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Medistep Healthcare Ltd Auditor Reports

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Medistep Healthcare Ltd Share Price Auditors Report

Examination report on Restated Standalone Financial Information of MEDISTEP HEALTHCARE LIMITED

To,

The Board of Directors

Medistep Healthcare Limited

R/O-05, S.NO-245/B, Plot-19, T.P.S. 56, Free Way Trade, Center, NR. A-one Hotel, N.H.-8, Narolgam Narol, Ahmedabad, Daskroi, Gujarat-382405

We have examined the attached restated standalone financial information of "Medistep Healthcare Limited" (hereinafter referred to as "the Company" or "the Issuer") comprising the restated statement of assets and liabilities as at 30 June 2024, 31 March 2024, 2 July 2023 ,31 March 2023 and 31 March 2022, restated statement of Profit and Loss and restated cash flow statement for the period ended 30 June 2024, 2 July 2023 and for the financial year ended on 31 March 2024, 31 March 2023 and 31 March 2022 and the summary statement of significant accounting policies and other explanatory information (collectively referred to as the "restated standalone financial information" or "restated standalone financial statements") annexed to this report and initiated by us for identification purposes. These Restated Standalone Financial Statements have been prepared by the management of the Company and approved by the board of directors at their meeting in connection with the proposed Initial Public Offering on Emerge Platform ("IPO" or "SMEIPO") of NSE Limited ("NSE") of the company.

1. These restated summary statements have been prepared in accordance with the requirements of:

  1. Section 26 of Part I of Chapter III of Companies Act, 2013 (the "Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014;
  2. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 ("ICDR Regulations") and related amendments/ clarifications from time to time issued by the Securities and Exchange Board of India ("SEBI");

(iii) The Guidance Note on Reports in Company Prospectuses (Revised2019) issued by the Institute of Chartered Accountants of India ("Guidance Note")

2. The Company’s Board of Directors is responsible for the preparation of the Restated Standalone Financial Statements for inclusion in the Draft Prospectus/Prospectus to be filed with Securities and Exchange Board of India ("SEBI"), SME platform of NSE Limited ("NSE") and Registrar of Companies Delhi in connection with the proposed IPO. The Restated Standalone Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Annexure IV to the Restated Standalone Financial Statements. The responsibility of the board of directors of the Company includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Financial Statements. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

3. We have examined such Restated Standalone Financial Statements taking in to consideration:

(iv) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated 01 June, 2024, in connection with the proposed SME IPO; and (v) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

(vi) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Standalone Financial Statements; (vii) 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. The Restated Standalone Financial Statements of the Company have been compiled by the management from:

(viii) The audit for the period ended 30 June 2024, 2 July 2023 and for the year ended 31 March 2024,

31 March 2023 and 31 March 2022 was conducted by Rubi Agrawal & Associates. There are no material audit qualifications in the audit reports issued by the statutory auditors for the period ended 30 June 2024, 2 July 2023 and for the year ended 31 March 2024, 31 March 2023 and 31 March 2022 and tax auditors for the financial year 31 March 2024, 31 March 2023 and 31 March 2022 which would require adjustments in the Restated Standalone Financial Statements of the Company. The financial report included for these years is based solely on the report submitted by them.

(ix) We have Re-audited the Financial statements of the company in accordance with applicable standard as required under the SEBI ICDR regulations for the period ended 30 June 2024, 2 July 2023 and for the year ended 31 March 2024, 31 March 2023 and 31 March 2022 prepared in accordance with the Accounting Standards (Indian GAAP) which have been approved by the Board of Directors.

  1. Based on our examination and according to information and explanations given to us, we are of the opinion that the Restated Standalone Financial Statements:
  2. a) Have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/ reclassifications retrospectively for the period ended 30 June 2024, 2 July 2023 and for the year ended 31 March 2024, 31 March 2023 and 31 March 2022.

    1. do not require any adjustment for modification as there is no modification in the underlying audit reports;
    2. there are no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments.
    3. have been prepared in accordance with the Act, ICDR Regulations and Guidance Note.
    4. Adequate disclosure has been made in the financial statements as required to be made by the issuer as per schedule III of the Companies Act, 2013.
    5. The accounting standards prescribed under the Companies act, 2013 have been followed.

g) The financial statements present a true and fair view of the company’s accounts.

(xi) In accordance with the requirements of the Act including the rules made there under, ICDR Regulations, Guidance Note and engagement letter, we report that:

  1. The "Restated Summary standalone Statement of Assets and Liabilities" as set out in Annexure I to this report, 30 June 2024, 31 March 2024, 2 July 2023 ,31 March 2023 and 31 March 2022 are prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Assets and Liabilities, 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 Accounts as set out in Annexure IV & V to this Report.
  2. The "Restated Summary Statement of Profit and Loss" as set out in Annexure II to this report, of the Company for the financial year ended on 30 June 2024, 31 March 2024, 2 July 2023 ,31 March 2023 and 31 March 2022 are prepared by the Company and approved by the Board of Directors. These Restated summary Statement of Profit and Loss 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 Accounts as set out in Annexure IV & V to this Report.

c) The "Restated Summary Statement of Cash Flow" as set out in Annexure III to this report, of the Company for the financial year ended on 30 June 2024, 31 March 2024, 2 July 2023 ,31 March 2023 and 31 March 2022 are prepared by the Company and approved by the Board of Directors. These Restated summary Statement of Cash Flow 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 Accounts as set out in Annexure IV & V to this Report.

(xii) We have also examined the following other financial information relating to the Company prepared by the management and as approved by the board of directors of the Company and annexed to this report relating to the Company for the financial year ended on 30 June 2024, 31 March 2024, 2 July 2023 ,31 March 2023 and 31 March 2022 proposed to be included in the Draft Prospectus/Prospectus ("Offer Document").

Particulars Annexure No.
Restated Standalone Statement of Assets & Liabilities I
Restated Statement of Share Capital I.1
Restated Statement of Reserves & Surpluses I.2
Restated Statement of Long-Term Borrowings I.3
Restated Statement of Deferred Tax Liabilities/Assets I.4
Restated Statement of Long-Term Provision I.5
Restated Statement of Short-Term Borrowing I.6
Restated Statement of Trade Payable I.7
Restated Statement of Other Current Liabilities I.8
Restated Statement of Short-Term Provisions I.9
Restated Statement of Property, Plant and Equipment I.10
Restated Statement of Long-Term Investment I.11
Restated Statement of Inventories I.12
Restated Statement of Trade Receivable I.13
Restated Statement of Cash & Cash Equivalent I.14
Restated Statement of Short-Term Loans and Advances I.15
Restated Statement of Other Current Assets I.16
Restated Standalone Statement of Profit & Loss II
Restated Statement of Revenue from operations II.1
Restated Statement of Other Income II.2
Restated Statement of Stock in trade II.3
Restated Statement of Cost of material consumed II.4
Restated Statement of Change in inventories II.5
Restated Statement of Employees Benefit Expenses II.6
Restated Statement of Other Expenses II.7
Restated Statement of Financial charges II.8
Restated Statement of Provision for Taxation II.9
Other Annexures:
Restated Standalone Statement of Cash Flow III
Statement of Material Accounting Policies IV
Notes to the Restated Financial Statements V
Restated Statement of Accounting & Other Ratios VI
Restated Statement of Capitalization VII
Restated Statement of Tax Shelter VIII
Statement of Related Parties & Transactions IX
Statement of Dividends X
Changes in the Material Accounting Policies XI
Contingent Liabilities XII

(xiii) We, M/s. Kapish Jain & Associates, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India ("ICAI") and hold a valid peer review certificate issued by the "Peer Review Board" of the ICAI.

(xiv) This report should not in any way be construed as a reissuance 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 herein.

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

(xvi) Our report is intended solely for use of the Board of Directors for inclusion in the Offer Document 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 Kapish Jain & Associates,
Chartered Accountants,
Firm Registration No: 022743N
Sd/-
Kapish Jain
Partner
Membership No: 514162
UDIN: 24514162BKBIAS1081
Date: 27th November, 2024
Place: New Delhi

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