Latin Manharlal Chat
BSE Prices delayed by 5 minutes...
     Prices as on Dec 08, 2021     
  ABB India 2094.9 [ 1.38% ]
  ACC 2291.75 [ 2.11% ]
  Axis Bank Ltd. 696.95 [ 1.42% ]
  Bank of Baroda 92.25 [ 3.07% ]
  Bharti Airtel 715.1 [ 2.31% ]
  Bharat Heavy Ele 62.6 [ 0.81% ]
  Cipla 897.9 [ 0.94% ]
  Coal India 150.85 [ 0.07% ]
  Colgate Palm. 1457.65 [ 0.80% ]
  Dabur India 574.75 [ 0.43% ]
  DLF Ltd. 397.35 [ 1.53% ]
  GAIL (India) 133.65 [ 0.72% ]
  Grasim Inds. 1715.3 [ 1.88% ]
  HDFC 2852.5 [ 1.19% ]
  HDFC Bank 1553.45 [ 1.84% ]
  Hero MotoCorp 2488.85 [ 1.17% ]
  ICICI Bank 753.4 [ 2.55% ]
  IDFC L 52.5 [ 2.04% ]
  Indian Hotels Co 202 [ 3.48% ]
  IndusInd Bank 945.5 [ 2.08% ]
  Infosys 1752.9 [ 2.37% ]
  ITC Ltd. 224.95 [ 1.95% ]
  Jindal St & Pwr 381.5 [ 3.67% ]
  L&T 1823.95 [ 1.47% ]
  Lupin Ltd. 887.1 [ 2.42% ]
  Mahi. & Mahi 840.65 [ 1.83% ]
  MTNL 22.25 [ -2.84% ]
  Nestle India 19476.15 [ 0.72% ]
  NIIT Ltd. 387.35 [ -0.56% ]
  NMDC Ltd. 147.05 [ 1.24% ]
  NTPC 127.3 [ 1.52% ]
  ONGC 148.45 [ 1.75% ]
  Power Grid Corpo 204.85 [ -0.49% ]
  Reliance Inds. 2417.4 [ 1.50% ]
  SBI 491.45 [ 3.11% ]
  Vedanta 341.85 [ -0.70% ]
  Shipping Corpn. 148.6 [ 0.58% ]
  Sun Pharma. 757.55 [ 1.94% ]
  Tata Chemicals 923.65 [ 1.56% ]
  Tata Steel 1173.35 [ 2.09% ]
  Tata Power Co. 229.35 [ 1.30% ]
  Tech Mahindra 1606.6 [ 1.91% ]
  United Spirits 916.05 [ 2.14% ]
  Wipro 641.85 [ 1.57% ]

Company Information

Home » Market » Company Information

Affle (India) Ltd.

Dec 08
1084.45 +4.85 (+ 0.45 %)
 
VOLUME : 9102
Prev. Close 1079.60
Open Price 1085.00
TODAY'S LOW / HIGH
1081.25
 
 
 
1100.95
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
706.00
 
 
 
1259.25
Dec 08
1084.75 +4.70 (+ 0.44 %)
 
VOLUME : 189292
Prev. Close 1080.05
Open Price 1091.00
TODAY'S LOW / HIGH
1080.65
 
 
 
1099.00
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
695.23
 
 
 
1260.00
Company Information Menu

Search Company

Market Cap. ( ₹ ) 14454.41 Cr. P/BV 17.43 Book Value ( ₹ ) 62.23
52 Week High/Low ( ₹ ) 1260/695 FV/ML 2/1 P/E(X) 107.23
Bookclosure 08/10/2021 TTM EPS ( ₹ ) 12.94 Div Yield (%) 0.00
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2021-03 

standalone financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

TO THE MEMBERS OF AFFLE (INDIA) LIMITEDOpinion

We have audited the accompanying standalone financial statements of Affle (India) Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss, including the Statement of 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, 2021, its profit including other comprehensive income, its cash flows and the changes in equity 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), as 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 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 standalone financial statements.

Emphasis of Matter

We draw your attention to note 38.1 to the financial statements, which indicate that business combination under common control has been accounted for using purchase method in accordance with previous GAAP resulting in recognition of goodwill amounting to INR 59.24 million as on March 31, 2021 as prescribed under court scheme instead of using pooling of interest method as prescribed under Ind AS 103 Business Combinations as the approved court scheme will prevail over applicable accounting standard.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the financial year ended March 31, 2021. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the standalone financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the

Key audit matters

How our audit addressed the key audit matter

Revenue recognition and recoverability of trade receivables and contract assets (as described in Note 18 of

the standalone financial statements)

The Company derives its revenue mainly from

Our audit procedures included the following, amongst

rendering of mobile advertising services using a

others:

network of publishers. The Company recognizes revenue from its customers at the time of delivery

We obtained an understanding of the systems,

of advertisement. We identified revenue recognition

processes and controls implemented by the

as a key audit matter because revenue is one of the

Company for recording revenues.

Company's key performance indicators and there

We have tested the operating effectiveness of

is an inherent risk around the accuracy of revenue

the controls related to revenues and associated

recorded which is dependent upon reconciliations

receivables and contract assets.

of billing data as per Company records with those of

For a sample of transactions we performed the

customer.

following procedures:

a. assessed the supporting documents including

Further, the Company has a significant balance of

inspection of contractual terms and conditions,

trade receivables and contract assets amounting to

release order from customers, delivery

Rs INR 983.49 Mn as at March 31, 2021. The Company

documents in the form of email confirmation,

has determined the allowance for credit losses based

b. tested the reconciliation of service provided to

on past experience and adjusted to reflect current

the customer with the amount of invoice raised.

and estimated future economic conditions.

We assessed the Company's accounting policies relating to revenue recognition.

Due to significance of carrying values of trade

receivables and contract assets and judgments

Our audit procedures on the carrying value of

involved in assessing recoverability of trade

trade receivables and contract assets, included the

receivables and contract assets and calculating the

following, amongst others:

expected credit losses, this matter was considered key audit matter to our audit.

We obtained an understanding of the systems, processes and controls implemented by the Company for recording allowance for credit losses.

We tested the ageing of contract assets and trade receivables for a sample of invoices;

We obtained direct confirmation of trade receivables and performed other alternate procedures which included testing of invoice, testing of customer purchase/release order and subsequent collection of invoices for the confirmations not received

We tested billings and receipts after year-end

We examined the Company's assessment of recoverability basis historical payment patterns and macroeconomic information.

AWe tested the management computation of the allowance for credit loss.

Internally generated intangible assets (as described

in Note 4 of the standalone financial statements)

The Company recognizes internally generated

Our audit procedures included the following, amongst

intangible assets i.e. software and application platform amounting to INR 177.16 Mn. Initial recognition

others:

is based on assessing each project in relation to

• We assessed the management process and

specific recognition criteria that needs to be met for

procedures related to initial recognition criteria

capitalization. The assessment involves management

for intangible assets, allocation of budgets,

judgment on matters such as technical feasibility,

measurement of time recorded on development

intention and ability to complete the development of

and establish the basis for capitalization.

such intangible asset, ability to use or sell the asset,

• We tested the amount capitalized from the

generation of future economic benefits and the ability

underlying records and information for expenses;

to measure costs reliably. Due to the materiality of

• We performed inquires with management

the assets recognized and the level of management

regarding key assumptions used and estimates

judgement involved being significant, initial

made in capitalizing development costs and

recognition and measurement of internally generated

assessed those assumptions and estimates.

intangible assets is a key audit matter.

• We also considered the useful economic life attributed to the assets.

Impairment of goodwill and other intangible assets (as described in Note 2(x) of the standalone financial statements)

The Company holds significant amounts of

Our audit procedures on impairment test included

goodwill and intangible assets arising from business combinations and including self-generated and

the following, amongst others:

other intangibles, on the balance sheet amounting

• We assessed the key information used in

to INR 311.54 Mn. Accounting Standard ('Ind AS') 36,

determining the valuation including the weighted

“Impairment of Assets requires management to test

average cost of capital, cash flow forecasts and

the goodwill for impairment as part of the non-current

the implicit growth.

assets of (groups of) Cash Generating Unit (“CGUs”)

• We assessed the Company's valuation

to which it is allocated, both annually and if there is a

methodology applied in determining the value in

trigger for testing.

use;

• We assessed the assumptions used in the cash

Such goodwill and other intangible assets are tested

flow forecasts including discount rates, expected

for impairment using discounted cash-flow model

growth rates and terminal growth rates used

of the CGU's recoverable value compared to the

after taking into consideration possible effects of

carrying value of the assets. A deficit between the

COVID-19;

recoverable value and the CGU's net assets would

• We assessed historical accuracy of management's

result in impairment.

budgets and forecasts by comparing them to actual performance;

In view of the COVID-19 pandemic, the management

• We assessed the recoverable value headroom by

reassessed its future business plans and key

performing sensitivity testing of key assumptions

assumptions as at March 31, 2021 while assessing the

used;

adequacy of impairment provision. The impairment

• We tested the arithmetical accuracy of the models;

tests were a key audit matter due to the significant

• We also assessed the disclosures given in the

judgements and assumptions made by management

standalone financial statements for compliance

which are affected by uncertainties around future

with disclosure requirements under the accounting

market or economic conditions.

standards.

Measurement of derivative financial instrument (as described in Note 5(b) of the standalone financial statements)

The Company had made an investment in a company

Our audit procedures on measurement of derivative

and also entered into an exclusive monetization

financial instrument included the following, amongst

agreement with such company which provides right to the Company to acquire additional ownership

others:

stake in such company.

• We assessed the processes and controls put in place by the Company to identify, measure and

These rights have been assessed by the Company

recognize derivative financial instruments.

as derivative financial instrument in accordance

• We read the agreement to obtain an understanding

with Ind AS 109. This derivative financial instrument

of the transaction.

is recognized in the balance sheet at fair value

• We evaluated the competences, capabilities and

amounting to INR 237.80 Mn on initial recognition.

objectivity of the management's expert.

Any change in the value of derivative on the balance

• We involved our valuation specialist who:

sheet reporting date is recorded in the statement of

c. tested the arithmetical accuracy of the models

profit and loss. As at year-end, management assessed

used by the management expert;

no change in fair value.

d. evaluated and tested the methodologies used by the management's expert in their valuation

Measurement of such derivative financial instrument

report; and

is a key audit matter as this is a level 3 instrument

e. assessed the key information used in determining

requiring significant judgements and assumptions

the valuation including the volatility, risk free

by management which are affected by uncertainties

rate, expected option life.

around future market or economic conditions.

• We also assessed the disclosures given in the standalone financial statements for compliance with disclosure requirements under the accounting standards.

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 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.

Responsibility of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone 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 the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 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 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 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 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.

• 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 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.

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 standalone financial statements for the financial year ended March 31, 2021 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, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act based on our audit, we give in the “Annexure 1” a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 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 including the Statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2018, as amended;

e. On the basis of the written representations received from the directors as on March 31, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2021 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 over financial reporting of the Company with reference to these standalone financial statements and the operating effectiveness of such controls,

refer to our separate Report in “Annexure 2” to this report;

g. In our opinion, the managerial remuneration for the year ended March 31, 2021 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;

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 standalone financial statements - Refer Note 30(b) to the standalone financial statements;

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

iii.

There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

For S. R. Batliboi & Associates LLP Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

per Yogesh Midha Partner

Membership Number: 94941 UDIN: 21094941AAAABU2050

Place of Signature: New Delhi Date: May 29, 2021