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Rolex Rings Ltd.

BSE: 543325 Sector: Auto
NSE: ROLEXRINGS ISIN Code: INE645S01016
BSE 00:00 | 24 May 1316.20 57.25
(4.55%)
OPEN

1290.25

HIGH

1327.00

LOW

1250.40

NSE 00:00 | 24 May 1317.75 52.25
(4.13%)
OPEN

1290.40

HIGH

1329.20

LOW

1260.10

OPEN 1290.25
PREVIOUS CLOSE 1258.95
VOLUME 2799
52-Week high 1390.00
52-Week low 999.95
P/E 27.18
Mkt Cap.(Rs cr) 3,584
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1290.25
CLOSE 1258.95
VOLUME 2799
52-Week high 1390.00
52-Week low 999.95
P/E 27.18
Mkt Cap.(Rs cr) 3,584
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Rolex Rings Ltd. (ROLEXRINGS) - Auditors Report

Company auditors report

Independent Auditors' Examination Report on the Restated Ind AS Summary Statements ofAssets and Liabilities as at September 30 2020 March 31 2020 2019 and 2018 andRestated Ind AS Summary Statement of Profits and Losses (including Other ComprehensiveIncome) Restated Ind AS Summary Statement of Cash Flows and Restated Ind AS SummaryStatement of Changes in Equity for six months period ended September 30 2020 and each ofthe years ended March 31 2020 2019 and 2018 Summary Statement of Significant AccountingPolicies and other explanatory information of Rolex Rings Limited (collectively the"Restated Ind AS Summary Statements").

To

The Board of Directors

Rolex Rings Limited

Gondal Road Village-Kotharia

Dist. Rajkot - 360 004 Gujarat

Dear Sirs:

1. We have examined the attached Restated Ind AS Summary Statements of Rolex RingsLimited (Formerly known as Rolex Rings Private Limited) (the "Company")annexed to this report and prepared by the Company for the purpose of inclusion in theDraft Red Herring Prospectus ("DRHP") in connection with its proposed InitialPublic Offer ("IPO"). The Restated Ind AS Summary Statements which have beenapproved by the Board of Directors of the Company at their meeting held on March 12 2021have been prepared in accordance with the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act 2013 (the "Act");

b) The Securities and Exchange Board of India (Issue of Capital and DisclosureRequirements) Regulations 2018 as amended ("ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) (as amended)issued by the Institute of Chartered Accountants of India ("ICAI") (the"Guidance Note").

Management's Responsibility for the Restated Ind AS Summary Statements

2. The preparation of the Restated Ind AS Summary Statements which are to be includedin the DRHP is the responsibility of the Management of the Company. The Restated Ind ASSummary Statements have been prepared by the Management of the Company on the basis ofpreparation as stated in paragraph 2(i) of Annexure V to the Restated Ind AS SummaryStatements. The Management's responsibility includes designing implementing andmaintaining adequate internal control relevant to the preparation and presentation of theRestated Ind AS Summary Statements. The Management is also responsible for identifying andensuring that the Company complies with the Act ICDR Regulations and the Guidance Note.

Auditors' Responsibilities

3. We have examined such Restated Ind AS Summary Statements taking into consideration:

a) the terms of reference and terms of our engagement agreed with you vide ourengagement letter dated February 04 2021 requesting us to carry out the assignment inconnection with the proposed IPO of the Company;

b) the Guidance Note. The Guidance Note also requires that we comply with ethicalrequirements of the Code of Ethics Issued by ICAI.

c) concepts of test checks and materiality to obtain reasonable assurance based on theverification of evidence supporting the Restated Ind AS Summary Statements; and

d) The requirements of Section 26 of the Act and the ICDR Regulations. Our work wasperformed solely to assist you in meeting your responsibilities in relation to yourcompliance with the Act and the ICDR Regulations in connection with the IPO.

4. The Company proposes to make an IPO which comprises of offer for sale by certainexisting shareholders and fresh issue of its equity shares of 10 each at suchpremium arrived at by the book building process (referred to as the 'Issue') as may bedecided by the Company's Board of Directors.

Restated Ind AS Summary Statements

5. These Restated Ind AS Summary Statements have been compiled by the management of theCompany from:

a) Audited Interim Ind AS financial statements of the Company as at and for the sixmonths period ended September 30 2020 prepared in accordance with the Indian AccountingStandard 34 as prescribed under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted in India which have been approved by the Board of Directors at their meetingheld on March 12 2021.

b) Audited financial statements of the Company as at and for the year ended March 312020 which were prepared in accordance with accounting principles generally accepted inIndia ("Indian GAAP") as prescribed under Section 133 of the Act read withCompanies (Accounts) Rules 2014 (as amended) which have been approved by the Board ofDirectors at their meeting held on November 12 2020. The Restated Ind AS SummaryStatements also includes Ind AS Summary Statements for the year ended March 31 2020 whichhave been prepared by the management from the audited financial statements of the Companyas at and for the year ended March 31 2020; have been adjusted by the management asdescribed in Note 38 of Annexure VII to the Restated Ind AS Summary Statements to makethem compliant with recognition and measurement under Ind AS.

c) Audited financial statements of the Company as at and for the year ended March 312019 which were prepared in accordance with Indian GAAP at the relevant time which havebeen approved by the Board of Directors at their meeting held on September 30 2019. TheRestated Ind AS Summary Statements also includes Proforma Ind AS Summary Statements forthe year ended March 31 2019 which have been prepared by the management from the auditedfinancial statements of the Company as at and for the year ended March 31 2019; have beenadjusted by the management as described in Note 38 of Annexure VII to the Restated Ind ASSummary Statements to make them compliant with recognition and measurement under Ind AS.

d) Audited financial statements of the Company as at and for the year ended March 312018 which were prepared in accordance with Indian GAAP at the relevant time which havebeen approved by the Board of Directors at their meeting held on September 24 2018. TheRestated Ind AS Summary Statements also includes Proforma Ind AS Summary Statements forthe year ended March 31 2018 which have been prepared by the management from the auditedfinancial statements of the Company as at and for the year ended March 31 2018; have beenadjusted by the management as described in Note 38 of Annexure VII to the Restated Ind ASSummary Statements to make them compliant with recognition and measurement under Ind AS.

6. For the purpose of our examination we have relied on auditors' reports issued byus dated March 12 2021 November 12 2020 September 30 2019 and September 24 2018 onthe financial statements of the Company for and as at the six months period endedSeptember 30 2020 and as at and for each the years ended March 31 2020 March 31 2019and March 31 2018 respectively as referred in Paragraph 5 above.

7. Based on our examination and according to the information and explanations given tous we report that Restated Ind AS Summary Statements of the Company:

i. have been prepared after incorporating adjustments for the changes in accountingpolicies and regrouping / reclassifications retrospectively in the financial years endedMarch 31 2020 2019 and 2018 to reflect the same accounting treatment as per theaccounting policies and grouping/classifications followed as at and for the six monthsended September 30 2020;

ii. have been prepared after incorporating proforma adjustments to the audited IndianGAAP financial statements as at and for the years ended March 31 2020 2019 and 2018 asdescribed in Note 38 of Annexure VII to the Restated Ind AS Summary Statements;

iii. does not contain any qualifications requiring adjustments. However our reportdated March 12 2021 for six months period ended September 30 2020 includes other matterparagraph for presentation of comparative interim financial information based oninformation compiled by the Management and have not been audited. Qualifications in theCompanies (Auditor's Report) Order 2016 issued by the Central Government of India interms of sub section (11) of section 143 of the Act which do not require any correctiveadjustments in the Restated Ind AS Summary Statements have been disclosed in Annexure VI-C to the Restated Ind AS Summary Statements; and

iv. have been prepared in accordance with the Act ICDR Regulations and the GuidanceNote.

8. We have not audited any financial statements of the Company as of any date or forany period subsequent to September 30 2020. Accordingly we express no opinion on thefinancial position results of operations cash flows and statement of changes in equityof the Company as of any date or for any period subsequent to September 30 2020.

9. This report should not in any way be construed as a reissuance or re-dating of anyof the previous audit reports issued by us nor should this report be construed as a newopinion on any of the financial statements referred to herein.

10. The Restated Ind AS Summary Statements do not reflect the effects of events thatoccurred subsequent to the audited financial statements mentioned in paragraph 5 above.

11. We have no responsibility to update our report for events and circumstancesoccurring after the date of the report.

12. Our report is intended solely for use of the Board of Directors for inclusion inthe DRHP to be filed with Securities and Exchange Board of India National Stock Exchangeof India Limited BSE Limited and Registrar of Companies in connection with the proposedIPO. Our report should not be used referred to or distributed for any other purpose.Accordingly we do not accept or assume any liability or any duty of care for any otherpurpose or to any other person to whom this report is shown or into whose hands it maycome.

Yours Truly
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No: 324982E/E300003
per Sukrut S Mehta
Partner
Membership number: 101974
UDIN: 21101974AAAABL3707
Place of Signature: Ahmedabad
Date: March 12 2021.

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