Auditor Report of Dollar Industries Ltd.

Mar 31, 2025

We have audited the accompanying standalone financial
statements of Dollar Industries Limited (“the Company”),
which comprise the Standalone Balance Sheet as at March 31
2025, the Standalone Statement of Profit and Loss, (including
Other Comprehensive Income), the Standalone Statement of
Cash Flow and the Standalone Statement of Changes in Equity
for the year then ended, and notes to the Standalone financial
statements, including a summary of material accounting policies
and other explanatory information(hereinafter referred to as “the
standalone financial statements”).

In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid standalone financial
statements give the information required by the Companies
Act, 2013 (“the Act”) in the manner so required and give a
true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as
amended, and other accounting principles generally accepted in
India, of the state of affairs (financial position) of the Company
as at March 31, 2025, its profit (financial performance including
other comprehensive income), its cash flows and the changes in
equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditor''s
Responsibilities for the Audit of the Standalone Financial
Statements'' section of our report. We are independent of the
Company in accordance with the ‘Code of Ethics'' issued by the
Institute of Chartered Accountants (ICAI) of India together with
the ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Act
and the Rules there under, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the
ICAI''s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our
audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
standalone financial statements of the current period. These
matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on
these matters. For each matter below, our description of how our
audit addressed the matter is provided in that context.

Key audit matter	How our audit addressed the key audit matter
1. Estimation of rebates, discounts and sales returns	Our procedures included, but was not limited to the following:
(Refer Note 26 to the standalone financial statements)	¦	Obtained a detailed understanding from the management with regard
The Company sells its products through various channels		to controls relating to recording of rebates, discounts, sales returns and
like distributors, retailers, e-commerce etc. and recognizes		period end provisions relating to estimation of revenue, and tested the
liabilities related to rebates, discounts and sales returns.		operating effectiveness of such controls;
As per the accounting policy of the Company, the revenue is	¦	Tested the inputs used in the estimation of revenue in context of rebates,
recognised upon transfer of control of goods to the customer and thus requires an estimation of the revenue taking into consideration the rebates, discounts and sales returns as per the terms of the contracts. With regard to the determination	¦	discounts and sales returns to source data; Assessed the underlying assumptions used for determination of rebates, discounts and sales returns;
of revenue, the management is required to make significant	¦	Ensured the completeness of liabilities recognised by evaluating the
estimates in respect of following:		parameters for sample schemes;
¦ the rebates/ discounts linked to sales, which will be	¦	Performed look-back analysis for past trends by comparing recent actuals
given to the customers pursuant to schemes offered by		with the estimates of earlier periods and assessed subsequent events;
the Company;	¦	Tested credit notes issued to customers and payments made to them
¦ provision for sales returns, where the customer has the		during the year and subsequent to the year end along with the terms of
right to return the goods to the Company; and		the related schemes.
¦ compensation (discounts) offered by the customers to the	Our Conclusion :
ultimate consumers at the behest of the Company.	Based on the above procedures, we did not identify any significant deviation
The matter has been determined to be a key audit matter	to the assessment made by management in respect of estimation of rebates,
in view of the involvement of significant estimates by the	discounts and sales returns.
management.

Key audit matter		How our audit addressed the key audit matter
2.	Recoverability of trade receivables	Our procedures included, but was not limited to the following:
	(Refer No. 15 to the Standalone financial statements)	¦	Evaluated and tested the controls relating to credit control and approval
	The Company has trade receivables amounting to H 53,921.64 lacs (net of provision for expected credit losses of H 801.33 lacs) as at March 31, 2025 as detailed in Notes 15 to the standalone financial statements.		process and assessing the recoverability of overdue receivables by comparing management’s views of recoverability of overdue receivables to historical patterns of receipts, in conjunction with reviewing receipts subsequent to the financial year end for its effect in reducing overdue receivables at the financial year end
	Due to the inherent subjectivity that is involved in making judgements in relation to credit risk exposures to determine the recoverability of trade receivables and significant estimates	¦	Checked on sample basis balance confirmations from customers to test whether trade receivables as per books are acknowledged by them.
	and judgements made by the management for provision for loss	¦	Reviewed at the adequacy of the management judgements and estimates
	allowance under expected credit loss model. Based on above,		on the sufficiency of provision for doubtful debts through detailed analysis
	the matter has been considered to be a key audit matter.		of ageing of receivables and assessing the adequacy of disclosures in respect of credit risk.
		Our Conclusion:
		Based on the above procedures, we did not identify any significant deviation to the assessment made by management in respect of recoverability of trade receivables.
3.	Inventory valuation and existence:	Our procedures included, but was not limited to the following:
	(Refer Note 14 to the standalone financial statements)	¦	Obtained a detailed understanding and evaluated the design and
	The Company has Inventories of H 51,126.33 lacs as at March 31, 2025 as detailed in Notes 14 to the standalone financial		implementation of controls that the Company has established in relation to inventory valuation and existence.
	statements.	¦	Observed the physical verification of inventories count at the financial
	Inventory valuation and existence has been determined to be a key audit matter as inventories may be held for long periods of		year end and assessed the adequacy of controls over the existence of inventories.
	time before being sold making it vulnerable to obsolescence.	¦	Obtained assurance over the appropriateness of management’s
	This could result in an overstatement of the value of the		assumptions applied in calculating the gross profit margin and discounts
	inventories if the cost is higher than the net realisable value.		to be deducted from sales price to arrive at cost of goods.
	Furthermore, the assessment and application of inventories provisions are subject to significant management judgement.	¦	Evaluated management judgement with regards to the application of provisions to the inventories.
		Our Conclusion: Based on the above procedures, we did not identify any significant deviation to the assessment made by management in respect Inventories valuation and existence.

Information Other than the Standalone Financial
Statements and Auditor’s Report Thereon

The Company''s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion and Analysis, Board''s Report including Annexures
to Board''s Report, Business Responsibility Report, Corporate
Governance and Shareholder''s Information, but does not
include the standalone financial statements and our auditor''s
report thereon.

Our opinion on the standalone financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
and, in doing so, consider whether such other information is
materially inconsistent with the standalone financial statements
or our knowledge obtained during the course of our audit or

otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material
misstatement of this other information; we are required to report
that fact. We have nothing to report in this regard.

Responsibility of Management and Those Charged
with Governance for the Standalone Financial
Statements

The Company''s Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation
of these standalone financial statements that give a true and fair
view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity
of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
Standards (Ind AS) specified under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015,
as amended. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions

of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies;
making judgements and estimates that are reasonable and
prudent; and the design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation
of the standalone financial statements that give a true and fair
view and are free from material misstatement, whether due to
fraud or error.

In preparing the standalone financial statements, management
and Board of Directors are responsible for assessing the
Company''s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the
going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so. Those charged with
governance are also responsible for overseeing the Company''s
financial reporting process.

Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether
the standalone financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor''s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with Standards on Auditing
will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken
on the basis of these standalone financial statements.

As part of an audit in accordance with Standards on Auditing,
we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:-

¦ Identify and assess the risks of material misstatement of
the standalone financial statements, whether due to fraud
or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.

¦ Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether

the Company has adequate internal financial controls with
reference to financial statements in place and the operating
effectiveness of such controls.

¦ Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management and Board of Directors.

¦ Conclude on the appropriateness of management''s use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant
doubt on the Company''s ability to continue as a going
concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor''s report to the
related disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained
up to the date of our auditor''s report. However, future events
or conditions may cause the Company to cease to continue
as a going concern.

¦ Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the financial statements represent
the underlying transactions and events in a manner that
achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the financial statements may be
influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect
of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements
regarding independence, and to communicate with them
all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable,
related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters.
We describe these matters in our auditor''s report unless law or
regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter

should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020
(“the Order”) issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Act, we give
in the “Annexure A” a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143 (3) of the Act, based on our
audit, we report that:

(a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit;

(b) I n our opinion, proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books except
for the matters stated in the paragraph 2(i)(vi) below
on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules,2014;

(c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement
of Cash Flow and Standalone Statement of Changes
in Equity dealt with by this Report are in agreement
with the books of account;

(d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act,
read with Companies (Indian Accounting Standards)
Rules, 2015, as amended from time to time;

(e) On the basis of the written representations received
from the directors as on March 31, 2025 taken on
record by the Board of Directors, none of the directors
is disqualified as on March 31, 2025 from being
appointed as a director in terms of Section 164(2) of
the Act;

(f) The modifications relating to the maintenance of
accounts and other matters connected therewith are
as stated in the paragraph 2(b) above on reporting
under section 143(3)(b) of the Act and paragraph
2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,2014;

(g) With respect to the adequacy of the internal financial
controls with reference to standalone financial
statement of the Company and the operating
effectiveness of such controls, refer to our separate
Report in “Annexure B” of this report.

(h) With respect to the other matters to be included in the
Auditor''s Report in accordance with the requirements
of section 197(16) of the Act, as amended:

I n our opinion, the managerial remuneration for the
year ended March 31, 2025 has been paid / provided
by the Company to its directors in accordance with the
provisions of section 197 read with Schedule V to the
Act; and

(i) With respect to the other matters to be included in
the Auditor''s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
as amended, in our opinion and to the best of our
information and according to the explanations given
to us:

I. The Company has disclosed the impact of
pending litigations on its financial position in
its standalone financial statements - Refer
Note 38;

II. The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses.

III. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection fund by the Company
during the year ended March 31, 2025.

IV. a) The Management has represented that,

to the best of its knowledge and belief, no
funds (which are material either individually
or in the aggregate) have been advanced or
loaned or invested (either from borrowed
funds or share premium or any other
sources or kind of funds) by the Company
to or in any other person or entity, including
foreign entity (“Intermediaries”), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest
in other persons or entities identified in
any manner whatsoever by or on behalf of

the Company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;

b) The Management has represented, that,
to the best of its knowledge and belief, no
funds (which are material either individually
or in the aggregate) have been received by
the Company from any person or entity,
including foreign entity (“Funding Parties”),
with the understanding, whether recorded
in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever by or
on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries; and

c) Based on the audit procedures that
have been considered reasonable and
appropriate in the circumstances, nothing
has come to our notice that has caused us
to believe that the representation under
sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain
any material misstatement.

V. The dividend declared and paid during the year
by the Company is in compliance with section
123 of the Act.

VI. Based on our examination, which included test
checks, except for the instances mentioned
below,the company has used an accounting
software for maintaining its books of account
which has a feature of recording audit trail
(edit log) facility and the same has operated

throughout the year for all relevant transactions
recorded in the software:

i. The feature of recording audit trail (edit log)
w.r.t what has been changed is not enabled
at the application layer of the accounting
software “Logic” and “UBQ” Application for
maintaining the books of accounts.

ii. The feature of recording audit trail (edit log)
facility was not enabled at the database
level to log any direct data changes for the
accounting software used for maintaining
the books of account.

Further, for the periods where audit trail (edit log)
facility was enabled and operated throughout the
year for the respective accounting software, we did
not come across any instance of the audit trail feature
being tampered with.

Additionally, the audit trail has been preserved by
the company as per the statutory requirements
for record retention, except that it was enabled
at the application layer of the SAP Application
from March 18, 2024 and for the logic application
from April 01, 2024 and no retention at database
level as audit trail feature is not enabled.
(Refer Note No-52 of the standalone financial
statements).

For SINGHI & CO.,
Chartered Accountants
Firm Registration No.302049E

(RAHUL BOTHRA)

Partner

Place: Kolkata Membership No. 067330

Dated: 14^th May, 2025 UDIN: 25067330BMLGOY9734

---

Mar 31, 2024

Key audit matter	How our audit addressed the key audit matter
1. Estimation of rebates, discounts and sales returns	Our procedures included, but was not limited to the following:
(Refer Note 27 to the standalone financial statements)	• Obtained a detailed understanding from the management with regard
The Company sells its products through various channels like distributors, retailers, e-commerce etc. and recognizes liabilities related to rebates, discounts and sales returns.	to controls relating to recording of rebates, discounts, sales returns and period end provisions relating to estimation of revenue, and tested the operating effectiveness of such controls;
As per the accounting policy of the Company, the revenue is recognised upon transfer of control of goods to the customer	• Tested the inputs used in the estimation of revenue in context of rebates, discounts and sales returns to source data;
and thus requires an estimation of the revenue taking into	• Assessed the underlying assumptions used for determination of rebates,
consideration the rebates, discounts and sales returns as per	discounts and sales returns;
the terms of the contracts. With regard to the determination of revenue, the management is required to make significant estimates in respect of following: • the rebates/ discounts linked to sales, which will be given to the customers pursuant to schemes offered by the Company;	• Ensured the completeness of liabilities recognised by evaluating the parameters for sample schemes; • Performed look-back analysis for past trends by comparing recent actuals with the estimates of earlier periods and assessed subsequent events;
• provision for sales returns, where the customer has the right to return the goods to the Company; and	• Tested credit notes issued to customers and payments made to them during the year and subsequent to the year end along with the terms of
• compensation (discounts) offered by the customers to the	the related schemes.
ultimate consumers at the behest of the Company.	Our Conclusion:
The matter has been determined to be a key audit matter in view of the involvement of significant estimates by the management.	Based on the above procedures, we did not identify any significant deviation to the assessment made by management in respect of estimation of rebates, discounts and sales returns.

Key audit matter		How our audit addressed the key audit matter
2.	Recoverability of trade receivables (Refer Note 11,12 and 16 to the Standalone financial statements) The Company has trade receivables amounting to H 48,050.75 Lakhs (net of provision for expected credit losses of H 767.75 Lakhs) as at March 31, 2024 as detailed in Notes 16 to the standalone financial statements. Due to the inherent subjectivity that is involved in making judgements in relation to credit risk exposures to determine the recoverability of trade receivables and significant estimates and judgements made by the management for provision for loss allowance under expected credit loss model. Based on above, the matter has been considered to be a key audit matter.	Our procedures included, but was not limited to the following: • Evaluated and tested the controls relating to credit control and approval process and assessing the recoverability of overdue receivables by comparing management’s views of recoverability of overdue receivables to historical patterns of receipts, in conjunction with reviewing receipts subsequent to the financial year end for its effect in reducing overdue receivables at the financial year end; • Checked on sample basis balance confirmations from customers to test whether trade receivables as per books are acknowledged by them; • Reviewed at the adequacy of the management judgements and estimates on the sufficiency of provision for doubtful debts through detailed analyses of ageing of receivables and assessing the adequacy of disclosures in respect of credit risk. Our Conclusion : Based on the above procedures, we did not identify any significant deviation to the assessment made by management in respect of recoverability of trade receivables.
3.	Inventory valuation and existence: (Refer Note 15 to the standalone financial statements) The Company has Inventories of H 46,718.78 Lakhs as at March 31, 2024 as detailed in Notes 15 to the standalone financial statements. Inventory valuation and existence has been determined to be a key audit matter as inventories may be held for long periods of time before being sold making it vulnerable to obsolescence. This could result in an overstatement of the value of the inventories if the cost is higher than the net realisable value. Furthermore, the assessment and application of inventories provisions are subject to significant management judgement.	Our procedures included, but was not limited to the following: • Obtained a detailed understanding and evaluated the design and implementation of controls that the Company has established in relation to inventory valuation and existence; • Observed the physical verification of inventories count at the financial year end and assessed the adequacy of controls over the existence of inventories; • Obtained assurance over the appropriateness of management''s assumptions applied in calculating the gross profit margin and discounts to be deducted from sales price to arrive at cost of goods; • Evaluated management judgement with regards to the application of provisions to the inventories. Our Conclusion : Based on the above procedures, we did not identify any significant deviation to the assessment made by management in respect of Inventories valuation and existence.

We have audited the accompanying standalone financial statements of Dollar Industries Limited (“the Company”), which comprise the Standalone Balance Sheet as at March 31 2024, the Standalone Statement of Profit and Loss, (including Other Comprehensive Income), the Standalone Statement of Cash Flow and the Standalone Statement of Changes in Equity for the year ended, and notes to the Standalone financial statements, including a summary of material accounting policies and other explanatory information(hereinafter referred to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the state of affairs (financial position) of the Company as at March 31, 2024, its profit (financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements'' section of our report. We are independent of the Company in accordance with the ‘Code of Ethics'' issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the Standalone financial statements and our auditor''s report thereon.

Our opinion on the Standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the Standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Responsibility of Management and Those Charged with Governance for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management and Board of Directors are responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are also responsible for overseeing the Company''s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that

an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

¦ Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

¦ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

¦ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management and Board of Directors.

¦ Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

¦ Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143 (3) of the Act, based on our

audit, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) I n our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matters stated in the paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,2014;

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flow and Standalone Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time;

(e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164(2) of the Act;

(f) The modifications relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2(b) above on reporting under section 143(3)(b) of the Act and paragraph 2(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,2014;

(g) With respect to the adequacy of the internal financial controls with reference to standalone financial statement of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B” of this report.

(h) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:

I n our opinion, the managerial remuneration for the year ended March 31, 2024 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act; and

(i) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

I. The Company has disclosed the impact of pending litigations on its financial position in its Standalone financial statements - Refer Note 39.

II. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

III. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection fund by the Company during the year ended March 31, 2024.

IV. a) The Management has represented that,

to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including

foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representation under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

V. The dividend declared and paid during the year

by the Company is in compliance with section

123 of the Act.

VI. Based on our examination, which included test checks, except for the instances mentioned below, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software.

i. The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct data changes for the accounting softwares used for maintaining the books of account.

ii. The feature of recording audit trail (edit log) w.r.t what has been changed is not enabled at the application layer of the accounting softwares relating to e-commerce management and “inhouse ERP” for maintaining the books of accounts.

Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for the respective accounting software, we did

not come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31,2024.

For SINGHI & CO.

Chartered Accountants Firm Registration No.302049E

(RAHULBOTHRA)

Partner

Place: Kolkata Membership No. 067330

Dated: May 21, 2024 UDIN: 24067330BKFYQM3117

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Mar 31, 2023

Dollar Industries Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Dollar Industries Limited (“the Company”), which comprise the Standalone Balance sheet as at March 31 2023, the Standalone Statement of Profit and Loss, (including Other Comprehensive Income), the Standalone Statement of Cash Flow and the Standalone Statement of Changes in Equity for the year then ended, and notes to the Standalone financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the state of affairs (financial position) of the Company as at March 31, 2023, its profit (financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements'' section of our report. We are independent of the Company in accordance with the ‘Code of Ethics'' issued by the Institute of Chartered Accountants (ICAI) of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

Description of Key audit matter	How our audit addressed the key audit matter
1. Estimation of rebates, discounts and sales returns	Our procedures included, but was not limited to the following:
( Refer Note 3.10 to the standalone financial statements)	¦ Obtained a detailed understanding from the management with
The Company sells its products through various channels like	regard to controls relating to recording of rebates, discounts, sales
distributors, retailers, e-commerce etc. and recognizes liabilities	returns and period end provisions relating to estimation of revenue,
related to rebates, discounts and sales returns.	and tested the operating effectiveness of such controls;
As per the accounting policy of the Company, the revenue is	¦ Tested the inputs used in the estimation of revenue in context of rebates, discounts and sales returns to source data;
recognised upon transfer of control of goods to the customer and	¦ Assessed the underlying assumptions used for determination of
thus requires an estimation of the revenue taking into consideration the rebates, discounts and sales returns as per the terms of the contracts. With regard to the determination of revenue, the	rebates, discounts and sales returns; ¦ Ensured the completeness of liabilities recognised by evaluating the parameters for sample schemes;
management is required to make significant estimates in respect	¦ Performed look-back analysis for past trends by comparing
of following:	recent actuals with the estimates of earlier periods and assessed
¦ the rebates/ discounts linked to sales, which will be given to the	subsequent events;
customers pursuant to schemes offered by the Company;	¦ Tested credit notes issued to customers and payments made to
¦ provision for sales returns, where the customer has the right to	them during the year and subsequent to the year end along with
return the goods to the Company; and	the terms of the related schemes.
¦ compensation (discounts) offered by the customers to the	Our Conclusion :
ultimate consumers at the behest of the Company.
The matter has been determined to be a keyaudit matter in view of	Based on the above procedures, we did not identify any significant deviation to the assessment made by management in respect of
the involvement of significant estimates by the management.	estimation of rebates, discounts and sales returns.

Description of Key audit matter		How our audit addressed the key audit matter
2.	Recoverability of trade receivables (Refer Note 3.4.a and 16 to the Standalone financial statements) The Company has trade receivables amounting to H 42,831.03 lacs (net of provision for expected credit losses of H 406.56 lacs) as at March 31, 2023 as detailed in Notes 16 to the standalone financial statements. Due to the inherent subjectivity that is involved in making judgements in relation to credit risk exposures to determine the recoverability of trade receivables and significant estimates and judgements made by the management for provision for loss allowance under expected credit loss model. Based on above, the matter has been considered to be a key audit matter.	Our procedures included, but was not limited to the following: ¦ Evaluated and tested the controls relating to credit control and approval process and assessing the recoverability of overdue receivables by comparing management’s views of recoverability of overdue receivables to historical patterns of receipts, in conjunction with reviewing receipts subsequent to the financial year end for its effect in reducing overdue receivables at the financial year end ¦ Checked on sample basis balance confirmations from customers to test whether trade receivables as per books are acknowledged by them. ¦ Reviewed at the adequacy of the management judgements and estimates on the sufficiency of provision for doubtful debts through detailed analyses of ageing of receivables and assessing the adequacy of disclosures in respect of credit risk. Our Conclusion : Based on the above procedures, we did not identify any significant deviation to the assessment made by management in respect recoverability of trade receivables.
3.	Inventories valuation and existence: (Refer Note 3.7 and 15 to the standalone financial statements) The Company has Inventories of '' 35,235.53 lacs as at March 31, 2023 as detailed in Notes 15 to the standalone financial statements. 1 nventory valuation and existence has been determined to be a key audit matter as inventories may be held for long periods of time before being sold making it vulnerable to obsolescence. This could result in an overstatement of the value of the inventories if the cost is higher than the net realisable value. Furthermore, the assessment and application of inventories provisions are subject to significant management judgement.	Our procedures included, but was not limited to the following: ¦ Obtained a detailed understanding and evaluated the design and implementation of controls that the Company has established in relation to inventory valuation and existence. ¦ Observed the physical verification of inventories count at the financial year end and assessed the adequacy of controls over the existence of inventories. ¦ Obtained assurance over the appropriateness of management’s assumptions applied in calculating the gross profit margin and discounts to be deducted from sales price to arrive at cost of goods. ¦ Evaluated management judgement with regards to the application of provisions to the inventories. Our Conclusion : Based on the above procedures, we did not identify any significant deviation to the assessment made by management in respect Inventories valuation and existence.

work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Responsibility of Management and Those Charged with Governance for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the Standalone financial statements and our auditor''s report thereon.

Our opinion on the Standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the Standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the

prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone financial statements, management and Board of Directors are responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are also responsible for overseeing the Company''s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with Standards on Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

¦ Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

¦ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

¦ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management and Board of Directors.

¦ Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

¦ Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representation under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

V. The dividend declared and paid during the year by the Company is in compliance with section 123 of the Act.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143 (3) of the Act, based on our audit, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) I n our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flow and Standalone Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time;

(e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164(2) of the Act;

(f) With respect to the adequacy of the internal financial controls with reference to standalone financial statement of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B” of this report.

(g) I n our opinion, the managerial remuneration for the year ended March 31, 2023 has been paid/ provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act; and

(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of

the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

I. The Company has disclosed the impact of pending litigations on its financial position in its Standalone financial statements - Refer Note 39.1;

II. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

I II. There was no amount which was required to be transferred to the Investor Education and Protection Fund by the Company.

IV. a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

VI As proviso to rule 3(1) of the Companies (Accounts)

Rules, 2014 is applicable for the Company only with effect from 1 April 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is not applicable.

For Singhi & Co.

Chartered Accountants Firm Registration No.302049E Sd/-

(RAHUL BOTHRA)

Partner

Place: Kolkata Membership No. 067330

Dated: May 30, 2023 UDIN: 23067330BGTOYY9305

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Mar 31, 2018

Report on the Standalone Ind AS Financial Statements

1. We have audited the accompanying Standalone Ind AS financial statements of Dollar Industries Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory notes for the year ended on that date (hereinafter referred to as “Standalone Ind AS Financial Statements”).

Management’s Responsibility for the Standalone Ind AS Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation of these Standalone Ind AS financial statements that give a true and fair view of the state of affairs (financial position), Profit or loss (financial performance including other comprehensive income), cash flows and changes in Equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standard) Rules 2015, as amended, and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that gives a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.

In conducting our audit, we have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act and other applicable authoritative announcements issued by Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the standalone Ind AS financial statements that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.

5. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the state of affairs (financial position) of the Company as at 31st March, 2018, and its Profit (financial performance including other comprehensive income) and its Cash Flows and the changes in equity for the year ended on that date.

Others Matter

7. The corresponding financial information of the Company as at and for the year ended March 31, 2017 and the transition date opening balance sheet as at April 01, 2016 included in these Ind AS financial statements, are based on the previously issued financial statements for the years ended March 31, 2017 and March 31, 2016,prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) which were audited by the predecessor auditor, on which the auditor expressed an unmodified opinion vide audit report dated May 29, 2017 and May 30, 2016 respectively. These financial statements have been adjusted for differences in accounting principles to comply with Ind AS and such adjustments on transition to Ind AS which has been approved by the Company’s Board of Directors and have been audited by us.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

8. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

9. As required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the Cash Flow Statement and Statement of changes in equity dealt with by this Report are in agreement with the books of account

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act;

e) On the basis of the written representations received from the directors as on March 31, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of section 164 (2) of the Act;

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B” Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting;

g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Ind AS Financial Statements -Refer Note 38.

ii. The Company did not have any long-term contracts for which there were any material foreseeable losses;

iii. There was no amount which was required to be transferred to the Investor Education and Protection Fund by the company.

iv. The disclosures in the financial statements regarding holdings as well as dealings in specified bank notes during the period from 8th November 2016 to 30th December 2016 have not been made since they do not pertain to the financial year ended 31 March 2018.

We report that:

I. In respect of its Fixed Assets:

(a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets, which is in the process of further updation.

(b) The Company has a program of verification of property, plant and equipment to cover all the items in a phased manner over a period of three years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain property, plant and equipment were physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.

II. In respect of inventories, physical verification has been conducted at reasonable intervals during the year by the management and in our opinion the frequency of verification is reasonable. According to the information and explanation given to us, no material discrepancies were noticed on physical verification of inventories as compared to the book records. Inventories lying with outside parties have been confirmed by them at the year end.

III. The Company has not granted any loan to parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, paragraph 3(iii) of the Order is not applicable.

IV. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.

V. According to information and explanations given to us, the Company has not accepted any deposits from public during the year.

VI. To the best of our knowledge and according to information and explanations given to us, the Government has not specified maintenance of the cost records under Section 148(1) of the Companies Act, 2013 in regard to the activities of the company.

VII. According to the information and explanations given to us and on the basis of our examination of the records of the Company:

a. The Company is regular in depositing undisputed statutory dues including provident fund, employee’s state insurance, income tax, sales tax, service tax, duty of customs, value added tax, cess, Goods and Service tax and other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees’ state insurance income tax, sales tax, service tax, duty of customs, value added tax, Goods and Service tax, cess, and other material statutory dues were in arrears as at March 31, 2018 for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us, the details of disputed dues of sales tax, income tax, customs duty, Goods & Service Tax, service tax, and Cess, if any, as at 31st March, 2018, are as follows:

Name of the Statute	Nature of Dues	Amount (Rs. in lakhs)	Period to which the Amount relates Assessment Year	Forum where dispute is pending
Income Tax Act, 1961	Tax and Interest	1.49	2009-10	DCIT
Income Tax Act, 1961	Tax and Interest	4.54	2010-11	CIT(A)
Income Tax Act, 1961	Tax and Interest	78.02	2012-13	CIT(A)
Income Tax Act, 1961	Tax and Interest	4.05	2014-15	CIT(A)
Income Tax Act, 1961	Tax and Interest	23.50	2015-16	CPC
Central Excise Act, 1944	Tax and Interest	3.06	1st April, 2003 to July, 2004	CESTAT

VIII. Based on our audit procedures and according to information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks. There were no debentures outstanding at any time during the year.

IX. In our opinion and according to the information and explanations given to us, the company did not raise any money by way of initial public offer or further public offer (including debt instruments), however term loans raised during the year have been utilised for the purposes for which they were raised.

X. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.

XI. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

XII. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

XIII. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the Ind AS financial statements as required by the applicable Indian Accounting Standards.

XIV. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has made preferential allotment of equity shares during the year and complied with the provisions of section 42 of the Companies Act, 2013. As explained to us by the management, the amount raised has been used for the purposes for which the funds were raised.

XV. According to the information and explanations given to us and as represented to us by the management and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

XVI. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

The Annexure referred to in paragraph 9 (f) under the heading “Report on Other Legal and Regulatory Requirements” of our Independent Auditors’ Report of even date in respect to the internal financial control under clause (i) of sub-section 3 of section 143 of the Act of Dollar Industries Limited for the year ended March 31, 2018, we report that:

1. We have audited the internal financial controls over financial reporting of Dollar Industries Limited (“the Company”) as of March 31, 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.

MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

2. The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

AUDITOR’S RESPONSIBILITY

3. Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

6. A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

OPINION

8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Singhi & Co.

Chartered Accountants

Firm Registration No.302049E

(RAJIV SINGHI)

Place: Kolkata Partner

Date: 29 May, 2018 Membership No. 053518

---

Mar 31, 2017

Report on the Financial Statements

We have audited the accompanying financial statements of Dollar Industries Limited (“the Company”), which comprise the Balance Sheet as at MarcRs.31, 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies ( Accounts ) Rules, 2014.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgment and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We have conducted our audit of the financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by Company’s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at MarcRs.31, 2017, its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act, we report that:

- We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

- In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

- The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

- In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts ) Rules, 2014.

- On the basis of the written representations received from the directors as on MarcRs.31, 2017, taken on record by the Board of Directors, none of the directors is disqualified as on MarcRs.31, 2017, from being appointed as a director in terms of Section 164(2) of the Act.

- With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

- With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company does not have any pending litigations which would impact its financial position, subject to note 34 of the financial statements.

(ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

(iv) The Company has provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016. Based on audit procedures performed and the representations provided to us by the management, we report that the disclosures are in accordance with the books of accounts maintained by the Company and as produced to us by the management. Refer to note no. 39 to the financial statements.

ANNEXURE A to the Auditors’ Report

( Referred to in our report of even date to the members of Dollar Industries Limited on the Accounts for the year ended MarcRs.31, 2017)

(1) a. The company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets.

b. The Fixed Assets have been physically verified by the management at reasonable intervals, which in our opinion is reasonable having regard to the size of the company and the nature of its Fixed Assets. According to the information and explanations given to us, No material discrepancies have been noticed on such verification.

c. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the company.

(2) Physical verification of the finished goods, stores, spare parts and raw materials have been conducted by the management at reasonable intervals, except in case of stocks lying with third parties for which certificates have been obtained. The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company has maintained proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to book records, were not material and have been properly dealt with in the books of accounts.

(3) The company has not granted loans to any parties covered in the register maintained under section 189 of the Companies Act, 2013.

(4) According to the records of the company and the information and explanations provided by the management, the company has not given any guarantee for loans taken by others from bank or financial institutions.

(5) Based on our scrutiny of the company’s records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any loans or deposits, which are ‘deposits’ within the meaning of Rule 2(b) of the Companies (Acceptance of Deposit’s ) Rules, 2014.

(6) According to the information and explanations provided by the management, the company is not engaged in production of any such goods or provision of any such services for which the Central Government has prescribed particulars relating to utilization of material or labour or other items of cost. Hence, the provisions of section 148(1) of the Act do not apply to the company. Hence, in our opinion, no comment on maintenance of cost records under section 148(1) of the Act is required.

(7) a) According to the books and records of the company produced to us, the Company is regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, employee’s state insurance, income tax, sales-tax, wealth tax, custom duty, value added tax, excise duty, cess and other statutory dues as applicable.

b) According to the records of the company and the information and explanations given to us and upon our enquiries in this regard, the following dues of income tax have not been deposited by the company on account of disputes:

Sl. No.	Name of the Statute	Nature of Dues	Amount (Rs.)	Period to which the amount relates (F. Y.)	Forum where Dispute is pending
1.	Income Tax Act, 1961	Tax and Interest	1,48,981.00	2008-09	ITO
2.	Income Tax Act, 1961	Tax and Interest	4,53,923.00	2009-10	CIT (A)
3.	Income Tax Act, 1961	Tax and Interest	78,02,030.00	2011-12	CIT (A)
4.	Income Tax Act, 1961	Tax and Interest	4,05,529.00	2013-14	CIT (A)

(8) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(9) a) According to the records of the company, the company has not raised any moneys by way of initial public offer or further public offer (including debt instruments).

b) On the basis of review or utilization of funds pertaining to term loans on overall basis and related information as made available to us, we are of the opinion that the Company has applied the term loans for the purpose for which they were obtained during the year.

(10) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on the company by its officers or employees nor any fraud by the Company has been noticed or reported during the course of our audit.

(11) Based upon the audit procedures performed and information and explanations given by the management, we report that the Company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the companies Act, 2013.

(12) In our opinion, and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is not a nidhi company. Hence, in our opinion, the requirements of clause 3(xii) of the Order do not apply to the company.

(13) According to the information and explanations given to us, the transactions of the company with the related parties during the year are in compliance with sections 177 and 188 of the Companies Act, 2013, where applicable. The details of the transactions have been disclosed in the Financial Statements etc. as required by the applicable accounting standard.

(14) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(15) According to the information and explanations given to us and based on our examination of the records of the Company, the company has not entered into non-cash transactions with directors or persons connected with them, during the year. Accordingly paragrapRs.3(xv) of the Order is not applicable.

(16) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For AMIT VED GARG & CO.

Chartered Accountants

Firm Regn. No.325121E

sd/-

(CA. A. Garg)

Kolkata Proprietor

May 29, 2017 Membership No. 061677

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Mar 31, 2015

TO THE MEMBERS OF

DOLLAR INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial! statements of Dollar industries Limited ("''the Company''} which comprise the Balance Sheet as al March 31 2015, the Profit and Loss Account and The Cash flow Statement for the year then ended, and a summary of significant: accounting policies and other Explanatory. information.

Management''s Responsibility for the Financial Statements

The Company''s Brand of Directors is responsible to the matters stated in Section 134(5) of the Companies Act. 2013 ("the Act ") with respect to the preparation of these financial statements that give a true and fair value Of the financial position and financial performance and cash flows of the Company In accordance with the accounting principles gene^rally accepted in India including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies ( Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting record in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities. selection and application of appropriate accounting policies, making Judgment and estimates'' that are reasonable and prudent: And design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are tree from material misstatement, whether due to fraud or error.

Auditor s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit

we have taken into account the provisions of the act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the act and the rules made there under.

We have conducted our audit in accordance with the Standards on Auditing specked under Section 143(10) of the Act, Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence audit the amounts and disclosures in the financial statements, The procedure selected depend on the auditor''s Judgment, including the assessment of the risks of material misstatement of the financial statements, whether cue lo fraud or error. In making those risk assessments, the auditor considers internal control relevant lo the Company''s preparation of the financial statements that give a true and fair view in order- to design audit procedures that are appropriate in the circumstances, but ml for the purpose of expressing an opinion on Whether the company has in place an adequate internal financial controls system over financial reporting and the opening effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s directors, as wet as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have attained is sufficient and appropriate Id provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the test of our information and according to the explanations given to us. the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted In India, at the slate of affairs of the Company as al March 31. 2015. and its profit and loss cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirement

1. As required by the Companies (Audit or''s Report) Order, 2015( the Order) issued by the Government of India, Ministry of Corporate Affairs dared 19th April, 2016 in terms of sub-section 11 of section 143 of the Act, we give in the Annexure a statement on me mailers specified in paragraphs 3 and A of the Order.

2. As required by section 143(3) of the Act, we report that.

- We have sought and obtained all the information and explanations which to the best of our knowledge and belie) were necessary for the purpose of our audit:

- In our opinion proper, proper books of account as required by Jaw have been kept by the Company so far as appears from our examination of those books.

- The Balance Sheet the Profit and Loss Account and the Cash Flow- Statement deal with by this Report are in agreement with the books of account.

- in our opinion, the aforesaid financial statements comp^ly with the Accounting Standards specified und& Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014

- On the basis of the written representation received from the directors as on March 31,2015, taken on record by the Board of D rectors, none of the directors is disqualified as on March 31 2015. from being appointed as a directo^r in terms of section 164(2) of the Act.

- in our opinion, ''here exists adequate infernal financial control- system with its operating electiveness, in commensurate with the size and nature of the acclivities of the Company.

- With respect to other matters to be included in the Auditor''s Report in accordance With Rule 11 of the Companies (Audit and Auditors) Rules. 2014, in our opinion and to me best or our information and according to the explanations given to us:

(i) The Company does not have any pending litigations which would impact its financial position.

(ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses

(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

( Referred to in our report of even date to the members of Dollar Industries Limited on the Accounts for the year ended March 31, 2015)

1 a. The compare has maintained proper records showing full particulars, including quantitative derails and situation of Fixed Assets.

b The Fixed Assets have ten physically verified by the management at reasonable intervals. which in our opinion is reasonable having regard to the size of the company and the nature of its Fixed Assets.

c, No material discrepancies have been noticed on such verification.

2 Physical verification of the finished goads, stores, spare parts and raw materials have been conducted by the management at reasonable intervals, except in case of stocks lying with third parties tor which certificates have been obtained the procedures if physical verificatⁱon of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company has maintained proper records of inventory. The discrepancies noticed on physical verification of shocks as compared to book records, were hot manual and have been properly dealt with in the books of accounts

3 a The company has granted leans to three parties covered in the register mainlined under section 189 of the Companies Act, 2013.

b According to the information and explanations given to us, in our opinion, the rate al interest and other terms and conditions of loan granted by the company, are not prima facie prejudicial to the interest of the company.

c. According to the information and explanations given to us, the parties are regular in repaying the principal amounts as stipulated and are also regular in payment of interest

d. There is no overdue amount of loans granted by the company to the parties covered in the register maintained under section 109 of the Companies Art. 2013.

4 In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurable with the size of the company and the nature of its easiness w.th regard Id purchases of inventory, fixed assets and with regard to the sale of goods and services During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal controls.

5 Based on our scrutiny of the company''s records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any loans or deposits, which are deposits'' within the meaning of Rule 2(b) of the Companies (Acceptance of Deposit s) Rules. 2014

6 According Ito the information and exploitations provided by the management. the company is not engaged in production of any Such goods or provision of any such services for which the Central Govern men! has prescribed particulars relating to utilization of material or labour or other items of cost. Hence, the provisions of section 143(1) Of the Art do not apply to the company. Hence, in our opinion, no comment on maintenance of cost records under section 148(1) of the Act is required

7 a) According to the records of the Company the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund. Employees Stale Insurance. Income-tax, Sales-tax, Wealth tax. Custom duty, value added lax. Excise duty, cess and any other statutory dues as applicable to the Company.

b) According to the information and explanations given no undisputed amounts payable in respect of Income-tax. Wealth-tax, Sales tax, Value added tax, Customs duty and Excise duly worn outstanding as al 31.03 2015 for a period of more man six months from the date they decame payable. Also, There are no dues of Sales Tax/income Tax/ Value Added Tax Customs Duty/ Wealth Tax Excise duty/Cess, which have not been deposited on account of any dispute

C) According to the records of the company and explanations given to us and upon our enquiries in this regard, the company was not required to deposit any amount to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956} and rules made there under.

8 The Company has neither accumulated losses at the end of the financial year nor has ii incurred cash losses in the financial year under report or in the immediately preceding financial year.

9. Based on our audit procedures and on the informal ion and explanations given by the management, we are of the opinion that the company has not defaulted in repayment ct dues to a financial institution. Bank or debenture holders.

10. According to the records of the company and the information and explanations provided by the management the company has not given any guarantee for loans taken by others from bank or financial institutions

11 The term loans obtained by the company have teen applied for the purpose for which they were raised.

12 Based On the audit procedures performed and information and explanations given by the management!, we- report that no fraud on or by the Company has been noticed or reported during the course of out audit

For AWITVEOGARG & CO-

Chartered Accountant

Firm Regn. N0.325121E

(CA. A. GARG)

Kolkata Proprietor

May 30, 2015. Membership No .061677

---

Mar 31, 2014

Independent Auditors’ Report

TO THE MEMBERS OF DOLLAR INDUSTRIES LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of Dollar Industries Limited (the Company), which comprise the Balance Sheet as at March 31,2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with (he Accounting Standards, notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014, and

b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date.

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

1. As required by the Companies (Auditor’s Report) Order, 2003 (“the Order”) issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

- We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

- In our opinion proper, books of account as required by law have been kept by the Company so far as appears from our examination of those books.

- The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

- In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

(Referred to in our report of even date to the members of Dollar Industries Limited on the Accounts for the year ended 31st March, 2014)

(1) a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b) The fixed assets of significant value have been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets.

c) There was no substantial disposal of fixed assets during the year, which would affect the going concern assumption of the Company.

(2) a) As explained to us, inventories have been physically verified by the management during the year at reasonable intervals.

b) The procedure of physical verification of inventories followed by the company are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the inventory records of the Company, we are of the opinion that the Company is maintaining proper records of its inventory and no material discrepancies were noticed on physical verification of inventories, as compared to book records.

(3) a) The company has granted unsecured loan to four parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs,10,97,55,529/- and the year-end balance of the loan given was Rs, 1,10,93,482/-.

b) The company has taken unsecured loan from one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was 13,16,78,756/- and the year-end balance of the loan taken was Rs, 11,91,59,412/-.

c) In our opinion, the terms and conditions on which the loans have been obtained from such parties covered in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

d) According to the information and explanations given to us, the Company has repaid the principal amounts as stipulated and have been regular in the payment of interest.

e) There is no overdue amount of loan taken by the company from the parties covered in the register maintained under section 301 of the Companies Act, 1956.

(4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. We have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

(5) a) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the particulars of the contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register maintained under Section 301 of the Companies Act, 1956 exceeding the value of five lac rupees in respect of any party during the year have been made at prices which are reasonable having regard to comparable prices at that time.

(6) The Company has not accepted any deposit during the year from the public within the meaning of section 58Aand 58AA of the Companies Act, 1956 and the rules fra med there under.

(7) In our opinion, the Company has an internal audit system which is commensurate with its size and the nature of its business.

(8) We have broadly reviewed the books of accounts maintained by the Company in respect of products where, pursuant to the Rules made by the Central Government of India maintenance of cost records has been prescribed under clause (d) of sub-section (1) of Section 209 of the Act and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

(9) a) According to the books and records produced to us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees’ State Insurance, Income-tax, Sales-tax, Wealth-tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues as applicable to the Company. According to the information and explanations given to us there are no undisputed outstanding statutory dues as at the end of the year exceeding six months from the date they became payable.

b) According to the records of the company and the information and explanations given to us and upon our enquiries in this regard, there are no dues as at the end of the year in respect of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess as applicable to the Company which have not been deposited on account of any dispute.

(10) The Company has neither accumulated losses at the end of the financial year nor has it incurred cash losses in the financial year under report or in the immediately preceding financial year.

(11) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions or banks.

(12) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) The provision of any special statute applicable to chit fund/ Nidhi/ Mutual Benefit Fund/ Societies are not applicable to the Company.

(14) The company is dealing in shares, debentures and other investments and proper records of such transactions have been maintained. Such investments have been held by the company in its own name according to the information and explanations given to us.

(15) According to the information and explanations given us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(16) On the basis of review or utilization of funds pertaining to term loans on overall basis and related information as made available to us, we are of the opinion that the Company has applied the term loans for the purpose for which they were obtained during the year.

(17) Based on the information and explanations given to us and on an overall examination of the financial statements of the Company, prima facie, short-term funds have not been used for long term purposes,

(18) The company has not made any preferential allotment of shares to the companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(19) During the year, the Company has neither issued any debentures nor it has any outstanding debentures.

(20) The Company has not raised any money by way of public issue during the year.

(21) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For AMIT VED GARG & CO.

Chartered Accountants

Firm Regn.No.325121E

(CA. A. Garg) ''

Kolkata Proprietor

May 30,2014 Membership No.061677

---

Mar 31, 2013

Independent Auditors’ Report

TO THE MEMBERS OF DOLLAR INDUSTRIES LIMITED Report on the Financial Statements

We have audited the accompanying financial state me ms of Dollar Industries Limited, which comprise the Balance Sheet as at March SI, 2013. and the Statement of Profit and fogs for the year then ended, and a summary of significant accounting policies and other explanatory information

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a time enc fair view of the financial'' position, financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1955. This responsibility includes the design, implementation and maintenance of inte^rnal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit, We conducted cur audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform (he audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amour is and disclosures m the financial statement Is. The procedures selected depend on the auditor’s judgment including the assessments risks of matters misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation 0f the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well, as evaluating the overall presentation of the financial statements,

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a our audit opinion

OPINION

In our opinion and to the host of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and ''air view in with the accounting principles generally accepted in India:

a) m the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013, and h) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date,

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order, 2003 ("the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of (he Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

- We have obtained ail the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our suit;

- In our opinion proper books of account as required by law nave been kept by the Company so far as appears from our examination or those books.

- The Balance Sheet and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

- In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

- On the basis of written representations received from the directors as on March 31. 2013. a no taken on record by the Board of Credo''s, none of the directors is disqualified as on March 31. 2013, from being appointed as a director in terms of clause (g) of subsection {1) of section 274 of the Companies Act, 1956.

- Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, pressing the manner in which such cess is to be paid, no cess is due and payable by the Company,

( Referred to in our report of even date to the members of Dollar Industries Limited on the Accounts for the year ended 31st March, 2013)

(1) a) The Company is maintaining proper records showing full particulars, including quantitative details an d situation of fixed assets

b) The fixed assets of significant value have been physically verified by the management during the year, which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets.

c) There was no substantial disposal of fixed assets during the year, which would affect the going concern assumption of the Company.

(2) a) As explained to us, inventories have been physically verified by the management during the year at reasonable intervals.

b) The procedure of physical verification of inventories followed by the company are. in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the inventory records of the Company, we are of the opinion that the Company ^;s maintaining proper records of i1s inventory and no material discrepancies were noticed on physical verification of inventories, as compared to book records.

(3) a The company has granted unsecured loan the ate party covered in the register maintained under section 301 of the Companies Act 1956. The maximum amount involved during the year was ? 1,28.00.000/= and the year-end balance of the loan taken was Rs 1.04,55,869--

b. The company has taken unsecured loan from two parties covered in the register maintained under section 301 of the Companies Act, 1956 The maximum amount invoked during the year was Rs. 13,51,04.115/= and the year-end balance of the loan taken was Rs 13,51.04,115/=.

c) The company , the terms and conditions on which the loans have been obtained from such parties covered In the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

d. According to the information and explanations given to us. the Company has repaid the principal amounts as stipulated and have been regular in the payment of interest

e. There is no overdue amount of loan taken by the company from the parties covered n the register maintained under section 301 of the Companies Act, 1956.

(4) In our opinion and according to the information and explanations given to us, there are adequate infernal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. We have neither come across nor have we been informed of any continuing failure to correct major weaknesses m the aforesaid internal control system.

(5) a) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion [hat (fie particulars of the contract or arrangements that need 1o be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) fn our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register maintained under Section 301 of the Companies Act. 1956 exceeding the value of five rupees in respect of any party during the year have been made at prices which are reasonable having regard to comparable prices at that time.

(6) The Company has not accepted any deposit during the year from the public within the meaning of section SSA and 53AAof the Companies Act. 1956 and the rules framed there under.

(7) in our opinion, the Company has an internal audit system is commensurate with its si2.e and the nature of its business.

(8) We have broadly reviewed (he books of accounts maintained by the Company in respect of products where, personal to the Rules made by the Central Government of India maintenance of cost records has been prescribed under cause (d: of sub-section (1) of Section 2Q9 of the Act and are of the opt on that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of (be records with a view to determine whether they are accurate or complete.

(9) a) According to the books and records produced to us. the Company is generally regular in depositing with appropriate authorities undisputed statutory dues Including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance. Income tax Sale tax. Wealth-tax, Service Tax, Custom Duty, Excise Duty, Cess and any other statutory dues as applicable to the Company, According to the information and exportations given to us there are no undisputed outstanding statutory dues as at Vie end of the year exceeding six months from the date they became payable.

b) According to the reco.ids of the company and the information and exp aviations given to us and upon our enquiries in this regard, there are no dues as at the end of the year in respect of Sales Tax Income Tax, Customs Duty,

Weald Tax, Service Tax, excise Ditty and Cess as applicable ''to the Company which have not been deposited on account of any dispute.

[10} The Company has neither accumulated losses at the end of the financial year nor has it incurred cash losses in the financial year under report or in the immediately preceding financial year.-

(11} According to the records of the Company examined by us and the information and explanations given to us, the

Company has not defaulted in repayment of dues to financial institutions banks.

(12) According to the information and explanations given to us and based on the documents and recons produced before us. the Company has no! grafted any to land & advances on the basis of security by way of pledge of shares, debentures and other securities.

(13) The provision of any special statute applicable to fund/ Nidhi. Mutual Benefit Fund/ Societies are not applicable to the Company.

(14) The company is dealing in shares, debentures and other investments and proper resorts of such transactions have been maintained. Such investments have been held by the company in its own name according to the information arid explanatory given to us.

(15} According to the information and explanations given us. the Company has not given any guarantee for Jonas taken by others from banks or financial institutions,

I6,On the basis of review origin elation of funds pertaining to term foams on overall basis and related information as made available to as, we are of the opinion (hat the Company has applied the term foams for the purpose for which they were obtained during the year

(17) Based or the information and explanations given to us and on an overall examination of the financial statements of the Company, pr/ma feticide, short term funds have not been used for long term purposes,

(18) The company has not made any preferential allotment of shares to the companies. firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(19) During the year, the Company has neither issued any debentures nor it has any outstanding debentures.

(20) The Company has not raised any money by way of public issue during the year.

(21) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year

For AMIT VEDGARGSCO.

chartered Accountants (CA, A. Garg }

Proprietor

Kokata Firm Regn. No.325121E

Date: May 30,2013 Membership NO-06’1677

---

Mar 31, 2012

TO THE MEMBERS OF DOLLAR INDUSTRIES LIMITED

We have audited he attached Balance Sheet of Dollar Industries Limited as at 31st March, 2012 and the Statement of Profit, and Loss of the Company annexed Thereto for the year ended on that date. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit accordance with auditing standards generally accepted in India. Those standards require that we plan end perform the audit to obtain reasonable assurance about whether the financial statement are free of material misstatement. An audit Include expanding. on a test basis, evidence supporting he amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe That our audit provides a reasonable basis for our opinion.

As required by the Companies ( Auditors'' Report) Order, 2003 issued by the company Law Board in terms or section 227 (4A) of the Companies Act, 1956 and on the basis of such checks as we have considered appropriate and according to the information and explanations given to us. we enclose in the Annexure, a statement on the matters specified in paragraphs 4&5 of the said order as far as applicable to the company.

Further to the above, we report that:-

. We have obtained all the information and explanations which to the best of our knowledge were necessary for the purposes of our audit:

. In our opinion proper Books of Accounts as required by law have been kept by the Company so for as appears from our of those books :

. The Balance Sheet and the Statement of Profit and Loss referred to in this report are in agreement with the Books of Accounts as submitted to us :

. I n our opinion and the Statement of Profit and Loss and the Balance Sheet complies with the Accounting Standards referred to in section 211(3C) of the Companies Act, 1956 :

. On the basis of the written representations received from the Directors and taken on record by the Board of Directors, we report that none of the Directors of the Company is disqualified as on 31st March, 2012 from being appointed as director in terms of section 274( 1)(g) of the Companies Act. 1956.

. In our opinion and to the best of our information and according to the explanations given to us the said Accounts read together with other notes Thereon give the information as required by the Com ponies Act, 1956 m the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India ;

a) In the case of the Balance Sheet, of the State of Affairs of the Company as at 31 st March, 2012 AND

b) in the case of the statement of Profit and Loss, of the Profit of the Company for the year ended on that date.

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date

(Referred to in our report of even date to the members of Dollar Industries Limited on the Accounts for the year ended 31^st March, 2012)

(1) a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.

b) The fixed assets out significant value have been physically Verified by the management during the year, which in our opinion is reasonable having regard to the size of the Company and the nature of as fixed assets.

c) There was no substantial disposal of fixed assets during the year, which would affect the going concern assumption of the Company.

(2) a) As explained to us, inventories have been physically verified by the management during the year at reasonable intervals.

b) The procedure of physical verification of inventories followed by the company are In our op non, reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the inventory records of the Company, we are of the opinion that the Company is maintaining proper records of its inventory and no material discrepancies were noticed on physical verification of inventories, as compared to book records.

(3) a. The company has not granted any unsecured loan to the parties covered in the register maintained under section 301 of the Companies Act. 1956.

b. The company has taken unsecured loan from two parties covered in the register maintained under section 301 of the Companies Act, 1956 The maximum amount involved during the year was Rs. 10.81,33.013/= another year-end balance of the loan taken was Rs. 10,61.33,013/=

c. In our opinion, the terms and conditions on which the loans have been obtained from such parties covered in the register maintained under section 301 of the Companies Act. 1956 are not, prima facie, prejudicial to the interest to the company.

d. According to the information and explanations given to us. the Company has repaid the principle amounts as suppurated and have been regular in the payment of interest.

e. There s no overdue amount of loan taken by the company from the parties covered in the register maintained under section 301 of the Companies Act, 1956.

(4) In our opinion and according to the information and explanations given to us. There are adequate

Internal control procedures commensurate with the size of the Company and the nature ot its

business, for the purchase of inventory and fixed assets and for the sale of goods and services. We have neither corns across nor nave we beer informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

(5) a) To the best of our knowledge and belief and according to the information and explanations given to us. we are of the opinion that the particulars of the contracts or arrangement that need to be entered in the register maintained under section 301 of the Companies Act. 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us. the transactions made in pursuance of contracts or arrangements entered into the register maintained under Section. 301 of the Companies Act. 1955 exceeding the value of five lacs rupees In respect of any party during the year have been made at prices which are reasonable having regard to comparable prices at that time.

(6) The Company has not accepted any deposit during the year from the public with the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

(7) In our opinion, the Company has an internal audit system which is commensurate with its size and the nature of its business.

(8 ) The Central Government has not prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 in respect of the products of the company.

(9) a) According to the books and records produced to us. the Company is generally regular In depositing with appropriate authorities undisputed statutory dues including Provide Fund, investor Education and Protection Fund, Employees'' State insurance. Income-tax. Sales tax. Wealth-tax, Service Tax. Custom Duty. Excise Duty, Cess and any other statutory dues as applicable to the Company. According to the information and explanations given to us there are no undisputed outstanding statutory dues as at the end of the year exceeding six months from the date they became payable.

b) According to The records of the company and the Information and explanations given to us and upon cur enquiries in this regard there are no dues as at the end of the year in respect or Sales Tax. income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess as applicable to the Company which have not been deposited on account of any depute.

(11) The Company has neither accumulated losses at the end of the financial year nor has it incurred cash losses in the financial year under report or in the immediately preceding financial year.

(12) According to the information and explanations given to us and the Company has not defaulted any advances on the basis of security by way of pledge of shares, debentures and other securities,

(13) The provision of any special statute applicable to chit fund/ Nidhi/ Mutual Benefit Fund/ Societies are not applicable to the Company.

(14) The company is dealing in shares, debentures and other investments and proper records of such transactions have been held. Such investments have been held by the company n its own name according to the information and explanations given to us.

(15) According to the information and explanations given us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(16) On the basis of review or utilization of funds pertaining to term loans on overall basis and related information as made available to us, we are of the opinion that the Company has applied the term loans for the purpose for which they were obtained during the year.

(17) Based on The information and explanations given to us and on an derail examination of the financial statements of the Company, prima facie, short tern funds have not been used for long term purposes.

(18) The company has not made any preferential allotment of shares to the companies, firms or other parries covered in the register maintained under section 301 of the companies Act 1956.

(19) During the year the Company has neither issued any debentures nor it has any .outstanding debentures.

(20) The Company has net raised any money by way of public issue during the year

(21) According to the information and explanations given to us. no fraud on or by has Company has been noticed or reported during the year,

For AM!T VFDGARG & CO.

Chartered Accountants

(CA. A. Garg)

Proprietor

Place: Koikata

Firm Regn. Mo.325121E

Date: The 30th day of August, 2012.

Membership No,061677