We have audited the Ind AS Financial Statements of iStreet Network Limited ("the Company"),
which comprise the Balance Sheet as at 31st March 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 ended on that date, and notes to the financial statements, including a
summary of significant accounting policies and other explanatory information (hereinafter
referred to as "the Financial Statements").In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid 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 India 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, the Profit and 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 the Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the
Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (CAI) together with the ethical requirements that are relevant to
our audit of the financial statements under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics issued by the ICAI. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
financial statements.
Emphasis of Matter
1. Attention is drawn to Note No. 25 of the Ind AS financial statements, wherein, the Company
has been incurring losses and also the net worth of the Company has turned negative.
Further, the Company is classified into the Graded Surveillance Measure (GSM) list by BSE
since 2017. The Company has suspended its Internet Retail operation and has started
business operations in software development and distribution. In view of this, the Ind AS
financial statements for year ended March 31, 2025 of the Company are prepared on going
concern basis.
2. Attention is drawn to Note No. 9 of the Ind AS financial statements, wherein, the promoter
and a promoter group company have signed a Share Purchase Agreement (SPA) with
acquires wherein the acquires will be acquiring 85 Lacs shares from the existing promoter
and promoters group company and also the control and management of the company. The
necessary process under progress.
Our Opinion is not modified in respect of the above matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial statements of the current period. These matters were addressed in
the context of our audit of the 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
we do not have any matters to be reported as Key audit matters to be communicated in our
Report.
Information Other than the Financial Statements and Auditor’s Report Thereon
The Company's Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Management Discussion and
Analysis, Board's Report including Annexures to Board's Report, Business Responsibility Report,
Corporate Governance and Shareholder's Information, but does not include the financial
statements and our auditor's report thereon.
Our opinion on the 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 financial
statements, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the financial statements or our knowledge
obtained during the course of our audit or 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.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the
Act, with respect to the preparation of these financial statements that give a true and fair view of
the financial position, financial performance, total 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 judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting
process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements. As a part of an audit
in accordance with the SAs, we exercise professional judgment and maintain professional
scepticism throughout the Audit.
We also:
• Identify and assess the risk of material misstatement of the 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 of 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 financial controls 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 an opinion on whether the Company has adequate
internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's report to the related disclosures in the 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 auditor's report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of
the 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 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
financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor's 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 (Auditor's Report) Order, 2020 ("the Order"), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies
Act, 2013, we give in the "Annexure A" a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, 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.
c) The Balance Sheet, the Statement of Profit and Loss including other Comprehensive
Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with
by this Report are in agreement with the relevant books of accounts.
d) In our opinion, the aforesaid financial statements comply with the Ind As specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014.
e) On the basis of the written representations received from the Directors as on 31st
March, 2025 taken on record by the Board of Directors, none of the Directors is
disqualified as on 31stMarch, 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 over financial reporting
of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure B". Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company's internal financial controls
over financial reporting.
g) With respect to the other matters to be included in the Auditor's Report in accordance
with the requirements of Section 197(6) of the Act, as amended 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 does not have long-term contracts including derivative contracts
requiring provision for material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. a) The Management has represented that, to the best of its knowledge and belief,
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 ("Ultimate Beneficiaries") by or on behalf of
the Company 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
("Ultimate Beneficiaries") by or on behalf of the Funding Parties 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) contain any material mis-statement.
v. The company had neither declared any dividend in the previous year nor paid any
dividend during the current year.
vi. Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account which has a feature of
recording audit trail (edit log) facility and that has operated throughout the year
except period from 1st April, 2024 to 23rd May, 2025 for all relevant transactions
recorded in the software. During the course of performing our procedures, we
did not notice any instance of audit trail feature being tampered with, or not
preserved by the Company as per the statutory requirements for record retention.
For S M M P & Company
Chartered Accountants
Firm Registration No. 120438W
Jugal Joshi
Partner
Membership No.: 149761
UDIN: 25149761BMJNLZ2620
Place: Mumbai
Date: 29th May, 2025
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