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Rajesh Power Services Ltd Auditor Reports

919.85
(-8.15%)
Feb 10, 2025|03:50:00 PM

Rajesh Power Services Ltd Share Price Auditors Report

On Restated Financial Information Of Rajesh Power Services Limited

To

The Board of Directors

RAJESH POWER SERVICES LIMITED

(Formerly known as Rajesh Power Services Private Limited)

Dear Sir,

1. We have examined the attached Restated Financial Information of RAJESH POWER SERVICES LIMITED (Formerly known as Rajesh Power Services Private Limited), (the "Company" or the "Issuer"), comprising the Restated Statement of Assets and Liabilities as at March 31, 2024, 2023 and 2022, the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the financial year ended on March 31, 2024, 2023 and 2022, the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on July 05, 2024 for the purpose of inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/Prospectus (Here-in Offer Documents) prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO").

2. These restated Summary Statement have been prepared in terms of the requirements of:

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

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("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").

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Offer Documents to be filed with Securities and Exchange Board of India, Registrar of Companies, Gujarat and the NSE Emerge Exchange in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the Company on the basis of preparation stated in Significant Accounting Policies to the Restated Financial Information. The Board of Directors responsibility includes 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 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 05 July 2024 in connection with?Lh,e^ proposed IPO of equity shares of the Issuer;

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.

5. These Restated Financial Information have been compiled by the management from the Audited Financial Statements of the Company for the financial years ended on March 31, 2024, 2023 and 2022 which has been approved by the Board of Directors.

a) We have audited Financial Statements as at and for the year ended March 31, 2024 prepared by the company in accordance with Indian Accounting Standard (Indian GAAP) which have been approved by the Board of Directors at their meeting held on July 03, 2024.

b) We have relied upon Statutory Audited financial statements of the Company as at and for the years ended March 31, 2023 & 2022 prepared in accordance with the Indian Accounting Standards (Indian GAAP) which have been approved by the Board of Directors at their meeting held on September 05, 2023 and September 05, 2022 respectively.

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

a) Auditors Report issued by us dated July 03, 2024 for the year ended on March 31, 2024 as referred in paragraph 5 (a) above

b) Auditors Report issued by us dated September 05, 2023 and September 05, 2022 on the financial statements of the company as at and for the year ended on March 31, 2023 and 2022 as referred in Paragraph 5(b) above.

7. Based on our examination and according to the information and explanations given to us, we report that:

a) The "Restated Summary Statement of Assets and Liabilities", of the Company as at financial year ended on March 31, 2024, March 31, 2023 & March 31, 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. These fully described in Significant Accounting Policies and Notes to Accounts.

b) The "Restated Summary Statement of Profit and Loss", of the Company as at financial year ended on March 31, 2024, March 31, 2023 & March 31, 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 describech^ Significant Accounting Policies and Notes to Accounts. nf

c) The "Restated Summary Statement of Cash Flow" of the Company as at and financial year ended on March 31, 2024, March 31, 2023 & March 31, 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 Significant Accounting Policies.

d) The Restated Summary Statement have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

e) The Restated Summary Statements have been made after incorporating adjustments 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 reporting periods, if any.

f) The Restated Summary Statements have been made after incorporating adjustments for prior period and other material amounts in the respective financial years/period to which they relate, if any and there are no qualifications which require adjustments;

g) Extra-ordinary items that need to be disclosed separately in the accounts has been disclosed wherever required;

h) There were no qualifications in the Audit Reports issued by the Statutory Auditors as at and for the financial year ended on March 31, 2024, March 31, 2023 & March 31, 2022 which would require adjustments in this Restated Financial Statements of the Company;

i) 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 Polices and Notes to Accounts;

j) There was no change in accounting policies, which needs to be adjusted in the Restated Summary Statements

k) There are no revaluation reserves, which need to be disclosed separately in the Restated Financial Statements;

l) The company has paid dividend in past financial years 2021-22 and 2022-23. Further Company has proposed dividend in FY:2023-24.

8. 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 as at and for the financial year ended March 31, 2024, March 31, 2023 &

March 31, 2022 proposed to be included in the Offer Documents.

Annexure

No.

Particulars

I

Restated Statement of Assets & Liabilities

1.1

Restated Statement of Share Capital

1.2

Restated Statement of Reserves & Surpluses

1.3

Restated Statement of Long-Term Borrowings

1.4

Restated Statement of Deferred Tax Liabilities

1.5

Restated Statement of Other Non-current Liabilities

1.6

Restated Statement of Short-term borrowings

1.7

Restated Statement of Trade Payable

1.8

Restated Statement of Short-Term Provisions

1.9

Restated Statement of Other Current Liabilities

1.10

Restated Statement of Property, Plant & Equipment and Intangible Assets

1.11

Restated Statement of Non-current investments

1.12

Restated Statement of Other Non-Current Assets

1.13

Restated Current Investment

1.14

Restated Statement of Inventories

1.15

Restated Statement of Trade Receivable

1.16

Restated Statement of Cash & Cash Equivalent

1.17

Restated Statement of Short-Term Loans and Advances

1.18

Restated Statement of Other Current Assets

II

Restated Statement of Profit & Loss

II.1

Restated Statement of Revenue from operations

II.2

Restated Statement of Other Income

II.3

Restated Statement of Purchase of Stock-in-trade/Traded Goods

II.4

Restated Statement of Changes in Inventories of finished goods and work-in- proqress

II.5

Restated Statement of Employees Benefit Expenses

II.6

Restated Statement of Finance Cost

II.7

Restated Depreciation and amortization expense

II.8

Restated Statement of Other Expenses

II.9

Restated Statement of Earnings per equity share

OtherAnnexures:

III

Cash Flow Statement

IV

Statement of Significant Accounting Policies

V

Notes to the Re-stated Financial Statements

VI

Statement of Accounting & Other Ratios, As Restated

VII

Statement of Capitalization, As Restated

VIII

Statement of Tax Shelter, As Restated

IX

Statement of Related Party Transactions

X

Statement of Dividends

XI

Changes in Significant Accounting Policies j?:

XII

Contingent Liabilities & Capital Commitment /?/

9. We, M/s. Naimish N. Shah & 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 which is valid till January 31, 2026.

10. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the special purpose interim financial statements and audited financial statements mentioned in paragraph 5 (a) above.

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

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

13. Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents to be filed with Securities and Exchange Board of India, the stock exchanges and Registrar of Companies, Gujarat 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.

PLACE: AHMEDABAD DATE: 12/07/2024

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