The brief
Pune-headquartered tier-1 auto-component group with twelve subsidiaries needed to file a DRHP for a main-board listing. The group’s historical financials had been prepared under IGAAP for the parent and a mix of standards across subsidiaries — consolidation was inconsistent, and SEBI ICDR demanded restated, audited financials for the three years preceding the issue.
We were appointed reporting accountant. The brief was tight: deliver restated IndAS financials for FY23, FY24 and FY25, prepare the issuer’s comfort letter, and stand behind every disclosure that mentioned a number from our reports.
The approach
Five phases, partner-led, calibrated to the engagement’s scale and risk. Each phase produced a deliverable the audit committee could see, and a workpaper trail an independent reviewer could follow.
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01
Scoping
Mapped every subsidiary’s reporting standard, identified the GAAP-difference inventory, and ranked items by impact on the consolidated P&L and balance sheet.
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02
Restatement
Three years restated under IndAS for the parent and twelve subsidiaries. Each material adjustment documented with management memos and audit trails.
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03
Audit
Statutory audit of the restated financials, including hard-close procedures for FY25 to support the issue document.
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04
Comfort letter
Comfort letter and circle-up procedures across DRHP-cited financial information — signed off and dated for the issue committee’s timeline.
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05
Filing & queries
Standing behind the issue: responded to SEBI’s observation cycle and the BRLM’s diligence questions through the listing process.
Engagement led personally from kick-off to opinion — single accountable point of contact for every audit-committee question across the 4 months.
In their voice
Their team did not just deliver the comfort letter. They were in the room when we needed a position defended — and that is what an issuer hires a reporting accountant for.
The outcome
The DRHP was filed on the issue-committee timeline. SEBI’s observation cycle closed with no observations on the financial information — a rare outcome for a multi-subsidiary group restating across three years.
The group is now listed on the main board. The financial-reporting templates we built for the restatement remain in use as the issuer’s quarterly reporting framework.
