To the Members of
Moxsh Overseas Educon Limited,
Report on the audit of the Standalone Financial Statements
Qualified Opinion
We have audited the accompanying Standalone financial statements of MOXSH OVERSEAS EDUCON LIMITED ("the Company") which comprises the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss and the cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant 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, except for the effects of the matters described in the Basis for Qualified Opinion paragraph of our report, 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 Accounting Standards prescribed under section 133 of the Act read with the relevant rules issued there and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, its profits, and its cash flows for the year ended on that date.
Basis for Qualified Opinion
However, based on the verification of the agreements/contracts, workings pertaining to such revenue, student-wise listing & test-check of panel data of the courses along with relevant documents, we believe that the courses for Ausbildung program across various streams (Hotel management, Warehousing & Logistics, Medical & Dental etc.) are going to be delivered in Financial Year 2026-2027 and we believe only the pre-interview and registration stages have been done in few cases.
As such, the revenue for service charges from XGEPL for Ausbildung program, shall not be recognized during FY 2025-26, since it does not accrue in FY 2025-26, as the performance obligations are not fully met, the significant risks and rewards have not been transferred and the collection of the amount is also pending till the date of signing of this report.
The said revenue from XGEPL was towards students introduced by them to the company. The arrangement between XGEPL and the Company is to pay fixed fees by XGEPL to the Company. Further, we have not received the approval from Board of Directors with respect to said related party transaction and the basis/justification for-arms-length transaction for such related party transactions.
Accordingly, the revenue from operations and the profit after tax for the year ended March 31, 2026 appear to be overstated by INR 332.43 lakhs and the due from related party as at March 31, 2026 appears to be overstated by INR 385.16 lakhs, in the standalone financial results as at and for the year ended March 31, 2026. Therefore, we were unable to comment on the amount of revenue recognized in the books of accounts during the year. Consequently, we were unable to determine whether any further adjustments were necessary.
Consequently, we are unable to comment on the nature and the quantum of work Capitalised and whether any consequential adjustments were required to Property, Plant and Equipment, depreciation expense, profit for the year, and related disclosures.
However, we believe the above represents the software was ready for delivery and as such, the same should be presented under inventories and accordingly valued at cost or net releasable value, whichever is lower.
In the absence of such information and adjustments, we are unable to comment on the carrying value of the aforesaid software inventory in the books of accounts during F.Y. 2025-26 and the related adjustments, if any.
In our opinion, provision for such doubtful or bad debts or any adjustments/impairments as required should have been made in the standalone financial results of the Company towards the total outstanding receivables and hence we cannot draw any conclusion on recovery of such receivables as on the balance sheet date.
We conducted our audit in accordance with the Standards on Auditing (SAs) 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 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 together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, 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.
| Sr. No. | Key Audit Matter | Auditors Response |
| 1 | Revenue recognition: Revenue is one of the key performance indicators of the Company and there could be a risk that revenue is recognized in the incorrect period or before the control has been transferred to the customer. | Our audit procedures in relation to
revenue recognition includes the following: ? Assessed the appropriateness of the revenue recognition accounting policies and assessed compliance with the policies in terms of applicable accounting standards. ? Tested the design and operating effectiveness of the controls around revenue recognition. ? Verified customer registration forms, invoices raised on sample basis. ? Assessing journal entries posted to revenue to identify unusual items not already covered by our audit testing ? Evaluated managements assessment of the impact on revenue recognition and consequential impact on the provisions on receivables. |
Other Information
The Companys management and Board of Directors are responsible for the preparation of the other information. The other information comprises the information included in the Companys annual report, but does not include the standalone financial statements and our auditors report thereon.
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 during the course of our auditor otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and those charged with governance for the Standalone Financial Statements
The Companys management and the 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 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 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 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.
Board of Directors are also responsible for overseeing the companys financial reporting process.
Auditors Responsibility 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 judgment and maintain professional skepticism throughout the audit. We also:
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
a. Except for the effects of the matters described in the Basis for
Qualified Opinion paragraph above, 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. Except for the effects of the matters described in the Basis for Qualified Opinion
paragraph above, proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books;
c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt
with by this Report were in agreement with the books of account;
d. Except for the effects of the matters described in the Basis for Qualified Opinion
paragraph above, in our opinion, the aforesaid standalone financial statements comply with
the Accounting Standards specified under Section 133 of the Act, read with the Rule 7 of
Companies (Accounts) Rules, 2014;
e. On the basis of the written representations received from the directors as on March 31,
2026 taken on record by the Board of Directors, none of the directors were disqualified as
on March 31, 2026 from being appointed as a director in terms of Section 164 (2) of the
Act.
f. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B".
g. In our opinion, the managerial remuneration for the year ended March 31, 2026 has been
paid/provided by the Company to its directors in accordance with the provisions of section
197 read with Schedule V to 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 does not have any pending litigations which would impact its financial
position;
ii. The company did not have any long term contract 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 Company;
iv. a) The Management has represented that, to the best of its knowledge and belief, 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 persons or entities, 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 persons or entities, 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 performed that have 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), as provided under (a) and (b) above, contain any material misstatement.
v. The Company has not declared or paid any dividend during the year and has not proposed final dividend for the year.
vi. Based on our examination which included test checks, the company has used an accounting software for maintaining its books of accounts which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention.
| For S S S R & Associates LLP (erstwhile Sanjay Rane & Associates LLP) Chartered Accountants Firm Reg. No. 121089W/W100878 |
| [Image: Signature and seal — CA Abhijeet Deshmukh, Partner] |
| CA Abhijeet Deshmukh Partner Membership No.: 129145 Place: Mumbai Date: May 30, 2026 UDIN: 26129145YHEFZL1542 |
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT
(Referred to in Paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date)
Report on Companies (Auditors Report) Order, 2020 (the Order) issued by the Central Government in terms of section 143(11) of the Companies Act, 2013
(i) (a)
A. The Company has updated and maintained proper records showing full particulars,
including quantitative details and situation of property, plant and equipment.
B. The Company has updated and maintained full particulars of intangible assets.
(b) The Company has regular programme of physical verification of its property, plant and equipment by which all property, plant and equipment are verified in a phased manner on two-yearly basis. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.
(c) According to the information and explanations given to us and on the basis of our examinations of the records of the company, the company does not own any immovable property. Hence, reporting under paragraph 3(i)(c) of the Order is not applicable.
(d) The Company has not revalued its Property, Plant and Equipment and intangible assets during the year. Hence, reporting under paragraph 3(i)(d) of the Order is not applicable.
(e) Based on the information and explanation provided to us, no proceedings have been initiated during the year or are pending against the Company as at March 31, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
(ii) a) The Company does not hold any inventories. Thus, paragraph 3(ii) of the Order is not applicable.
b) In our opinion and according to the information and explanations given to us and based on the audit procedures performed by us, the Company has been sanctioned working capital limits in excess of rupees five crore, in aggregate, from banks or financial institutions which are secured on the basis of security of current assets. The Company has filed quarterly returns or statements with such banks, which were in agreement with the books of account other than those as set out below:
(Amount in INR lakhs)
| Quarter ended | Name of the Bank | Particulars of Securities provided | Amount as per books of account | Amount as reported in the monthly return/statement | Difference | Whether return/statement subsequently rectified |
| Jun-25 | ICICI Bank Ltd. | Trade Receivables | 766.56 | 781.80 | (15.24) | No |
| Sep-25 | ICICI Bank Ltd. | Trade Receivables | 667.67 | 722.96 | (55.29) | No |
| Dec-25 | ICICI Bank Ltd. | Trade Receivables | 569.55 | 613.34 | (43.79) | No |
| Mar-26* | ICICI Bank Ltd. | Trade Receivables | - | - | - | No |
(ii)
(a) According to the information explanation provided to us, the Company has not made investments, provided guarantees or given securities to subsidiaries, joint ventures and associates. However, the Company has provided advances in the nature of loans to its subsidiary as follows:
(Amount in INR lakhs)
| Particulars | Advances in the nature of loans | Loans | Guarantees | Securities |
| Aggregate amount granted/provided during the year: | ||||
| Subsidiary | 108.20 | - | - | - |
| Joint ventures | - | - | - | - |
| Associates | - | - | - | - |
| Balance outstanding as at balance sheet date in respect of above cases: | ||||
| Subsidiary (including interest receivable) | 154.73 | - | - | - |
| Joint ventures | - | - | - | - |
| Associates | - | - | - | - |
(b) The terms and conditions of grant of all the above-mentioned loans & advances in the nature of loans, during the year are, in our opinion, prima facie, not prejudicial to the Companys interest.
However, The Company has not made investments, given guarantees or provided securities. Accordingly, para 3(iii)(b) of the Order is not applicable to the Company, to that extent
(c) On the basis of the information and explanations provided to us, in respect of the above loans and advances in the nature of loans, the schedule of repayment of principal and payment of interest have not been stipulated by the company as the loans and advances are repayable on demand.
(d) According to information and explanations given to us and based on the audit procedures performed, in respect of loans granted by the Company, there were no overdue amount remaining outstanding as at the balance sheet date as the loans and advances are repayable on demand. Hence, reporting under clause (iii)(d) is not applicable.
(e) On the basis of the information and explanations provided to us, in respect of the above loans and advances in the nature of loans, the schedule of repayment of principal and payment of interest has not been stipulated by the company as the loans and advances are repayable on demand. Hence, reporting under clause (iii)(e) is not applicable.
(f) According to information and explanations given to us and based on the audit procedures performed, the Company had granted loans or advances in the nature of loans repayable on demand and the details of the same are as below:
| Particulars | All Parties | Related Parties | Promoters |
| Aggregate amount of loans/advances in nature of loans - Repayable on demand (A) | 154.43 | 154.43 | - |
| Agreement does not specify any terms or period of repayment (B) | - | - | - |
Total (A+B) |
154.43 |
154.43 |
- |
| Percentage of loans/advances in nature of loans to the total loans | 100% | 100% | - |
(iv) In our opinion and according to the information and explanations given to us, the Company has not given any loans to its directors. However, the Company had granted loans or advances in the nature of loans repayable on demand during the year, to its wholly owned subsidiary and as such it was not required to comply with the provisions of Section 185 of the Act as the loans given to wholly owned subsidiaries are exempted in above respect. Further, the provisions of 186 of the Act in respect to the loans and investments were not applicable to the Company.
(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public as per the provisions of section 73 to 76 of the Act and rules framed thereunder and accordingly reporting under paragraph 3 (v) of the order is not applicable.
(vi) The Central Government has not prescribed the maintenance of cost records under subsection (1) of Section 148 of the Act, for any of the services rendered by the Company. Thus, reporting paragraph 3(vi) of the Order is not applicable.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the Books of Accounts, amounts deducted/accrued in the Books of Accounts in respect of undisputed statutory dues including income tax, goods and service tax, provident fund, Employees State Insurance and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of Sales tax, Wealth tax, Excise duty and Customs duty. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, goods and service tax, provident fund, Employees State Insurance, and other material statutory dues were in arrears as at March 31, 2026 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 dues of income tax or goods and service tax or provident fund or Employees State Insurance or cess and other material statutory dues which have not been deposited by the Company on account of disputes.
(viii) According to the information and explanations provided to us, there are no instances of transactions not recorded in the books of accounts which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
(ix) (a) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of any loans or borrowings from banks. The Company does not have any borrowings from financial institutions, government or dues to debenture holders.
(b) Based on our audit procedures and according to the information provided to us, the Company has not been declared wilful defaulter by any bank or financial institution or other lender.
(c) To the best of our knowledge and belief, in our opinion, there were no term loans availed by the Company during the year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.
(d) On an overall examination of the standalone financial statements of the Company, no funds have been raised on short-term basis have, prima facie, been used during the year for long-term purposes by the Company.
(e) On an overall examination of the standalone 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.
(f) Based on our audit procedures and on the basis of information and explanations given to us, the company has not raised loans during the year on the pledge of securities held in its subsidiary. Hence, reporting under clause 3(ix)(f) of the Order is not applicable.
(x) (a) Based on our audit procedures and according to information and explanations given to us, the Company has not raised money by way of initial public offer or further public offer including debt instruments during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.
(b) The Company has made private placement of shares and issued equity shares to certain identified non-promoter persons and/or person forming part of promoter group on preferential basis during the year and has complied with the requirements of section 42 and section 62 of the Companies Act, 2013. Also, funds raised have been used for the purposes for which the funds were raised.
Further, the Company has not made any private placement of convertible debentures (fully or partly or optionally) during the year and hence reporting, to that extent, under clause 3(x)(b) of the Order is not applicable to the Company.
(xi) (a) Based on the audit procedures performed and information and explanations given to us, no fraud by the company and no material fraud on the Company has been noticed or reported during the year.
(b) To the best of our knowledge, no report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.
(c) Based on audit procedures and as per explanations provided to us, there are no instances of whistle blower complaints during the year.
(xii) The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with section 177 and 188 of the Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
(xiv) (a) In our opinion and according to the information and explanations given to us, the Company has an internal audit system commensurate with its size and business activities.
(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.
(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with any of its directors or persons connected to its directors and hence provisions of Section 192 of the Act are not applicable.
(xvi) The Company is not required to be registered under Section 45-I of the Reserve Bank of India Act, 1934. Hence, reporting under clause (xvi) (a), (b), (c) and (d) of the Order is not applicable
(xvii) In our opinion and as per the explanations provided to us, the company has not incurred cash losses in the current or the previous financial year.
(xviii) There has been no resignation of the statutory auditors of the Company during the year;
(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 standalone 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) The Company did not have average net profits during the three immediately preceding financial year and therefore was not required to spend any amount towards Corporate Social Responsibility (CSR) during the year and there are no unspent CSR amounts for the year requiring a transfer to a Fund specified in Schedule VII to the Companies Act or special account in compliance with the provision of sub-section (6) of section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is not applicable for the year.
(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements. Accordingly, no comment in respect of the said clause has been included in the report.
| For S S S R & Associates LLP (erstwhile Sanjay Rane & Associates LLP) Chartered Accountants Firm Reg. No. 121089W/W100878 |
| [Image: Signature and seal — CA Abhijeet Deshmukh, Partner] |
| CA. Abhijeet Deshmukh Partner Membership No.: 129145 Place: Mumbai Date: May 30, 2026 UDIN: 26129145YHEFZL1542 |
Annexure B to The Independent Auditors Report of even date on the Standalone Financial Statements of Moxsh Overseas Educon Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
To the Members
Moxsh Overseas Educon Limited
We have audited the internal financial controls over financial reporting of Moxsh Overseas Educon Limited ("the Company") as of March 31, 2026 in conjunction with our audit of the standalone 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 (the "Guidance Note"). 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 the 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 and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit 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 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 standalone 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 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 standalone 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 standalone 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 standalone 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 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, 2026, 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.
| For S S S R & Associates LLP (erstwhile Sanjay Rane & Associates LLP) Chartered Accountants Firm Reg. No. 121089W/W100878 |
| [Image: Signature and seal — CA Abhijeet Deshmukh, Partner] |
| CA. Abhijeet Deshmukh Partner Membership No.: 129145 Place: Mumbai Date: May 30, 2026 UDIN: 26129145YHEFZL1542 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
