BSR&Co. LLP

Chartered Accountants
Telephone: +91 22 6257 1000
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INDEPENDENT AUDITORS’ EXAMINATION REPORT ON REVISED RESTATED
CONSOLIDATED FINANCIAL INFORMATION

The Board of Directors

AGS Transact Technologies Limited

601 — 602, B-Wing, Trade World

Kamala Mill Compound, Senapati Bapat Marg
Lower Parel (W)

MUMBAI 400 013

Dear Sirs

1) We have examined the attached Revised Restated Consolidated Financial Information of AGS
Transact Technologies Limited (the “Company” or the “Holding Company” or the “Parent” or the
“Issuer”) and its subsidiaries (the Company and its subsidiaries together referred to as “the
Group”) and of an associate, comprising the Revised Restated Consolidated Statement of Assets
and Liabilities as at 31 August 2021, 31 March 2021, 31 March 2020 and 31 March 2019, the
Revised Restated Consolidated Statement of Profit and Loss (including Other Comprehensive
Income), the Revised Restated Consolidated Statement of Changes in Equity, and the Revised
Restated Consolidated Statement of Cash Flows for the five months period ended 31 August 2021
and for the years ended 31 March 2021, 31 March 2020 and 31 March 2019, and the related notes
and annexures (collectively, the “Revised Restated Consolidated Financial Information”), as
approved by the Board of Directors of the Company at their meeting held on 06 January 2022 for
the purpose of inclusion in the Red Herring Prospectus (“RHP”) 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 Company’s Board of Directors is responsible for the preparation of the Revised Restated
Consolidated Financial Information for the purpose of inclusion in the RHP to be filed with
Securities and Exchange Board of India (“SEBI’), the stock exchanges where the equity shares of
the Company are proposed to be listed (“Stock Exchanges”) and the Registrar of Companies,
Maharashtra, situated at Mumbai (“RoC”), in connection with the proposed IPO. The Revised
Restated Consolidated Financial Information have been prepared by the management of the
Company on the basis of preparation stated in note 2(A) of Annexure V to the Revised Restated
Consolidated Financial Information.

Registered Office

   

    

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