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Oval Projects Engineering Ltd Auditor Reports

64.67
(-4.90%)
Oct 7, 2025|12:00:00 AM

Oval Projects Engineering Ltd Share Price Auditors Report

(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
Oval Projects Engineering Limited,
(Formerly Oval Projects Engineering (Private) Ltd.)
House No.451568, Milan Chakra, (Near Prajapita Brahma Kumari Centre),
Badharghat, P.O. A., D. Nagar, Agartala, Tripura 799003
(The “Company”)

Dear Sirs,

1. We have examined the attached Restated Consolidated Financial Information of Oval Projects Engineering Limited (Formerly known as Oval Projects Engineering Private Limited) (the “Company) and its subsidiaries, OP Oil and Gas Private Limited (formerly OPEPL Healthcare (P) Ltd), Oval Biotech (P) ltd (formerly OPEPL INDIA PRIVATE LIMITED/ OPEPL FOODOCITY PRIVATE LIMITED) & OVAL PROJECTS ENGINEERING PRIVATE LIMITED RAVIRAJ BOKADIA CREATIVE JOINT VENTURE (Collectively known as “Group”), comprising the restated Consolidated statement of Assets and Liabilities as at 31st March 2025, 31st March 2024, 31st March 2023 and the related Restated Consolidated Statement of Profit & Loss and Restated Consolidated Statement of Cash Flow for years ended on at 31st March 2025, 31st March 2024, 31st March 2023, the Summary Statement of Significant Accounting Policies, and other explanatory information annexed to this report for the purpose of inclusion in the offer document prepared by the Company (collectively the “Restated Summary Statements” or “Restated Consolidated Financial Statements”). These Restated Summary Statements have been prepared by the Company and approved by the Board of Directors of the Company in connection with the Initial Public Offering of Equity Shares (IPO) in SME Platform of BSE Limited.

2. These Restated Summary Statements have been prepared in accordance with the requirements of: (i) Section 26 of Part I of Chapter-III to the Companies Act, 2013(“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; and

(iii) 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”).

3. The Companys Board of Directors is responsible for the preparation of the Restated Consolidated Financial Information for the purpose of inclusion in the Red Herring Prospectus / Red Herring Prospectus, Prospectus (“Offer Documents”) to be filed with SME Platform of BSE (BSE SME) in connection with proposed IPO. The management of the Company has prepared the Restated Consolidated 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 are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

4. We have examined such Restated Consolidated 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 1st May 2025 (TBC) in connection with the proposed IPO of equity shares of the Issuer; b) The Guidance Note. 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 Consolidated 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

5. This Restated Consolidated Financial information of the Company have been compiled by the management from

The Audited Consolidated financial statements for years ended on 31st March 2025, 31st March 2024, 31st March 2023, prepared in accordance with the accounting standards notified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on 8th June 2025, 27th August 2024 and 25th September 2023 respectively.

6. In accordance with the requirements of Part I of Chapter III of Act including rules made therein, ICDR Regulations, Guidance Note and Engagement Letter, we report that:

(i) The “Restated Consolidated Statement of Assets and Liabilities” as set out in Annexure A to this report, of the Company as at 31st March 2025, 31st March 2024 & 31st March 2023, are prepared by the Company and approved by the Board of Directors. These 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.

(ii) The “Restated Consolidated Statement of Profit and Loss” as set out in Annexure B to this report, of the Company for years ended on 31st March 2025, 31st March 2024 & 31st March 2023, are prepared by the Company and approved by the Board of Directors. These 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.

(iii) The “Restated Consolidated Statement of Cash Flow as Restated” as set out in Annexure C to this report, of the Company for years ended on 31st March 2025, 31st March 2024 & 31st March 2023, are prepared by the Company and approved by the Board of Directors. These 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.

7. We have audited the special purpose restated consolidated financial information of the Company for years ended on 31st March 2025, 31st March 2024 & 31st March 2023 prepared by the Company in accordance with the Accounting Standards for the limited purpose of complying with the requirement of getting its financial statements audited by an audit firm holding a valid peer review certificate issued by the “Peer Review Board” of the ICAI as required by ICDR Regulations in relation to proposed IPO. We have issued our report on 11th June 2025 on this special purpose financial information to the Board of Directors who have approved these in their meeting held on11th June 2025.

8. For the purpose of our examination, we have relied on our Auditors Report issued Dt. 8th June 2025, 27th August 2024 & 25th September, 2023 for the Financial Year Ended on 31st March 2025, 31st March 2024, 31st March, 2023 respectively.

9. Based on our examination and according to the information and explanations given to us, we are of the opinion that the Restated Financial Statements have been made after incorporating:

a) Adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in respective years ended 31st March 2025, 31st March 2024, 31st March 2023 & 31st March 2022 to reflect the same accounting treatment as per the accounting policies and grouping/ classifications for all the reporting periods, if any. b) Adjustments for prior period and other material amounts in the respective financial years to which they relate and there are no qualifications which require adjustments. c) There are no extra-ordinary items that need to be disclosed separately in the accounts and qualifications requiring adjustments. d) There were no qualifications in the Audit Reports issued by the Statutory Auditors for year ended 31st March 2025, 31st March 2024 and 31st March 2023, which would require adjustments in this Restated Financial Statements of the Company. e) 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. f) These have been prepared in accordance with the Act, ICDR Regulations and Guidance note.

10. 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 years ended on 31st March 2025, 31st March 2024, 31st March 2023, proposed to be included in the Red Herring Prospectus (“Offer Document”).

11. The Restated consolidated financial information do not reflect the effects of the events that occurred subsequent to the respective dates of the reports on the special purpose financial statements and audited financial statements mentioned in paragraph 5 above.

Annexure of Restated Financial Statements of the Company:-

1. Restated Statement of Assets and Liabilities in Annexure A

2. Restated Statement of Profit & Loss Account in Annexure B

3. Restated Statement of Cash Flow in Annexure C

4. Significant Accounting Policies and Notes to Accounts as restated in Note 1 & 2;

5. Restated notes to Statement of Assets and Liabilities and Profit and Loss Account from Note 3 to Note 55

6. Statement of Tax Shelters as Restated as appearing in Note 56 to this report

7. Reconciliation of Restated Profit as appearing in Note 57 to this report.

8. Reconciliation of Other Equity as appearing in Note 58 to this report.

9. Details of Summary of Accounting Ratios as Restated as appearing in Note 60 to this report 10. Details of Summary of Accounting Ratios Schedule III as Restated as appearing in Note 38 to this report 11. Details of Related Parties Transactions as Restated as appearing in Note 46 to this report 12. Capitalization Statement as Restated as at 31st March 2025 as appearing in Note 59 to this report;

12. We, M/s. Kapoor Goyal & Co., 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.

13. The preparation and presentation of the consolidated Financial Statements referred to above are based on the consolidated Audited financial statements of the Company and are in accordance with the provisions of the Act and ICDR Regulations. The consolidated Financial Statements and information referred to above is the responsibility of the management of the Company.

14. The 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.

15. We have no responsibility to update our report for events and circumstances occurring after the date of the report. Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with the SME IPO. Our report should not be used, referred to or adjusted for any other purpose except with our consent in writing.

For KAPOOR GOYAL & Co.

Chartered Accountants FRN: 001370N Peer Review Certificate No: 016963

CA Tarun Kapoor Partner
M. No. 095949
UDIN: 25095949BMFXRD4227
Place: New Delhi
Date: 11th June 2025

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