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Purple United Sales Ltd Auditor Reports

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Feb 14, 2025|03:40:18 PM

Purple United Sales Ltd Share Price Auditors Report

Independent Auditors Report on the Restated Standalone Financial Statements of Purple United Sales Limited

Auditors Report on the Restatement of Assets and Liabilities as on March 31. 2024, March 31. 2023. March 31. 2022, Statement of Profit & Loss, and Cash Flow Statement for the Financial years ending on March 31, 2024.2023 and 2022 of Purple United Sales Limited.

To

The Board of Directors Purple United Sales Limited Khasra No. 55/14 & 55/15,

Near Rani Khera Road,

Mundka, Delhi-110041

Dear Sirs,

1. We, have examined the attached Restated Summary Statements of Assets & Liabilities and Other Financial Information of Purple United Sales Limited (Formerly known as Purple United Sales Private Limited) (hereinafter referred to as "the Company") for the financial year ended on March 31, 2024, March 31, 2023, March 31, 2022, These Restated Financial Statements have been prepared by the management of the Company and approved by the board of directors of the Company, at their meeting held on 13th July 2024.

2. The Said Restated Financial Statements and other financial information have been examined and prepared for the purpose of inclusion in the Draft Red Hearing/Red Hearing/ Prospectus (Collectively hereinafter referred to as "offer documents") in connection with the proposed Initial Public Offering (IPO) on SME Platform of NSE Limited ("NSE SME") of the Company taking into consideration the following and in accordance with the requirements of:

• Section 26 and 32 of Part 1 of Chapter III of the Companies Act, 2013 (herein after referred to as "the Act") read with Companies (Prospectus and Allotment of Securities) Rules 2014 as amended from time to time;

• The Securities and Exchange Board of India ["SEBF] (Issue of Capital and Disclosure Requirements) Regulations 2018 ("the SEBIICDR Regulations") as amended from time to time in pursuance of Section 11 of SEBI Act, 1992;

• The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI"), as amended from time to time (the "Guidance Note") The Guidance Note also requires that we comply with ethical requirements of the Code of ethics issued by ICAI

• The Applicable regulation of SEBI (ICDR) Regulations,2018, as amended, and as per Schedule VI (Part A) (11) (II) of the said Regulations.

• Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Consolidated Financial Information.

• The terms of reference to our engagement letter with the Company requesting us to carry out the assignment, in connection with the proposed IPO of Equity Shares on Emerge Platform of National Stock Exchange of India Limited ("IPO" or "SME IPO");

3. These Restated Financial Information (Included in Note 1 to 40) have been extracted by the Management of the Company from: from the financial year ended March 31, 2023 and 2022 has been audited by M/s Naresh Aggarwal & Co, Chartered Accountants and had issued unqualified reports for these years.

4. The Restated Consolidated Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Notes to the Restated Financial Statements. The respective Board of Directors of the Companies responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Statement. The respective Board of Directors are also responsible for identifying and ensuring that the company complies with the Act, ICDR Regulations and the Guidance Note.

5. In accordance with the requirement of section 26 and 32 of the Companies Act, 2013 read with Companies (Prospectus and Allotment of Securities ) Rules 2014, the SEBI Regulations, the Guidance Note as amended from time to time and in terms of our engagement agreed with you, we further report that;

(a) The Restated Statement of Assets and Liabilities for the financial year ended on March 31, 2024, 2023 and 2022 examined by us, as set out in this report, is prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Assets and Liabilities have been arrived at after making such adjustments and regrouping of the financial statements, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Note 1 to 40 to this Report.

(b) The Restated Statement of Profit and Loss of the Company for the financial year ended on March 31, 2024, 2023 and 2022 examined by us as set out in this report, is prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Profit and Loss have been arrived at after making such adjustments and regrouping of the financial statements, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Note 1 to 40 to this Report.

(c) The Restated Statement of Cash Flow of the Company for the financial year ended on March 31, 2024, 2023 and 2022 examined by us as set out in this report, is prepared by the Company and approved by the Board of Directors. These Restated Summary Statement of Cash Flow have been arrived at after making such adjustments and regrouping of the financial statements, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Note 1 to 40 to this Report.

As a result of these adjustments, the amounts reporting in the above mentioned statements are not necessarily the same as those appearing in the audited financial statements of the Company for the relevant financial years.

6. Based on above as per the reliance placed by us on the audited financial statements of the Company and report thereon given by the Statutory Auditor of the Company for the financial year ended on March 31, 2024, 2023 and 2022, and to the best of our information and according to the explanation given to us, we are of the opinion that restated Financial Statements:

(a) Have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial year to reflect the same accounting treatment as per the changed accounting policies for all the reporting periods based on the significant accounting policies adopted by the Company as at March 31, 2024.

(b) Have been made after incorporating adjustments for prior period and other material amounts, if any in the respective financial years to which they related to:

(c) Do not contain any extra ordinary items that need to be disclosed separately other than those presented in the Restated financial statement and do not contain any qualification requiring adjustments.

(d) There were no classification in the audit report issued by the Statutory Auditors for the financial year ended March 31, 2024, 2023 and 2022 which would require adjustments in this Restated financial statements of the Company;

(e) Restated summary statement of profit and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/restatements and regrouping as in our opinion are appropriate and are to be read in accordance with the significant accounting policies and Notes to accounts as set out in Note 1 to 2 to this report.

(f) Adjustments in Restated Summary Statements have been made in accordance with the correct accounting policies,

(g) There was no change in accounting policies, which needs to be adjusted in the Restated Summary Statements.

(h) There are no revaluation reserve, which need to be disclosed separately in the Restated Financial Statements,

(i) The Company has not paid dividend during the financial year under review.

(7) we have also examined the following other Restatement Financial Information as set out in the respective Annexures to this report and forming part of the Restated Financial Statement. Prepared by the management of the Company and approved by the board of directors of the Company for the year ended on March 31, 2024, 2023 and 2022 proposed to be included in the Draft Red Hearing Prospectus ("Offer Document") for the proposed EPO.

1 Statement of Share capital, as restated in Note 3 to this report,

2 Statement of Reserves and surplus, as restated in Note 4 to this report,

3 Statement of Long- Term borrowings, as restated in Note 5 to this report,

4 Statement of Other long-term liabilities, as restated in Note 6 to this report,

5 Statement of Long Term Provisions, as restated in Note 7 to this report,

6 Statement of Short Term borrowings, as restated in Note 8 to this report,

7 Statement of Trade payables, as restated in Note 9 to this report,

8 Statement of Other current liabilities, as restated in Note 10 to this report,

9 Statement of Short Term Provisions, as restated in Note 11 to this report,

10 Statement of Property, plant and equipment (PPE), as restated in Note 12 to this report,

11 Statement of Deferred tax, as restated in Note 13 to this report,

12 Statement of Long Term Loans and advances, as restated in Note 14 to this report,

13 Statement of Other non-current assets, as restated in Note 15 to this report,

14 Statement of Inventory, as restated in Annexure Note 16 to this report,

15 Statement of Trade Receivables, as restated in Note 17 to this report,

16 Statement of Cash & Cash Equivalents, as restated in Note 18 to this report,

17 Statement of Short Term Loans and advances, as restated in Note 19 to this report,

18 Statement of Other Current Assets, as restated in Note 20 to this report,

19 Statement of Revenue from Operations, as restated in Note 21 to this report,

20 Statement of Other Income, as restated in Note 22 to this report,

21 Statement of Purchase of Stock-in-Trade, as restated in Note 23 to this report,

22 Statement of Changes in Inventory, as restated in Note 24 to this report,

23 Statement of Employee Benefit Expenses, as restated in Note 25 to this report,

24 Statement of Depreciation & Amortization, as restated in Note 26 to this report,

25 Statement of Finance Cost, as restated in Note 27 to this report,

26 Statement of Other Expenses, as restated in Note 28 to this report,

27 Statement of Reconciliation of Restated Profit After Tax, EPS/DPS as restated in Note 29 to this report,

28 Statement of Liabilities Relating to Employee Benefits, as restated in Note 30 to this report,

29 Statement of Related Party Transactions, as restated in Note 31 to this report,

30 Statement of Additional Disclosure-Borrowings, as restated in Note 32 to this report,

31 Statement of Foreign Currency Income/Expenditure, as restated in Note 33 to this report,

32 Statement of Contingent Liabilities, as restated in Note 34 to this report,

33 Statement of Tax Shelter, as restated in Note 35 to this report

34 Statement of Reconciliation of Restated Reserves and Surplus, as restated in Note 36 to this report.

35 Statement of Accounting Ratio, as restated in Note 37 to this report,

36 Statement of Information with regard to other matters specified in Schedule III of the Act, as restated in Note 38 to this report,

37 Previous years figures have been regrouped /reclassified wherever necessary to make them comparable with the current years figures, as restated in Note 39 to this report,

28 Statement of Capitalisation, as restated in Note 40 to this report,

(8) . We NGMKS & Associates, Chartered Accountants hold a valid Peer Review Certificate issued by the "Peer Review Board" of the Institute of Chartered Accountants of India ("ICAF)

(9) The preparation and presentation of the Financial Statements referred to above are based on the Audited Financial Statements of the Company and are in accordance with the provisions of the Act and ICDR Regulations. The Financial Statements and information referred to above is the responsibility of the management of the Company.

(10) This report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by us, nor should this report be construed as an opinion on any of the financial information referred to herein.

(11) We have no responsibility to update our report for events and circumstances occurring after the date of the report.

(12) In Our opinion, the above Restated Financial Statements contained in Note 1 to 40 to this report read along with the ‘ Significant Accounting Policies and Notes to the financial statements appearing in Note 1 to 40 after making adjustments and regrouping/reclassification as considered appropriate and have been prepared in accordance with the provisions of Section 26 and 32 of the Company Act,2013 read with the Companies (Prospectus and Allotment of Securities) Rules 2014, to the extent applicable, the SEBI Regulations the Guidance Note issued in this regard by the ICAI, as amended from time to time, and in terms of our engagement agreed with Management.

(13) Our report is intended solely for use of the Management and for inclusion in the offer documents in connection with the proposed SME IPO of equity shares of the Company and is not to be used, referred to or distributed for any other purpose except with our prior written consent.

Invest wise with Expert advice

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