1 °Pi"we have audited the accompanying Financial Statements of NAPS_GLOBAL INDIA PRIVATE
LIMITED(formerlY known as NAPS Trading Private Lim.ted) ( the Company ), whic
comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss and
Statement of Cash Flows for the year then ended, and notes to the financial statements
including a summary of significant accounting policies and other explanatory informat,on
(hereinafter referred to as "the financial statements ).
B in our opinion and to the best of our information and according to the explanations 8*^ to us th.
aforesaid Financial Statements give the information required by the Companies Act, 2013 a
amended ("the Act") in the manner so required and give a true and fair view m conformity will
the Accounting Standards prescribed under section 133 of the Act read with the Compam
(Accounting Standards) Rules, 2006, as amended, ("AS") and other accounting principles general
accepted in India, of the state of affairs of the Company as at March 31, 2024, and Profit and
cash flows for the year ended on that date.
2 Basis for Opinion
We conducted our audit of the Financial Statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are
further described in the Auditor's Responsibilities fo, the Audi, of the
section of our report. We are independent of the Company ,n accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (ICAI) together with the mdependenc
requirements that are relevant to our audit of the financial statements under the provisions of the
Ac, nd 'hl Rules made there under, and we have fulfilled our other ethical responsWibes in
accordance with these repuirements 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 audit opinion on
the Financial Statements.
B. Other Information - Board of Directors' Report
A The Company's Board of Directors is responsible for the preparation and presentation of its
report (herein after called as "Board Report") which comprises various information required
under section 134(3) of the Companies Act 2013 but does not include the financial statements
and our auditor's report thereon.
Our opinion on the financial statements does not cover the Board Report and we do not express
any form of assurance conclusion thereon. .
B. In connection with our audit of the financial statements, ourt«j!onsib,litv is to read the Board
r>/ ^
Report and in doing so, consider whether the Board Report is materially inconsistent with the
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
in this Board Report; we are required to report that fact. We have nothing to report in this
regard.
4. Management's Responsibility for the 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 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
5. Auditor's 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.
• We are not responsible for expressing our opinion on whether the company has
adequate internal financial controls system in place and the operating effectiveness
of such controls. As in our opinion and best of our information and according to the
information and explanations given to us by the Management, the provisions of
section 143(3) for reporting on the adequacy of Internal Financial Controls Over
Financial Reporting of and the operating effectiveness of such control of the
Company, are not applicable;
• 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.
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.
II. Report on Other Legal and Regulatory Requirements:
1 As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Centra
Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure A
,-»$3tement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
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.
C. The Balance Sheet, the Statement of Profit and Loss, and the Cash flow statement dealt
with by this Report are in agreement with the books of account.
D. In our opinion, the aforesaid financial statements comply with the AS specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014
E. On the basis of the written representations received from the directors as on March 31,
2024, taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2024, from being appointed as a director in terms of Section 164 (2) of the Act.
F. In our opinion, the provisions of Section 143(3)(i) regarding opinion on internal financial
controls with reference to financial statements and operating effectiveness of such
controls is not applicable to the company.
G. According to the information and explanations give to us and based on our examination of
the records of the Company, being a private limited company, the relevant provisions of
section 197(16) of the Act, as amended is not applicable to the Company.
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, 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 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
derivative contracts
jjj) There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.
jV) a) 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 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 entity ("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, ,nc'u^'ng
foreign entity ("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 ( u,t|r"ate
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 (u) o
Rule 11 (e), as provided under (a) and (b) above, contain any material
misstatement.
v) The company has not declared or paid any dividend during the year and has not proposed fine
dividend for the year.
vi) Proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of
account using accounting software which has a feature of recording Audit trail (edit log) faci ity is
applicable to the Company w.e.f. 1st April, 2023, and Accordingly, reporting under Ru e il(g) of
Companies (Audit and Auditors) Rules, 2014 is applicable for the financial year ended March,
Based on our examination which included test checks, the Company
for maintaining its books of account for the financial year ended March 31, 2024 which has a
feature of recording audit trail (edit log) facility and the same has been operated throu8h°u^Je
year for all relevant transactions recorded in the software. Further, during the course of our aud
we did not come across any instance of audit trail feature being tampered with
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1,. 2023,
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservatio
S trail as per the statutory requirements for record retention is not applicable for the financial
year ended March 31, 2024.
For and on behalf of
dsmr&co
Chartered Accountants
(Firm Kea. N«C^128085W)
(Dharmendra SrSeWgrra)/^ I Iaccpi
Partner
Membership No: 113275
UDIN:
Place: Mumbai —*
Date: 14th August, 2024
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