1. We have audited the accompanying financial statements of Happy Square Outsourcing Services
Limited (formerly known as Happy Square Outsourcing Services Private Limited) (“the
Company”), which comprise the Balance Sheet as at 31st March, 2025,the statement of Profit and Loss
and statement of Cash Flow Statement for the period then ended, and notes to the Financial Statements,
including a summary of significant accounting policies and other explanatory information [hereinafter
referred to as “the Financial Statements”].
2. 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 for the period
ended on March 31, 2025, and its statement of Profit and Loss and its cash flows for the year ended on
that date.
Basis for Opinion
3. We conducted our audit of the Financial Statements 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 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 Companies Act,
2013 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
4. 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. We have determined the matter described below
to be the key audit matter. 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.
The Company has created an intangible asset in the form of a Data Library. This asset has been
recognized in the financial statements. However, no amortization has been charged during the year
as the Company considers the asset to have an indefinite useful life at this stage, and the fact has
been appropriately disclosed in the notes to accounts. No amortization has been charged on this
asset during the financial year, based on management's assessment that the asset's useful life could
not be reasonably determined at this stage due to its evolving nature and on-going development.
Information Other than the Financial Statements and Auditor's Report Thereon:-
5. The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the Board's report, including Annexure to Board's Report, but
doesn't include the standalone financial statements and our auditor's report thereon.
6. Our opinion on the standalone financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
7. 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 financial statements or our knowledge obtained in the course of our audit or otherwise
appears to be materially misstated.
8. If, based on the work we have performed, we conclude that there is a no 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
9. 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 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 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 statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
10. 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.
11. 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
12. 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.
13. As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism 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 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
Companies Act 2013, 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.
14. 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 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.
15. 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.
16. 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
17. 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
A” a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.
18. 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 purpose 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 and the Statement of Cash Flows dealt with
by this Report are in agreement with the books of account:
d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified
under section 133 of the Act and read with rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from directors as on March 31, 2025 taken on
record by the Board of Directors, none of the directors are disqualified as on March 31, 2025
from being appointed as a director in terms of Section 164(2) of the Act.
f) Reporting 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 control 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(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 read with Schedule V of the Act.
h) 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, 2020, in our opinion and to the best of our
information and according to the explanations given to us:
i. There are no pending litigations as on 31st March 2025 which have a material impact on the
financial position on the operations of the company.
ii. The company did not have any long-term contracts including derivative contracts for which there
were any 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, as disclosed in
the note 29 (xi) to the accounts 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 to or 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 Party or
• provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries; and
c) Based on such 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) of the companies (Audit and
Auditors) rules, 2014 contain any material mis-statement.
v. No dividend has been declared or paid during the year by the company.
vi. With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us, the remuneration paid
by the Company to its directors during the current Year is in accordance with the provisions of
Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under
Section 197(16) which are required to be commented upon by us.
vii .The reporting under Rule 11(g) of the Company (Audit and Auditors) Rules, 2014 is applicable
from 01st April, 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 software. We did not come across any instance of the audit trail
feature being tampered with.
For Jyoti Asrani & Associates
Chartered Accountants
FRN: 010126C
Peer Review Certificate No. 016774
CA Jyoti Asrani -
Partner
MN: 079966
UDIN No.: 25079966BMIIJP9859
Date:29th May’ 2025
Place: Jabalpur
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