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IKIO Lighting Ltd Auditor Reports

190.47
(-0.38%)
Aug 8, 2025|12:00:00 AM

IKIO Technologies Ltd Share Price Auditors Report

To

the Members of

IKIO Technologies Limited (Formerly IKIO
Lighting Limited)

Report on the Audit of the Standalone Financial
Statements

OPINION

We have audited the accompanying standalone
financial statements of IKIO Technologies Limited
(Formerly IKIO Lighting Limited) ("the Company"),
which comprise the Balance Sheet as at March 31,
2025, 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 the ended and notes to the standalone
financial statements including a summary of material
accounting policies and other explanatory information
(hereinafter referred to as the "Standalone Financial
Statements").

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 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, 2025, its profit,
total 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 Standards
on Auditing (SAs) specified under section 143(10) of
the Act. Our responsibilities under those Standards
are further described in the Auditors Responsibilities
for the Audit of the Standalone 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 ("ICAI") together with the ethical requirements
that are relevant to our audit of the Standalone
Financial Statements under the provisions of the
Act and Rules thereunder and we have fulfilled our
other ethical responsibilities in accordance with
these requirements and the ICAIs Code of Ethics. We
believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
audit opinion on the Standalone Financial Statements

KEY AUDIT MATTERS

Key audit matters are those matters that, in our
professional judgement, were of most significance
in our audit of the standalone financial statements
of the current period. These matters were addressed
in the context of our audit of the standalone 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 that there are no
key audit matters to communicate in our report.

INFORMATION OTHER THAN THE
STANDALONE FINANCIAL STATEMENTS
AND AUDITORS REPORT THEREON

The Companys Board of Directors is responsible for the
other information. The other information comprises
the information included in the Annual Report for
the financial year 2024-25 but does not include the
financial statements and our auditors report thereon.
The Annual Report is expected to be made available
to us after the date of this auditors report.

Our opinion on the Standalone 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 Standalone
Financial Statements, our 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 our
knowledge obtained in the audit or otherwise appears
? to be materially misstated.

The Annual Report is not made available to us as at
the date of this auditors report. We have nothing to
report in this regard.

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

The Companys Board of Directors is 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 Ind
AS 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 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 forensuring 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,
the Management and the Board of Directors are
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.

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

AUDITORS RESPONSIBILITIES FOR THE
AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS

Our 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
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 standalone financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional
skepticism throughout the audit. We 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 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 Act, we are also responsible
for expressing our 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 managements
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 auditors
report to the related disclosures in the Standalone
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 auditors 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.
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 Standalone 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
standalone financial statements of the current period
and are therefore the key audit matters. We describe
these matters in our auditors 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 (Auditors Report)
Order, 2020 ("the Order") issued by the Central
Government of India in terms of section 143(11)
of the Act, we give in "Annexure 1", 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 except for the
matter as stated in (h) (vi) below for reporting
related to requirements of Audit Trail;

c The Balance Sheet, the Statement of Profit
and Loss including Other Comprehensive
Income, Statement of Changes in Equity, and
the Statement of Cash Flows dealt with by
this report are in agreement with the books
of account;

d In our opinion, the aforesaid Standalone
Financial Statements comply with the Ind AS
specified under section 133 of the Act;

e On the basis of the written representations
received from the directors as on March 31,
2025, and taken on record by the Board of
Directors, none of the directors is disqualified
as on March 31, 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 with reference
to Standalone Financial Statements of the
Company and the operating effectiveness of
such controls, we give our separate report in
"Annexure 2".

g With respect to the other matters to
be included in the Auditors Report in
accordance with the requirements of section
197(16) of the Act, 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 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 disclosed the
impact of pending litigations on its
financial position in its Standalone
Financial Statements - Refer Note 39 on
Contingent Liabilities to the Standalone
Financial Statements;

(ii) The Company did not have any long-
term contracts including derivative
contracts. Hence, the question of
any material foreseeable losses does
not arise;

(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, 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 or entity, including
foreign entities ("Intermediaries"),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, 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, no funds have been
received by the Company from
any person or entity, including
foreign entities ("Funding Parties"),
with the understanding, whether

recorded in writing or otherwise,
that the Company shall, 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
has caused us to believe that the
representations under sub-clause
(i) and (ii) of Rule 11(e) contain any
material misstatement.

(v) The final dividend paid by the Company
during the year in respect of the same
declared for the previous year is in
accordance with section 123 of the
Companies Act 2013 to the extent it
applies to payment of dividend.

The Company has not declared any
dividend during the year and until the
date of this report.

(vi) Based on our examination which
included test checks, except for the
instances mentioned below, the
Company has used an 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
respective software:

a. The feature of recording audit trail
(edit log) facility was not enabled
at the database level to log any
direct data changes in respect
of the accounting software used
for maintaining the books of
account relating to payroll and
the accounting software used for
maintaining general ledger.

Further, during the course of our audit
we did not come across any instance of
audit trail feature being tampered with.
Additionally, the audit trail has been
preserved by the Company as per the
statutory requirements for the retention
of record.

ANNEXURE 1 TO THE INDEPENDENT AUDITORS
REPORT

[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements in the Independent
Auditors Report of even date to the members of IKIO Technologies Limited (Formerly IKIO Lighting Limited)
on the standalone financial statements for the year ended March 31, 2025]

To the best of our information and according
to the information, explanations, and written

representations provided to us by the Company and
the books of account and other records examined by
us in the normal course of audit we report that:

(i) In respect of the Companys property, plant
and equipment, right of use assets and

intangible assets:

(a) (A) The Company has maintained proper

records showing full particulars,

including quantitative details and

situation of property, plant and

equipment and relevant details of right
of use assets. However, during the year,
the Company has identified that certain
particulars need to be updated and has
initiated the process for such updation,
and has represented that the same will
be appropriately updated during the
financial year 2025-26.

(B) The Company has maintained proper
records showing full particulars of
intangible assets.

(b) The Company has a regular programm of
physical verification of its property, plant and
equipment and right of use assets under
which the assets are physically verified in
a phased manner over a period of three
years, which, in our opinion, is reasonable
having regard to the size of the Company
and the nature of its assets. Pursuant to
the programm, certain property, plant and
equipment and right of use assets which
were due for physical verification during
the year were verified during the year and
no material discrepancies were noticed on
such verification.

(c) The title deeds of all the immovable
properties including investment properties
held by the Company (other than properties
where the Company is the lessee and
the lease agreements are duly executed
in favour of the lessee) disclosed in the
financial statements are held in the name
of the Company. However, for title deeds
of following immovable which have been
pledged as security for loans/ guarantees

taken by the Company, have been verified
from the pledge documents.

Description of property

Gross Carrying
Value
(Amount in
Million)

Industrial Land and Building,
Plot No- 102, Sector 7,
Industrial Area 11 E, Ranipur,
Sidkul, Distt- Haridwar.

70.44

(d) The Company has not revalued its Property,
Plant and Equipment and Right of Use
assets and Intangible assets during the year.

(e) No proceedings have been initiated or are
pending against the Company for holding
any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45
of 1988) and rules made thereunder.
Accordingly, reporting under clause 3(i)(e) of
the Order is not applicable to the Company.

(ii) (a) The Management has conducted physical

verification of inventory at reasonable
intervals during the year, except for goods in
transit and inventory lying with third parties.
In our opinion, the coverage and procedure
of such verification by the management is
appropriate. No discrepancies of 10% or more
in the aggregate for each class of inventory
were noticed on physical verification which
have been properly dealt with in the books
of account.

(b) The Company has a working capital limit
in excess of 5 Crore sanctioned by banks
based on the security of current assets
during the year. The quarterly statements,
in respect of the working capital limits
have been filed by the Company with such
banks and such statements are materially in
agreement with the books of account of the
Company for the respective periods.

(iii) The Company has not provided any guarantee,
security or granted any advances in the nature of
loans, secured or unsecured to companies, firms,
limited liability partnership or any other parties
during the year. The Company has granted loans to
companies and made investments in companies
during the year, in respect of which the requisite
information is as below. The Company has not

made any investments in or granted any loans,
secured or unsecured, to firms, limited liability
partnership or any other parties.

(a) The Company has provided loans to 3
companies. The details of the same are
given below:

Particulars

Loans
(in
Million)

Aggregate amount during the year

- Subsidiaries

165.20

- Others

-

Balance outstanding as at balance

sheet date

- Subsidiaries

906.29

- Others

-

(b) In our opinion the investments made during
the year and the terms and conditions
of the grant of loans during the year are,
prima facie, not prejudicial to the interest of
the Company.

(c) In respect of loans and advances in the
nature of loans granted by the Company, the
schedule of repayment of principal has been
stipulated and the repayments/receipts
of principal are as per terms. However, the
terms for payment of interest have not
been stipulated.

(d) There is no overdue amount in respect of
loans granted to such companies.

(e) The Company has not granted any which has
fallen due during the year. Further, no fresh
loans were granted to any party to settle the
overdue loans.

(f) The Company has granted loans which are
repayable on demand or without specifying
any terms or period of repayment, as per
details below:

Particulars

Related Parties

Aggregate of loans

- Repayable on demand (A)*

102.79

- Agreement does not specify any

terms or period of payment of

interest (B)

803.50

Total (A+B)

906.29

Percentage of loans

100.00%

*Terms of payment of interest not specified in the
agreement.

(iv) In our opinion, and according to the information
and explanations given to us, the Company has
complied with the provisions of section 186 of the
Act in respect of loans, investments, guarantees
and security, as applicable. Further, the Company
has not entered into any transaction covered
under section 185.

(v) The Company has not accepted any deposits
and there are no amounts which have been
considered as deemed deposit within the
meaning of sections 73 to 76 of the Act and
the Companies (Acceptance of Deposits) Rules,
2014 (as amended). Accordingly, reporting
under clause 3(v) of the Order is not applicable to
the Company.

(vi) The Central Government has not specified
maintenance of cost records under sub-
section (1) of section 148 of the Act, in respect
of Companys products/business activity.
Accordingly, reporting under clause 3(vi) of the
Order is not applicable.

(vii) (a) In our opinion, and according to the

information and explanations given to
us, undisputed statutory dues including
goods and services tax, provident fund,
employees state insurance, income-tax,
sales-tax, service tax, duty of customs, duty
of excise, value added tax, cess and other
material statutory dues, as applicable, have
generally been regularly deposited with the
appropriate authorities by the Company,
though there have been slight delays in a
few cases. Further, no undisputed amounts
payable in respect thereof were outstanding
at the year-end for a period of more than six
months from the date they became payable.

(b) According to the information and explanations given to us, there are no statutory dues referred in
sub-clause (a) which have not been deposited with the appropriate authorities on account of any
dispute except for the following:

Name of the
statute

Nature of
dues
Gross Amount
(In
million)
Period to which
the amount relates
(A.Y.)
Forum where
dispute is pending
Remarks, if any

The Customs
Act, 1962

IGST on
Imports
2.07 2024-2025 Commissioner
(Appeals),
Customs, New
Delhi
Appeal filed on 11.09.2023
and pending for order
before commissioner
(appeals), customs, New
Delhi

GST Act, 2017

DRC-01A

issued

3.50 2025-2026 GST Authority Reply filed on 26.04.2025
pending for departmental
action.

(viii) According to the information and explanations
given to us, no transactions were surrendered
or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (43
of 1961) which have not been recorded in the
books of accounts.

(ix) (a) According to the information and

explanations given to us, the Company has
not defaulted in repayment of its loans or
borrowings or in the payment of interest
thereon to any lender.

(b) According to the information and

explanations given to us including
confirmations received from banks and other
lenders and written representation received
from the management of the Company,
and on the basis of our audit procedures,
we report that the Company has not been
declared a willful defaulter by any bank or
financial institution or other lender.

(c) In our opinion and according to the

information and explanations given to us,
money raised by way of term loans were
applied for the purposes for which these
were obtained.

(d) In our opinion and according to the

information and explanations given to us,
and on an overall examination of the financial
statements of the Company, funds raised by
the Company on short-term basis have not
been utilised for long-term purposes.

(e) According to the information and
explanations given to us and on an overall
examination of the financial statements of
the Company, the Company has not taken
any funds from any entity or person on
account of or to meet the obligations of its
subsidiaries. There are no joint ventures or
associate companies.

(f) According to the information and
explanations given to us, the Company
has not raised any loans during the year
on the pledge of securities held in its
subsidiaries. There are no joint ventures or
associate companies.

(x) (a) In our opinion and according to the

information and explanations given to
us, money raised by way of initial public
offer were applied for the purposes for
which these were obtained, though idle/
surplus funds which were not required for
immediate utilisation have been invested in
readily realisable liquid investments.

(b) According to the information and
explanations given to us, the Company
has not made any preferential allotment or
private placement of shares or (fully, partially
or optionally) convertible debentures during
the year. Accordingly, reporting under clause
3(x)(b) of the Order is not applicable to
the Company.

(xi) (a) To the best of our knowledge and according

to the information and explanations given to
us, considering the principles of materiality
outlined in Standards on Auditing no fraud
by the Company or on the Company has
been noticed or reported during the period
covered by our audit.

(b) No report under sub-section (12) of Section
143 of the Act has been filed by the auditors
in Form ADT-4 as prescribed under Rule 13
of the Companies (Audit and Auditors) Rules,
2014 with the Central Government.

(c) According to the information and
explanations given to us including the
written representation made to us by the
management of the Company, there are no
whistle-blower complaints received by the
Company during the year.

(xii) The Company is not a Nidhi Company and
the Nidhi Rules, 2014 are not applicable to it.
Accordingly, reporting under clause 3(xii) of the
Order is not applicable to the Company.

(xiii) In our opinion and according to the information
and explanations given to us, all transactions
entered into by the Company with the related
parties are in compliance with sections 177
and 188 of the Act, where applicable. Further,
the details of such related party transactions
have been disclosed in the standalone financial
statements, as required under Indian Accounting
Standard (Ind AS) 24, Related Party Disclosures
specified in Companies (Indian Accounting
Standards) Rules 2015, as amended as prescribed
under section 133 of the Act.

(xiv) (a) In our opinion and according to the

information and explanations given to us,
the Company has an internal audit system as
required under section 138 of the Act which
is commensurate with the size and nature of
its business.

(b) We have considered the reports issued by
the Internal Auditors of the Company till
date for the period under audit.

(xv) According to the information and explanation
given to us, the Company has not entered into
any non-cash transactions with its directors or
persons connected with them and accordingly,
provisions of section 192 of the Act are not
applicable to the Company.

(xvi) (a) The Company is not required to be registered

under section 45-IA of the Reserve Bank of
India Act, 1934. Accordingly, reporting under
clause 3(xvi) of the Order is not applicable to
the Company.

(b) According to the information and
explanations given to us, the Company is
not a Core Investment Company (CIC) as
defined in the regulations made by the
RBI. Accordingly, reporting under clause
3(xvi)(c) of the Order is not applicable to
the Company.

(c) Based on the information and explanations
given to us and as represented by the
management of the Company, the Group
(as defined in Core Investment Companies
(Reserve Bank) Directions, 2016) does not
have any CIC.

(xvii) The Company has not incurred any cash loss
in the current as well as the immediately
preceding financial year.

(xviii) There has been no resignation of the statutory
auditors during the year. Accordingly,

reporting under clause 3(xviii) of the Order is
not applicable to the Company.

(xix) On the basis of the financial ratios, ageing
and expected dates of realisation of financial
assets and payment of financial liabilities,
other information accompanying the
financial statements and our knowledge
of the Board of Directors and Management
plans and based on our examination of
the evidence supporting the assumptions,
nothing has come to our attention, which
causes us to believe that any material
uncertainty exists as on the date of the
audit report indicating that Company is not
capable of meeting its liabilities existing at
the date of balance sheet as and when they
fall due within a period of one year from
the balance sheet date. We, however, state
that this is not an assurance as to the future
viability of the Company. We further state
that our reporting is based on the facts up to
the date of the audit report and we neither
give any guarantee nor any assurance that
all liabilities falling due within a period of one
year from the balance sheet date, will get
discharged by the Company as and when
they fall due.

(xx) (a) There are no unspent amounts towards

Corporate Social Responsibility (CSR) on
other than ongoing projects requiring a
transfer to a Fund specified in Schedule VII of
the Companies Act, 2013 in compliance with
second proviso to sub-section (5) of Section
135 of the Act. Accordingly, reporting under
clause 3(xx)(a) of the Order is not applicable
to the Company.

(b) The Company has not undertaken any
ongoing projects in relation to its CSR
activities. Accordingly, reporting under
clause 3(xx)(b) of the Order is not applicable
to the Company.

(xxi) The reporting under clause (xxi) is not
applicable in respect of audit of standalone
financial statements of the Company.
Accordingly, no comment has been included
in respect of said clause under this report.

ANNEXURE 2 TO THE INDEPENDENT AUDITORS
REPORT

[Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements in the Independent
Auditors Report of even date to the members of IKIO Technologies Limited (Formerly IKIO Lighting Limited)
on the standalone financial statements for the year ended March 31, 2025]

REPORT ON THE INTERNAL FINANCIAL
CONTROLS OVER FINANCIAL REPORTING
UNDER CLAUSE (I) OF SUB-SECTION 3 OF
SECTION 143 OF THE COMPANIES ACT,
2013 ("THE ACT")

We have audited the internal financial controls over
financial reporting of IKIO Technologies Limited
(Formerly IKIO Lighting Limited) ("the Company") as
of March 31, 2025 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 ("ICAI").

These responsibilities include the design,
implementation and maintenance ofadequate 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
specified under section 143(10) of the Act to the
extent applicable to an audit of internal financial
controls, both issued by the ICAI. 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
judgement, 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
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 unauthorised 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, 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, 2025, 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 bv the ICAI.

For BGJC & Associates LLP
Chartered Accountants
ICAI Firm Registration No. 003304N/N500056

 

Pranav Jain
Partner
Membership No. 098308
UDIN: 25098308BMKWGA8107

 

Date: May 13, 2025
Place: Noida

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