We have aud.ted the accompanying financial statements of Innovative Ideals and Services (India)
limited (the Company) which comprise the Balance Sheet as at 31^st March, 2025 the Statement of Profit
and Loss and the Cash Flow Statement for the period ended on 31* March, 2025 and a summary of
Material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, except
or the possible effects of the matter described in the Basis for Qualified Opinion paragraph of our report
he aforesaid financial statements give the information required by the provisions of Companies Act in
the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted In India, of the state of affairs of the Company as at 31” March, 2025 and losses and
its cash flows for the period ended 31^st March, 2025.

Basis for Qualified opinion

We draw attention to the matters to valuation of inventory, the effect of misstatement and possible
effect of undetected misstatement on the financial statement due to inability to obtain sufficient and

aggregate the which are material but not pervasive in either individually or in

aggregate. The company s inventories are carried in Balance Sheet at Rs. 377.49 Lakhs has not stated by

the management at the lower of cost or net realizable value but has stated them solely at cost which

constitutes departure from the Accounting standard prescribed under section 133 of the Companies Act

2013. However in the absence of sufficient audit evidence and Physical Verification the impact of the

comment on the effect of the financial statement if any, is not ascertainable hence we are unable to

comment on the effect of the same on financial statement of the company.

Other Matter

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10)
o the Companies Act 2013. Our responsibilities under those Standards are further described in the Auditor'!

responsibilities for the Audit of the Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the institute Chartered independent of the

together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and

responsibilities in accordance with these requirements and the Code of Ethics We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the financial statements for the period ended 31^st March, 2025. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon and we do not
provide a separate opinion on those matters.

We have determined the matters described below to be the Key Audit Matters to be communicated in our
Report:

• The Company has filed Suit for the recovery of amounting to Rs. 74.20 Lakhs which is included in other
receivable under the head "Other Non- Current Assets" shown in the Financial Statement stated as
disputed ssTrade Debtors and all the matters is currently pending in the respective court, the material
suit filed by the company are as follows:

1. Suit No 2374 of 2013 before Bombay City Civil Court, Mumbai amounting to 56.16 Lakhs against
Pebble Bay Developers Private Limited, Dated 01/08/2013.

2. Suit No. 807 of 2017 under order XXXVII of the City Civil Procedure Code, 1908 before Bombay
City Civil Court, Mumbai amounting to 8.82 Lakhs against Kalpataru Properties Private Limited.

3. Suit No. 369 of 2021 before Bombay City Civil Court, Mumbai amounting to 7.44 lakhs against
Kalpataru Properties Private Limited.

• It was observed that the Company has received a letter dated 20.05.2025 from M/s Strategic
Softwares Consultants, Delhi, regarding sales amounting to Rs. 200.30 lakhs (plus GST) made to them
on 25/26.03.2025. In the letter, the customer stated that the items supplied were not of the agreed
quality and standards, were old, and were not usable. Consequently, they have indicated that no
payment will be made. The customer has also informed that their representative will visit the
Company's office for discussions. This matter is significant and may have a potential impact on the
Company's results for the subsequent financial year.

Information Other than the Financial Statements and Auditor's Report Thereon

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

Our opinion on the 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 financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the Board's Report including Annexure to Board's Report, if we conclude that there is a
material misstatement therein, we are required to communicate the matter to those charged with
governance.

Responsibilities of Management and those charged with governance for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies
Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance, and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the Accounting Standards specified
under section 133 of the Act. 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 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 financial statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the financial statements, management 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.

The Board of Directors are also responsible for overseeing the Company s financial reporting process.
Auditor's Responsibilities for Audit of Financial Statement

Our objectives are to obtain reasonable assurance about whether the 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 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 financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also

• Identify and assess the risks of material misstatement of the 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. ¹

• 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 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.

• Evaluate the overall presentation, structure and content of the 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 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 for the period ended 31st
March, 2025 and are therefore the key audit matters. We describe these matters in our auditor s report
unless¹ 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 ("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, we report that:

a. Except for the matters described in the Basis for Qualified paragraph we have sought and obtained all
the information and explanations, which to the best of our knowledge and belief were necessary for the
purpose of our audit;

b. Except for the matters described in the Qualified Opinion paragraph in our opinion, proper books of
account, as required by the law, have been kept by the Company, so far as appears from our examination
of those books;

c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this
report are in agreement with the books of account;

d. Except for the matters described in the Qualified Opinion paragraph in our opinion, the aforesaid
financial statements comply with the applicable Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules 2014;

e. The matters described under the basis for Qualified Opinion paragraph above in our opinion, may have
an adverse effect on functioning of the Company and on the amounts disclosed in financial statement

of Company;

f. The qualification relating to the maintenance of accounts and other matters connected therewith are
as stated in the Basis for Qualified Opinion paragraph above;

g. With respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate report in Annexure - B; and

h. 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, 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 litigation as at 31^s’ March, 2025 on its financial
position in its financial statements - Refer Note - 27 to the financial statements.

ii. The Company did not have any long-term contracts including derivative contract; as such the
question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the period under report to transfer
any sums to the Investor Education and Protection Fund. The question of delay in transferring such
sums does not arise.

iv.

a) The management has represented that, to the best of its knowledge and belief, as disclosed
in note: 34 to the accounts, no funds 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 persons or entities, including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:

• Directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or ²

b) The management has represented, that, to the best of its knowledge and belief, as disclosed
in the note: 34 to the accounts, no funds have been received by the company form any
persons or entities, including foreign entities ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the Company shall:

• Directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever ("Ultimate Beneficiaries") by or on behalf of the Funding Party or

• Provide any guarantee, security or the like form or on behalf of the Ultimate Beneficiaries.

c) Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representation sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement

v. There has no dividend or paid during the period ended 31^st March '2025 by the Company hence
is in compliance with section 123 of the Act is not arise.

i. With respect to the matter to be included in the Auditor's Report under Section 197(16) of the Act.

In our opinion and according to the information and explanations given to us, remuneration paid by
the Company to its directions during the current period is in accordance with the provision of section
197 of the Act. The remuneration paid to any director 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.

j. Based on our examination which included test checks, 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.
Further, during the course of our audit we did not come across any instance of audit trail feature being
tampered with.

For, Keyur Shah& Associates

Chartered Accountants __

F. R. No: 333288W

Akhlaq Ahmad Mutvalli
Partner

M. No.: 181329 ^{DatDate: 26th May}' ²⁰²⁵

UDIN: 25181329BMHBUE5780 ^place: Ahmedabad

1

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

2

Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.