We have audited the accompanying Standalone financial statements of Integrated Personnel
Services Limited (the "Company"), which comprise the Standalone Balance Sheet as at March 31,
2025, standalone Statement of Profit and Loss, Standalone Statement of Cash Flows for the year
ended, and a summary of material accounfing policies and other explanatory informafion
(hereinafter referred to as the "Standalone financial statements").

In our opinion and to the best of our informafion and according to the explanafions given to us, the
aforesaid Standalone financial statements give the informafion required by the Companies Act, 2013
(the "Act") in the manner so required and give a true and fair view in conformity with the accounfing
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its
profit and Loss account, and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on
Auditing (SAs) specified under secfion 143(10) of the Companies Act, 2013. Our responsibilities
under those Standards are further described in the Auditor's Responsibilities for the Audit of the
Standalone financial statements secfion 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
together with the ethical requirements that are relevant to our audit of the Standalone financial
statements under the provisions of the Companies Act, 2013 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the standalone financial statements of the 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.

We have determined the matters described below to be the key audit matters to be communicated
in our report.

Information Other than the Standalone financial statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and Analysis,
Board's Report including Annexures to Board's Report, Corporate Governance Report Business
Responsibility and Sustainability Report and Shareholder's Information but does not include the
Standalone financial statements and our auditor's report thereon.

Our opinion on the standalone 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 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 during the course of our 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. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone financial
statements

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 financial position, financial performance and cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the accounfl'ng 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 the assets of the
Company and for preventing and detecfi'ng frauds and other irregularities; selection and application
of appropriate accounfi'ng policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls, that
were operafi'ng effectively for ensuring the accuracy and completeness of the accounfi'ng records,
relevant to the preparation and presentafion of the Standalone financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone financial statements the 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 accounfi'ng unless the Board of Directors either
intends to liquidate the Company or to cease operafions, or has no realisfic alternafive but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporfing process.

Auditor's Responsibilities for the Audit of the Standalone financial statements

1. 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
Standalonefinancial statements.

2. As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughoutthe audit. We have also:

a. 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.

b. Obtain an understanding of internal financial control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls system in place and the
operating effectiveness of such controls.

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

d. 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 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,

e. Evaluate the overall presentah'on, structure and content of the Standalone financial
statements including the disclosures, and whether the Standalone financial
statements represent the underlying transacfions and events in a manner that
achieves fair presentah'on.

3. We communicate with those charged with governance regarding, among other matters, the
planned scope and hming of the audit and significant audit findings, including any significant
deficiencies in internal control that we idenhfy during our audit.

4. 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 relahonships 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 identify matter that were
of such significance in the audit of the Standalone financial statements for the financial year ended
March 31, 2025, that they would be considered key audit matters. Accordingly, such matters have
been described in our auditor's report. Furthermore, there were no circumstances where disclosure
was precluded by law or regulafion, or where adverse consequences were expected to outweigh the
public interest benefits of such communicafion.

Report on Other Legal and Regulatory Requirements

1. 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 Companies
Act, 2013, 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, 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 examinafion of those books.

c. The Company does not have any branches therefore the reporfing under this clause is
not applicable.

d. The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flows
dealt with by this Report are in agreement with the relevant books of account.

e. In our opinion, the aforesaid Standalone financial statements comply with the
Accounting standards specified under Section 133 ofthe Act.

f. There are no observafions or comments on financial transacfions or matters which
have any adverse effect on the functioning of the company.

g. On the basis of the written representations received from the directors as on March
31, 2025 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) ofthe Act.

h. There is no qualificafion, reservafion or adverse remark relating to maintenance of
accounts and other matters connected therewith no need to include this.

i. With respect to the adequacy of the internal financial controls over financial reporfing
of the Company and the operating effecfiveness of such controls, refer to our separate

Report in 'Annexure B'. Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's internal financial controls over financial
reporting.

j. With respect to the matter to be included in the Auditor's Report under Secfion
197(16) of the Act: In our opinion and to the best of our informafion and according to
the explanafions given to us, the provisions of secfion 197 read with schedule V to the
companies Act, 2013 in respect of the remuneration paid by the Company to its
directors during the year. The remuneration paid is in accordance with the provisions
of Secfion 197 read with Schedule V to the Companies Act, 2013.

k. 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 informafion and according to the explanafions given to
us:

i. The Company did not have any pending lifigafions on its financial position in its
standalonefinancial statements.

ii. The Company has made provision, as required under the applicable law or
accounfing standards for material foreseeable losses if any long-term contracts,
including derivative contracts.

iii. There has been no amount which is to be transferred to the Investor Educafion
and Protecfion Fund duringthefinancial year.

iv. (a) The management has represented that, to the best of its knowledge and
belief, 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 enfifies, including foreign enfifies ("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 enfifies identified in any manner whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf
ofthe Ultimate Beneficiaries.

(b) The management has represented, that, to the best of its knowledge and
belief, no funds have been received by the Company from any person or entities,
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; 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 representations under sub-clause (a) and (b) contain any
material misstatement.

v. The Company has not declared or paid dividend during the year.

vi. Based on our examination of the books of account and other relevant records of
the Company, and according to the information and explanations given to us, we
report that the Company has used accounting software for maintaining its books
of account which has a feature of recording audit trail (edit log) facility.

Further, in accordance with the requirements of the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014, applicable with effect from April 1, 2023, the
audit trail feature has been operated throughout the financial year ended March
31, 2025, for all transactions recorded in the software, and the audit trail has not
been tampered with and the audit trail has been preserved by the Company as
per the statutory requirements for record retention.

For ATSJ and Associates
Chartered Accountants
Firm's Registration No.: 152047w

Himanshu Desarda
Partner
M No.: 199737

UDIN: 25199737BNULEM1532
Place: Mumbai
Date: 16.05.2025