AUDITORS' REPORT
To,
The Board of Directors,
ANUBHAV INFRASTRUCTURE LIMITED
Room No. 303, 3rd Floor, Ananta Bhavan, 94 Vivekanand Nagar, P.O. Podrah, Andul Road, Near Westbank Hospital,
Howrah - 711 109, West Bengal. Dear Sirs,
We have examined the Restated Summary Financial Statements and Other Financial Information of Anubhav
Infrastructure Limited for each of the five financial years ended March 31, 2010, 2011, 2012, 2013 and 2014
and for the three months period ended June 30, 2014 annexed to this report and initialed by us for identification. The said Restated Summary Financial Statements and Other Financial Information have been prepared for the purposes of inclusion in this Prospectus in connection with the proposed Initial Public Offer (“IPO”) by Offer for Sale of Equity Shares of the Company in accordance with the requirements of:
(i) Paragraph B (1) of Part II of Schedule II to the Companies Act, 1956 (the ‘Act’);
(ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (the ‘SEBI Regulations’) issued by the Securities and Exchange Board of India (‘SEBI’); and the related clarifications issued by the Securities and Exchange Board of India as amended to date;
(iii) The terms of our letter of engagement dated 12.09.2013 where the Company requested us to carry out assignment in connection with this Prospectus being issued by the Company for its proposed IPO.
A. Restated Summary Financial Statements:
1. We have examined the attached ‘Statement of Assets and Liabilities, As Restated’ (Annexure I) as at March 31, 2010, 2011, 2012, 2013 & 2014 and as on June 30, 2014 and the attached ‘Statement of Profits
and Losses, As Restated’ (Annexure II) and the attached ‘Statement of Cash Flows, As Restated’ (Annexure III) for the years ended March 31, 2010, 2011, 2012, 2013 and 2014 and for the three months ended June 30,
2014 which have been extracted by the management and approved by the Board of Directors. Representations have been taken from the management for the additional information for all the financial years. (Annexure I, II and III are collectively referred to in this report as the “Restated Summary Financial Statements”). 2. The audit for the financial years ended March 31, 2010 and March 31, 2011 was conducted by A. Prasad &
Associates, Chartered Accountants and for the financial year ended March 31, 2012, 2013 and 2014 and for the three months ended June 30, 2014 was conducted by us. This report, in so far as it relates to the amounts included for the financial years ended March 31, 2010 and 2011 is based on the audited financial statements of the Company which were audited by A. Prasad & Associates, Chartered Accountants and their audit reports have been relied upon by us for the said years.
3. The Restated Summary Financial Statements are after making adjustments and regroupings as in our opinion were appropriate and more fully described in the ‘Notes on Adjustments made to the Financial Statements’ and ‘Statement of Significant Accounting Policies, As Restated’ (Annexure IV) and (Annexure ) respectively. 4. In accordance with the requirements of paragraph B (1) of Part II of Schedule II of the Companies Act, 1956,
the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and terms of our engagement agreed with the Company, and based on our examination of the Restated Summary Statements, we confirm that:
a. The Restated Summary Financial Statement - the restated summary statement of assets and liabilities, the restated summary statement of profit and loss, and the restated summary statement of cash flow (“summary statements”) of the Company, for the year ended March 31, 2010, 2011, 2012, 2013 and 2014 and for three months period ended June 30, 2014 examined by us, as set out in Annexure - I, II and III to this report read
with and subject to the non adjustment in respect of certain previous year audit qualifications as referred to at point no. 2, Annexure IV - Notes on Adjustments made to the Financial Statements and other observations as given herein after, are after making material adjustments and regrouping as in our opinion were appropriate and more fully described in Notes on Adjustments made to the Financial Statements and Statement of Significant Accounting Policies, As Restated (Refer Annexure- IV & V).
b. Based on and subject to our comments as above, we are of the opinion that restated financial information have been made after incorporating:
i. Adjustments if any, made for the changes in Accounting Policies and Estimates adopted by the Company with retrospective effect to reflect the significant accounting policies being adopted by Company as on June, 2014 are explained in Annexure V to this report.
ii. The “Restated Summary Financial Statements” have to be read in conjunction with the Statement of Significant Accounting Policies, As Restated given in Annexure V of this report.
iii. Amounts if any, relating to adjustments for previous years have been identified and adjusted in the statements in the year to which they relate;
iv. There are no extra-ordinary items that need to be disclosed separately in the Restated Summary Financial Statements;
v. There are no qualifications in auditor’s reports for incorrect accounting policies that require Adjustment in the Restated Summary Statements.
B. Other Financial Information:
5. At the request of the Company, we have also examined the following financial information (“Other Financial Information”) proposed to be included in this Prospectus prepared by the management and approved by the Board of Directors of the Company and annexed to this report:
Annexure VI : Statement of Share Capital and Reserves and Surplus, As Restated Annexure VII : Statement of Long Term Borrowing, As Restated
Annexure VIII : Statement of Short Term Borrowing, As Restated Annexure IX : Statement of Deferred Tax (Asset)/Liabilities Annexure X : Statement of Investments, As Restated
Annexure XI : Statement of Short Term Loans and Advances, As Restated Annexure XII : Statement of Cash and Cash Equivalent
Annexure XIII : Statement of Other Current Asset
Annexure XIV : Statement of Current Liabilities, As Restated Annexure XV : Statement of Provision, As Restated Annexure XVI : Statement of Trade Payable Annexure XVII : Statement of Dividend Annexure XVIII : Statement of Other Income Annexure XIX : Statement of Capitalization Annexure XX : Statement of Contingent Liabilities Annexure XXI : Statement of Related Parties’ Transactions Annexure XXII : Statement of Tax Shelter
Annexure XXIII : Statement of Accounting Ratios Annexure XXIV : Statement of Trade Receivables
6. In our opinion, the Restated Summary Financial Statements and Other Financial Information set forth in Annexure I to XXIV read with the Significant Accounting Policies and Notes to the Restated Financial
Statements have been prepared in accordance with Part II of Schedule II of the Act and the SEBI Regulations.
7. This report should not in any way construed as a reissuance or redrafting of any of the previous audit report issued by us nor should this report be construed as new opinion on any of the financial statement referred to therein.
8. This report is intended solely for your information and for inclusion in this Prospectus in connection with the Company’s proposed IPO of equity shares and is not to be used, referred to or distributed for any other purpose without our prior written consent.
For and on behalf of,
M/s. Ghoshal & Co., Chartered Accountants
Firm Registration No.: 304154E Peer Review No.: 000902
B. K. CHOWDHURY Partner
M. No. 058808
Place: Howrah Date: October 4, 2014
ANNEXURE I : STATEMENT OF ASSETS AND LIABILITIES, AS RESTATED