Go Fashion (India) Limited {formerly known as Go Fashion (India) Private Limited}
Notes to the restated financial information

 

1 General Background
Go Fashion (India) Limited {formerly known as Go Fashion (India) Private Limited} ("the Company") was incorporated on September 09, 2010. The Company's registered office is at New No.4]
Old No. 144/2, Sth Floor, Sathak Center, Nungambakkam High Road, Chennai - 600 034, Tamilnadu, India. The Company is mainly engaged in the business of manufacture and sale of apparels for
women and kids.

Basis of preparation and presentation:
‘The Restated Financial Information of the Company comprises the Restated Statement of Assets and Liabilities as at 30 June 2021, 30 June 2020, 31 March 2021 and 31 March 2020, and Restated Standalone|
Statement of Assets and Liabilities as at 31 March 2019, the Restated Statement of Profit and Loss (including other comprehensive income), the Restated Statement of Cash Flows and the Restated Statement off
‘Changes in Equity for the three month periods ended 30 June 2021 and 30 June 2020 and for the years ended 31 March 2021 and 31 March 2020, and the Restated Standalone Statements of Profit and Loss
{including other comprehensive income), the Restated Standalone Statement of Changes in Equity and the Restated Standalone Cash Flow Statement for the year ended 31 March 2019 and the Summary]
Statement of Significant Accounting Policies, and other explanatory notes (collectively referred to as, ‘Restated Financial Information’). These Restated Financial Information have been prepared by the|
management of the Company for the purpose of inclusion in the red herring prospectus and the prospectus (collectively, the “Offer Documents’) prepared by the Company in connection with its proposed Initial
Public Offer (‘IPO’) in terms of the requirements of:

(a) Section 26 of Part 1 of Chapter Ill of the Companies Act, 2013, as amended (‘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 (Guidance Note’).

‘These Restated Financial Information have been compiled by the Management from:

4) audited special purpose interim Ind AS financial statements of the Company as at and for the three month period ended June 30, 2021 prepared in a

 

  

 

 

 

  

 

‘cordance with the

   

sognition and measurement}

principles of Indian Accounting Standards (Ind AS) 34 “Interim Financial Reporting” issued by Institute of Chartered Accountants of India and other accounting principles generally accepted in India (the|

 

pecial Purpose Interim Ind AS Financial Statements”), which have been approved by the Board of Directors at their meeting held on October 29, 2021

b) audited Ind AS financial statements of the Company as at and for the years ended March 31, 2021, 2020 and 2019 prepared in accordance with the Indian Accounting Standards (referred to as “Ind.
prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, which have been approved by|
the Board of Directors at their meeting held on June 17, 2021, September 17, 2020 and August 01, 2019 respectively.

‘The Company has voluntary opted to additionally disclose the comparative figures for the three month period ended June 30, 2020 in relation to statement of profit and loss, statement of cash flows and]
statement of changes in equity and as at June 30, 2020 in relation to statement of assets and liabilities.

‘The accounting policies have been consistently applied by the Company in preparation of the Restated Financial Statements and are consistent with those adopted in the preparation of financial statements as at
and for the three month period ended June 30, 2021.
‘These Restated Financial Information do not reflect the
‘The Restated Financial Information:

(a) have been prepared after incorporating adjustments for the chang
the financial years ended March 31, 2020 and 2019 to refl
June 30, 2021

(b) do not require any adjustment for modification as there is no modification in the underlying audit reports

     

 

 

 

 

   

fleets of events that occurred subsequent to the respective dates of board meeting on the audited Financial Statements mentioned above.

 

 

 

‘ounting policies, material errors and regrouping/reclassifications retrospectively in the three month period ended June 30, 2020 and]
wunting treatment as per the accounting policies and grouping/classifications followed as at and for the three month periods ended|

    

‘The Company follows historical cost convention and accrual method of accounting in the preparation of the financial statements, e

 

  

2 Significant accounting policies
2.1 Statement of compliance with Indian Accounting Standards (Ind AS's)
These Restated Financial Information of the Company have been prepared in accordance with Indian Accounting Standard (Ind AS) under the historical cost convention on the accrual basis except for
certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 (‘Act’) (to the extent notified). The Ind AS are prescribed under Section 133 of the Act read]
with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

2.2 Use of fair valuation
The restated financial statements have been prepared on the historical cost basis except for certain assets and liabilities which are measured at fair values at the end of each reporting period, as}
explained in the accounting policies below:-

Historical cost is generally based on the fair value of the consideration given in exchange for goods.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that
price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or|
liability if market participants would consider those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/ or disclosure purposes in]
these restated financial statements is determined on such a basis, except for measurements that have some similarities to fair value but are not fair value, such as net realizable value in Ind AS 2 of]
value in use in Ind AS 36,

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2, or 3 based on the degree to which the inputs to the fair value measurements are observable and]
the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

~ Level 1 : Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date:
- Level 2 : Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
- Level 3 : Inputs are unobservable inputs for the asset or liability.

 

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