DEV INFORMATION TECHNOLOGY LIMITED — Annual Report 2020

Jul 30, 2020

Dev Information Technology Limited Reg. Office: 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej‐Shilaj Road, Thaltej, Ahmedabad‐380 059. (INDIA) Phone: +91‐94298 99852 / 53

www.devitpl.com | info@devitpl.com

Offices: Gujarat | Maharashtra | Rajasthan | Canada CIN: L30000GJ1997PLC033479

To, The Manager‐Listing Department, The National Stock Exchange of India Limited, Exchange Plaza, Plot No. C/1, G‐Block, Bandra Kurla complex, Bandra East, Mumbai‐400 051

Trading Symbol: DEVIT (Series: SM)

Subject: Outcome of the Board Meeting held on Thursday, 30th July, 2020: Ref.: Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirement),2015

Dear Sir/Mam,

With reference to the captioned subject, we would like to inform you that the Board of Directors of Dev Information Technology Limited (the "Company") in its Meeting held on Thursday, 30th July, 2020 at 4:00 P.M. through audio‐video conference mode, inter alia, discussed and approved following businesses: ‐

• 1. The Standalone and Consolidated Audited Financial Results of the company for the Half year and Year ended on 31st March, 2020, together with Statutory Auditors report, as per regulation 33 of Securities and Exchange Board of India (Listing obligation and Disclosure Requirements) Regulation, 2015, were confirmed and approved by the Board of Directors.
• We would like to state that M/s. Chandulal M. Shah & Co., Statutory Auditors of the company have issued audit reports with unmodified opinion on the Statements. Declaration with respect to Audit Reports with unmodified opinion is enclosed herewith as per Annexure‐I.
• Further Standalone and Consolidated Audited Financial Results of the company for the aforementioned period shall be available on the website of the stock exchange at https://www.nseindia.com/ and on company's website https://www.devitpl.com/.
• 2. The Board of Directors recommended the final Dividend @5% (i.e. Rs. 0.50/‐ per equity shares) on 55,20,500 equity shares of Rs. 10/‐ each, for the year ended 31st March, 2020, subject to the approval of shareholders of the company in the ensuing Annual General Meeting.
• 3. Reviewed and Approved appointment of M/s. Murtuza Mandorwala & Associates (COP No. 14284), Practicing Company Secretary, as a Secretarial Auditor of the company for the financial year 2020‐21. (Annexure‐II: Brief Profile attached herewith)

www.devitpl.com | info@devitpl.com

Offices: Gujarat | Maharashtra | Rajasthan | Canada CIN: L30000GJ1997PLC033479

• 4. Reviewed and Approved appointment of M/s. Nisarg J. Shah & Co., Chartered Accountant (FRN: 128310W), as an Internal auditor of the Company for the financial year 2020‐21. (Annexure‐III: Brief Profile attached herewith).
• 5. Reviewed and Approved appointment of M/s. Rinkesh Shah & Co., Chartered Accountants, having firm registration no.: 129690W as statutory auditor of the company for financial year 20‐21 until the conclusion of ensuing Annual General Meeting to fill the casual vacancy caused due to resignation of M/s. Chandulal M. Shah & Co. The brief profile of M/s. Rinkesh Shah & Co., Chartered Accountants is enclosed herewith in Annexure IV.

The board Meeting concluded at 06:15 P.M.

Kindly take this information on your records.

Thanking you,

On behalf of Board of Directors DEV INFORMATION TECHNOLOGY LIMITED

Krisa Patel Company Secretary & Compliance Officer Place: Ahmedabad Date: 30th July, 2020

Chandulal M. Shah & Co. CHARTERED ACCOUNTANTS

A/6, 6th Floor, Wing-A, Safal Profitaire, Opp. Auda Garden, Corporate Road, Prahladnagar, Ahmedabad-380052. Tel.: 079-2960 1085 • (M) 90330 34430 • E-mail: cmshah@cmshah.com • Website: www.cmshah.com

Independent Auditor's Report Auditor's Report on the Half Yearly and Year to Date Audited Financial Results of the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended

To.

The Board of Directors Dev Information Technology Limited

Report on audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of half yearly and year to date standalone financial results of Dev Information Technology Limited (the "Company"), for the half year and year ended on March 31, 2020 ("statement"), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligation and Disclosure requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us this financial result:

• $\mathbf{i}$ . is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• gives a true and fair view in conformity with the recognition and measurement ii. principles laid down in the applicable accounting standards and other accounting principles generally accepted in India, of the net Profit and other financial information for the half year ended March, 31 2020 as well as the year to date results for the period from April, 1 2019 to March, 31 2020.

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, as amended ("the Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Results 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 results 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.

Emphasis of Matter

We draw attention to Note 6 of the standalone financial results, which describes that the potential impact of COVID-19 pandemic on the operations and financial statements of the company is dependent on future developments, which are uncertain. Our opinion is not modified in respect of the above matter.

Management's Responsibilities for the Standalone Financial Results

These half yearly financial results as well as the year to date financial results have been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibilities 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 the appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our Objectives are to obtain reasonable assurance about whether the financial results 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. Misstatement 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 Results.

As a 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 results, 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 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 in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness $\bullet$ of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going $\bullet$ 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 results, 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 results, including the disclosures, and whether the financial results represent the underlying transitions 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.

Other Matter

The statement includes the results for the half year and year ended on March, 31 2020 being the balancing figure between the audited figures in respect of the full financial year ended March, 31 2020 and the published unaudited year-to-date figures up to the first half year of the current financial year, which were subjected to a limited review by us, as required under Listing Regulations.

For, Chandulal M. Shah & Co. Chartered Accountants FRN: 101698W C.s. Panchal,

CA Chetan S. Panchal M No.: 147415 UDIN: 20147415AAAABL5168

(CIN :L3OOOOGJ1997PLC033479)

E‐mail id: investor@devitpl.com website: www.devitpl.com

Audited Standalone Statement of Assets And Liabilities for the Year Ended On 31/03/2020

		(Amount In Rs.)
Standalone Statement of Assets and Liabilities	Year ended on	Year ended on
Particulars	31.03.2020	31.03.2019
Equity and Liabilities
1 Shareholders' Fund
(a) Share Capital	5,52,05,000 5,52,05,000
(b) Reserves and Surplus	27,06,23,163 23,96,75,590
Sub Total‐Share Holders Fund 32,58,28,163 29,48,80,590
2 Non‐current Liabilities
(a) Long Term Borrowings	1,64,78,965 2,41,89,967
(b) Deferred Tax Liability	‐ 20,97,682
(c) Other Long Term Liabilities	42,67,616 28,48,049
(d) Long term provisions	9,84,339 ‐
Sub‐Total‐Non Current Liabilities 2,17,30,920 2,91,35,698
3 Current Liabilities
(a) Short Term Borrowings	8,45,81,319 6,65,56,588
(b) Trade Payables
(i) Total outstanding dues to Micro, Small & Medium
Enterprise	1,13,192 1,53,865
(ii) Total outstanding dues to other than Micro, Small &
Medium Enterprise	10,32,85,540 9,45,35,748
(c) Other Current Liabilities	4,00,30,302 3,94,99,430
(d) Short Term Provisions	54,31,621 26,60,922
Sub‐Total Current Liabilities 23,34,41,974 20,34,06,553
TOTAL EQUITY AND LIABILITIES 58,10,01,058 52,74,22,841
ASSETS
1 Non‐Current Assets
(a) Property, Plant & Equipments
(i) Tangible assets	8,38,69,820 8,65,35,343
(ii) Intangible assets	3,47,70,858 2,41,95,001
(iii) Intangible assets under development	17,55,074 ‐
	Total fixed assets 12,03,95,752 11,07,30,344
(b) Non‐current investments	5,09,36,370 29,71,694
(c) Deferred Tax Asset	50,967 ‐
(c) Long‐term loans and advances	2,76,91,102 4,08,96,587
Total Non‐current assets 7,86,78,439 4,38,68,281
2 Current assets
(a) Inventories	5,69,50,421 5,68,75,957
(b) Trade receivables	23,02,60,026 21,42,27,810
(c) Cash and cash equivalents	6,06,64,481 6,13,83,758
(d) Short‐term loans and advances	3,14,45,079 2,06,71,221
(e) Other current assets	26,06,860 1,96,65,471
Sub‐Total‐Current Assets 38,19,26,867 37,28,24,216
	TOTAL ASSETS 58,10,01,058 52,74,22,841

For DEV INFORMATION TECHNOLOGY LIMITED

JAIMIN J. SHAH Managing Director (DIN : 00021880)

HARSHIL H. SHAH Chief Financial Officer

PRANAV N. PANDYA Chairman (DIN : 00021744)

KRISA R. PATEL Company Secretary

(CIN :L3OOOOGJ1997PLC033479)

E‐mail id: investor@devitpl.com website: www.devitpl.com

Standalone Audited Financial Results for the Half Year and Year Ended on 31/03/2020

					(Amount In Rs.)
Particulars	6 months ended			Year ended
	31‐03‐2020	30‐09‐2019	31‐03‐2019	31‐03‐2020	31‐03‐2019
(Refer Notes Below)	(Audited)	(Un‐Audited)	(Audited)	(Audited)	(Audited)
1 Revenue from Operations
(a) Sales/Income from operations	39,51,32,00 7	26,61,95,211 42,34,73,7		73 66,13,27,218 70,98,55,121
(b) Other income	56,90,04 1	35,47,015		3,60,512 92,37,056 52,42,937
Total income from operations	40,08,22,04 9	26,97,42,22 5	42,38,34,28	5 67,05,64,27 4	71,50,98,05 8
2 Expenses
(a) Cost of Goods & Services.	18,40,97,595	8,39,84,51 4		18,49,70,064 26,80,82,108	29,96,57,950
(b) Changes in inventories of finished goods, work‐in‐progress and
stock‐in‐trade
	34,97,813	(1,98,10,368		) 1,67,85,800 (1,63,12,554) 86,38,410
(c) Employee benefits expense	15,86,76,898	15,97,06,696 15,02,32,7		22 31,83,83,594 28,38,57,781
(d) Finance Cost	43,90,175	88,79,211		38,65,825 1,32,69,386 1,24,38,998
(e) Depreciation and amortisation expense	1,14,18,412	89,05,164 6		7,67,849 2,03,23,576 1,59,68,909
(f) Other expenses	78,85,789	4,06,38,809 2		,49,17,420 4,85,24,598 4,75,62,226
		Total Expenses 36,99,66,683 28,23,04,027 38,75,39,680 65,22,70,710 66,81,24,274
3 Profit / (Loss) before exceptional, extra ordinary items and tax (1‐2)		3,08,55,366 (1,25,61,802) 3,62,94,605 1,82,93,563 4,69,73,784
4 Exceptional Income/(Expense)	(1,83,21,490)	3,41,09,363		‐ 1,57,87,873 1,80,48,982
5 Profit / (Loss) before extra ordinary items and tax (3+4)		1,25,33,876 2,15,47,561 3,62,94,605 3,40,81,437 6,50,22,766
6 Extra Ordinary Income/(Expense)	‐			‐ ‐ ‐ ‐
7 Profit / (Loss) from ordinary activities before tax	1,25,33,876	2,15,47,56 1	3,62,94,60	5 3,40,81,43	7 6,50,22,76 6
8 Tax expense
Current Tax	27,36,480	‐		1,45,00,000 27,36,480 2,05,00,000
Deferred Tax [Assets/(Liabilities)]	(11,53,964)	(9,94,685		) (11,94,462) (21,48,649) 9,29,526
Excess Provision of Tax of Earlier Years	(7,81,588)	‐		‐ (7,81,588) ‐
Total Tax Expenses	8,00,92 8	(9,94,685)	1,33,05,53	8 (1,93,757)	2,14,29,52 6
9 Profit / (Loss) from continuing operation after tax	1,17,32,948	2,25,42,24 6	2,29,89,06	7 3,42,75,19	4 4,35,93,24 0
10 Profit / (Loss) from discontinuing operation	‐			‐ ‐ ‐ ‐
11 Tax expense of Discontinuing Operation	‐			‐ ‐ ‐ ‐
12 Profit / (Loss) from discontinuing operation after Tax	‐			‐ ‐ ‐ ‐
13 Net Profit/(Loss) for the Period		1,17,32,948 2,25,42,246 2,29,89,067 3,42,75,194 4,35,93,240
14 Details of equity share capital
Paid‐up share capital Fv @ 10 Rs . Per Share 5,52,05,000 5,52,05,000 5,52,05,000 5,52,05,000 5,52,05,000
15 Earning per Equity Shareof Rs.10 Each (Not Annualised)
(a) Basic	2.13	4.08	4.16	6.21	7.90
(b) Diluted	2.13	4.08	4.16	6.21	7.90

For DEV INFORMATION TECHNOLOGY LIMITED

JAIMIN J. SHAH

Managing Director (DIN : 00021880)

HARSHIL H. SHAH Chief Financial Officer

Date: 30/07/2020 Place:Ahmedabad

PRANAV N. PANDYA Chairman (DIN : 00021744)

KRISA R. PATEL Company Secretary

E-mail id: investor@devitpl.com website: www.devitpl.com

(CIN :L3OOOOGJ1997PLC033479)

Audited Standalone Cashflow Statement for the Year Ended On 31/03/2020

Statement of Cashflow	Year ended	(Amount In Rs.) Year ended
Particulars	31.03.2020	31.03.2019
A Cash flow from operating activities:
Net profit before tax as per statement of profit and loss	3,40,81,437	6,50,22,766
Adjusted for:
Depreciation	2,03,23,576	1,59,68,909
Dividend Income	(1,87,500)	(1,87,500)
Share of profit of associate company	(2,50,488)	(94,250)
Profit on Sale of Fixed Assets	(2,23,904)	(2,63,971)
Interest Income	(34,84,967)	(32,26,891)
Interest Exps	1,32,69,386	1,24,38,998
Provision for Bad Debt Exp	13,92,129	26,49,333
Foreign Exchange Effects Gain/Loss	(43,61,868)	(10,99,453)
Operating cash flow before working capital changes	6,05,57,802	9,12,07,941
Adjusted for:
Trade Receivables,Other current Assets	1,57,27,674	3,31,06,829
Stock	(74,464)	86,38,41 0
Trade Payable, Provisions and other Current Liabilities	1,35,70,513	(5,12,14,500)
Cash generated from / (used in) operations
Income taxes paid	(1,37,45,170)	(3,24,65,912)
Net cash generated from/ (used in) operating activities [A]
	7,60,36,354	4,92,72,767
B Cash flow from investing activities:
Purchase of fixed assets	(3,02,24,778)	(4,53,21,435)
Sale of fixed assets	4,59,697	47,79,00 0
Purchase/Sale of investments	(4,77,14,188)	‐
Interest Income	34,84,967	32,26,891
Dividend Income	1,87,500	1,87,500
Net cash flow from/(used) in investing activities [B]
	(7,38,06,802) (3,71,28,044)
C Cash flow from financing activities:
Proceeds Of Borrowings	1,11,57,812	54,98,28 6
Payment Of Interest	(1,32,69,386)	(1,24,38,998)
Dividend Paid Including Distribution Tax	(33,27,620)	(33,37,667)
Net cash flow from/(used in) financing activities [C]	(54,39,194) (1,02,78,379)
Net increase/(decrease) in cash & Bank Balance [A+B+C]
	(32,09,642) 18,66,344
Opening Balance Of Cash & Bank Balance	3,77,76,693	3,59,10,349
Cash & Bank Balance at end of the year	3,45,67,051	3,77,76,693
Recociliation of Cash & Cash Equivalent	2019‐20	2018‐19
Closing Balance Of Cash & Bank Balance as per Cashflow Statem	3,45,67,051	3,77,76,693
Add:
Balance In Fixed deposits ** More than 12 months	2,60,97,43 0	2,36,07,065
Closing Balance Of Cash & Bank Balance as per Balance Sheet	6,06,64,481	6,13,83,75 8

For DEV INFORMATION TECHNOLOGY LIMITED

JAIMIN J. SHAH Managing Director (DIN : 00021880)

HARSHIL H. SHAH Chief Financial Officer

Date: 30/07/2020 Place:Ahmedabad

PRANAV N. PANDYA Chairman (DIN : 00021744)

KRISA R. PATEL Company Secretary

Notes to Financial Results 31.03.2020

• 1. The above Audited Financial Results were reviewed by the Audit Committee and thereafter approved by the Board of Directors in their respective meetings held on 30/07/2020.
• 2. The Statutory Auditors of the Company have carried out "audit" of the Financial Statements for the half year and year ended 31st March, 2020 as per Regulation 33 of the SEBI (LODR) Regulations, 2015.
• 3. The financial results have been prepared in accordance with the Generally Accepted Accounting Principles In India {Indian GAAP)as IND AS is not currently applicable to the Company.
• 4. The company is primarily engaged in "IT & IT enable Services" business. The requirement of AS‐17‐ "Segment Reporting", is not applicable to the company as it is engaged in single business segment and no break up of revenue is available.
• 5. The previous year figures have been regrouped/rearranged wherever necessary to make them comparable with the current period figures. The figures of second half of the year are the balancing figures between audited figures in respect of the full financial year and the published year to‐date figures up to the first half year ended on 30/09/2019 of the current financial year.
• 6. In view of the unprecedented COVID‐19 pandemic, the management has made a detailed assessment of its liquidity position for the next one year and recoverability of Property, Plant and Equipment, Investments, Trade Receivables and Inventories as at the balance sheet date. In assessing the recoverability, the Company has considered internal and external information up to the date of approval of these financial results and has concluded that there is no material impact on the operations and the financial position of the Company. However, the impact of the global health pandemic may be different from that estimated at the date of approval of these financial results and the Company will continue to closely monitor any material changes to future economic conditions.

7. Exceptional Item:

A. Reversal of SEIS Incentive of Rs. 180.49 lacs:

The Company being in software services industry is entitled to receive Services Exports from India Scheme (SEIS) incentive for export of software services and it has accordingly claimed up to last year ended 31st March, 2019. The company has been advised and also informed by the DGFT that it is eligible to receive said incentive. However, during the Current Year, Director of Revenue Intelligence (DRI) has conducted search to verify the said Claim of the Company. There is a difference of opinion between the 2 Government Authorities viz. Director General of Foreign Trade (DGFT) and DRI. As per the direction of DRI, the Company has paid back the said Incentive Amount under protest and has also represented through its apex body NASSCOM and GESIA before Government of India to issue Clarification about eligibility of same in case of Software Industry. The Company has reversed and charged to the exceptional expenses the said SEIS incentive of Rs. 180.49 lacs which was accounted for as income for the period upto 31/03/2019. The Company has thereafter not accounted for its Claim for the SEIS incentive from April,2019 onwards in its books of Account till the Government stand is clarified in this regard. The matter is still pending with the Government Authorities. On proper clarification of the issue, it will account for the SEIS Incentive for the balance Period from 01/04/2019.

B. Receipt of Goodwill of Rs. 341.09lacs from DEV X ‐

The Company has made Investment in Dev Accelerator LLP and was a Partner having 52% Share. During the current year, one new Partner is admitted on 1st July, 2019 in the said LLP who has agreed to bring Rs 6.56 crore as Goodwill. The Company being a Partner is entitled to receive Rs. 3.41 crore from the said amount as its share of Goodwill towards its foregoing Share. The said amount of Rs. 341.09 lacs is appropriately disclosed in Exceptional Income.

• 8. Tax expenses include current tax and deferred tax.
• 9. Cash flow for the year ended 31st March, 2020 is attached herewith.

For DEV INFORMATION TECHNOLOGY LIMITED

Managing Director Chairman (DIN: 00021880) (DIN : 00021744)

HARSHIL H. SHAH KRISA R. PATEL Chief Financial Officer Company Secretary

Date: 30/07/2020 Place: Ahmedabad

JAIMIN J. SHAH PRANAV N. PANDYA

Chandulal M. Shah & Co. CHARTERED ACCOUNTANTS

A/6, 6th Floor, Wing-A, Safal Profitaire, Opp. Auda Garden, Corporate Road, Prahladnagar, Ahmedabad-380052. Tel.: 079-2960 1085 • (M) 90330 34430 • E-mail: cmshah@cmshah.com • Website: www.cmshah.com

Independent Auditor's Report Auditor's Report on the Half Yearly and Year to Date Audited Consolidated Financial Results of the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended

To.

The Board of Directors Dev Information Technology Limited

Report on audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of half yearly and year to date consolidated financial results of Dev Information Technology Limited (the "Company"), for the half year and year ended on March 31, 2020("statement"), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligation and Disclosure requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us this financial result:

• i. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• gives a true and fair view in conformity with the recognition and measurement ii. principles laid down in the applicable accounting standards and other accounting principles generally accepted in India, of the net Profit and other financial information for the half year ended March 31, 2020 as well as the year to date results for the period from April 1, 2019 to March 31, 2020.

Basis for Opinion

A) We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Results 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 results 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.

• B) The Statement includes the results of the following entity: Dev Info- Tech N.A. Limited - Subsidiary Company Dev Accelerator LLP- Associate Body Corporate
• C) We did not review the interim financial statements of one subsidiary included in the consolidated unaudited financial results, whose interim financial statements reflect total assets of Rs.606.29 Lakhs as at March 31, 2020 and total revenues of Rs. 1854.43 Lakhs, total net profit after tax of Rs. 27.22 Lakhs for the half year ended March 31, 2020 as considered in the consolidated unaudited financial results.

Emphasis of Matter

Attention is drawn to Note No. 6 of accompanying consolidated financial results, with regard to impact on operations of the company and its associate company due to COVID 19 pandemic outbreak and lockdown which is dependent on future developments, which are uncertain.

Our opinion is not modified in respect of the above matters.

Management's Responsibilities for the Consolidated Financial Results

These half yearly financial results as well as the year to date financial results have been prepared on the basis of the consolidated annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibilities 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 the appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated financial results that give a true and fair view and free from material misstatement, whether due to fraud or error.

In preparing the Consolidated financial results, the Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our Objectives are to obtain reasonable assurance about whether the financial results 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. Misstatement 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 Consolidated Financial Results.

As a part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• $\bullet$ Identify and assess the risks of material misstatement of the financial results. 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 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 $\bullet$ design audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' 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 results, 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 results. $\bullet$ including the disclosures, and whether the financial results represent the underlying transitions 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.

Other Matter

Date: 30-07-2020

Place: Ahmedabad

The statement includes the results for the half year and year ended on March 31, 2020 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the first half year of the current financial year, which were subjected to a limited review by us, as required under Listing Regulations.

For, Chandulal M. Shah & Co. Chartered Accountants FRN: 101698W C.S. Panchal.

CA Chetan S. Panchal M No.: 147415 UDIN: 20147415AAAABM1892

(CIN :L3OOOOGJ1997PLC033479)

E‐mail id: investor@devitpl.com website: www.devitpl.com

Audited Consolidated Statement of Assets And Liabilities for the Year Ended On 31/03/2020

		(Amount In Rs.)
Consolidated Statement of Assets and Liabilities	Year ended on	Year ended on
Particulars	31.03.2020	31.03.2019
Equity and Liabilities
Shareholders' Fund
(a) Share Capital	5,52,05,000 5,52,05,000
(b) Reserves and Surplus	27,75,80,551 24,37,21,242
(c) Minority Interest	25,28,010 17,65,031
Sub Total‐Share Holders Fund 33,53,13,560 30,06,91,273
Non‐current Liabilities
(a) Long Term Borrowings	1,69,32,336 3,88,79,403
(b) Deffered Tax Liabilities	‐ 24,56,948
(c) Other Long Term Liabilities	42,67,616 28,48,049
(d) Long term provisions	9,84,339 ‐
Sub‐Total‐Non Current Liabilities 2,21,84,291 4,41,84,400
Current Liabilities
(a) Short Term Borrowings	8,45,81,320 6,65,56,588
(b) Trade Payables
(i) Total outstanding dues to Micro, Small & Medium Enterprise	1,13,192 1,53,865
(ii) Total outstanding dues to other than Micro, Small & Medium
Enterprise	9,30,81,000 9,31,60,219
(c) Other Current Liabilities	4,00,35,783 5,46,30,984
(d) Short Term Provisions	54,31,621 26,60,922
Sub‐Total Current Liabilities 22,32,42,915 21,71,62,578
TOTAL EQUITY AND LIABILITIES 58,07,40,766 56,20,38,251
ASSETS
Non‐Current Assets
(a) Property, Plant & Equipments
(i) Tangible assets	8,40,23,569 11,49,68,357
(ii) Intangible assets	3,47,70,858 2,42,69,665
(iii) Capital Work In Progress	‐ 1,21,833
(iv) Intangibles under Development	17,55,074 ‐
	Total fixed assets 12,05,49,501 13,93,59,855
(b) Non‐current investments	5,04,84,574 23,27,975
(c) Deffered Tax Asset	50,967 ‐
(d) Long‐term loans and advances	3,02,08,684 3,75,16,808
(e) Other Non Current Assets	26,95,600 25,57,908
Total Non‐current assets 8,34,39,825 4,24,02,691
Current assets
(a) Inventories	5,69,50,421 5,68,75,957
(b) Trade receivables	21,62,54,119 19,61,61,603
(c) Cash and cash equivalents	6,35,39,020 7,77,43,411
(d) Short‐term loans and advances	3,34,02,398 2,55,49,450
(e) Other current assets	66,05,481 2,39,45,286
Sub‐Total‐Current Assets 37,67,51,439 38,02,75,705
	TOTAL ASSETS 58,07,40,766 56,20,38,251

For DEV INFORMATION TECHNOLOGY LIMITED

JAIMIN J. SHAH Managing Director (DIN : 00021880)

HARSHIL H. SHAH Chief Financial Officer

Chairman PRANAV N. PANDYA

(DIN : 00021744)

KRISA R. PATEL Company Secretary

(CIN :L3OOOOGJ1997PLC033479)

( Regd. Office:‐ 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej ‐Shilaj Road, Thaltej, Ahmedabad‐380059, Gujarat, India )

E‐mail id: investor@devitpl.com website: www.devitpl.com

Consolidated Audited Financial Results for the Half Year and Year Ended on 31/03/2020

(Amount In Rs.)
Particulars	6 months ended				Year ended
	31‐03‐2020	30‐09‐2019	31‐03‐2019	31‐03‐2020	31‐03‐2019
(Refer Notes Below)	(Audited)	(Un‐Audited)	(Audited)	(Audited)	(Audited)
Revenue from Operations
(a) Sales/Income from operations	40,76,41,862	27,77,80,581		25,08,79,203 68,54,22,443 75,82,10,305
(b) Other income	50,15,207	35,47,015		4,13,185 85,62,222 44,67,117
Total income from operations	41,26,57,069	28,13,27,595	25,12,92,388	69,39,84,665	76,26,77,422
Expenses
(a) Cost of Goods & Services.	18,32,61,297	8,39,37,424	20,89,957	26,71,98,721 31,57,16,925
(b) Changes in inventories of finished goods, work‐in‐
progress and
stock‐in‐trade	34,97,813	(1,98,10,368)		1,67,85,800 (1,63,12,554) 86,38,410
(c) Employee benefits expense	16,65,94,204	15,97,06,696		14,56,97,239 32,63,00,900 28,41,00,207
(d) Finance Cost	49,48,655	91,34,462		52,35,505 1,40,83,117 1,53,85,916
(e) Depreciation and amortisation expense	1,14,45,114	89,05,164		89,08,652 2,03,50,278 1,78,67,612
(f) Other expenses	89,70,857	5,14,41,733 Total Expenses 37,87,17,939 29,33,15,111 21,02,84,461 67,20,33,051 71,30,78,100		3,15,67,308 6,04,12,590 7,13,69,031
Profit / (Loss) before exceptional, extra ordinary items and
tax (1‐2)		3,39,39,130 (1,19,87,516) 4,10,07,928 2,19,51,614 4,95,99,321
Exceptional Income/(Expense)		(1,83,21,490) 3,41,09,363 ‐ 1,57,87,873 1,80,48,982
Profit / (Loss) before extra ordinary items and tax (3+4)		1,56,17,640 2,21,21,847 4,10,07,928 3,77,39,487 6,76,48,303
Extra Ordinary Income/(Expense)
	‐	‐ ‐ ‐ ‐
Profit / (Loss) before tax (5+6)	1,56,17,640	2,21,21,847	4,10,07,928	3,77,39,487	6,76,48,303
Tax expense
Current Tax	27,36,480			‐ 1,38,42,813 27,36,480 2,25,50,000
Deferred Tax [(Assets)/Liabilities]		(11,53,964) (9,94,685) (21,19,181) (21,48,649) 4,807
Excess Provision of Tax of Earlier Years	(7,81,588)			‐ 12,88,274 (7,81,588) 12,88,274
Total Tax Expenses 8,00,928 (9,94,685) 1,30,11,906 (1,93,757) 2,38,43,081
Profit / (Loss) from continuing operation after tax (7‐8)		1,48,16,712 2,31,16,532 2,79,96,022 3,79,33,244 4,38,05,222
Profit / (Loss) from discontinuing operation	‐	‐ ‐ ‐ ‐
Tax expense of Discontinuing Operation	‐	‐		‐ ‐ ‐
Profit / (Loss) from discontinuing operation after Tax (10‐
11)	‐	‐		‐ ‐ ‐
Net Profit/(Loss) for the Period (9‐12)		1,48,16,712 2,31,16,532 2,79,96,022 3,79,33,244 4,38,05,222
Profit/(Loss) attributable to:
‐ Owners of the company	1,40,27,885	2,29,69,630 2,80,13,020 3,69,97,515 4,37,10,361
‐ Minority Interests	7,88,827	1,46,902 (16,998) 9,35,729 94,861
Details of equity share capital
Paid‐up share capital Fv @ 10 Rs . Per Share 5,52,05,000 5,52,05,000 5,52,05,000 5,52,05,000 5,52,05,000
Earning per Equity Shareof Rs.10 Each (Not Annualised)
(a) Basic	2.54	4.16	5.07	6.70	7.92
(b) Diluted	2.54	4.16	5.07	6.70	7.92

For DEV INFORMATION TECHNOLOGY LIMITED

JAIMIN J. SHAH Managing Director (DIN : 00021880)

HARSHIL H. SHAH Chief Financial Officer

Chairman (DIN : 00021744)

KRISA R. PATEL Company Secretary

(CIN :L3OOOOGJ1997PLC033479)

E‐mail id: investor@devitpl.com website: www.devitpl.com

Audited Consolidated Cashflow Statement for the Year Ended On 31/03/2020

		(Amount In Rs.)
Statement of Cashflow	Year ended	Year ended
Particulars	31.03.2020	31.03.2019
Cash flow from operating activities:
Net profit before tax as per statement of profit and loss	3,77,39,487	6,76,48,303
Adjusted for:
Depreciation	2,03,50,278	1,78,67,612
Dividend Income	(1,87,500)	(1,87,500)
Profit from Investment	(2,50,488)	(94,250)
Profit on Sale of Fixed Assets	(2,23,904)	(2,63,971)
Interest Income	(34,84,967)	(32,32,844)
Interest Exps	1,40,83,117	1,53,85,916
Non Cash Expense	54,01,654	26,49,333
Foreign Exchange Effects Gain/Loss	10,34,981	2,19,874
Operating cash flow before working capital changes	7,44,62,658	9,99,92,473
Adjusted for:
Trade Receivables,Other current Assets	(1,64,62,017)	4,27,90,770
Stock	(74,464)	86,38,410
Trade Payable, Provisions and other Current Liabilities	66,79,045	(4,17,29,659)
Cash generated from / (used in) operations
Income taxes paid	(1,56,82,990)	(3,93,98,948)
Net cash generated from/ (used in) operating activities [A]	4,89,22,233	7,02,93,045
Cash flow from investing activities:
Purchase of fixed assets	(3,04,05,228)	(7,58,40,727)
Sale of fixed assets	4,59,697	47,79,000
Purchase/Sale of current investments	(4,79,51,586)	96,291
Interest Income	34,84,967 1,87,500	32,32,844 1,87,500
Dividend Income Net cash flow from/(used) in investing activities [B]
	(7,42,24,650)	(6,75,45,092)
Cash flow from financing activities:
Proceeds Of Borrowings	2,60,18,399	2,08,33,633
Payment Of Interest	(1,40,83,117)	(1,53,85,916)
Dividend Paid Including Distribution Tax	(33,27,620)	(33,37,667)
Net cash flow from/(used in) financing activities [C]
	86,07,662	21,10,050
Net increase/(decrease) in cash & Bank Balance [A+B+C]	(1,66,94,755)	48,58,003
Cash & Bank Balance at beginning of the year	5,41,36,346	4,92,78,343
Cash & Bank Balance at end of the year	3,74,41,591	5,41,36,346
Recociliation of Cash & Cash Equivalent	2019‐20	2018‐19
Closing Balance Of Cash & Bank Balance	3,74,41,591	5,41,36,346
Add:
Balance In Fixed deposits ** More than 12 months	2,60,97,430	2,36,07,065
Closing Balance of Cash & Cash Equivalent	6,35,39,021	7,77,43,411

For DEV INFORMATION TECHNOLOGY LIMITED

JAIMIN J. SHAH Managing Director (DIN : 00021880)

HARSHIL H. SHAH Chief Financial Officer

Chairman (DIN : 00021744) PRANAV N. PANDYA

Company Secretary KRISA R. PATEL

Notes to Consolidated Financial Results 31.03.2020

• 1. The above audited Consolidated Financial Results were reviewed by the Audit Committee and thereafter approved by the Board of Directors in their respective meetings held on 30/07/2020.
• 1. The Statutory Auditors of the Company have carried out "audit" of the Financial Statements for the half year and year ended 31st March, 2020 as per Regulation 33 of the SEBI (LODR) Regulations, 2015.
• 1. The Consolidated Financial Results have been prepared in accordance with the Generally Accepted Accounting Principles In India {Indian GAAP)as IND AS is not currently applicable to the Company.
• 1. The company is primarily engaged in "IT & IT enable Services" business.The requirement of AS‐17‐ "Segment Reporting",is not applicableto the company as it is engaged in single business segment and no break up of revenue is available.
• 1. The previous year figures have been regrouped/rearranged wherever necessary to make them comparable with the current period figures. The figures of second half of the year are the balancing figures between audited figures in respect of the full financial year and the published year to‐date figures up to the first half year ended on 30/09/2019 of the current financial year.
• 1. In view of the unprecedented COVID‐19 pandemic, the management has made a detailed assessment of its liquidity position for the next one year and recoverability of Property, Plant and Equipment, Investments, Trade Receivables and Inventories as at the balance sheet date. In assessing the recoverability, the Company has considered internal and external information up to the date of approval of these Consolidated Financial Results and has concluded that there is no material impact on the operations and the financial position of the Company. However, the impact of the global health pandemic may be different from that estimated at the date of approval of these Consolidated Financial Results and the Company will continue to closely monitor any material changes to future economic conditions.

7. Exceptional Item:

A. Reversal of SEIS Incentive of Rs. 180.49 lacs:

The Company being in software services industry is entitled to receive Services Exports from India Scheme (SEIS) incentive for export of software services and it has accordingly claimed up to last year ended 31st March, 2019. The company has been advised and also informed by the DGFT that it is eligible to receive said incentive. However, during the Current Year, Director of Revenue Intelligence (DRI) has conducted search to verify the said Claim of the Company. There is a difference of opinion between the 2 Government Authorities viz. Director General of Foreign Trade (DGFT) and DRI. As per the direction of DRI, the Company has paid back the said Incentive Amount under protest and has also represented through its apex body NASSCOM and GESIA before Government of India to issue Clarification about eligibility of same in case of Software Industry. The Company has reversed and charged to the exceptional expenses the said SEIS incentive of Rs. 180.49 lacs which was accounted for as income for the period upto 31/03/2019. The Company has thereafter not accounted for its Claim for the SEIS incentive from April,2019 onwards in its books of Account till the Government stand is clarified in this regard. The matter is still pending with the Government Authorities. On proper clarification of the issue, it will account for the SEIS Incentive for the balance Period from 01/04/2019.

B. Receipt of Goodwill of Rs. 341.09 lacs from DEV X ‐

The Company has made Investment in Dev Accelerator LLP and was a Partner having 52% Share. During the current year, one new Partner is admitted on 1st July, 2019 in the said LLP who has agreed to bring Rs 6.56 crore as Goodwill. The Company being a Partner is entitled to receive Rs. 3.41 crore from the said amount as its share of Goodwill towards its foregoing Share. The said amount of Rs. 341.09 lacs is appropriately disclosed in Exceptional Income.

1. From 1st July, 2019,Dev Accelerator LLP (Dev X) ceased to be subsidiary of Dev Information Technology Ltd.and became associate concern on account of which consolidation of accounts of Dev X is done as per "Equity Method" as provided in AS 21 and AS 23 r.w.s. Sec.133 of the Companies Act in place of "Full ConsolidationMethod" hitherto followed for consolidation. As a result, the figures of the previous year are not comparable with the current year.

2. 1. Tax expenses include current tax and deferred tax.
3. 1. Cash flow for the year ended 31st March, 2020 is attached herewith.

JAIMIN J. SHAH PRANAV N. PANDYA Managing Director Chairman

HARSHIL H. SHAH KRISA R. PATEL Chief Financial Officer Company Secretary

(DIN: 00021880) (DIN : 00021744)

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Annexure II:

NAME	M/S Murtuza Mandorwala & Associates
Date Appointment	30th July, 2020
Term of Appointment	F.Y. 2020-21 (1 year)
Address	B-503, Sivanta One,
	Pritamnagar Cross road, Near V.S. Hospital,
	Ellisbridge, Ahmedabad-380006
Contact	09409020523
Qualification	 Member of Institute of Company Secretaries of India
	 Bachelor in Commerce from Gujarat University
	 Masters in Commerce from Indira Gandhi National
	University
	 Bachelor of Law from Gujarat University
	 DLP: Diploma in Labour Practice from Gujarat University
Area of Practice	Corporate & LLP Laws, SME Advisory, Compliance, Due Diligence,
	FDI & FEMA advisory, NBFC Laws, Capital Markets & Securities
	Laws Advisory, Taxation, Audit & Certifications, Legal
	Compliances, Corporate Governance, Corporate Social
	Responsibility and allied services.
Service Provided	Corporate & LLP Laws, SME Advisory, Compliance, Due Diligence,
	FDI & FEMA advisory, NBFC Laws, Capital Markets & Securities
	Laws Advisory, Taxation, Audit & Certifications, Legal
	Compliances, Corporate Governance, Corporate Social
	Responsibility and allied services.

Annexure III:

NAME	M/S Nisarg J. Shah & Co.
Date of Appointment	30th July, 2020
Term of Appointment	F.Y. 2020-21 (1 year)
Address	3SF Ratnam Complex, C.G. Road, Ahmedabad‐38006
Contact	98253600573,9099924754
Qualification	Mr. Nisarg J. Shah
	 Fellow Chartered Accountant
	 Diploma in Information System Audit from ICAI
	 Masters Degree in Commerce
Area of Practice	Internal Audit, Statutory Audit, Special Audit, Accounting, TDS
	Work, Income Tax Matters, GST, Investment & Tax Planning,
	Project work and Loan Proposal, Management Consultancy,
	Certification Work, Advisory Services, System Audit.
Service Provided	Internal Audit, Statutory Audit, Special Audit, Accounting, TDS
	Work, Income Tax Matters, GST, Investment & Tax Planning,
	Project work and Loan Proposal, Management Consultancy,
	Certification Work, Advisory Services, System Audit.

Annexure IV:

B/305-304 Fairdeal House, Nr. Swastik Cross Road, Navrangpura, Ahmedabad-380009

(GUJARAT-INDIA)

Ph No :(O): +91 (79) 26565767

(M)+91 9426406760/9227474959

E-Mail: info@rinkeshshahandco.com

rinkeshshahco@gmail.com

www.rinkeshshahandco.com

FIRM OVERVIEW

Be a catalyst in the growth of yours.

RINKESH SHAH & CO is an India based Public Accounting firm which provides accounting, auditing, taxation (domestic & international), Business start-up & Outsourcing services.

RINKESH SHAH & CO, a CHARTERED ACCOUNTANT firm was established in early 2009. It was converted into partnership in the same year. Currently firm has 3 partners and team of 18 people. We do have various software engineers and lawyers associated with us to cater the client needs.

RINKESH SHAH & CO is Chartered Accountant hub serving its clients with highest levels of professional conduct and prompt attention from its office located at Ahmedabad (Gujarat, India) having network on pan India basis as well as at New York- Chicago (USA), Hong Kong.

RINKESH SHAH & CO is capable of catering to domestic, National and Transnational Corporate needs. This Firm is equipped with innovations & ideas of young Chartered Accountants. Our team comprising of professionals work regularly to provide Corporate with value added services. The firm is also peer reviewed at regular intervals to assure the quality of the service we provide.

In order to assure that we meet our commitment to quality and service, RINKESH SHAH & CO has proprietary procedures with respect to the quality of our work. These procedures are designed to provide reasonable assurance that, in performing services, our personnel will be competent, objective, and will exercise due professional care.

Our Mission

We understand how important 'time' is for businesses to get that edge over everyone else. To give our clients that competitive edge, we follow a strict process of on time delivery with high quality service. We provide knowledge based professional services to businesses that require accurate information and expert guidance delivered on time.

Excellence from your professional service provider is essential for competing in today's markets. You can expect the highest level of expertise and dedication from us in providing various services.

We pride ourselves on the professionalism and knowledge of our people. We have acquired our knowledge and polished our business acumen by working with clients from varied industry. We value our clients and it shows in the quality of work we do.

Why RINKESH SHAH & CO?

RINKESH SHAH & CO is capable of providing high personalized service to extensive Range of Clients from individuals to privately held organizations to multinational corporations. Our clients operate in virtually every business sector, industry, and profession, among them: Advertising | Architecture | Agro Products | Communications | Consultancy | Distribution | Education | Finance | Food Processing | Foreign Embassy | High Net Worth Individuals |Healthcare |Hospitality | Infrastructure | Insurance | International Education Units | Interior Designing Professionals| Marketing firms| Manufacturing | Non-profits organizations | Non Residents| Retail & Wholesale Trading | Real Estate | Technology Architecture | Transportation | Textile

SERVICES

Accounting Services

Domestic Accounting Services

In this era of Globalization, it is not only important to compete the foreign players in foreign markets but it has become a necessity for the domestic firms to develop some core competencies in order to compete with foreign players in the domestic market. We at RINKESH SHAH & CO. provide high level personalized Domestic Accounting services. Increase your efficiency by outsourcing accounting services to us & let us manage your accounts in the most expert and competent manner possible to enable you to comply with requisite requirements in the robust environment of regulations and Accounting standards.

Our services include:

• Book Keeping Services
• General Ledger Maintenance
• Bank Reconciliation
• Financial Statement Preparation
• Account Receivable Management
• Account Payable Management
• Inventory Reconciliation Services
• Fixed asset Reconciliation Services
• MIS Reports and Customized Reports
• Tax related services including assessments and compliances
• Conversion of Financial Statements From Indian GAAP to US GAAP
• Conversion of Financial Statements From US GAAP to Indian GAAP
• Conversion of Financial Statements From US GAAP to IFRS
• Conversion of Financial Statements From Indian GAAP to IFRS (Ind AS)

International Accounting Services

In order to remain competitive and profitable, it has become essential for companies to expand their business internationally. Expansion into international markets involves significant regulatory, tax and business knowledge. Although technology has made cross-border communication easier, foreign business and tax issues have become more complex. Being an experienced international accounting services firm, RINKESH SHAH & CO. can help you navigate through the complexities of doing business internationally in order to achieve your global business objectives.

RINKESH SHAH & CO. is one of the leading Ahmedabad (India)-based international accounting and tax advisory firm. For more than 11 years, we have been helping inbound and outbound international businesses, as well as individual investors, reduce their worldwide tax burdens and fulfill financial reporting requirements. Multinational businesses in many sectors turn to our experienced International Services Team. Also, Our Managing Partner CA RINKESH SHAH has a vast knowledge and experience of the situations prevailing in International markets through his regular visits to United States every year & occasionally on requirement basis to various other countries.

Audit Services

Internal Auditing

A particular feature of our firm expertise is our involvement in internal auditing activities. With this respect, a wide range of services are provided by the specialists of our internal auditing division. Our objective is to help our clients establishing properly their internal audit department to assist members of the organization in the effective discharge of their responsibilities. This department would be an independent appraisal function that examines the diverse operations and controls of organization to ensure that information provided are accurate and reliable, risks are identified and minimized, external and internal regulation policies and procedures complied with acceptable standards are met, resources are used efficiently and economically and organization objectives are effectively achieved.

Internal auditing services provided by our office include the following:

• Designing the internal auditing department systems within the organization. Assisting in the selection and training of the staff, preparing the audit programs, assisting in the performance of the implementations and following up such implementations.
• Outsourcing of our own staff to the clients for a periodical basis for the sake of Internal Audit of these entities.
• Guiding the Internal Audit Department personnel of the client so as to make sure that they are performing their duties as ethically as possible.
• Along with that, we provide Internal Audit Consultancy Services to the clients in various format.

Statutory Auditing

Statutory Auditing services provided by our office include the following:

• Audit under The Companies Act, 2013,
• Audit as per Income Tax Act, 1961,
• GST Audit as per CGST/SGST/IGST Act.
• Audit under Charitable Trust Act.
• Audit under Co-operative Societies Act.

Business Startup

We are able to arrange for the efficient formation and registration of your business including registry with all relevant agencies such as Registrar of Companies, Direct and Indirect tax Department, Local Authority etc. and thereby ensure that we set this up entirely in accordance with your particular requirements, and to fit your circumstances. Our services go far beyond those of merely forming the trading entity and we will guide you through the various decisions which you will need to make and ensure that the process is managed smoothly from start to finish /actual implementation of the project. Our Services would specifically

• Registration of Proprietorship firm
• Registration of LLP / Partnership firm
• Registration of Private Limited / Public Limited Company
• Conversion of LLP / Partnership firm into Company
• Registration of Charitable Societies& Trusts
• Creation of HUF
• Drafting of Memorandum & Article of Association
• Drafting & Registration of Partnership Deed
• Business Planning, Financing, Forecasting, Tax Preparation and other services for start-ups.

Business Fund Raising Services

We strive to ascertain the most economically attractive and flexible financing structures consistent with current market conditions and management objectives. Most importantly, RINKESH SHAH & CO seeks to protect present shareholder value, while allowing for maximum flexibility. RINKESH SHAH & CO advises its clients on the process of raising seed capital or operating capital and the equity or debt required to accomplish the shareholders' goals. Whether it's expansion or business turnaround, our clients benefit from our significant experience and success in corporate finance restructuring. Our services would include:

• Working capital finance (CC/OD)
• Project Finance
• Equipment financing
• External Commercial Borrowing(ECB)
• Syndication of long term loans/ short term loans from Banks, Financial Resources & Banks
• Loan Documentation

Business Restructuring Services (BRS)

For under performing companies, companies in transition and their stakeholders, we evaluate the financial and operational issues adversely affecting performance and assess the strategic alternatives. We'll develop and execute comprehensive plans to address these challenges and help you take advantage of existing opportunities.

We take a 360-degree view of your situation using our deep experience, industry specialization and global reach to help you get to the core of the issue with a full-service portfolio of capabilities.

Our specific services cover:

• Strategic business reviews
• Business restructuring and planning
• Performance improvement
• Cash and working capital strategy
• Cost reduction
• Asset divestment
• Debtor, creditor or court-driven formal restructurings
• Lender assistance
• Shareholder management and negotiation
• Financing and refinancing
• Conversion of LLP to Companies and vice versa.

Taxation Related Services

We specialize in providing Income tax services to individuals, small and medium scale businesses and large corporate entities which are highly effective and efficient. Our range of services includes Preparation & Filing of Returns of Income tax, GST, GST Annual returns / Audit, TDS, Appearing before various Statutory Authorities under Direct & Indirect Taxation and Advising on Tax related issues. Apart from that we also provide services like International Taxation & Transfer Pricing.

We also Prepare IRS Returns like

• Form 1040
• Form 1041
• Form 1065
• Form 1120
• Form 1120s
• Form 2553
• Form 8232
• Form 1040x Amended etc.

Management Advisory Services

To remain competitive in the current business scenario, it is very much important for the businesses to get a proper guidance from peoples who are specialist in different areas. At RINKESH SHAH & CO we provide this guidance to the businesses, whether small or big, so that the way the management functions are effective and efficient. We provide services like guidance with regards to preparation & presentation of financial statements, cash flow budgeting, reporting and cash management, business advisory service, cost control, quality check and other such services.

Due Diligence and Investigation

Effective negotiations depend upon accurate information – as does any major decision involving strategic risk to the corporation. RINKESH SHAH & CO investigators and research analysts specialize in transactional and corporate due diligence in India & globally.

We serve as trusted advisers to the legal, financial and compliance teams charged with formalizing and assessing major transactions and strategic business relationships, and navigating corporate disputes. We provide intelligence and insight in support of mergers and acquisitions, partnership opportunities, executive hires, board appointments, reputational profiling and market entry. Our thrust areas would include:

• Commercial or Operational Due Diligence
• Financial Due Diligence
• Tax Due Diligence
• Surgical errors, including plastic surgery errors
• Information System Due Diligence
• Legal Due Diligence
• Environmental Due Diligence
• Personal Due Diligence

Our Team

• 1. CA RINKESH SHAH – PARTNER [B.com, FCA, CS ]
• 2. CA JINESH MODI- PARTNER [M.com, FCA ]
• 3. CA HETUL BAGARIA- PARTNER [M.com, ACA,DISA]
• 4. CA SAHARSH GANDHI – ASSOCIATE Director [B.com, ACA, LCS ]
• 5. CS KRISHNA BHAVSAR – ASSOCIATE [B.com, ACS]
• 6. DIVYA BHARTI PATEL – Assistant Manager [Internal Audit]
• 7. MEET SHAH - Assistant Manager [Internal Audit]
• 8. JAYDEEP PRAJAPATI – Assistant Manger [Tax]
• 9. TIRTH SHAH –Assistant Manager [Audit]

10.SHAD ALI SAIYED –Assistant Manager [Audit]

11.PRINCE PATEL – Manager [Internal Audit]

12.KHUSHBU CHAUDHRY- Assistant Manager [Audit]

13.RIYA BHATT- Manager [GST]

14.VRUJ POPAT- Assistant Manager [GST]

15.KRUTI SHAH - Assistant Manager [Audit]

16.ANUJ SHAH- Assistant Manager [GST]

17.VINIT KACHCHHAVA-Assistant Manager [GST]

18.JAYKISHAN SHAH- Assistant Manager [Tax]

• 19. RONAK JAIN- Manager [Admin]
• 20. DISHA SHAH – Investment Advisor

Partners' Profile:

CA. Rinkesh Shah (Founder- Managing Partner)

He heads Domestic & International Account (DIA) outsourcing division in Accounting & Auditing Department of RINKESH SHAH & CO. He has experience of doing statutory audits, & due diligence work of small as well as large entities. He also has an experience of preparing Project Reports, CMA Reports for various corporate.

He has an overseas experience of working in United States. He has visited United States for Five consecutive tax seasons as well as one season from India on outsourcing basis (In total six tax seasons). His work primarily includes audits of Real estate clients and also prepared the tax returns, Certiorari for the said clients (specifically for Limited Partnerships – LLPs, and LLCs).

He has served as faculty member of AASB (Accounting and Assurance Standard Board), IASB (Internal Auditing Standard Board) & FRRB (Financial Review Reporting Board) of ICAI. He has delivered more than 200 lectures on various topics. He is also associated with academics by taking lectures for professional courses like CA, CS, and CWA for subject of Audit, Internal Audit, Operational Audit, and Performance Audit etc. He has written a number of articles on various topics related to Audit.

He has completed "Certificate course on Concurrent Audit of Bank" conducted by IASB of ICAI. He completed Dip. IFRS from ACCA UK along with Certificate Course on Ind AS (IFRS) by ICAI.

He Has Participated in Course on Blockchain Technology for Professional Accountants conducted by Digital Accounting and Assurance Board of The Institute of Chartered Accountants of India (ICAI).

He is qualified Independent Director from IICA (Indian Institute of Corporate Affairs)

CA. Jinesh Modi (ExecutivePartner)

He heads the Taxation Department of RINKESH SHAH & CO.

He has experience of dealing various tax matters of clients up to the Appellate Level. He is good at various routine compliance works of Service Tax, Income Tax, etc. He believes in being proactive rather than reactive in nature. Hence, his precautionary services help a lot to the clients to run a safe business without hassles from various authorities.

He also takes care of Foreign Clients who want to set up business in India.

CA. Hetul Bagaria(ExecutivePartner)

He heads the internal audit Department of RINKESH SHAH & CO.

He handles audit clients ranging from proprietorship to BSE / NSE Listed entities. He is well experienced in Statutory Bank Branch Audit and Concurrent Audit of Public sector banks. He has also conducted Stock Audit on behalf of Public sector banks. He also takes care of Domestic Clients who want to set up new start up business.

He has completed "Diploma in Information System Audit" conducted by ICAI. He is Pursuing Forensic Audit & Fraud Detection from The Institute of Chartered Accountants of India (ICAI)

He was awarded for getting highest marks in Company and Business Law for his CA Final Examination.