We have audited the Ind AS Financial statements of
International Data Management Limited (“the Company”),
which comprise the Balance sheet as at 31st March, 2024, the
Statement of Profit and Loss (including other comprehensive
income), the statement of changes in equity, Cash flow
Statement for the year then ended, and notes to the Ind AS
financial statements, including a summary of the material
accounting policies and other explanatory information
(hereinafter referred to as “the Ind AS Financial statements”).
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
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 31st March, 2024, and its loss, total
comprehensive income, changes in equity and its cash flows
for the year ended on that date.
Basis for Opinion
We conducted our audit of financial statement in accordance
with the Standards on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor’s
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 of
Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the 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 ICAI’s Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the financial statements.
Material Uncertainty Related to Going Concern
The Company has significant accumulated losses and has
incurred losses of Rs. 17.47 lakhs during the current year and
Rs. 165.47 lakhs in previous year. The Company’s net worth
is fully eroded and the current liabilities exceed its current
assets by Rs. 410.91 lakhs as at March 31, 2024. These
conditions raise a doubt regarding the Company’s ability to
continue as a going concern. However, the financial
statements have been prepared on a going concern basis in
view of the financial support from the Promoter Group to
meet its financial obligations as and when they fall due.
Our opinion is not modified in respect of this matter.
Key Audit Matter
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current period. 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. Except for the matter described in
Material Uncertainty Related to Going Concern section, we
have determined that there are no other key audit matters to
communicate in our report.
Information Other than the 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, but does not include the
financial statements and our auditor’s report thereon.
Our opinion on the Ind AS 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 Ind AS 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 on the other
information that we obtained prior to the date of auditor’s
report, 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 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 financial statements that give a true and
fair view of the financial position, financial performance,
changes in equity and cash flows of the Company in
accordance with the accounting principles generally
accepted in India including the Indian Accounting Standards
(Ind AS) 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 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 misstatement, whether
due to fraud or error.
In preparing the 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 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.
Those Board of Directors are also responsible for overseeing
the Company’s financial reporting process.
Auditor’s Responsibility for the Audit of Financial
Statements
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.
• 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) of the Companies Act, 2013, 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.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management and
Board of directors.
• 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.
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 of the current period 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.
Other Matter
The Financial Statements of the Company for the year ended
31st March, 2023, prepared in accordance with Ind AS have
been audited by the predecessor auditors. The report of the
predecessor auditors dated 29th May, 2023, expressed an
unmodified opinion.
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
Act, and on the basis of such checks of the books and
records of the Company as we considered appropriate
and according to the information and explanations
given to us and the representation obtained from the
management, we give in the “Annexure A” a statement
on the matters specified in the paragraphs 3 and 4 of the
said Order.
2. As required by Section 143 (3) of the Act, 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 examination of those books.
(c) The balance sheet, the statement of profit and loss
including Other Comprehensive Income, the
statement of changes in equity and the cash flow
statement dealt with by this report are in agreement
with the relevant books of account.
(d) In our opinion, the aforesaid Ind AS financial
statements comply with the Ind AS specified under
Section 133 of the Act.
(e) On the basis of written representations received
from the directors as on 31st March, 2024 taken on
record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2024 from
being appointed as a director in terms of Section
164 (2) of the Act.
(f) 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”.
(g) The Company has not paid or provided for any
managerial remuneration during the year.
Accordingly, reporting under section 197 (16) of the
Act is not applicable.
(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 does not have any pending
litigations which would impact its financial
position;
ii) The Company did not have any long-term
contracts including derivative contracts, for
which there were any material foreseeable
losses.
iii) There were no amounts, which were required
to be transferred during the year to the Investor
Education and Protection Fund by the
Company.
iv) (a) The management has represented to us
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 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;
(b) The management has also represented to
us, that, to the best of its knowledge and
belief, 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; and
(c) Based on such audit procedures that we
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 mis¬
statement.
v) No dividend declared or paid during the year
by the company.
3. 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 V Nagarajan & Co.
Chartered Accountants
FRN : 004879N
Sd/-
Pradeep Kumar
Partner
Place: New Delhi M.No. 514068
Date: 27th May 2024 UDIN: 24514068BKCAUI9648
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