I have audited the accompanying standalone financial
statements of Izmo Limited ('the Company’), which
comprise the balance sheet as at March 31, 2026,
the statement of profit and loss (including other
comprehensive Income), the statement of changes
in Equity and the statement of cash flows for the
year ended, and a summary of significant accounting
policies and other explanatory information (hereinafter
referred to as “the standalone financial statements”).
In my opinion and to the best of my information
and according to the explanations given to me, the
aforesaid standalone 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 Indian Accounting Standards
prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules,
2015, as amended, (“Ind AS”) and the other accounting
principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2026, and its
profit and total comprehensive income, changes in
equity and its cash flows for the year ended on that date.
Basis for Opinion
I have conducted my audit of the standalone financial
statements in accordance with the standards on
Auditing (“SA”s) specified under section 143(10) of
the Act. My responsibilities under those standards are
further described in the Auditor’s Responsibilities
for the Audit of the standalone financial statements
section of my report. I am Independent of the Company
in accordance with the code of ethics issued by the
Institute of Chartered Accountants of India (ICAI)
together with the independence requirements that
are relevant to my audit of the standalone financial
statements under the provisions of the Act and the
Rules made thereunder, and I have fulfilled my other
ethical responsibilities in accordance with these
requirements and the ICAI’s code of ethics. I believe
that the audit evidence I have obtained is sufficient
and appropriate to provide a basis for my opinion on the
standalone financial statements.
Key Audit Matters
Key audit matters ('KAM’) are those matters that, in
my professional judgment, were of most significance
in my audit of the standalone financial statements of
the current period. These matters were addressed in
the context of my audit of the standalone financial
statements as a whole, and in forming my opinion
thereon, and I do not provide a separate opinion on
these matters. I Have determined the matters described
below to be the key audit matters to be communicated
in my report.
Description of Key Audit MatterEvaluation of uncertain tax positions
The Company has material uncertain tax positions
including matters under dispute which involves
significant judgement to determine the possible
outcome of these disputes Refer Notes 2(i), 41 & 43 to
the standalone Financial Statements.
Auditor’s Response
• Obtained details of completed tax assessments
and demands for the year ended March 31, 2026, from
management.
• Read and analyzed selected key correspondences,
external legal opinions / consultations by
management for key uncertain tax positions.
• Discussed with appropriate senior management
and evaluated management’s underlying key
assumptions in estimating the tax provisions; and
• Assessed management’s estimate of the possible
outcome of the disputed cases.
Emphasis of Matter
As more fully described in Note. 41 & 43 to the
Standalone Financial Statements and in Point 1 of key
Audit Matters, The Company is responding to inquiries
from Indian regulatory authorities. The scope, duration
or outcome of these matters are uncertain.
My opinion is not modified in respect of this matter.
Information Other than the Standalone
Financial Statements and Auditor’s Report
Theron
The Company’s management and Board of Directors
are responsible for the other information. The other
information comprises the information included in
the Company’s annual report but does not include the
standalone financial statements and my auditor’s report
thereon. The Company’s annual report is expected to
be made available to me after the date of this auditor’s
report.
My opinion on the standalone financial statements does
not cover the other information and I do not express any
form of assurance conclusion thereon.
In connection with my audit of the standalone financial
statements, my 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 my knowledge
obtained in the audit or otherwise appears to be
materially misstated.
When I read the Company’s annual report, if I conclude
that there is a material misstatement therein, I am
required to communicate the matter to those charged
with governance and take necessary actions, as
applicable under the relevant laws and regulations.
Management’s Responsibility for the
Standalone Financial Statements
The Company’s management and Board of Directors
are 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, 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) 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 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,
management and Board of Directors are 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 is also responsible
for overseeing the Company’s financial reporting
process.
Auditor’s Responsibility for the Audit of
the Standalone Financial Statements.
My 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 my 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 standalone financial statements.
As part of an audit in accordance with SAs, I exercise
professional judgment and maintain professional
skepticism throughout the audit. I also:
• 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 my 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 Act, I am also responsible
for expressing my opinion on whether the company
has adequate internal financial controls with
reference to standalone financial statements 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
Company’s ability to continue as a going concern.
If I conclude that a material uncertainty exists, I am
required to draw attention in my auditor’s report to
the related disclosures in the standalone financial
statements or, if such disclosures are inadequate,
to modify my opinion. My conclusions are based
on the audit evidence obtained up to the date of
my 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 standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.
Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or
in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the
standalone financial statements may be influenced.
I consider quantitative materiality and qualitative
factors in (i) planning the scope of my audit work
and in evaluating the results of my work; and (ii) to
evaluate the effect of any identified misstatements in
the standalone financial statements.
I 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 I identify during my audit.
I also provide those charged with governance with a
statement that I 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
my independence, and where applicable, related
safeguards.
From the matters communicated with those charged
with governance, I 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. I describe these
matters in my auditors’ report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, I determine that
a matter should not be communicated in my 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 (Auditors’ Report)
Order, 2020 (“the Order") issued by the Central
Government of India in terms of Section 143(11) of the
Act, I give in “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, I report that:
a) I have sought and obtained all the information and
explanations which to the best of my knowledge
and belief were necessary for the purposes of my
audit.
b) In my opinion, proper books of account as required
by law have been kept by the Company so far as
it appears from my examination of those books
except for the matters stated in paragraph (vi) of
(i) below on reporting under Rule 11(g).
c) The Balance Sheet, the Statement of Profit and
Loss including other comprehensive income,
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 my opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards prescribed under Section 133 of the
Act.
e) On the basis of the written representations
received from the directors of the company
from April 01, 2026 to May 27, 2026 taken
on record by the Board of Directors, none
of the directors are disqualified as on
March 31, 2026 from being appointed as a
director in terms of Section 164 (2) of the
Act.
f) The modifications relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph 2 above
on reporting under Section 143(3)(b) and
paragraph (vi) below on reporting under Rule
11(g).
g) 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 my separate report in “Annexure
B". My report expresses an unmodified opinion
on the adequacy and operating effectiveness of
the Company’s internal financial controls over
financial reporting.
h) 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 Act, as
amended:
In my opinion and to the best of my information
and according to the explanation given to me,
the remuneration paid by the company to its
directors during the year is in accordance with the
provisions of Section 197 of the Act.
i) 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 my opinion and to the best of my
information and according to the explanations
given to me.
As required by Section 143(3) of the Act, I report
that:
i. The Company has disclosed the impact
of pending litigations as at 31st March
2026 on its financial position in its financial
statements - Refer Note 41 and 43 to the
standalone 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.
(a) The Management has represented that, to the
best of its knowledge and belief, as disclosed in
the note 48(a) to the standalone financial
statements, 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 person or entity, including foreign
entity (“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, that, to the
best of its knowledge and belief, as disclosed
in the note 48(b) to the standalone financial
statements, no funds (which are material either
individually or in the aggregate) have been
received by the Company from any person or
entity, including foreign entity (“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 have been
considered reasonable and appropriate in
the circumstances, nothing has come to my
notice that has caused me to believe that the
representations under sub-clause (i) and (ii) of
Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.
v. The Company has not declared or paid any
dividend during the year.
vi. Based on my examination which included test
checks, the Company has used 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 accounting software, as described
in note 49 to the standalone financial statements.
Further, during the course of my audit I did not
come across any instance of audit trail feature
being tampered with in respect of the accounting
software and payroll software. Additionally, the
audit trail of prior years has been preserved by the
Company as per the statutory requirements for
record retention to the extent it was enabled and
recorded in the respective years.
Ramaswamy Vijayanand
Chartered Accountant
M. No: 202118
Place: Bengaluru
Date: 27th May 2026
UDIN: 26202118NHJRIX5233
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