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Rajputana Industries Ltd Auditor Reports

80.05
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Jun 6, 2025|12:00:00 AM

Rajputana Industries Ltd Share Price Auditors Report

The Board of Directors

RAJPUTANA INDUSTRIES LIMITED

(Formerly known as Rajputana Industries Private Limited)

F-269(B), ROAD NO. 13 VKIA, Jaipur,

Rajasthan, India, 302013

Dear Sirs,

1. We have examined the attached Restated Financial Information of Rajputana Industries Limited (Formerly known as Rajputana Industries Private Limited) (the "Company"), comprising the Restated Statement of Assets and Liabilities as at March 31, 2024, March 31, 2023, March 31, 2022, the Restated Statements of Profit and Loss (including other comprehensive income), the Restated Statement of Changes in Equity, the Restated Cash Flow Statement for the March 31, 2024, March 31, 2023, March 31, 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 15th July, 2024 for the purpose of inclusion in the Red Herring Prospectus/ Prospectus ("RHP/Prospectus") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") 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").

2. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the RHP/Prospectus to be filed with the stock exchange where the equity shares of the Company are proposed to be listed ("Stock Exchange"), Securities and Exchange Board of India ("SEBI") and the Registrar of Companies, Jaipur ("ROC"), 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 Note No. 1 to the Restated Financial Information.

3. The responsibilities 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 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 2th January, 2024 in connection with the proposed IPO of equity shares 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 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 the board of directors in meeting their responsibilities in relation to the compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the proposed IPO.

5. These Restated Financial Information have been compiled by the management from:

a) Audited financial statements of the Company audited and reported by us for the March 31, 2024, March 31, 2023, March 31, 2022 prepared in accordance with Ind AS notified under Companies Act, 2013 specified under section 133 of the Act and other accounting principles generally accepted in India which have been approved by the Board of Directors at their meeting held on 06th May, 2024 and 20th May, 2023, 02th September, 2022 respectively.

b) The financial information for the financial years ended on March 31, 2024, March 31, 2023 and March 31, 2022 included in such restated financial information have been prepared by the management by preparing Ind-AS financial statements wherein Ind-AS transition / restatement adjustments have been made to the audited financial statements of the Company and prepared in accordance with the Indian accounting standards as notified under Companies Act, 2013.

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

a) Auditors report issued by us dated 06th May, 2024 on the financial statements of the Company as at 31st March, 2024.

b) Auditors report issued by us dated 20th May, 2023 on the financial statements of the Company as at 31th March, 2023.

c) Auditors report issued by us dated 02nd September, 2022 on the financial statements of the Company as at 31th March, 2022.

The Ind-AS transition and restatement adjustments made to such audited financial statements [referred as

above] to comply with Ind-AS along with the basis of preparation set out in Note 1 to the Restated Financial

Information and statement of reconciliation thereof set out in Note 48, have been verified by us.

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

the Restated Financial Information:

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively in the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 to reflect the same accounting treatment as per the accounting policies and grouping / classifications followed as at and for the year ended;

b) have been prepared after incorporating IND AS Adjustment to the audited Indian GAAP financial statements as at and for the year ended March 31, 2022 as mentioned in notes to restated financial information

c) does not contain any qualification requiring adjustments.

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

8. The Restated Financial Information does not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited financial statements mentioned as above.

9. 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.

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

11.Our report is intended solely for use of the Board of Directors for inclusion in the RHP/Prospectus to be filed with Stock Exchange, SEBI and ROC 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.

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