BSR&Co. LLP

AGS Transact Technologies Limited
06 January 2022
Page 2 of 6

3)

4)

5)

The respective Board of Directors of the companies included in the Group and its associate are
responsible for designing, implementing and maintaining adequate internal control relevant to
the preparation and presentation of the Revised Restated Consolidated Financial Information.
The respective Board of Directors of the companies are also responsible for identifying and
ensuring that the Group and its associate complies with the Act, the ICDR Regulations and the
Guidance Note.

We have examined such Revised Restated Consolidated 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 21 July 2021, in connection with the proposed IPO of
equity shares of the Company;

(b) The Guidance Note - 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 Revised Restated Consolidated 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
proposed IPO of equity shares of the Company.

These Revised Restated Consolidated Financial Information have been compiled by the
management from:

a) The audited revised special purpose interim consolidated financial statements of the Group
and of an associate as at and for the five months period ended 31 August 2021, prepared in
accordance with the recognition and measurement principles of Indian Accounting Standard,
specified under Section 133 of the Act and other accounting principles generally accepted in
India (the “Revised Special Purpose Interim Consolidated Financial Statements”) which
have been approved by the Board of Directors at their meeting held on 06 January 2022; and

b) The audited consolidated financial statements of the Group and its associate as at and for the
years ended 31 March 2021, 31 March 2020 and 31 March 2019 prepared in accordance
with Ind AS as prescribed under Section 133 of the Act and other accounting principles
generally accepted in India (the “consolidated financial statements”), which have been
approved by the Board of Directors of the Company at their Board meetings held on 29 June
2021, 25 August 2020 and 20 May 2019 respectively.

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

a) Auditor’s report issued by us dated 06 January 2022, on the Revised Special Purpose Interim
Consolidated Financial Statements of the Group and of an associate as at and for the five
months period ended 31 August 2021 as referred in Paragraph 4(a) above; and

b) Auditors’ reports issued by us dated 29 June 2021, 25 August 2020 and 20 May 2019 on the
consolidated financial statements of the Group and of an associate for the years ended 31
March 2021, 31 March 2020 and 31 March 2019 as referred in paragraph 4(b) above.

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