We have audited the accompanying standalone
Ind AS financial statements of IIRM HOLDINGS INDIA
LIMITED [Formerly known as Sudev Industries Limited]

(“the Company”), which comprise the Balance Sheet
as at March 31, 2025, the Statement of Profit and
Loss (including Other Comprehensive Income), the
Cash Flow Statement and the Statement of Changes
in Equity for the year then ended, and notes to the
financial statements, including a summary of significant
accounting policies and other explanatory information.

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,
as amended (“the Act”) in the manner so required
and give a true and fair view in conformity with the
accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31,
2025, and profit, 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 together with the ethical requirements that are
relevant to our audit of the 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 audit opinion on the 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 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.

Other Information

The Company's Board of Directors is responsible for
the other information. The other information comprises
the information included in the Annual Report, but
does not include the Standalone 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 such other information is
materially inconsistent with the Standalone Financial
Statements or our knowledge obtained in the 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 Standalone Ind
AS Financial Statements

The Company's Board of Directors is responsible for the
matters stated in Section 134(5) of the Companies Act,
2013 (“the Act”) with respect to the preparation of these
Ind AS financial statements that give a true and fair
view of the financial position, financial performance
including other comprehensive income, cash flows
and changes in equity of the Company in accordance
with accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind
AS) prescribed under section 133 of the Act, read with
relevant rules issued there under.

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
the design, implementation and maintenance of
adequate internal financial control that were operating
effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation
and presentation of the Ind AS financial statements
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.

Those Board of Directors are also responsible for
overseeing the Company's financial reporting process.

Auditor's Responsibility 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 part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
scepticism throughout the audit. We also:

a) Identify and assess the risks 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 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.

b) Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the
Act, we are also responsible for expressing our
opinion on whether the company has adequate
internal financial controls system in place and the
operating effectiveness of such controls.

c) Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management.

d) 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.

e) 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.

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 Act, we give in the Annexure 1 a
statement on the matters specified in paragraphs
3 and 4 of the Order.

2. The reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 is applicable from
April 01, 2023. 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 the same has operated
throughout the year for all relevant transactions
recorded in the respective software. Further, during
our audit, we did not come across any instance of
the audit trail feature being tampered with.

3. As required by section 143 (3) of the Act, we report
that:

i. We have sought and obtained all the
information and explanations which to
the best of our knowledge and belief were
necessary for the purpose of our audit;

ii. 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;

iii. The Balance Sheet, the Statement of Profit
and Loss, the Cash Flow Statement and the
Statement of Changes in Equity dealt with by
this Report are in agreement with the books
of account;

iv. In our opinion, the aforesaid standalone Ind AS
financial statements comply with the Indian
Accounting Standards prescribed under
section 133 of the Act, read with relevant rules
issued there under;

v. On the basis of written representations
received from the directors as on March 31,
2025, and taken on record by the Board of
Directors, none of the directors is disqualified
as on March 31, 2025, from being appointed as
a director in terms of section 164 (2) of the Act;

vi. 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 2 to this report;

vii. No managerial remuneration for the year
ended March 31, 2025 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;

viii. 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, 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 other than those disclosed.

ii) The Company did not have any long-term
contracts including derivative contracts
for which there were any material
foreseeable losses.

iii) There has been no delay in transferring
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 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 Intermediaries shall, whether,
directly or indirectly lend or invest
in other person or entity identified
in any manner whatsoever by or on
behalf of the Company (“Ultimate
Beneficiaries”) or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

b) The management has represented
that, to the best of its knowledge
and belief, no funds have been
received by the company from
any person or entity, including
foreign entities (“Funding Parties”),
with the understanding, whether
recorded in writing or otherwise,
that the company shall, whether,
directly or indirectly, lend or invest
in other person or entity identified
in any manner whatsoever by or
on behalf of the Funding Parties
(“Ultimate Beneficiaries”) or
provide any guarantee, security or
the like on behalf of the Ultimate
Beneficiaries; and

c) Based on the audit procedures that
were 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
(a) and (b) contain any material
misstatement.

v) No dividend has been proposed/

declared/paid by the Board of Directors

of the Company.

For Seshachalam & Co.
Chartered Accountants

Firm Registration Number.: 003714S

T. Bharadwaj

Partner

Place: Hyderabad, Membership No.: 201042

Date: April 23, 2025 UDIN: 25201042BMOMHG2810