We have audited the financial statements of DAPS Advertising Limited (“the Company”), which
comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss and the
Statement of Cash Flows for the year ended and notes to the Financial Statements, including a
summary of material 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 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
accounting principles generally accepted in India, of the state of affairs of the Company as at 31st
March, 2024 and its profit, 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 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 opinion.
Responsibility of Management for Financial Statements
The Company's Management & 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 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. Those Board of
Directors are also responsible for overseeing the Company's financial reporting process.
Auditors' 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 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 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 control 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.
• 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.
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 A, a statement on the matters specified in the 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 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 appears from our examination of those books;
c) The Balance Sheet and 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;
e) On the basis of written representations received from the directors as on 31st March,
2024, taken on record by the Board of Directors, none of the directors is disqualified as on
31st March, 2024 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 with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our
separate report in Annexure B.
g) 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 explanation given to us: -
i. There is no pending litigation as at 31st March, 2024 which has impact on the financial
position of the Company in its Financial Statements.
ii. The Company did not have any long-term contract including derivative contracts for
which there were any material foreseeable losses.
iii. The Company did not have any amount required to be transferred, to the Investor
Education and Protection Fund during the year ended 31st March, 2024.
iv. a. The management has represented that, to the best of its knowledge and belief,
as disclosed in the Note 24.B.11 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 person(s) or entity(ies), 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, other
than as disclosed in the notes 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 person(s) or entity(ies), 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.
c. Based on audit procedures that has considered reasonable and appropriate in
the circumstances, nothing has come to the notice that has caused us to believe that the
representations under above point (a) and (b) contain any material misstatement.
v. The final dividend paid by the Company during the financial year ended 31 March 2024
in respect of such dividend declared for the previous year is in accordance with section
123 of the Act to the extent it applies to payment of dividend.
As stated in note 24 (A.10) to the accompanying financial statement, the Board of
Directors of the Company have proposed final dividend for the year ended 31 March
2024 which is subject to the approval of the members at the ensuing Annual General
Meeting. The dividend declared is in accordance with section 123 of the Act to the extent
it applies to payment of dividend.
vi. Based on our examination which included test checks, the Company has used an
accounting software for maintaining its books of accounts for the financial year ended
March 31, 2024 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. Further, during the course of our audit we did not come across any instance of
audit trail feature being tampered with.
The company has confirmed to maintain and preserve the audit trail as per the proviso
to Rule 3(1) of the Companies (Accounts) Rules, 2014 which is applicable from April 1,
2023, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 as per
the statutory requirements for record retention for the financial year ended March 31,
2024.
h) As required by section 197(16) of the Act based on our audit, we report that the Company
has paid remuneration to its directors during the year in accordance with the provisions of
and limits laid down under section 197 read with Schedule V to the Companies Act, 2013.
For KEDIA GUPTA & ASSOCIATES
Chartered Accountants
ICAI FRN: 006465C
Ajay Kumar Kedia
Partner
ICAI M.No. 074354
UDIN: 24074354BKDBT05290
Date: 27th May, 2024
Place: Kanpur
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