We have audited the accompanying standalone financial statements of INDO-MIM Limited
(formerly known as INDO-MIM Private Limited) ("the company"), which comprise the
standalone balance sheet as at 31st March 2026, the standalone statement of profit and loss
(including other comprehensive income), the standalone statement of changes in equity and
the standalone statement of cash flows for the year ended on that date, and a summary of
material accounting policies and other explanatory information (herein 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, 2023, as amended, ("Ind AS")
and other accounting principles generally accepted in India, of the state of affairs of the
company as at 31st March 2026, 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 of the standalone financial statements 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 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 the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion on the standalone
financial statements.
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, Corporate Governance
and Shareholder's Information, but does not include, the standalone financial statements,
consolidated Financial Statements and our auditor's 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 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.
Responsibilities of Management and Those Charged with governance for the Standalone
Financial Statements
The Company's Management and Board of Directors is responsible for the matters stated in
section 134(5) of the Act with respect to the preparation and presentation of these
Standalone financial statements that give a true and fair view of the financial position,
financial performance, total comprehensive income, changes in equity and the cash flows of
the company in accordance with Indian Accounting Standards and other accounting
principles generally accepted in India. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and other 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 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 the Board of Directors 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 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 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
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:
• 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 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 our opinion on whether the
Company has adequate internal financial controls system in place with reference to
standalone financial statements 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 the 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
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
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 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.
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 section 143(11) of the Act, we give in the
"Annexure A", a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit 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
matters stated in the Paragraph 2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.
c) The standalone balance sheet, the standalone statement of profit and loss
including the other comprehensive income, statement of changes in equity and
the statement of cash flows dealt with by this Report are in agreement with the
relevant books of accounts.
d) In our opinion, the aforesaid standalone 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 written representations received from the directors as on 31st
March 2026 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March 2026 from being appointed as a director in terms of
Section 164(2) of the Act.
f) The modification relating to the maintenance of accounts and other matters
connected therewith are as stated in the paragraph 2(b) above on reporting under
Section 143(3)(b) and paragraph 2(i)(vi) below on reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rules, 2014.
g) 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, refer to our separate Report in "Annexure B".
h) With respect to the other matters to be included in the Auditor's Report in
accordance with the requirement 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
Companies Act, 2013.
i) With respect to the other matters to be included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as
amended, 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 as at 31st March 2026 - Refer
Note 26(6) of the standalone financial statements.
ii. The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any on long-term
contracts including derivatives contracts.
iii. There were no amounts 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 (which are material either individually or in aggregate)
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, whether, 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 (which are material either individually or in the
aggregate) 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, whether, 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 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 interim dividend declared and paid by the company until the date of this
report is in compliance with section 123 of the Act, as applicable. The
company has not declared any final dividend.
vi. Based on our examination, which included test checks, the company has
used accounting software for maintaining its books of account for the
financial year ended March 31,2026 which has a feature of recording audit
trail (edit log) functionality and the same has operated throughout the year
for all relevant transactions recorded except for instances below:
a. The accounting software does not have the feature of recording of
audit trail at the database level to log any direct changes for the
accounting software used for maintaining the books of account.
b. The feature of recording of audit trial facility was not enabled for
certain masters such as chart of accounts upto November 2025 and
inventory master upto August 2025..
c. Inventory software does not have the feature of recording of audit
trial and consequently, we are unable to comment on the audit trial
of the said software.
Further, for the period where audit trial facility was enabled and operated
throughout the year for the respective accounting software. We did not come
across any instances of the audit trial feature being tampered with.
Additionally, where enabled, the audit trial has been preserved by the
company as per the statutory requirements for records retention.
For Suri & Co.,
Chartered Accountants
Firm Registration No. 004283S
V Natarajan
Partner
Place: Bengaluru Membership l\l°. 223118
UDIN: 26223118GADJSF4447
Date: 04th June 2026
| 