ID Info Business Services Ltd Auditors Report.

To the Members of

ID INFO BUSINESS SERVICES LIMITED

Report on the standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of M/s ID INFO BUSINESS SERVICES LIMITED which comprise the Balance Sheet as at 31st March, 2019, the statement of Profit and Loss and Cash Flow for the year then ended, and notes to the financial statements including 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 standalone 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 March 31, 2019, and profit/loss, 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 Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors 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 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.

Responsibility of Management for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 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 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 implementation and maintenance of 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management 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 management 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 companys financial reporting process

Auditors Responsibility 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 auditors 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.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2016 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 B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. As required by Section 143(3) of the Act, we report that: 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.

a. 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

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

c. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

d. On the basis of the written representations received from the directors as on 31st March, 2019 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.

e. 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 A.

f. With respect to the other matters to be included in the Auditors 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 pending litigations which would impact its financial position as stated below:

Name of Statute Nature Of dues Amount (Rs) Period to which it relates Forum where dispute is pending
Income Tax Dept. Penalty U/s 271(1)(c) 1,30,16,521/- F.Y.2003-04 Pending before CIT (A)

ii. The Company did not have any long-term contracts including derivative contracts, as such the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise.

For VISHNU AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

(FRN: 134443W)

(VISHNU KUMAR AGARWAL), Partner

M. NO. 37593

Place: Mumbai

Date:28/05/2019

ANNEXURE A

To the Independent Auditors Report on the Financial Statements of

ID INFO BUSINESS SERVICES LIMITED

(Referred to in paragraph 7 (f) of our Independent Auditors Report of even date)

Report on the Internal Financial Controls Over Financial

Reporting Under Clause (I) Of Sub-Section 3 of Section 143 Of theCompanies Act, 2013 (The Act)

We have audited the internal financial controls over financial reporting of ID INFO BUSINESS SERVICES LIMITED(The Company) as of March 31, 2018 in conjunction with our audit of the financial statements of the company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) issued by the institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility </B>

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our Audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and payments of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2019, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note.

For VISHNU AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

(FRN: 134443W)

(VISHNU KUMAR AGARWAL), Partner

M. NO. 37593

Place: Mumbai

Date: 28/05/2019

ANNEXURE B

To the Independent Auditors Report on the Financial Statements of

ID INFO BUSINESS SERVICES LIMITED

( Referred to in paragraph 8 of our Independent Auditors Report of even date)

i. (a) The Company has maintained proper record showing full particulars including quantitative details and situation or fixed assets.

(b) Fixed assets of the company have been physically verified by the Management at reasonable Intervals. No material discrepancies were noticed.

(c) According to information and explanations given to us and on the basis of our examination of the records of the company, the company does not have any immovable property.

ii. The company does not have any inventory, therefore question of its physical verification does not arise.

iii. The Company has not granted any loans secured or unsecured to companies, firm, LLP or other parties covered in the Register maintained under section 189 of the Companies Act, 2013. accordingly, paragraph 3( iii) (a), (b) and (c) of the Order is not applicable.

iv. According to the information and explanation given to us and on the basis of our examination of the records of the company, the company has not given guarantee to any party as covered under section 185 of the Act.

v. The Company has not accepted any deposits from the Public covered under Section 73 to 76 of the Companies Act, 2013

vi. To the best of our knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost records under section 148(1)of the Companies Act,2013 in respect of the Companys product

vii. The company is regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, Employees State Insurance Scheme, Income tax, Sales tax and other material statutory dues applicable to it. According to the information and explanation given to us, there are no undisputed statutory dues payable in respect of Income - Tax, Wealth Tax, Sales Tax, Customs Duty, Excise Duty, Cess & other statutory dues with the appropriate authorities

Which were outstanding as on 31stMarch, 2019 for a period of more than six months from the date they became payable as stated below:

The Company has pending litigations which would impact its financial position as stated below:

Name of Statute Nature Of dues Amount (Rs) Period to which it relates Forum where dispute is pending
Income Tax Dept. Penalty U/s 271(1)(c) 1,30,16,521/- F.Y.2003-04 Pending before CIT (A)

viii. The Company has not taken any loan from any financial institution, therefore question of its repayment does not arise.

ix. During the year the company has not raised any money by way of initial public offer or further public offer ( including debt instruments) during the year.

x. According to the information and explanations given to us, no fraud by the company or any fraud on the company by its officers or employees has been noticed or reported during the year.

xi. According to the information and explanations given to us and based on our examination of the records of the company, the company has not paid or provided any managerial remuneration, hence provision of section 197 is not applicable.

xii. The Company is not a Nidhi company, Accordingly, paragraph 3(xii) of the order is not applicable.

xiii. According to the information and explanations given to us and based on our examination of the records of the company, the company has not entered into any transactions with the related parties during the year under audit.

xiv. According to the information and explanations given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year, Accordingly, paragraph 3(xiv) of the order is not applicable

xv. According to the information and explanations given to us and based on our examination of the records of the company, the company has not entered into any cash transactions with the directors or persons connected with him. Accordingly, paragraph 3(xv) of the order is not applicable

xvi. In our opinion and according to the information and explanations given to us, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act,1934. Accordingly, paragraph 3(xvi) of the order is not applicable

For VISHNU AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

(FRN: 134443W)

(VISHNU KUMAR AGARWAL), Partner

M. NO. 37593

Place: Mumbai

Date: 28/05/2019