We have audited the Ind AS Financial Statements of ISF LIMITED (“the Company”), which comprise
the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss, Statement of Changes in
Equity and Statement of Cash Flows for the year then ended, and notes to the Financial Statements,
including a summary of significant accounting policies and other explanatory information
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Ind AS Financial Statements give 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, of the state of affairs of the Company as at 31st March, 2025 and its loss, changes in Equity
and its Cash Flows for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those
Standards are further described in the Auditor's Responsibilities for the Audit of the Ind AS
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 annual audited financial results
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 Ind AS Financial Statements of current period. These matters were
addressed in the context of our audit of the Ind AS Financial Statements as a whole, and in the
forming our opinion there on, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our reports.
Management's Responsibilities for the Ind AS 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 Ind AS Financial Statements
that give a true and fair view of the financial position, financial performance including Other
Comprehensive Income, 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)
prescribed 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
judgements 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 Ind AS
Financial Statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the Ind AS 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 the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Ind AS 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 reasonableness of accounting estimates
and related disclosures made by management.
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 Ind AS Financial Statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained upto 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 Ind AS Financial Statements, including
the disclosures and whether the Ind AS 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 Ind AS 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 outway 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 (“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, 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 and
the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Ind AS Financial Statements comply with the Indian Accounting
Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)
Rules, 2014.
e) On the basis of the 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 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) 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. The Ministry of Corporate Affairs has not prescribed other details
under Section 197(16) which are required to be commented upon by us.
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 litigations on its financial position in its Ind
AS Financial Statements - Refer Note 22 to Ind AS Financial Statements
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 to the Investor Education and
Protection Fund by the Company.
iv. (i) The management has represented that to the best of its knowledge and belief, other than as
disclosed in the Notes 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 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.
(ii) The management has represented that to the best of its knowledge and belief, other than as
disclosed in the Notes to the Accounts, 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
(iii) Based on such audit procedures that we have 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 (i) and (ii) contain any material mis-statement
v. No dividend has been declared or paid during the year by the Company.
vi. Based on our examination, which included test checks, the Company has used accounting
software for maintaining its books of account for the financial year ended March 31, 2025 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 the 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 S S A & Associates
Chartered Accountants
Firm Registration No 012421N
SD/-
Place: New Delhi Samir Vaid
Dated: 20th May,2025 Partner
UDIN: 25091309BMJACT6563 Membership No. 091309
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