Wu have audited 1He accompanying Standalone Financial Statements of IWEC Serves* Limited ("the Company')
*hth comprise the Salary Sheet OS at March 31, ZOJA the Statement pi Profit end loss (^eluding Other
Cen'prehen&ive Income i the Statement of Changes in Equity and the Statement of Cash Flows for the year E^ed
on that date and Nctes lo the Standalone FmartCdl Statements, tnttrfmfl a Summary of (he Significant accounting
pcleres and &1iter explanatory information ! hereinafter referred lo as the Standalone Financial Statements")
In our opinion and to the best el Out information and accord ng to the explanations given to us. the aforesad
Standalone Financial Slalemenls give the information required by the Companies Act. 2013 f the Act') m ll>e
manner so required a".d give a (rue and fa-- vew m conformity with Ihe Indian Accounting Standards prescribed
under section 133 or mo Act road with (FlC Companies (Indian Accounting Standards) Rules. 201 &. as amended.
Inti AS i and other accounting principles generally accepted m India, ol Ihe state of affairs ol1hfl Company as a1
March 31 2024 the pfdit and toral comprehensive income, Changes n equity and its cash tows For the year ended
on than date
Basis of Opinion
We conducted our audit ?( the Standalone Financial Statements in accordance with Ihe Standards On Auditing
[$As) specify gnder section Mi|l0) ci the Act (SAs) Our responsibrJities under those Standards arc further
described n the Auditor's Responsibilities for the Audit of (he Standalone Fm&neiar Sl&1emen1s section of pgr
report W$ are ndepe-dent of 1he Company In accordance wth the Cede or Ethics issued by the Institute ol
Chartered Accountants nr Inda (ICAIJ tOgelMMfWlh the independence requirements |hsl are rele^sM to our audit
of 1fte Standalone FinsndW Statements under the provisions or the Ad and the Rules made thereunder, and we
have Fulfilled our Other ethical responsibilities m accordance with muse requirements and the ICKi'l Code of
tlfncs WO believe i?-.ar mo audit evidence we have obtained is sufficient and appropriate to provide a basis Tor our
?pimqn
Key Audit Matters
Key aud1 matters are those matters that, in nur professional |udgmant were of most Significance m our audit of
(he Standaiona Financial Statements of the curreni period These matters were addressed in the context oF our
audri of the Standalone Financial Slalemenls as a whpta. and in forming our opinion thereon and we do not
provide a separate opinion on Lhese matters We have determined (he matters described beEpw lb be the hey 3ud1
matters to be COmmun cated d our report
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Key Audit Matter
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Assessment ol Contingent Liability and Rotated Di*r:losurei
[Rcffri to Nolo E3 iiii io :h.(j St&ndalOfte Financial Statements- 'Use of Estimates, Judgements and
AMumptipris — Provbgjflns and contingent liabilities". Note 2 i 1o 1he Standalone Financial Statements
- ’Contingent LiabilriteS anci Commitments')
As at March 31 2Q2A !re Group has exposures towards liligatKmi dialing tc v*nct& matters as SOI
PUt in the aforesaid Moles
Significant management judgement ts required 1o assess Such malted to determine the probability pf
occurrence c- maleul outflow or economic resources and whether a proviWh JhOulO he
rerrgnsed or a d-scJo&ure shoud be made The management judgement rs also Supported with
Ýegal advice in certain cases os considered appropriate
As the olhmata outcome or ine maHers are uncertain and Che positions taken by the management
are based on the application pf 1hmr nest lodgement rela1ed :egal advice including those relating to
interpretation of lowj/reguialons. it i& considered 10 be a Ktey Audit Matter
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Auditor's Response
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Principle Audit Procedures
0 ur audit procedures included the following
* We understood, assessed and tested 1he design a'd operating effectiveness of key coni rcls
su Ý round mg Contingent tiabiliLy relating to the relevant laws end regulations.
» We performed- our assessment on a lest basts on the underlying calculations supposing ih&
contingent hohiiii^s made m the Standalone Financial Statements.
- We evaluated management's assessments by understand^ precedents set tn similar cases
and assessed 1he re: ability or the manegemerrfs past eslwnates'jUdgements.
* We evaluated management s assessment around those matters that are not C sc osed or not
considered a* contingent fcabftrty as the probability of material outflow * considered to be
remote by the management.
* We assessed the adequacy pf the Company's disclosures
Eased on 1ha above work performed management's afisQSSiTiSnL m respect of disclosures relating 10
contingent liabilities in Ihe Standslofe Financial Statements is considered to be reasonable
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Itay Audit tutor
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Assessment pf carrying vdIlic pf equity Investments in subsidiaries and fair value of other
investments
1 Refer to Note 15 : Ml: to me Standalone Financial Sl<ttemente - 'Use of Esl mates Judgement and
Assumptions - fair Value Measurements of Financial Instruments ' Note 3 >.vi Lo 1he Standalone
Financial Statements- 'investments m subsidiary’. Note fi (xvii~ A) to the Standalone Financial
Statements - "Financial assets' Note 2 to ihe Standalone Financial Statements - "investments in
subsidiary' and Note 3" fAi lo lha Standalone Fmanciaf Statements - "Fair value hierarchy']
The Company has equity Investments m a subsidiary company li has also made investments in
preference shares m subsidiary company
The Company accounted for equHy investments in subsidiary 31 cost iSUbjOCL Tp impairment
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assessment! and other inveslmenls at Fair value On 3lh January 2024 the Hon'bie NCLf Order
Bench passed and order in IA No I^QfrOSl ifi CP(l8)Ho 296i,M3fC-H^ZCH0 (certrfwd true copy d
rirde- isceivfrd Oh January 12 2Q2P1 regarding the approval ei Resolution Plan by 1 ne Honblo NCLT
From the tfate of order (he Company? Subs^igry RSAl S1«i Pr™ole Limited ceased to bo I he
Subsidiary
For .nvfiR7nifi".fs earned 31 ,7or/ where an rftdicalion of npa Fmer:1 esnsls the carrying value of
invesiyftem * assessed for impairment god where applicable an impairment provision is recognaed.
ir required to (Is recoverable a«OunL
For invMim^r.lr- caned at fair values a fair valuation q done al the year-end as required by Ind AS
109 tn case or certain investments. cost is considered as an appropriate eslmare 0* Fair value s<n«
there i& & wide range oi possible Ja Ý value measurements and cost represents me best eslimaLe of
Fair value wlh n that range as parm trod under hid AS "C9
The accoufilmg for investments is a Key Audit Matter os 1he determination of recoverable value Tor
impainnani assessmentdair valuation involves significant management Jjudgemwl
The impairment assessment and fair vacation for such mvestmenis have been done by the
management in accordance wilh Ind A$ 30 and Ind AS 113 respectively
The key inpuls ana judgements involved m (he impairmentflair vahjaliori assessment aJ unquoted
mveHmenti include
* Forecast cash flows including assumpl-ons on growth rates
Discount rates
«terminal growth rant
Economic And entity specific factors ere incorporated in valualion used in the impairment
assessmarri
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Auditor•'*. Respond*
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PflnelpaF AudU proceiurM
Our aucJii procedures included me fonowimj
Ý We obtamed an understanding Trom Lhe nranegemenl assessed and tested the desgn and
operating effectiveness of [he Company's key controls over the impairment assessment and
fair valuation of malenaJ investments
Ý We avaiualed lhe Company's process regarding impairment assessment eod fair valuation
by Ýnvolvi-g auditor's valuation (tXptflA 1c assisting assessing the appropriateness d lhe
valuation model including me ndapardent assessmem of me undertying assumptions
refahng to ftoCQunl rale, terminal value etc
« We assessed 1he carrying valu#/faif value calculators or aP individually material
investments where applicable to determine Whether the valuations performed by (he
Company were wiltim an acceptable range dole 1 mint'd by uS and the auditor's valuation
experts
* We evaluated the cash itow forecasts fwith underlying economic growth rale) by comparing
them to Lhe approved budgets and our understanding of the internal and external Factors
Ý We checked lt>e malhemattcal accuracy of lhe unpa'rmen1 model and agreed relevant dale
back to tnc lalesi budgets actual past results and other supporting documents
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Ý We assessed the Company's sensihvfly analysis and evaluated whether any reasonably
foreseeable change in assumption* could leas to impammeni or material change in fair
valuation
* We had discussions wilt: management to nbi.tin an understanding of I he relevant factors in
reaped ol eerta-o investments carried at fair valve where a Wide range ol fair vafuas were
possible due lo various factors such as absence of recent Observable Liar:tactions,
restrictions on transfer of shares. extsEence of multiple valuation lechn^ues. mvealee's
varied nature Of portfolio or investments for which &ignirican1 (Stimsleti'futlgernonls are
required to arrve at fair value
* We evaluated the adequacy of 1ho disclosures made in the Standalone Fntncfsl
Statements
* For lha Cessation of Subsidiary we verfied Hon bte NCCT Ordor 3rd vOrrfurd the adequate
Irealment m books
Based on ihe above procedures performed, we dd not identify any sigmiicant exceptions m
10a managements assessment in relation. to the carrying value or equity investment in
subsidiaries and fair value or ether investments
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Kay Audit Matter
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Evaluation Of uncertain [an positions
The Company has maleriat uncertain Ian positions including matters under d'Spute which involves
significant judgment 1o determine the possible oulpome cf these disputes
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Auditor'* Respond _
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Principal Audit Procedures
We obtained rfutbils of completed 1ax assessments and demands for the year ended Maich 31, ZC24
1nom management We involved our internal experts lo challenge the management's underlying
assumptions in estimating 1he tax provision and the possible nulcome cf the dispoles Our internal
experts also considered lega precedence and diner rulings in evalual.ng management's position on
1bese uncertain tax poailiQns Add llonally. we considered the effect of new mformalan in respect of
uncertain ian posMion* as ai April 1 50Z4 io evaluate whether any change was required lo
managements, position on these uncertainties
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Emphisis if Matter
Our opinion is noi modified m respect of tne following mailers
3) The Company has given wrporale guaranlee of F?S 2-4.1 0 Lacs 10 its subsidiary company te RSAl
Sleei Private Untied for loans lafcen from vanoui bonks Ba^Vs have classified loese loans as Mon¬
Performing Assets On- Sth January 2D24, Ihe Hon'bte NCLT Order Be^ch passed and order in 1A. Mo
l2iitV2D2l in CPtUBjNa 29E55rMBA>llf2Q1& I certified tme copy oF order received on January 12, 2024)
regarding ihc approval of Resolution Plan by th# Mon'We NCL7 From the date ot order RSai &ieei
Private Limited ceased 10 be the Subsidiary of IM6.C Services Ltfmled (the Holding Company)
Accordingly, the Company is not having any CQMrol Over |he allairs/managemeni of RSAL Steel Private
LimHed.
6) Duong the- period Mrt&m Key Manayement Personnel (KMPsi has r^-gne-d a? Follows
- Co™pany Secretary MS Non- Arjana has tendsrea her resignation Bad has been reltevett from 1he
service w e.f February 23. 2Q24
Ý Mr PraKOSh Madhavrao Deshmukh i* King appointed 35 Chief Executive Officer Of ihe Company * a f
Fofcruary u 20Z*
7he Company has appcunlment new personnels as replacement of above KMPs during the penod.
competing she process as per the Companies Ad 20i3
c) During me penod NCLT has parsed the order in CP No 4i(U6) or ZQ22 dated February m 2023, for H»o
reduction of share capital of the Company Pursuant to nms. the Company ha* hied requisite rann with the
Registrar of Companies. Mumbai, Maharashtra and which has been approved on 11th May. 2023
d) The Company has received demand none from CustemsfDGfT for non-fulfilment of export obligations
under 5 Advance Licenses issued m 2010 and (6 pay lh* export obligations amOunimg HRs 11B as Lacs
As per reply received from the Company Management the Duty Orecharge Cerltficate was receded for A
Advance Licenses amounting to Rs 55 27 Lakhs Rb* 1 Lsense amounbng to Rs 61 50 Lakhs Ihe
Company ha* already assigned and transferred its all assets and -ah :ities,'ob':gahnrs ncludmg bu1 no1
limded lo duty bee imported row materials 10 R£Al Steel Private LimMed (a subsidiary of the Company /
RSPL) through the Slump Sate Agreemenl daled 30 03 20n During the ysar, Hon'bic NCLf has passed
the Order m respect of R5PL and did noi spocifica-y mentioned cassation of liability patterning 10 above
The Company has a:so Filed Intenm Application in NCLT Mumba in CP No ?9S5 of 2015 m respect oF I he
said lability fugarding export oWjgalions aioftj with ihp one mote advance licence for which company has
noi luhiiied its obligation, which is pending before the NCLT
Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsibie loi the preparation oF the other mFormalion The other
information comprises the information included in me Managemeni Discuss^ and Anaiysu. Board's Report
including Artnexures to Boards Report. Business Responsibility Fteparl Corporate Governance and
Shareholders Information, but does not include the Standalone financial Statements and Dur auditor's repoh
I hereon
Our opinion on ihe Standafone Financial Statements does nol cover ma outer Wormahon and we do not
express any form of assurance CO*>CluSion Llweon
In connection wiln our audit of the Standalone Financial Statements, our responsibility ݣ Lo -road Ihe other
information and. in doing so consider whether ihe Other information U maleriplly inconsistent with [he
Standalone financial Statement* or our knowledge obtained during Ihe course of our audit or otherwise
appears 10 t>e materially misstated
II based on the wbrfc we have performed, we conclude that 1here rs a material misstatement of the Other
irt1orma!i&n. we are neqU'-red lo report Ihat facl We halve nothing 1o report m ihis regard
Management's RHpbnsihllilies for 1 he Standalone Flninclal Statements
The Company'! Board ol Directors is responsible fo* 1he matters slated ip section 134(51 ?< the AcL with rasped
lo the prepara1>on of 1-sse Standalone Financial Statements 1-ai give a true and fair view of the financial
poR-ibon financial performance total comprehensive income changes in equriy and cash flows of the Company
m accordance wdh Ihe lnd AS and older accounting principles general y accepted n India Th-s responsibility
also irwSucfes maintenance of adequate accounting re cords In accordance wiin the provisions of the Act for
safeguarding the assets of the Company and Tor preventing and detecting frauds and Other irregular dies,
selection and application of appropriate accounting policies ma r ng judgments and estimates that are
reasonable and prudent, and design, implementation and maintenance ql adequate internal financial controls,
tnai were operating effectively for ensunng me accuracy ana completeness of me accounting records Levant
to the preparation and presentation nr the standalone Financial Slatemeoti that g ve a true and fair vfnv and
are free from materiel misstatement, whether due 10 fraud or error
In preparing the Standalone Financial Statements management s responsible for assessing the Company's
ability lo continue a* a going concern tjisclosmg as applicate, mailers reialetf to gomg concern and using the
gc-ng concern basis of accounting unless management either intends to liquidate the Company or iq cease
operations nr has no realistic alternative but to do so
The Board of Directors are responsOte for overselling Ihe Company's f^ansai repodmg process
Auditor's Responsibilities for Ihe Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whelnef me Standalone Financial StaiemaiMs as a
whole are free from material rrussfatemenl whether due tg fraud or error, and 1b ssue an auctions repdM
that includes our opinion. Reasonable assurance a a high level of assurance, but is not a guaranies that an
audit conducted in accordance with 5As will always detect a material misslatement when it exists
Misstatements can arise from baud or error and are considered meterai if. individually or in the aggregate.
I hey cculd reasonably be expected ta intluence Ihe economic decisions oF users taken gn me basis of 1bese
Standalone Financial Statements
As pad of an audil in accordance with fiAs. we exercise professional |ydgmen1 and maintain professional
skepiosm throughout ihe audit. Wo also
IdenhFy and assess the fists of material mistLatoment of the Standalone Financial Statements whether due
Lo fraud or error design and perform audd procedures responsive lo those nsks. and obtain duel evidence
that i£ Su'riCiLT.I and appropriate to provide a basis for our opinion The risk gf not detecting a materiel
misstatement resulting from fraud s higher Ehan for one resulting from error, as fraud may nvtfve collusion,
forgery, intentional omrss«ns misrepresentations, or the Override of internal control
Obtain an understanding of nternal financial controls relevant 1* the audit m ordec lo design audit
procedures lhal are appfopiate m the circumstances Under section H3(3Hi) of the Act we are also
responsible Tor expressing Cwr opinion on whether the Company has adequate internal financial controls
system m place and tho operating effectiveness cf such controls
Evaluate the appropriateness of accounting polices used end 1he reasonableness or &coOun1mg estimates
and related disclosures made by management
Conclude on the appropriateness Of mariagernent'E use of the going concern basis -of accounting and.
based qn me audiL dvHJance Obtained whether a materiel uncertainty exists related to evenls ar condriions
lhal may cast significant doubt on ihe Company S atdity to continue as a going concern tF we conclude tha1
a materal uncertainly exists, wO are requited to draw attention :n our auditors repb-i to 1he misled
disclosures in the Standalone Financial Statements qr if such disclosures are inadequate to modify our
ap'meri Our conclusions are based on the auc-i evidence ortamed up to the dale of our audlor'S report
Kmim, future everts cr conditions may cause the Company to cease to cam-cue or a gamy concent
1 Evaluate the overall prgsenLatinn structure and content or the Standalone Financial Slalemenls including
Lhe disclosures, and whether the Standalone finance Slalemenls reassert I he underlying transactions
and everts m a manner 1nat achieves fair presentation
Materiality is the magnitude of misstatements in lhe Standalone Fmancial Statements thai mdr.in j,my or n
aggregate makes 1 probable mat ihe economic decisions or o -reasonably knowledgeable user of the
financial slaletnents may tie influenced We consider quantitative materiality and quetrtalrve factors n Ý; i|i
plann ng the scope of our aodit work ann m evaiuAi ng me results of our work and (:i; to evaluate lhe effect
of any identified misstatements m me Financia' statements
We communicata w4h those charged with governance reacting amcog other matters. Ihe planned scope
and timing of the audit and significart audil hndrngs nr ud -g any significant deficiencies in internal control
Lhat we identify during ouF audit
We also provide those changed with governance w-1h a statement than we have complied with relevanE
ethical requirements regarding independence and to communicate with ihem an relationships and other
matters that may reason ably ba 1hought to bear on our independence, and where applicable related
safeguards
From Lhe matters communicated with those charged wilh governance we determine those matters that
war* pi most tigndicaftce in the audit of the Standalone Financial Statements of the currert perm] and sue
therefore the key audit mailers We describe these mailers r, our auditors report unless Saw or regulation
precludes public disclosure about the matter or when, m e/tremeiy rare cucumslances. we determine that a
meuer should no1 be ccmmumcaled m our report because 1he adverse consequences of doing so would
reasonably be expected to outweigh the pubic interest benefits of Such communication
Report on Other Legal and Regulatory Requirements
As requ-red by Section 143(3] of Ihe Act baaed on our audit we report that.
a) We have sought and Ob-lamed aM me mfomiSkJP gnd explanations Which Ip lhe best of our
knowledge and beliEt we re necessary for Lhe purposes or Our audit
pi 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 these books
C) The Balance Sheet 1he Statement of Profit and LOSS including Other Comprehensive Income,
SlatemeflL of Changes in Equity and She Slalemem of Cash Flow dealt with by this Report are in
agreement with the relevant books of account
d; In our opinion, the aforesaid Standalone Fbuncnl Statements comply wqh ihe |r>d AS specified under
Sachem 133 0-1 the AO read With Rule ? Of 1he Companies (Acpguntsf Rules. 2Q14
On the basil of Ihe written representations received from lhfl directors as &o March 3V 2QJS taken
on record by the Board Of Director, none Of the directors -s disqualified as on March 31. 2D24 from
being apponted as a director m terms of Section f 64 (2) ol lhe Act
F| With respect 10 1h0 Adequacy oF lhe internal Finan - al centals Over financial reporting cd the Company
and lhe operating cffedwcness of such controls, refer 1o our separate Report m 'Annsxure A1 Chur
report expresses an unmodJhed Opinion on Use adequacy and operating effectiveness of 1fW
Company's interns! financial controls over fmancia- reporting
c- With neaped tg the other tfiathtr? to be mettled In me Auditor1* Report In sccortfonre w|h uie
requirements of eeClion 1&?(t6l el the Act 3S amended
In our opinion and lo (he best of pur information and accord ng to the explanations grven to us, thf
remuneration pa .1 by the Comply la Ms directors during 1l>e year .s in accordance -jvith Ihe
provisions, of section 197 of me Act The company has paid only sdling fees to its directors
h) Wllh reaped tn lbe other matters 1o be included in the Auditors Report m accordance with Rule 11
?I the Companies (Audit and Auditors] Rules 2014. as amended m our opinion and to the oeM of our
information and according lo Ihe explanations given 10 US
i The Company *as disclosed the impact o< pending imgattcd &n its financial posriion m its
Slahdalone Financial Statements except poml 'C as mentioned in Emphasis oF Maller
Paragraph above.
ii The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable josses 1 any on long term contracts including oenvol.ve
contra els
iii There has been na amount, Which IS required to be transferred Cd the Investor Education
and Protection Fund by 1he Company
As required by ihe Companies (Auditors Repod) Order 202Q Cthe OrOerLj issued by Ihe Central
Governmenl in terms of SediOn 143411) of th* Atl we give * 'Artitexure B' a sisfemanl on the matters
Specified in paragraphs 3 and 4 of the Order to Ihe ejrteoL applicable
For SCAN & Co.
Chartered Accountants
(Firm Reg No 1139&4W|
CA Neel Khandelwal
Place-Indore Partner
Dale: May 50, 2024 M No. t81251
UDlN; 24161251 BKC1CN406S
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