We have audited the Financial Statements of IVP
Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2026, the Statement of profit
and loss (including Other Comprehensive Income),
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
material and significant accounting policies and
other explanatory information (hereinafter referred to
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 March 31, 2026, and

its Profits including Other Comprehensive Income,
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 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 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 judgment, were of most significance in our audit
of the financial statements of the current year. These matters were addressed in the context of our audit of
the 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.

Description of Key Audit Matters

Description of Kev Audit Matters (Contd.)

OTHER INFORMATION

The Companys' Board of Directors is responsible
for the other information. The other information
comprises the Directors' Report. Our opinion on
the 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 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. We have nothing to
report in this regard.

RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR
THE FINANCIAL STATEMENTS

The Companys' Board of Directors are 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 Accounting 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 of 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 Companys'
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.

The Board of Directors is also responsible for
overseeing the Companys' financial reporting
process.

AUDITOR'S RESPONSIBILITIES FOR THE
AUDIT OF THE 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 the Standards on
Auditing 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 Standards
on Auditing, we exercise professional judgment and
maintain professional scepticism 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 controls.

• 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 an adequate internal financial control 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.

• 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 Companys' 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.

Materiality is the magnitude of misstatements
in the financial statements that, individually or in
aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i)
planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect
of any identified misstatements in the financial
statements.

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 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.

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, the Statement of Changes in Equity,
and the Cash Flow Statement dealt with by
this Report are in agreement with the books
of account.

(d) In our opinion, the aforesaid Financial
Statements comply with the Indian
Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2015, as
amended.

(e) On the basis of the written representations
received from the directors as on March
31, 2026, taken on record by the Board of
Directors, none of the directors is disqualified
as on March 31, 2026, 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 with reference to Financial
Statements of the Company and the
operating effectiveness 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 financials controls
with reference to the Financial Statements.

(g) With respect to the other matters to be
included in the Auditor's Report in accordance
with the requirements of Section 197(16) of
the Companies Act, 2013, as amended in our
opinion and to the best of our information
and according to the explanations given to
us, the remuneration paid by the Company to
its directors during the year is in accordance
with the provisions of Section 197 of the Act.

(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
Statements. Refer to Note No.35 to the
financial statements.

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

iii. There has been no delay in transferring
amounts required to be transferred to
the Investor Education and Protection
Fund by the Company during the year
ended March 31, 2026.

iv. (a) The Management has represented

to us that, to the best of its knowledge
and belief, as disclosed in the notes
to the accounts no funds (which are
material either individually or in the
aggregate) 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 entities, 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 represented
to us that, to the best of its knowledge
and belief, as disclosed in the notes
to the accounts, no funds (which are
material either individually or in the
aggregate) 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.

(c) Based on the audit procedures
that has been considered
reasonable and appropriate in the
circumstances, nothing has come
to our notice that cause us to believe
that the representation given by the
Management under sub-clause (i)
and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain
any material misstatements.

v. (a) The final Dividend proposed in the

previous year, declared and paid by
the Company during the year, is in
accordance with Section 123 of the
Act, as applicable.

(b) The Board of Directors of the
Company has proposed a final
dividend for the year, which is
subject to the approval of the
members at the ensuing Annual
General Meeting. The amount of
Dividend proposed is in accordance
with Section 123 of the Act, as
applicable.

vi. The reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014 is applicable from April 01, 2023.

Based on our examination, which
included test checks, the Company has
used accounting software for maintain
books of account for the financial
year ended March 31, 2026 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.

Further, the audit trail records have
been preserved by the Company as
per the statutory requirements for
record retention.

For Rajendra & Co.

Chartered Accountants
Firm's Registration No.: 108355W

Apurva Shah

Partner

Membership No.: 047166
UDIN: 26047166NUEVSN3188

Place: Mumbai
Date: May 21, 2026