ID Info Business

ID Info Business Services Ltd Auditor Reports

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Iconik Sports and Events Ltd Share Price Auditors Report

TO THE MEMBERS OF

ID INFO BUSINESS SERVICES LIMITED

1) Report on the financial statements

We have audited the accompanying financial statements of ID INFO BUSINESS SERVICES LIMITED, which comprise the Balance Sheet as at March 31, 2024. the Statement of Profit and Loss for the year then ended, Cash Flow Statements and a summary of significant accounting policies and other explanatory information.

2) Management responsibility for the financial statement

The Companys 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 standalone financial statements! that give a true and fair vievv 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, read with Rule of the Companies (Accounts) Rules. 2014, as prescribed by the Institute of Chartered Accountants of India and other accounting principles generally accepted in India. 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 i 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 igive a true and fair view and are free from material misstatements, whether due to fraud or error.

3) Auditors responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are requiredto be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing under Section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit jinvolves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. 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. In making those risk assessments, the auditor considers internal control relevant to the Companys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the

accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and ¹ appropriate to provide a basis for our audit opinion.

4) Opinion

In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Notes from 1-13, annexed thereon gives 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

a) In case of the Balance Sheet, of the state of the Companys affairs as at 3 l^il March 2024

b) In case of the Statement of Profit & Loss Account, of the profit for the year ended on that date, and

^{1 c) its cash flows for the year ended on that date

5) Report on other legal and regulators requirements

As required by the Companies (Auditors Report) Order, 2004, issued by the Centra!
Government in terms of sub section (4A) of Section 227 of the Companies Act, 1956, we
enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the
said order

6) Further to our comments in the above Para on the basis of our audit, we report that:

a. We have obtained all the information and explanations, which to the best of our
knowledge and belief were necessary for the purpose of our audit;

b. In our ppinion, the company has kept proper books of account as required by law jo
far j as appears from our examination of the books of account;

c. The Balance Sheet and Profit and Loss Account dealt with this report are in
agreement with the books of Accounts;

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

e) On the basis of written representations received from the directors as on 31^s1
March.2024, taken on record (by the Board of Directors, none of the directors is
disqualified as on 31 March, 2024, from being appointed as a director in terms of Section
164(2) of the Act.

t) In our opinion and to the best of our information and according to the explanations
given to us, we report as under with respect to other matters to be included in the
Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014:

i. The Company does notl have any pending litigations which would impact its financial
position ¹

ii. The Company did not have any long-term contracts including derivatives contracts
for which there were any material foreseeable losses

There were no amounts which required to be transferred by the Company to the Investor
Education and Protection Fund.

ID INFO BUSINESS SERVICES LIMITED ANNEXURE TO THE AUDITORS REPORT

The Annexure referred to in our report to the members of ID INFO BUSINESS SERVICES
LIMITED for the year Ended on March 31^st, 2024. We report that:

(i) (a) whether the company is maintaining proper records T he company
has Showing full particulars, including quantitative details and maintained fixed assets
situation of fixed assets; register show ing full particulars, including ! quantitative
details and situation of fixed assets.

(b) whether these fixed assets have been physically verified by The fixed
assets has been the management at reasonable intervals; whether any material physically
verified by the discrepancies were noticed on such verification and if so, management at
reasonable whether the same have been properly dealt with in the books of intervals. No
material laccount: discrepancies were noticed • i on such verification.

• (ii) 1(a) whether physical verification of inventory has been
The ₍ management has conducted at reasonable intervals by the management;
physically verified inventory of stock of , material and stock in process and frequency of
verification is reasonable.

(b) are the procedures of physical verification of inventory In our
opinion. the (followed by the management reasonable and adequate in procedure for physical
(relation to the size of the company and the nature of its verification of stocks and
[business. If not, the inadequacies in such procedures should be stock in process as
(reported; followed by the 1 ₍ management is reasonable 1 , and adequate in
relation to size of The company and nature of its business.

1 (c) whether the company is maintaining proper records of The company is
inventory and whether any material discrepancies were noticed maintaining proper records
on physical verification and if so, whether the same have been of inventory. The properly
dealt with in the books of account; discrepancies noticed on ¹ physical
verification were not material and the same have been properly dealt with in the books of
, accounts.

(iii) (iii) whether the company has granted any loans, secured or The company has not
unsecured to companies, firms or other parties covered in the granted any loans, secured
register maintained under section 1 89 otthe Companies Act. It so,

or unsecured to companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act.

(a) whether receipt of the principal amount and interest are also
Iregular; and
As the company has not granted loans, this clause is Not Applicable.

(b) if overdue amount is more than rupees one lakh, whether reasonable
steps have been taken by the company for recovery of the principal and interest;
As the company has not granted loans, this clause is Not Applicable.

(iv) 1 . (v) o Is there an adequate internal control system commensurate
with the size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services. Whether there is a
continuing failure to correct major weaknesses in internal control system. case the
company has accepted deposits, whether the directives issued by the Reserve Bank of India
and the provision^ of sections 73 to 76 or any other relevant provisions of the Companies
Act and the rules framed there under, where applicable, have been complied with? If not,
the nature of contraventions should be stated; If an order has been passed by Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any court or any other
tribunal, whether the same has been complied with or not?
According to the information given to us and in our opinion there are adequate
internal control procedures commensurate with the size of the company and the nature of
its business with regard to purchase and sale of goods and services and fixed assets.
During the course of our audit, we have not observed any continuing failure to correct
major weakness in internal control system. In our opinion and according to the
information and explanations given to us. we are of the opinion that company has not
accepted any deposits during the year in contravention to provisions of section 73 to 76
or any other relevant provisions of the Companies Act and the rules framed there under.

(vi) f i where maintenance of cost records has been specified by the
Central Government under sub-section (1) of section 148 of the Companies Act, whether such
accounts and records have beenmade and maintained; 1 sub-section (1) of section 148 of
the Companies Act,
According to the information given to us, the maintenance of cost records to the
company has not been specified by the Central Government under

(vii) (a) is the company regular in depositing undisputed statutory Idues
including provident fund, employees state insurance, ⁽ihcome-tax, sales-tax,
wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any
other statutory dues with the appropriate authorities and if not, the extent of the
arrears of outstanding statutory dues as at the last day of the financial year concerned
for a period of more than six months from the date they became payable, shall be indicated
the auditor.
As informed to us, there are no undisputed amounts payable in respect statutory dues
including GST, provident fund, employees state insurance, income-tax, saies-tax, wealth
tax, service tax, duty of Customs, duty of excise, value added tax, cess and any other
statutory dues with the appropriate authorities as at the last date of financial year,
that were ¹ outstanding for a period of more than six months from the date they
became payable.

(b) in case dues of income tax or sales tax or wealth tax or service tax
or duty of customs or duty of excise or value added t^x or cess have not been deposited on
account of any dispute, then the amounts involved and the forum where dispute is pending
shall be mentioned. (A mere representation to the concerned Department shall not
constitute a dispute).
As there are no outstanding undisputed statutory dues, this clause is not applicable.

^{1 i (c) whether the amount required to be transferred to
investor education and protection fund in accordance with the relevant provisions of the
Companies Act. 1956 (1 of 1956) and rules made thereunder has been transferred to such
fund within time.}
As,per the information provided, to us. the company is not required to transfer .any
amount to investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.

whether in case of a,company which has been registered for a period not
less than five,years, its accumulated losses at the end of the financial year are not less
than fifty per cent of its net worth and whether it has incurred cash losses in such
financial year and in the immediately preceding financial year;
As on March 31^s, 2024. the company has accumulated losses. The company has
incurred cash losses during the financial year covered by our audit but has not incurred
cash losses during the immediately preceding financial year.

(ix) whether the company has defaulted in repayment of dues to a
financial institution or bank or debenture holders? If yes, the period and amount of
default to be reported;
On the basis of the records examined by us and the information and explanations given
to us, the company has not defaulted in repayment of dues to a financial institution or
Bank,

(x) whether the company has given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof are prejudicial to
the interest of the company;
As informed to us¹, the company has not given any guarantee for loans
.taken by others from bank of financial institutions.

(xi) whether term loans were applied for the purpose for which the
According to the information and explanations given to us and on overall examination
of the Balance sheet of the company, we repor,l that term loaps were applied for the
purpose for which the loans were obtained.

V loans were obtained

(xii) whether any fraud on or by the company has been noticed or
repotjted during the year; ,lf yes, the nature and the amount involved is to be indicated.

According to the information and explanations given to us, no fraud on or by the
company has been noticed or reported during the year under audit.

ANNEXURE- A TO THE AUDITORS REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013

We have audited the interna! financial controls over financial reporting of ID INFO
BUSINESS SERVICES LIMITED as of 3 I March 2024 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
issued by the Institute of Chartered Accountants of India (‘ IC AI)! 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

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 on Audit of Internal Financial Controls over Financial Reporting
(the "Guidance Note") and the Standards on Auditing,! issued by 1C AI and deemed
to be prescribed under section 143( 10) of the Companies Act. 2013, to the extent
applicable to am audit of internal financial controls, both applicable to amaudit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. 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 infernal 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 fori 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 assurance¹
that transactions are recorded as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles, and that receipts and
expenditures 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 ori fraud¹ 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, 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 31 March 2024, 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 issuediby the Institute- of Chartered
Accountants of India.}

ID Info Business Services Ltd Auditor Reports

Iconik Sports and Events Ltd Share Price Auditors Report

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

	or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act.
(a) whether receipt of the principal amount and interest are also Iregular; and	As the company has not granted loans, this clause is Not Applicable.
(b) if overdue amount is more than rupees one lakh, whether reasonable steps have been taken by the company for recovery of the principal and interest;	As the company has not granted loans, this clause is Not Applicable.
(iv) 1 . (v) o Is there an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Whether there is a continuing failure to correct major weaknesses in internal control system. case the company has accepted deposits, whether the directives issued by the Reserve Bank of India and the provision^ of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, where applicable, have been complied with? If not, the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not?	According to the information given to us and in our opinion there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase and sale of goods and services and fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system. In our opinion and according to the information and explanations given to us. we are of the opinion that company has not accepted any deposits during the year in contravention to provisions of section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.
(vi) f i where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, whether such accounts and records have beenmade and maintained; 1 sub-section (1) of section 148 of the Companies Act,	According to the information given to us, the maintenance of cost records to the company has not been specified by the Central Government under
(vii) (a) is the company regular in depositing undisputed statutory Idues including provident fund, employees state insurance, ⁽ihcome-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated the auditor.	As informed to us, there are no undisputed amounts payable in respect statutory dues including GST, provident fund, employees state insurance, income-tax, saies-tax, wealth tax, service tax, duty of Customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities as at the last date of financial year, that were ¹ outstanding for a period of more than six months from the date they became payable.
(b) in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added t^x or cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute).	As there are no outstanding undisputed statutory dues, this clause is not applicable.
^{1 i (c) whether the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act. 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time.}	As,per the information provided, to us. the company is not required to transfer .any amount to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder.
whether in case of a,company which has been registered for a period not less than five,years, its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year;	As on March 31^s, 2024. the company has accumulated losses. The company has incurred cash losses during the financial year covered by our audit but has not incurred cash losses during the immediately preceding financial year.
(ix) whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders? If yes, the period and amount of default to be reported;	On the basis of the records examined by us and the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or Bank,
(x) whether the company has given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company;	As informed to us¹, the company has not given any guarantee for loans .taken by others from bank of financial institutions.
(xi) whether term loans were applied for the purpose for which the	According to the information and explanations given to us and on overall examination of the Balance sheet of the company, we repor,l that term loaps were applied for the purpose for which the loans were obtained.
V loans were obtained
(xii) whether any fraud on or by the company has been noticed or repotjted during the year; ,lf yes, the nature and the amount involved is to be indicated.	According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year under audit.