for the Standalone Restated Financial Statements of Star Imaging and Path Lab Limited.
To,
The Board of Directors
Star Imaging and Path Lab Limited
(Formerly Known as Star Imaging & Path Lab Pr?vate Limited)
4B/4, Tilak Nagar, New Delhi-110018
Dear Sir,
1. We have examined the attached Standalone Restated Statement of Assets and Liabilities of Star Imaging And Path Lab Limited (the "Company") as at 31st March 2022, 31st March 2023 , 31st March 2024 & 30* September 2024 and the related Standalone Restated Statement of Profit & Loss and Standalone Restated Statement of Cash Flow for the period ended on 31st March 2022, 31st March 2023 , 31st March 2024 & 30th September 2024 annexed to this report for the purpose of inclusion in the offer document prepared by the Company (collectively the "Standalone Restated Summary Statements" or "Standalone Restated Financial Statements"). These Standalone Restated Summary Statements have been prepared by the Company and approved by the Board of Directors of the Company at their meeting held on 19* March 2025 in connection with the Initial Public Offering (IPO) in SME Platform of BSE Limited.
2. These Standalone Restated Summary Statements have been prepared in accordance with the requirements of:
(v) Section 26 of Part I of Chapter III of the Companies Act, 2013 as amended ("the Act") read with Rules 4 to 6 of the Companies (Prospectus and Allotment of Securities) Rules, 2014 (the "Rules")
(vi) 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;
(vii) The terms of reference to our engagements with the Company letter requesting us to carry out the assignment, in connection with the Draft Prospectus/ Prospectus being issued by the Company for its proposed Initial Public Offering of equity shares in. SME Platform of BSE Limited ("IPO" or "SME IPO"); and
(viii) The Guidance Note on Reports in Company Prospectus (Revised) issued by the Institute of Chartered Accountants of India ("Guidance Note").
3. The Companys Board of Directors is responsible for the preparation of the Standalone Restated Financial Information for the purpose of inclusion in the Draft Offer Document/Offer Document to be filed with Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, New Delhi in connection with the proposed SME IPO. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Standalone Restated Financial Information. The Board of Directors is also responsible for identifying and ensuring that the Company complies with the Companies Act, (ICDR) Regulations and the Guidance Note.
4. These Standalone Restated Financial Information have been complied by the management from Audited Standalone Financial Statements of the Company for the period ended on 30* September 2024 & financial year ended on 31 March 2024, 31 March 2023, and 31 March 2022 prepared in accordance with Accounting Standard as prescribed under section 133 of the Act and other accounting principles generally accepted in India.
5. For the purpose of our examination, we have relied on our Auditors reports for the stub period ended on 30th September 2024 and for the year ended 31st March 2024,31st March 2023 and 31st March 2022 respectively
6. We have examined such Standalone Restated Financial Information taking into consideration:
e) terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter in connection with the proposed IPO of the Company;
f) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;
g) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Standalone Restated Financial Information; and
h) 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.
7. Based on our examination and according to the information and explanations given to us, we report that the Standalone Restated Financial Information have been prepared:
d) after incorporating adjustments for the changes in accounting policies and regrouping/reclassifications retrospectively, if any in the financial period/year ended 30th September 2024 , 31st March 2024 , 31st March 2023 and March 31, 2022 to reflect the same accounting treatment as per the accounting policies and grouping/classifications; and
e) in accordance with the Act, ICDR Regulations and the Guidance Note.
f) We have also examined the following Restated Indian GAAP financial information of the Company set out in the Annexures prepared by the Management and approved by the Board of Directors for the period/year ended September 30, 2024, March 31,2024, March 31, 2023 and March 31, 2022.
8. We have also examined the following Notes to the Standalone Restated financial information of the Company set out in the Annexure, prepared by the management and approved by the Board of Directors for the year ended on March 31, 2024, March 31, 2023, and March 31, 2022.
S. No. Annexure of Standalone Restated Financial statements of the Company:
1. Restated statement of assets and liabilities in Annexure A
2. Restated statement of profit and loss in Annexure B
3. Restated statement of cash flows in Annexure C
4. Significant accounting policies and other information as restated in the Note 1 and Note 2
5. Restated notes to statement of assets and liabilities and profit and loss from Note 3 to 41
6. Details of Related Parties Transactions as Restated as appearing in Note 31 to this report.
7. Restated profit and equity as appearing in Annexure D to this report.
8. Statement of tax shelters as restated appearing in Annexure E to this report
9. Details of Summary of Other Financial Information as Restated as appearing in Annexure F to this report.
10. Capitalization Statement as Restated as at March 31, 2024 as appearing in Annexure G to this report;
11. Details of Summary of Accounting Ratios Schedule III as Restated as appearing in Note No. 38 this report.
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 complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.
11. We, M/s BHS & 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 certif?cate issued by the "Peer Review Board" of the ICAI.
12. The Standalone Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Audited Standalone Financial Statements mentioned in paragraph 5 above.
13. We have no responsibility to update our report for events and circumstances occurring after the date of the report.
14. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Offer Document/ Offer Document to be filed with Secundes and Exchange Board of India, relevant stock exchange and Registrar of Companies, New Delhi 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.
15. In our opinion, the above financial information contained mentioned in the attached Annexure of this report read with the respective Significant Accounting Polices and Notes to Accounts are prepared after making adjustments and regrouping as considered appropriate and have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.
For M/s BHS & Co. |
Firms Registration No. 016889N |
Chartered Accountants |
Sd/- |
Harvinder Singh Bhatia |
Partner |
Membership No. 094765 |
Place: New Delhi |
Date: 19th March, 2025 |
UDIN: 25094765BMOBPH7327 |
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