We have audited the accompanying financial statements of ICONIK SPORTS AND EVENTS
LIMITED (Formerly known as ID INFO BUSINESS SERVICES LIMITED), which comprise the
Balance Sheet as at March 31,2025, the Statement of Profit and Loss for the year then ended,
Cash Flow Statements and a summary of significant accounting policies and other explanatory
information.
2) Management responsibility for the financial statement
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 standalone 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, read with Rule
of the Companies (Accounts) Rules, 2014, as prescribed by the Institute of Chartered
Accountants of India 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 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 statements that give a true and fair view and
are free from material misstatements, whether due to fraud or error.
3) Auditors responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
have taken into account the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the provisions of the Act and
the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing under Section 143 (10) of
the Act. Those Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
4) Opinion
In our opinion and to the best of our information and according to the explanations given to us,
the said accounts read together with the Notes from 1-14, annexed thereon gives the
information required by the Act, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India
a) In case of the Balance Sheet, of the state of the Company's affairs as at 31st March 2025
b) In case of the Statement of Profit & Loss Account, of the profit for the year ended on that date,
and
c) Its Cash flows for the year ended on that date
5) Report on other legal and regulatorty requirements
As required by the Companies (Auditors' Report) Order, 2004, issued by the Central
Government in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we
enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said
order
6) Further to our comments in the above Para on the basis of our audit, we report that:
a. We have obtained all the information and explanations, which to the best of our knowledge and
belief were necessary for the purpose of our audit;
b. In our opinion, the company has kept proper books of account as required by law so far as
appears from our examination of the books of account;
c. The Balance Sheet and Profit and Loss Account dealt with this report are in agreement with the
books of Accounts;
d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014.
e) On the basis of written representations received from the directors as on 31st March, 2025,
taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,
2025, from being appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to the explanations given to us, we
report as under with respect to other matters to be included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company does not have any pending litigations which would impact its financial position
ii. The Company did not have any long-term contracts including derivatives contracts for which
there were any material foreseeable losses
iii. There were no amounts which required to be transferred by the Company to the Investor
Education and Protection Fund.
For M/s. D G M S & Co.
Chartered Accountants
Sd/-
(Atul Doshi)
Partner
M.No. 102585
FRN:112187W
UDIN : 25102585BMJTFZ2401
Place: Mumbai
Dated: 29/05/2025
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