance Note"):and

c) Relevant provisions of The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations")

Managements Responsibility for the Restated Standalone Summary Statements

2. The management is responsible for the preparation of the Restated Standalone Financial Statements, which are to be included in the DP in connection with the proposed IPO. The Board of Directors of the Companys responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Summary Statements. The Management is also responsible for identifying and ensuring that the Company complies with the ICDR Regulations.

Auditors Responsibilities

3. We have examined such Restated Standalone Summary Statements taking into consideration:

a) The terms of reference and terms of our engagement agreed with you in accordance with our engagement letter, requesting us to carry out the assignment, in connection with the proposed IPO of the Company;

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 the verification of evidence supporting the Restated Standalone 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 to the Act, the ICDR

Regulations and guidance note in connection with the IPO issue.

4. The Company proposes to make an initial public offer which comprises of offer for sale by certain existing shareholders at such premium arrived at by the Company (referred to as the Issue), as may be decided by the Companys Board of Directors.

Restated Standalone Financial Statements as per audited Financial Statements

5. These Restated Standalone Financial Statements have been compiled by the management of the Company from:

a) Audited Standalone financial statements of the Company as at and for the year ended March 31, 2025, and for the years ended March 31, 2024 and 2023 which were prepared in accordance with the Indian GAAP.

b) Audit of Standalone financial statements of the Company for the years ended March 31, 2024 and 2023 have been prepared in accordance with Indian Generally Accepted Accounting Policies, and have been approved by the Board of Directors of the Company and have been audited by M/s NRG

Associates vide their Audit Report dated September 26 2024 and September 04 2023.

c) Audit of Standalone financial statements of the Company for the year ending 31st March 2025, have been prepared in accordance with Indian Generally Accepted Accounting Policies, and have been approved by the Board of Directors of the Company and audited by us vide our Audit Report dated July 21 2025.

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

a) Auditors reports issued by the previous auditor, M/s NRG Associates ("the previous auditors") dated September 26 2024 and September 04 2023 for the financial year ended March 31 2024 and 2023 respectively.

Audit for the financial year ended on March 31, 2024 was conducted by M/s NRG Associates, Chartered Accountants and the same has been re-audited by us as per the relevant guidelines. Based on our examination and according to the information and explanation given to us, we report that the Restated Standalone Financial Statement:

a) have been made after incorporating adjustment 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 the reporting periods, if any; b) do not contain any modification which requires adjustment. c) is in accordance with the requirements of Part I of Chapter III of Act including rules made thereunder, ICDR Regulations, Guidance Note and Engagement Letter.

Opinion

In our opinion and to the best of information and explanations provided to us, the Restated Standalone Financial Statement of the Company, read with significant accounting policies and notes to accounts are prepared after providing appropriate adjustments and regroupings as considered appropriate.

We, S.R. & M.R. Associates, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India (ICAI) and our peer review certificate is valid as on the date of signing of this report.

We have not audited any financial statements of the Company as of any date or for any period subsequent to March 31, 2025. Accordingly, we express no opinion on the financial position, results of operations, cash flows and statement of changes in equity of the Company as of any date or for any period subsequent to March 31, 2025.

The Restated Standalone Financial Statements do not reflect the effects of events that occurred subsequent to the audited financial statements.

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

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

In our opinion, the above Standalone Financial Statements along with Note 1 to 40 of this report read with the respective Significant Accounting Policies and Notes to Accounts are prepared after re-grouping as considered appropriate and has been prepared in accordance with the Companies Act, ICDR Regulations, Engagement Letter and Guidance Note.

Note no.

Particulars

I

Restated statements of assets and liabilities
1. Restated statements of Policy
2. Restated statements of Share capital
3. Restated statements of Reserves and surplus
4. Restated statements of Deferred Tax Liability
5. Restated statements of Long-term Borrowings
6. Restated statements of Long-Term Provisions
7. Restated statements of Short-Term Borrowings
8. Restated statements of Trade payables
9. Restated statements of Other current liabilities
10. Restated statements of Short-Term Provisions
11. Restated statements of Tangible Assets
12. Restated statements of non-current investments
13. Restated statements of Deferred Tax Assets
14. Restated statements of Other non-Current Assets
15. Restated statements of Trade receivables
16. Restated statements of Cash and cash equivalents
17. Restated statements of Short-term loans and advances
18. Restated statements of Other Current Assets

II

Restated statements of Profit and Loss
19. Restated statements of Revenue from operations
20. Restated statements of Other Income
21. Restated statements of Employee benefit expense
22. Restated statements of financial costs
23. Restated statements of Depreciation and amortization expense
24A. Restated statements of Cost of Services
24B. Restated statements of other expenses
25. Restated statements of Tax Expenses

III

Restated Cash Flow Statements
26. Reconciliation between audited profit and restated profit
27. Reconciliation between opening balance of Profit and Loss under reserves and
surplus for the FY 22-23
28. Reconciliation between Total audited Equity and Total restated profit
29. Restated Material Regrouping
30. There are no non adjusting items
31. Restated Statement of Contingent Liabilities
32. Earnings Per Share
33. Related Party Disclosure
34. Supplementary Statutory Information
35. Dues to Micro and Small Enterprises
36. Balances of Sundry Debtors and Sundry Creditors
37. Additional regulatory information required by Schedule III
38. Analytical Ratios
39. Restated Statement of Tax Shelters
40. Previous year figures

Restriction on Use

Our report is intended solely for use of the Board of Directors for inclusion in the DP to be filed with BSE Limited in connection with the proposed SME IPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing.

For S.R. & M.R. Associates

Chartered Accountants

Firm Registration Number: 008094S

 

C.A M.R. Venkatesh Babu

Partner

Membership No: 206878

UDIN: 25206878BMMCAF9399

 

Place: Chennai

Date: July 21, 2025

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