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.
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Key audit matter
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How our audit addressed the key audit matter
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1. Estimation of rebates, discounts and sales returns
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Our procedures included, but was not limited to the following:
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(Refer Note 26 to the standalone financial statements)
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Obtained a detailed understanding from the management with regard
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The Company sells its products through various channels
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to controls relating to recording of rebates, discounts, sales returns and
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like distributors, retailers, e-commerce etc. and recognizes
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period end provisions relating to estimation of revenue, and tested the
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liabilities related to rebates, discounts and sales returns.
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operating effectiveness of such controls;
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As per the accounting policy of the Company, the revenue is
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Tested the inputs used in the estimation of revenue in context of rebates,
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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
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discounts and sales returns to source data;
Assessed the underlying assumptions used for determination of rebates,
discounts and sales returns;
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of revenue, the management is required to make significant
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Ensured the completeness of liabilities recognised by evaluating the
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estimates in respect of following:
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parameters for sample schemes;
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Ý the rebates/ discounts linked to sales, which will be
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Performed look-back analysis for past trends by comparing recent actuals
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given to the customers pursuant to schemes offered by
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with the estimates of earlier periods and assessed subsequent events;
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the Company;
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Tested credit notes issued to customers and payments made to them
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Ý provision for sales returns, where the customer has the
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during the year and subsequent to the year end along with the terms of
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right to return the goods to the Company; and
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the related schemes.
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Ý compensation (discounts) offered by the customers to the
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Our Conclusion :
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ultimate consumers at the behest of the Company.
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Based on the above procedures, we did not identify any significant deviation
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The matter has been determined to be a key audit matter
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to the assessment made by management in respect of estimation of rebates,
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in view of the involvement of significant estimates by the
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discounts and sales returns.
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management.
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Key audit matter
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How our audit addressed the key audit matter
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2.
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Recoverability of trade receivables
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Our procedures included, but was not limited to the following:
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(Refer No. 15 to the Standalone financial statements)
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Evaluated and tested the controls relating to credit control and approval
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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.
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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
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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
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Checked on sample basis balance confirmations from customers to test
whether trade receivables as per books are acknowledged by them.
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and judgements made by the management for provision for loss
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Reviewed at the adequacy of the management judgements and estimates
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allowance under expected credit loss model. Based on above,
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on the sufficiency of provision for doubtful debts through detailed analysis
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the matter has been considered to be a key audit matter.
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of ageing of receivables and assessing the adequacy of disclosures in
respect of credit risk.
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Our Conclusion:
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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.
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3.
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Inventory valuation and existence:
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Our procedures included, but was not limited to the following:
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(Refer Note 14 to the standalone financial statements)
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Obtained a detailed understanding and evaluated the design and
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The Company has Inventories of H 51,126.33 lacs as at March
31, 2025 as detailed in Notes 14 to the standalone financial
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implementation of controls that the Company has established in relation
to inventory valuation and existence.
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statements.
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Observed the physical verification of inventories count at the financial
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Inventory valuation and existence has been determined to be a
key audit matter as inventories may be held for long periods of
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year end and assessed the adequacy of controls over the existence
of inventories.
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time before being sold making it vulnerable to obsolescence.
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Obtained assurance over the appropriateness of management’s
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This could result in an overstatement of the value of the
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assumptions applied in calculating the gross profit margin and discounts
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inventories if the cost is higher than the net realisable value.
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to be deducted from sales price to arrive at cost of goods.
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Furthermore, the assessment and application of inventories
provisions are subject to significant management judgement.
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Evaluated management judgement with regards to the application of
provisions to the inventories.
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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.
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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:-
Ý 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.
Ý 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.
Ý Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management and Board of Directors.
Ý 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.
Ý 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: 14th May, 2025 UDIN: 25067330BMLGOY9734
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