1. We have audited the accompanying Standalone Financial
Statements of IRIS Business Services Limited (the ‘Company’),
which comprise the Standalone Balance Sheet as at March
31, 2025, and the Standalone Statement of Profit And Loss
(including Other Comprehensive Income), Standalone
Statement of Changes in Equity and Standalone Statement of
Cash Flows for the year ended on that date, and notes to the
Standalone Financial Statements, including a summary of
material accounting policy information and other explanatory
information (the ‘Standalone Financial Statements’).

2. In 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 (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 Standards) 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 Other Comprehensive Income,
Changes in Equity and its Cash Flows for the year ended on that
date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards
on Auditing (‘SAs’) specified under section 143(10) of the Act

and other applicable authoritative pronouncements issued
by the Institute of Chartered Accountants of India ('ICAI'). Our
responsibilities under those SAs 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 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 thereunder, and we have
fulfilled our other ethical 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 our opinion on the Standalone Financial
Statements.

Emphasis of Matter

4. We draw attention to Note No. 5 (a) to the Standalone Financial
Statements, which describes that the liabilities of IRIS Business
Services LLC (the ‘Subsidiary’) exceeds the total assets as at the
reporting date. Pursuant to the business plans of the Subsidiary
and the continued financial support from the Company, the
investment in Subsidiary is measured at cost. Our opinion on
the Standalone Financial Statement is not modified in respect
of this 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 for the financial year ended
March 31, 2025. 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.

Other Information

7. The Company’s Board of Directors is responsible for the other
information. The other information comprises the information
included in the Company’s annual report but does not include
the Standalone Financial Statements and our auditors’ report
thereon. The Other Information is expected to be made
available to us after the date of this auditor’s report.

8. Our opinion on the Standalone Financial Statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.

9. In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other information
identified above when it becomes available 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. If, based on the work we have performed,
we conclude that there is a material misstatement of this other
information, we are required to report that fact.

10. When we read 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 Management and Those
Charged with Governance for the Standalone
Financial Statements

11. The Company’s 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 State of Affairs, profit and Other
Comprehensive Income, Changes in Equity and Cash Flows
of the Company in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as
amended and other accounting principles generally accepted
in India. 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 of the appropriate accounting software
for ensuring compliance with applicable laws and regulations
including those related to retention of audit logs; 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 Standalone
Financial Statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

12. In preparing the Standalone Financial Statements, the
Management and the Board of Directors are 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 the Board
of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

Auditor’s responsibilities for the audit of the
Standalone Financial Statements

14. 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 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 Standalone Financial
Statements.

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

15.1. 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.

15.2. 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) the Act, 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.

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

15.4. Conclude on the appropriateness of the 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
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.

15.5. 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.

16. 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.

17. 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.

18. 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 year 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

19. As required by the Companies (Auditor’s Report) Order, 2020
(the ‘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.

20. As required by Section 143(3) of the Act, we report that:

20.1. 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.

20.2. 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.

20.3. 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 Flow dealt with by this
Report are in agreement with the books of account.

20.4. In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified under
Section 133 of the Act read with the relevant rules
thereunder.

20.5. On the basis of the written representations received from
the directors taken on record by the Board of Directors,

none of the directors is disqualified as on March 31, 2025
from being appointed as a director in terms of Section
164(2) of the Act.

20.6. 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’.

20.7. 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 is not in excess of
the limit laid down under Section 197 of the Act.

21. 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:

21.1. The Company has disclosed the impact of pending
litigations as at March 31, 2025 on its financial position in
its Standalone Financial Statements - Refer Note No. 33
(c) to the Standalone Financial Statements.

21.2. The Company has made provision, as required under the
applicable law or Ind AS, for material foreseeable losses, if
any, on long-term contracts including derivative contracts
- Refer Note No. 33 (b) to the Standalone Financial
Statements.

21.3. There were no amounts which were required to be
transferred to the Investor Education and Protection Fund
by the Company.

21.4. The Management has represented, to best of their
knowledge and belief, that 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 person(s) or entity(ies),
including foreign entities (‘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.

21.5. The Management has represented, to best of their
knowledge and belief, that no funds have been received
by the Company from any person(s) or entity(ies),
including foreign entities (‘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.

21.6. Based on such audit procedures, that have been
considered reasonable and appropriate in the
circumstances, performed by us, nothing has come
to our notice that has caused us to believe that the
representation under paragraphs '21.4' and '21.5' contain
any material misstatement.

21.7. In our opinion and according to information and
explanation given to us, the Company has not declared
or paid dividend during the year, accordingly compliance
with section 123 of the Act by the Company is not
applicable.

21.8. 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.

Additionally, the audit trail has been preserved by the Company
as per the statutory requirements for record retention.

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Soorej Kombaht

Partner

Place: Navi Mumbai ICAI Membership No.: 164366

Date: 14 May 2025 UDIN: 25164366BMNUNA7735