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Cranes Software International Ltd. Interim / Quarterly Report 2021

Nov 13, 2021

63274_rns_2021-11-13_c15be2a4-4b3b-413e-9ef8-7576ead483ef.pdf

Interim / Quarterly Report

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==> picture [74 x 95] intentionally omitted <==

Cranes Software International Limited

Correspondence Ad d ress:

Ph: +91 80 6764 4800/4848 Fax: +91 80 6764 4888 Em a il: [email protected]

82, Presidency Buil d ing, 3[rd ] & 4[th ] Floor,

  • St. Marks Road, Ben g aluru - 560 001, Karnataka

13[th] November, 2021

To, The Manager Department of Corporate Ser v ices Bombay Stock Exchange Ltd., P J Towers, Dalal Street Mumbai – 400 001

Dear Sir,

Sub: Meeting of the Board of Directors - Outcome Ref: Company No. 512093

Further to our letter dt. 5[th] N ovember, 2021 informing you of the Bo a rd of Directors Meeting, we wish to inform you that at the meeting of the Board of Di r ectors held today (13[th] November, 2021), the Boa r d has:

  • Approved and take n on record the un-audited financial re s ults for the quarter and period ended 30[th] S eptember, 2021. The results are enclosed herewith for your information / record s .

  • The Limited Review Report is also enclosed for your referen c e.

Thanking you,

Yours faithfully, For Cranes Software International Ltd.

Mueed Digitally signed by Mueed Khader Date: 2021.11.13 Khader 14:42:23 +05'30'

Authorised Signatory Name: Mueed Khader Designation: Director

ISO 9001:2000 ISO 27001 : 2005 CM www.cranesvarsity.com

CRANES SOFTWARE INTERNATIONAL LIMITED

Regd Office : # 82, Presidency Building, 3rd & 4th Floor, St.Marks Road, BANGALORE - 560 001

Ph.080 67644848 Fax:080 67644888 Email:[email protected] Website: www.cranessoftware.com

CIN : L05190KA1984PLC031621

Statement of Unaudited Financial Result for the Quarter & Half Year Ended 30th September, 2021

PART-1

PART-1 PART-1
(Rs.In Lakhs)
SL.
No.		 Particulars Standalone Consolidated
Quarter Ended Half Year Ended Year Ended Quarter Ended Half Year Ended Year Ended
30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021 30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021
Unaudited Unaudited Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15		 Income from Operations
Net Sales/Income from Operations
Other Income
Total Income
Expenses
(a) Cost of materials consumed
(b) Purchase of Stock-in-Trade
(c) Changes in inventories of finished goods and work-in-progress
(d) Employee benefit expense
(e) Finance costs
(f) Depreciation and amortization expense
(g) Other expenses
Total Expenses
Profit/(Loss) from Ordinary activities before exceptional items & taxes (1-
2)
Expentional Items
Profit/(Loss) from ordinary activities before tax (3-4)
Tax expense/(credit)
(a) Current Tax
(b) Deferred Tax
Total tax expenses / (credit)
Net Profit/(Loss) from ordinary activities after tax (5-6)
Extraordinary Items
Net Profit/(Loss) for the period (7-8)
Minority Interest
Net Profit/(Loss) after Taxes, minority interest and share of profit/Loss of
associates(9+10)
Total Comprehensive Income for the period [Net of tax]
Paid-up equity share capital (Face Value of Rs.2/-)
Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year
Earnings Per Share (Rs) (not annualised)
i) Basic
ii)Diluted		 11.76
0.00
11.77
-
-
-
25.67
-
2.19
586.75
614.61
(602.85)
-
(602.85)
-
(150.63)
(150.63)
(452.22)
-
(452.22)
(452.22)
-
2,355.34
(0.38)
(0.38)		 18.78
141.10
159.89
-
-
-
29.43
-
2.36
382.47
414.27
(254.38)
-
(254.38)
-
(64.33)
(64.33)
(190.05)
-
(190.05)
(190.05)
-
2,355.34
(0.16)
(0.16)		 41.48
0.00
41.48
-
-
-
50.65
0.05
2.21
291.21
344.12
(302.63)
-
(302.63)
-
(71.53)
(71.53)
(231.11)
-
(231.11)
(231.11)
-
2,355.34
(0.20)
(0.20)		 30.55
0.26
30.81
-
-
-
55.10
-
4.55
828.39
888.04
(857.23)
-
(857.23)
-
(214.96)
(214.96)
(642.27)
-
(642.27)
(642.27)
-
2,355.34
(0.55)
(0.55)		 55.39
19.94
75.32
-
-
-
94.58
0.09
4.41
316.05
415.12
(339.80)
-
(339.80)
-
(80.03)
(80.03)
(259.77)
-
(259.77)
(259.77)
-
2,355.34
(0.22)
(0.22)		 276.16
98.47
374.63
-
-
-
231.05
0.51
9.23
7,525.63
7,766.41
(7,391.78)
-
(7,391.78)
-
(2,552.99)
(2,552.99)
(4,838.79)
-
(4,838.79)
(4,838.79)
-
2,355.34
(69,380.13)
(4.11)
(4.11)		 228.98
6.31
235.29
24.87
-
324.83
8.41
0.81
1,303.25
1,662.17
(1,426.88)
-
(1,426.88)
0.26
(150.99)
(150.73)
(1,276.14)
-
(1,276.14)
(1,276.14)
-
2,355.34
(1.08)
(1.08)		 120.76
152.63
273.39
29.60
-
249.32
8.12
44.64
460.03
791.69
(518.30)
-
(518.30)
-
(111.29)
(111.29)
(407.01)
-
(407.01)
(407.01)
-
2,355.34
(0.35)
(0.35)		 227.28
110.64
337.92
57.93
-
261.49
0.23
307.01
345.93
972.58
(634.66)
-
(634.66)
7.24
(71.53)
(64.29)
(570.37)
-
(570.37)
(570.37)
-
2,355.34
(0.48)
(0.48)		 349.74
18.10
367.85
54.47
-
433.31
16.52
45.44
1,622.44
2,172.18
(1,804.33)
-
(1,804.33)
0.26
(262.28)
(262.02)
(1,542.31)
-
(1,542.31)
(1,542.31)
-
2,355.34
(1.31)
(1.31)		 776.55
135.48
912.03
57.93
-
662.39
0.29
628.84
470.00
1,819.45
(907.42)
-
(907.42)
25.28
(80.03)
(54.75)
(852.67)
-
(852.67)
(852.67)
-
2,355.34
(0.72)
(0.72)		 5,859.85
236.10
6,095.95
322.69
-
921.21
33.81
1,380.42
6,903.74
9,561.88
-
(3,465.93)
-
(3,465.93)
47.18
(1,548.33)
(1,501.15)
(1,964.78)
-
(1,964.78)
(1,964.78)
-
2,355.34
(75,491.72)
(1.67)
(1.67)

Mueed Digitally signed by Mueed Khader Khader Date: 2021.11.13 14:42:49 +05'30'

CRANES SOFTWARE INTERNATIONAL LIMITED

PART-2 PART-2
SL
No		 PARTICULARS 3 Months Ended Year ended
30.09.2021 30.06.2021 30.09.2020 31.03.2021
A
1
2		 - Number of shares
- Percentage of shareholding
- Number of shares
-
Percentage
of
shares
(as
a
%
of
the
total
shareholding of promoter and promoter group)
- Percentage of shares (as a % of the total share
capital of the company)
- Number of shares
-
Percentage
of
shares
(as
a
%
of
the
total
shareholding of promoter and promoter group)
- Percentage of shares (as a % of the total share
capital of the company)
PARTICULARS OF SHAREHOLDING
Public Shareholding
Promoters and Promoter Group Shareholding
(a) Pledged / Encumbered
(b) Non-encumbered		 11,02,47,850
93.62%
10,00,000
13.30%
0.85%
65,19,000
86.70%
5.54%		 11,02,47,850
93.62%
10,00,000
13.30%
0.85%
65,19,000
86.70%
5.54%		 11,02,47,850
93.62%
10,00,000
13.30%

0.85%
65,19,000
86.70%
5.54%		 11,02,47,850
93.62%
10,00,000
13.30%

0.85%
65,19,000
86.70%
5.54%
B INVESTOR COMPLAINTS FOR 3 MONTHS ENDED 30TH SEPTEMBER 2021
Pending at the beginning
of the Quarter
Received during
the Quarter		 Disposed of during
the Quarter		 Remaining unresolved at the end
of the Quarter
- - - -

Mueed Digitally signed by Mueed Khader Khader Date: 2021.11.13 14:43:11 +05'30'

Cranes Software International Limited

Balance Sheet as at 30th September, 2021

(Rs in Lakhs)
As At
30.09.2021
As At
31.03.2021
As At
30.09.2021
As At
31.03.2021
23.73
27.91
25.69
63.90
-
-
-
-
0.20
0.39
3,950.48
3,939.67
24,800.73
24,585.77
28,193.30
27,894.92
8,010.18
8,010.18
17.86
17.87
2,971.55
2,984.95
214.66
554.54
35,806.38
35,609.20
32,401.99
32,470.89
-
-
-
-
9,100.21
9,880.70
4,025.62
5,530.38
15.13
11.66
111.66
204.64
8.36
7.76
8.36
113.21
221.90
199.48
1,153.11
444.31
9,345.60
10,099.60
5,298.75
6,292.55
45,151.98
45,708.80
37,700.74
38,763.44
2,355.34
2,355.34
2,355.34
2,355.34
(70,022.39)
(69,380.13)
(76,914.01)
(75,491.72)
(67,667.05)
(67,024.79)
(74,558.68)
(73,136.39)
27.54
29.94
43.57
46.62
27.54
29.94
43.57
46.62
43.78
43.78
43.78
43.78
385.90
377.28
1,206.53
1,311.41
1,12,209.03
1,12,127.37
1,10,812.11
1,10,342.80
152.78
155.22
153.43
155.22
1,12,791.49
1,12,703.65
1,12,215.85
1,11,853.21
45,151.98
45,708.80
37,700.74
38,763.44
Standalone
Consolidated
Mueed
Khader
Digitally signed
by Mueed
Khader
Date: 2021.11.13
14:43:33 +05'30'		 (Rs in Lakhs)
As At
30.09.2021
As At
31.03.2021
As At
30.09.2021
As At
31.03.2021
23.73
27.91
25.69
63.90
-
-
-
-
0.20
0.39
3,950.48
3,939.67
24,800.73
24,585.77
28,193.30
27,894.92
8,010.18
8,010.18
17.86
17.87
2,971.55
2,984.95
214.66
554.54
35,806.38
35,609.20
32,401.99
32,470.89
-
-
-
-
9,100.21
9,880.70
4,025.62
5,530.38
15.13
11.66
111.66
204.64
8.36
7.76
8.36
113.21
221.90
199.48
1,153.11
444.31
9,345.60
10,099.60
5,298.75
6,292.55
45,151.98
45,708.80
37,700.74
38,763.44
2,355.34
2,355.34
2,355.34
2,355.34
(70,022.39)
(69,380.13)
(76,914.01)
(75,491.72)
(67,667.05)
(67,024.79)
(74,558.68)
(73,136.39)
27.54
29.94
43.57
46.62
27.54
29.94
43.57
46.62
43.78
43.78
43.78
43.78
385.90
377.28
1,206.53
1,311.41
1,12,209.03
1,12,127.37
1,10,812.11
1,10,342.80
152.78
155.22
153.43
155.22
1,12,791.49
1,12,703.65
1,12,215.85
1,11,853.21
45,151.98
45,708.80
37,700.74
38,763.44
Standalone
Consolidated
Mueed
Khader
Digitally signed
by Mueed
Khader
Date: 2021.11.13
14:43:33 +05'30'		 (Rs in Lakhs)
As At
30.09.2021
As At
31.03.2021
As At
30.09.2021
As At
31.03.2021
23.73
27.91
25.69
63.90
-
-
-
-
0.20
0.39
3,950.48
3,939.67
24,800.73
24,585.77
28,193.30
27,894.92
8,010.18
8,010.18
17.86
17.87
2,971.55
2,984.95
214.66
554.54
35,806.38
35,609.20
32,401.99
32,470.89
-
-
-
-
9,100.21
9,880.70
4,025.62
5,530.38
15.13
11.66
111.66
204.64
8.36
7.76
8.36
113.21
221.90
199.48
1,153.11
444.31
9,345.60
10,099.60
5,298.75
6,292.55
45,151.98
45,708.80
37,700.74
38,763.44
2,355.34
2,355.34
2,355.34
2,355.34
(70,022.39)
(69,380.13)
(76,914.01)
(75,491.72)
(67,667.05)
(67,024.79)
(74,558.68)
(73,136.39)
27.54
29.94
43.57
46.62
27.54
29.94
43.57
46.62
43.78
43.78
43.78
43.78
385.90
377.28
1,206.53
1,311.41
1,12,209.03
1,12,127.37
1,10,812.11
1,10,342.80
152.78
155.22
153.43
155.22
1,12,791.49
1,12,703.65
1,12,215.85
1,11,853.21
45,151.98
45,708.80
37,700.74
38,763.44
Standalone
Consolidated
Mueed
Khader
Digitally signed
by Mueed
Khader
Date: 2021.11.13
14:43:33 +05'30'		 (Rs in Lakhs)
As At
30.09.2021
As At
31.03.2021
As At
30.09.2021
As At
31.03.2021
23.73
27.91
25.69
63.90
-
-
-
-
0.20
0.39
3,950.48
3,939.67
24,800.73
24,585.77
28,193.30
27,894.92
8,010.18
8,010.18
17.86
17.87
2,971.55
2,984.95
214.66
554.54
35,806.38
35,609.20
32,401.99
32,470.89
-
-
-
-
9,100.21
9,880.70
4,025.62
5,530.38
15.13
11.66
111.66
204.64
8.36
7.76
8.36
113.21
221.90
199.48
1,153.11
444.31
9,345.60
10,099.60
5,298.75
6,292.55
45,151.98
45,708.80
37,700.74
38,763.44
2,355.34
2,355.34
2,355.34
2,355.34
(70,022.39)
(69,380.13)
(76,914.01)
(75,491.72)
(67,667.05)
(67,024.79)
(74,558.68)
(73,136.39)
27.54
29.94
43.57
46.62
27.54
29.94
43.57
46.62
43.78
43.78
43.78
43.78
385.90
377.28
1,206.53
1,311.41
1,12,209.03
1,12,127.37
1,10,812.11
1,10,342.80
152.78
155.22
153.43
155.22
1,12,791.49
1,12,703.65
1,12,215.85
1,11,853.21
45,151.98
45,708.80
37,700.74
38,763.44
Standalone
Consolidated
Mueed
Khader
Digitally signed
by Mueed
Khader
Date: 2021.11.13
14:43:33 +05'30'
Particulars Standalone Consolidated
As At
30.09.2021		 As At
31.03.2021		 As At
30.09.2021		 As At
31.03.2021
I.
ASSETS
1 Non-current assets
Property, plant and equipment
Capital work in progress
Intangible assets
Deferred Tax Asset (Net)
Financial Assets
Investments
Other non-current assets
Non-current assets
2 Current assets
Inventories
Financial Assets
Trade receivables
Cash and cash equivalents
Bank balances other than (iii) above
Other current assets
Current assets
TOTAL ASSETS		 23.73
-
0.20
24,800.73
8,010.18
2,971.55		 27.91
-
0.39
24,585.77
8,010.18
2,984.95		 25.69
-
3,950.48
28,193.30
17.86
214.66		 63.90
-
3,939.67
27,894.92
17.87
554.54
35,806.38
-
9,100.21
15.13
8.36
221.90		 35,609.20
-
9,880.70
11.66
7.76
199.48		 32,401.99
-
4,025.62
111.66
8.36
1,153.11		 32,470.89
-
5,530.38
204.64
113.21
444.31
9,345.60 10,099.60 5,298.75 6,292.55
45,151.98 45,708.80 37,700.74 38,763.44
II.
EQUITY AND LIABILITIES
Equity
Equity share capital
Other Equity
Share application money pending allotment
1 Non-Current Liabilities
Financial Liabilities
Provisions
Non-Current Liabilities
2 Current liabilities
Financial Liabilities
Borrowings
Trade payables
Other current liabilities
Provisions
Current liabilities
TOTAL EQUITY AND LIABILITIES		 2,355.34
(70,022.39)		 2,355.34
(69,380.13)		 2,355.34
(76,914.01)		 2,355.34
(75,491.72)
(67,667.05)
27.54		 (67,024.79)
29.94		 (74,558.68)
43.57		 (73,136.39)
46.62
27.54
43.78
385.90
1,12,209.03
152.78		 29.94
43.78
377.28
1,12,127.37
155.22		 43.57
43.78
1,206.53
1,10,812.11
153.43		 46.62
43.78
1,311.41
1,10,342.80
155.22
1,12,791.49 1,12,703.65 1,12,215.85 1,11,853.21
45,151.98 45,708.80 37,700.74 38,763.44
Cranes Software International Limited
CIN : L05190KA1984PLC031621
Standalone Statement of cash flows for the period ended September 30, 2021
(All amounts are in lakhs of Indian Rupees, unless otherwise stated)		 Cranes Software International Limited
CIN : L05190KA1984PLC031621
Standalone Statement of cash flows for the period ended September 30, 2021
(All amounts are in lakhs of Indian Rupees, unless otherwise stated)		 Cranes Software International Limited
CIN : L05190KA1984PLC031621
Standalone Statement of cash flows for the period ended September 30, 2021
(All amounts are in lakhs of Indian Rupees, unless otherwise stated)
Particulars For the period ended
Sep 30, 2021		 For the period
ended Sep 30, 2020
Cash Flow From Operating Activities
Profit / (Loss) before income tax (857.23) (339.80)
Adjustments for
Depreciation and amortisation expense		 4.38 4.41
Foreign Exchange Loss/(Gain) (Net) (122.31) 238.66
Finance costs
Change in operating assets and liabilities
(Increase)/ decrease in trade receivables
Increase/ (decrease) in Other non-current assets
(Increase)/ decrease in Other assets
Increase/ (decrease) in provisions and other liabilities
Increase/ (decrease) in trade payables
Cash generated from operations
Less : Income taxes paid (net of refunds)
Net cash from operating activities (A)
Cash Flows From Investing Activities		 - 0.09
(975.16)
895.64
13.40
56.01
8.88
8.62		 (96.64)
18.38
146.28
(119.35)
20.09
37.66
7.39
(3.33)		 6.42
(5.80)
4.07 0.62
Purchase of PPE (including changes in CWIP) - (0.14)
Net cash used in investing activities (B)
Cash Flows From Financing Activities
Finance costs
Net cash from/ (used in) financing activities (C)
Net decrease in cash and cash equivalents (A+B+C)
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at end of theyear
- (0.14)
- (0.09)
- (0.09)
4.07
19.42
23.49		 0.39
16.84
17.24

Mueed Digitally signed by Mueed Khader Date: 2021.11.13 Khader 14:43:52 +05'30'

Cranes Software International Limited
CIN : L05190KA1984PLC031621
Consolidated Statement of cash flows for the half year ended Sept 30, 2021
(All amounts are in lakhs of Indian Rupees,unless otherwise stated)		 Cranes Software International Limited
CIN : L05190KA1984PLC031621
Consolidated Statement of cash flows for the half year ended Sept 30, 2021
(All amounts are in lakhs of Indian Rupees,unless otherwise stated)		 Cranes Software International Limited
CIN : L05190KA1984PLC031621
Consolidated Statement of cash flows for the half year ended Sept 30, 2021
(All amounts are in lakhs of Indian Rupees,unless otherwise stated)
Particulars For the year ended
Sept 30, 2021		 For the year ended
Sept 30, 2020
Cash Flow From Operating Activities
Profit before income tax
Adjustments for
Depreciation and amortisation expense
Foreign Exchange Loss/(Gain) (Net)
Finance costs
Change in operating assets and liabilities
(Increase)/ decrease in trade receivables
(Increase)/ decrease in Other assets
Increase/ (decrease) in Current liabilities
Increase/ (decrease) in trade payables
Cash generated from operations
Less : Income taxes paid (net of refunds)
Net cash from operating activities (A)
Cash Flows From Investing Activities
Net cash used in investing activities (B)
Cash Flows From Financing Activities
Purchase of PPE (including changes in CWIP and Intangible
Assets)		 (1,804.33)
45.44
60.23
16.52		 (907.42)
628.84
240.25
0.29
(1,682.14)
1,500.76
(368.91)
469.31
(104.88)		 (38.04)
204.82
(522.64)
2,080.87
(114.37)
(185.87)
(0.26)		 1,610.64
(25.28)
**(186.13) ** 1,585.36
- (612.80)
- (612.80)
Interest on borrowed funds
Long term Provisions		 (16.52) (0.29)
4.82 (0.72)
Net cash from/ (used in) financing activities (C)
Net decrease in cash and cash equivalents (A+B+C)
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at end of theyear
**(11.71) ** (1.01)
(197.83)
317.85
120.02		 971.55
229.55
1,201.10

Mueed Digitally signed by Mueed Khader Date: 2021.11.13 Khader 14:44:10 +05'30'

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Mueed Digitally signed by Mueed Khader Khader Date: 2021.11.13 14:44:29 +05'30'

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TIMMAYY Digitally signed by TIMMAYYA HEGDE A HEGDE Date: 2021.11.13 14:01:33 +05'30'

  1. Based on our review conducted as above, subject to the matters specified in the ‘Other Matters’ and the ‘Emphasis of matter’ paragraphs below nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with Ind AS and other recognised accounting practices and policies, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

4. Other Matters

  • 4.1 There are undisputed statutory dues including dues on current year’s transactions, on account of Provident Fund Contribution, Employee State Insurance, Income Tax, Service tax, Sales Tax, Goods and Service tax, Dividend Distribution Tax and the like, not deposited by the Company in favour of the respective statutory authorities.

  • 4.2 Earnings in foreign exchanges are not realized within the periods stipulated under FEMA and permission is awaited from the statutory authorities to write off the same.

  • 4.3 a) On a petition filed by the Foreign currency convertible bond holders, The Hon’ble High Court of Karnataka issued a winding up order against the company, which indicates the existence of material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.

  • b) The Company had received an intimation from the “Ministry of Corporate affairs” during August 2019, stating that a wounding up order is issued against the Company by the Hon’ble High Court of Karnataka vide order dated 28th November 2017. Further, based on the plea submitted by the Company, the Hon’ble High Court of Karnataka had granted a stay during December 2020 directing the official liquidator not to precipitate the process of the winding up order and the matter is extended till the next date of hearing as the petitioner and the company are exploring the possibility of amicable settlement.

However, the accounts have been prepared on a going concern basis.

5. Emphasis of Matter

  • 5.1 Redemption of Foreign currency convertible bond amounting to INR 29,085 lakhs (42 million Euros) to the holders of the bonds have fallen due during April 2011 and is yet to be redeemed as on the quarter ended 30[th] September 2021.

TIMMAYY Digitally signed by TIMMAYYA HEGDE A HEGDE Date: 2021.11.13 14:02:14 +05'30'

  • 5.2 The management is in negotiation with the Foreign currency convertible bond holders for settling its dues. The management is of the view that the liability of INR 38,695 lakhs reflected in the financial statements will adequately cover its liability on settlement of dues with the Foreign currency convertible bond holders and therefore no provision for interest is provided for the quarter ended and six months ended 30[th] September 2021. Had such interest been provided in the books in the normal course, the present loss for the quarter ended and six months ended 30[th] September 2021 would have been higher by INR 434.24 lakhs and INR 879.78 lakhs respectively.

  • 5.3 In continuation to the point no. 5.2 above, the company has also discontinued the restatement of the Exchange fluctuation gain / loss on account of the outstanding due towards Foreign currency convertible bond and the interest due thereon, in line with the Ind AS-21 “The Effects of Changes in Foreign Exchange Rates”. Had such restatement of liability been made in the books in the normal course, the present loss for the quarter ended 30[th] September 2021 would have been lesser by INR 940.80 lakhs and six months ended 30[th] September 2021 would have been higher by INR 63.00 lakhs respectively.

  • 5.4 Loan availed by the company from ‘UPS Capital Business Credit’ remains unpaid and is overdue since April 2014. The management is of the view that the liability of INR 696.37 lakhs (including interest) reflected in the financial statements will adequately cover its liability on settlement of dues and therefore no provision for interest is provided for the quarter ended and six months ended 30[th] September 2021. Had such interest been provided in the books in the normal course, the present loss for the quarter ended and six months ended 30[th] September 2021 would have been higher by INR 12.95 lakhs and INR 24.10 lakhs respectively

  • 5.5 In continuation to the point no. 5.4 above, the company has also discontinued the restatement of the Exchange fluctuation gain / loss on account of the outstanding due towards ‘UPS Capital Business Credit’ and the interest due thereon, in line with the Ind AS-21 “The Effects of Changes in Foreign Exchange Rates”. Had such restatement of liability been made in the books in the normal course, the present loss for the quarter ended 30[th] September 2021 would have been lesser by INR 0.10 lakhs and six months ended 30[th] September 2021 would have been higher by INR 8.05 lakhs respectively.

TIMMAYY Digitally signed by TIMMAYYA HEGDE A HEGDE Date: 2021.11.13 14:02:35 +05'30'

  • 5.6 The company has discontinued the restatement of the Exchange fluctuation gain / loss on account of the outstanding due (Trade receivables and Advances) from one of its subsidiaries, in line with the Ind AS-21 “The Effects of Changes in Foreign Exchange Rates”. Had such restatement of asset been made in the books in the normal course, the present loss for the quarter ended 30[th] September 2021 would have been higher by INR 2.28 lakhs and six months ended 30[th] September 2021 would have been lower by INR 182.52 lakhs respectively.

  • 5.7 Term loans and working capital loans availed by the company from various banks amounting to INR 57,151.13 lakhs, remain unpaid and are overdue since 2009. The lenders have filed cases before the Debt Recovery Tribunal (DRT) / Hon’ble Courts, etc for recovery of dues. These proceedings are in various stages of disposal before the “DRT” and respective Hon’ble Courts. Winding up petitions has been filed by Bank of India against the company, before the Hon’ble High Court of Karnataka for non-payment of principal and the accrued interest thereon.

  • 5.8 The banks which had extended financial facilities to the company have treated the outstanding from the company as "Non-Performing Assets" since 2009. In order to achieve the desired congruency on this issue, the Company has also not provided for interest amounting to INR 3,157.26 lakhs on such outstanding amounts for the quarter ended 30[th] September 2021, due to various banks, though the confirmation of such dues were not made available to us from the respective banks/financial institutions. Had the said interest been provided in the books in the normal course, the present loss for the quarter ended and six months ended 30[th] September 2021 would have been higher by INR 3,157.26 lakhs and INR 6,192.34 lakhs respectively.

Our conclusion is not qualified in respect of the above matter.

For Sethia Prabhad Hegde & Co. Chartered Accountants Firm Registration No. 013367S

TIMMAYYA Digitally signed by TIMMAYYA HEGDE HEGDE Date: 2021.11.13 14:03:02 +05'30' Timmayya Hegde Partner Membership No. 226267 UDIN 21226267AAAACL3375

Place: Bengaluru

Date: November 13, 2021

TIMMAYYA HEGDE

Digitally signed by TIMMAYYA HEGDE Date: 2021.11.13 14:21:51 +05'30'

down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement except for the items mentioned in the “Emphasis of Matters” paragraph e forming part of this report.

e. Emphasis Of Matters

  1. Consolidated financial statements of the company includes compiled financials prepared and provided to us by the Management of the Company of the below subsidiaries: a) Systat Software Gmbh.

  2. b) Systat Software Inc

  3. c) Cranes Software Inc

  4. d) Cranes Software International Pte Limited, Singapore

  5. The consolidated unaudited financial results includes financial information of four foreign subsidiaries which reflects total revenues of INR.367.85 lakhs for the six months ended 30[th] September 2021, total net loss after tax of INR.1542.31 lakhs for the six months ended30[th] September 2021 respectively as considered in the consolidated unaudited financial results, based on the financial results which have not been reviewed by their respective auditors.

  6. Our limited review report has to be read along with the ‘Emphasis of Matter’ paragraph as appearing in our limited review report of even date in respect of the standalone financials of Cranes Software International Limited.

Our conclusion is not qualified in respect of the above matter.

For SethiaPrabhad Hegde & Co. Chartered Accountants Firm Registration No. 013367S

TIMMAYY Digitally signed by TIMMAYYA HEGDE A HEGDE Date: 2021.11.13 14:22:24 +05'30'

Timmayya Hegde Partner Membership No. 226267 UDIN 21226267AAAACM9057

Place: Bengaluru Date: November13, 2021

Enclosure: Annexure 1 List of entities included in the Statement

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL REPORTS

Annexure 1

List of subsidiaries included in the statement

  • (a) Analytix Systems Private Ltd

  • (b) Caravel Info Systems Private Ltd

  • (c) Cranes Varsity Private limited

  • (d) Esqube Communication Solutions Private Ltd

  • (e) Proland Software Private Ltd

  • (f) Systat Software Asia Pacific Ltd

  • (g) Tilak Auto Tech Private Limited

  • (h) Cranes Software Intl. Pte Ltd

  • (i) Systat Software Gmbh

  • (j) Cranes Software Inc

  • (k) Systat Software Inc

TIMMAYY Digitally signed by TIMMAYYA HEGDE A HEGDE Date: 2021.11.13 14:22:46 +05'30'

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