1. We have audited the accompanying standalone
financial statements of Baazar Style Retail
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 Flows 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").

2. I n 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,
as amended ("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 Standard) Rules 2015, as
amended (ind AS) and other accounting principles
generally accepted in India, of the state of affairs
of the Company as at March 31, 2025, its profit and
total comprehensive income, changes in equity
and its cash flows for the year ended on that date.

Basis for Opinion

3. 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 made there under, and we
have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI
Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to
provide a basis for our opinion on the standalone
financial statements.

Emphasis of Matter

4. We draw attention to Note 32 of the accompanying
standalone financial statements, which describes
the loss of inventory and property, plant and
equipment due to a fire incident that occurred on
May 20, 2024, at the Company's warehouse located
in Serampore, Hooghly, West Bengal. The Company
is adequately insured against such losses and has
filed a claim with the insurer, which is currently
under assessment and not disputed. Based on
the opinion of an independent insurance expert,
and other available information, management is
confident that the estimated loss will be recovered.
Accordingly, the Company has recognised the
anticipated insurance claim as a receivable. The
value of the loss of inventory and property, plant
and equipment, along with the related GST input
credits, has been charged off and netted against
the insurance claim receivable, which has been
disclosed under "Exceptional Items".

Our opinion on the standalone financial statements
is not modified in respect of the above matter.

Key Audit Matters

5. Key audit matters are those matters that, in our
professional judgment, 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

6. The Company's Board of Directors is responsible
for the other information. The other information
comprises the information included in the annual
report, but does not include the standalone
financial statements and our auditor's report
thereon. The annual report is expected to be made
available to us after the date of this auditor's report.

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

I n connection with our audit of the standalone
financial statements, our responsibility is to read the
other information and, in doing so, consider whether
the other information is materially inconsistent
with the standalone financial statements or our
knowledge obtained in the audit or otherwise
appears to be materially misstated. When we
read the other information, as mentioned above,
that would be included in the annual report, if we
conclude that there is a material misstatement

therein, we are required to communicate the
matter to those charged with governance and
take appropriate action as applicable under the
relevant laws and regulations.

Responsibilities of the Management and
Board of Directors for the standalone financial
statements

7. The Company's Management and 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, total
comprehensive income, changes in equity and
cash flows 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 of 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 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.

8. In preparing the standalone financial statements,
the Management and Board of Directors is
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.

9. The Company's Board of Directors is also
responsible for overseeing the Company's financial
reporting process.

Auditors' Responsibility for the Audit of the
standalone financial statements

10. 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 auditors' 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 SAs 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.

11. As part of an audit in accordance with SAs, we
exercise professional judgment 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
Companies Act, 2013, we are also responsible
for expressing our opinion on whether the
Company has adequate internal financial
controls with reference to standalone 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 and Board of Director'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; and

• evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the

standalone financial statements represent
the underlying transactions and events in a
manner that achieves fair presentation.

12. 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 standalone 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 standalone financial statements.

13. 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 financial control that we
identify during our audit.

14. 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.

15. 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

16. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order") issued by the Central
Government of India in terms of sub-section (ll) 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.

17. 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. 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 except for the
matters stated in the paragraph 17(i)(vi) below
on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended).

c. The standalone balance sheet, the standalone
statement of profit and loss (including other
comprehensive income), the standalone
statement of changes in equity and the
standalone statement of cash flows dealt with
by this Report are in agreement with the books
of account;

d. I n our opinion, the aforesaid standalone
financial statements comply with the Indian
Accounting Standards (ind AS) 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, taken on record by
the Board of Directors, none of the directors are
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
17(b) above on reporting under section 143(3)
(b) of the Act and paragraph 17(i)(vi) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules,2014 (as amended);

g. With respect to the adequacy of the internal
financial controls with reference to standalone

financial statements of the Company and the
operating effectiveness of such controls, refer
to our separate Report in "Annexure B".

h. In our opinion and according to the
information and explanations given to us,
the remuneration paid by the Company
to its directors during the current year is in
accordance with the provisions of Section
197 of the Act. The remuneration paid to any
director by the Company is not in excess of the
limit laid down under Section 197 of the Act. The
Ministry of Corporate Affairs has not prescribed
other details under Section 197(16) of the Act
which are required to be commented upon by
us; 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 as on March 31, 2025,
on its financial position in its standalone
financial statements - Refer Note 36(a) to
the standalone financial statements;

ii) The Company did not have any long-term
contracts including derivative contracts
as at March 31, 2025 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 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 Company has not declared/paid
any dividend during the year therefore
reporting regarding compliance of
Section 123 of the Act is not applicable.

vi) Based on our examination, which included
test checks, the Company has used
accounting softwares including interfaces
across accounting softwares for inventory
records and supply chain management,
for maintaining its books of accounts for

where such functionality was enabled
and logs were maintained. Additionally,
the audit trail has been preserved
by the Company as per the statutory
requirements for record retention to the
extent it was enabled and recorded in the
respective years.

For Singhi & Co.

Chartered Accountants
Firm Registration No.302049E

(Shrenik Mehta)

Partner

Place: Kolkata Membership No. 063769

Dated: May 14, 2025 UDIN: 25063769BMMIQQ9634