Divine Hira Jewellers Ltd Auditor Reports

To,

The Board of Directors

DIVINE HIRA JEWELLERS LIMITED

74/A, 1 St Floor, Office No. 2,

Opp. Hotel Bhagat Tarachand, Zaveri Bazar,

Mumbai Maharashtra, India - 400002.

1. We have examined the attached restated financial information of Divine Hira Jewellers Limited (“the Company”) comprising the restated statement of assets and liabilities as at March 31^st, 2024, 2023 and 2022, restated statement of profit and loss and restated cash flow statement for the financial year ended on March 31^st, 2024, 2023 and 2022 and the summary statement of significant accounting policies and other explanatory information (collectively referred to as the “restated financial information” or “Restated Financial Statements”) annexed to this report and initialed by us for identification purposes. These Restated Financial Statements have been prepared by the management of the Company and approved by the Board of Directors at their meeting in connection with the proposed Initial Public Offering on the SME platform of the stock exchanges (“IPO” or “SME IPO”) of the company.

2. These restated summary statements have been prepared in accordance with the requirements of:

(i) Section 26 of Part I of Chapter III of Companies Act, 2013 (the “Act”) read with Companies (Prospectus and Allotment of Securities) Rules 2014; (ii) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 (“ICDR Regulations”) and related amendments / clarifications from time to time issued by the Securities and Exchange Board of India (“ SEBI”);

(iii) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (“Guidance Note”)

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Statements for inclusion in the Draft Prospectus / Prospectus (“Offer Document”) to be filed with Securities and Exchange Board of India (“SEBI”), Stock exchanges and Registrar of Companies (Mumbai) in connection with the proposed IPO. The Restated Financial Statements have been prepared by the management of the Company on the basis of preparation stated in Annexure 4 to the Restated Financial Statements. The responsibility of the board of directors of the Company includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Statements. The board of directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

4. We have examined such Restated Financial Statements taking into consideration:

(i) The terms of reference and terms of our engagement letter requesting us to carry out the assignment, in connection with the proposed IPO;

(ii) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

(iii) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Statements;

(iv) The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

5. The Restated Financial Statements of the Company have been compiled by the management from audited financial statements as per the Companies Act, 2013 for the Year ended on March 31st, 2024, and for the period ended For the period 19 July 2022 to 31 March 2023 and tax audited financial statements as per the Income Tax Act, 1961 for the Year ended on March 31st, 2022 of HUF M/s HIRA TRADERS.

6. Audit for the financial year ended March 31^st, 2024 was audited by us vide our report dated 30^th may 2024, and Audit for the financial year ended March 31^st, 2023 was audited by us vide our report dated 26^th June 2023. We have not audited the financial statements of the Issuer (HUF M/s HIRA TRADERS) as of the financial period ended 30th September 2022 and reliance has been kept on financial statements which have been audited solely by M/s Maloo Rathod & Co (Chartered Accountants) in the capacity of Auditor of the HUF. For the financial year ended March 31, 2022, reliance has been kept on financial statements which have been audited solely by M/s Maloo Rathod & Co (Chartered Accountants) in the capacity of Tax Auditor of the HUF.

7. Based on our examination and according to the information and explanations given to us, we are of the opinion that the Restated Financial Statements:

a) Have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping / reclassifications retrospectively in the financial year/period ended on March 31, 2024, March 31, 2023 and March 2022.

b) do not require any adjustment for modification as there is no modification in the underlying audit reports;

c) have no extra-ordinary items that need to be disclosed separately in the accounts and requiring adjustments.

d) have been prepared in accordance with the Act, ICDR Regulations and Guidance Note.

8. In accordance with the requirements of the Act including the rules made there under, ICDR Regulations, Guidance Note and engagement letter, we report that:

(i) The “restated statement of asset and liabilities” of the Company as at March 31^st, 2024, 2023 and 2022 examined by us, as set out in Annexure 1 to this report read with significant accounting policies in Annexure 4(A) has been arrived at after making such adjustments and regroupings to the audited financial statements of the Company, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report.

(ii) The “restated statement of profit and loss” of the Company for the financial year/period ended as at March 31^st, 2024, 2023 and 2022 examined by us, as set out in Annexure 2 to this report read with significant accounting policies in Annexure 4(A) has been arrived at after making such adjustments and regroupings to the audited financial statements of the Company, as in our opinion were appropriate and more fully described in notes to the restated summary statements to this report.

(iii) The “restated statement of cash flows” of the Company for the financial year/period ended as at March 31^st, 2024, 2023 and 2022 examined by us, as set out in Annexure 3 to this report read with significant accounting policies in Annexure 4(A) has been arrived at after making such adjustments and regroupings to the audited financial statements of the Company, as in our opinion were appropriate and more fully described in notes to restated summary statements to this report.

9. We have also examined the following other financial information relating to the Company prepared by the management and as approved by the Board of Directors of the Company and annexed to this report relating to the Company for the financial year/period ended as at March 31^st, 2024, 2023 and 2022 proposed to be included in the Offer Document.

20. Details of other income as restated as appearing in Annexure 20 to this report.

21. Details of Cost of Finished Goods Consumed as restated as appearing in 21.1 to this report;

22. Details of changes in inventories of finished goods, work-in-progress and stock-in-trade as restated as appearing in Annexure 21.2 to this report;

23. Details of employee benefit expenses as restated as appearing in Annexure 22 to this report;

24. Details of finance cost as restated as appearing in Annexure 23 to this report;

25. Details of depreciation and amortization expenses as restated as appearing in Annexure 24 Ito this report;

26. Details of other expenses as restated as appearing in Annexure 25 to this report;

27. Summary of significant accounting ratios as restated as appearing in Annexure 26 to this report;

28. Details of related party transaction as restated as appearing in Annexure 27 to this report;

29. Capitalisation Statement as at March 31^th, 2024 as restated as appearing in Annexure 28 to this report;

30. Statement of tax shelters as restated as appearing in Annexure 29 to this report;

31. Statement of other financial ratios as restated as appearing in Annexure 30 to this report;

32. Statement of key performance indicators as restated as appearing in Annexure 31 to this report;

10. The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by any other firm of Chartered Accountants nor should this report be construed as a new opinion on any of the financial statements referred to therein.

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

12. Our report is intended solely for use of the board of directors for inclusion in the offer document to be filed with SEBI, Stock Exchanges and Registrar of Companies (Mumbai) in connection with the proposed IPO. Our report should not be used, referred to or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.