Mindteck (India) Ltd — Interim / Quarterly Report 2021

Nov 12, 2020

(CIN: L30007KA1991PLC039702) AMR Tech Park, Block 1, 3rd Floor #664, 23/24, Hosur Road, Bommanahalli Bengaluru - 560068. India

Tel: +91 80 4154 8000/4154 8300 Fax: +91 80 4112 5813

www.mindteck.com

Ref: MT/SSA/2020-21/28 Scrip Code: 517344 November 12, 2020 Symbol: "Mindteck"

To,	To,
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers	Exchange Plaza, C-1, Block G,
Dalal Street	Bandra Kurla Complex,
Mumbai- 400001	Bandra (E)
	Mumbai – 400 051

Dear Sir/Madam,

Subject: Submission of Financial Results pursuant to Regulation 33 and Outcome of Board Meeting held on November 12, 2020 pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

We would like to inform you that the Board of Directors of the Company has approved the Unaudited Financial Results for the Quarter and Half year ended September 30, 2020 at its meeting held on November 12, 2020.

Please find the enclosed:

• 1. Unaudited Standalone Financial Results for the Quarter and Half year ended September 30, 2020.
• 1. Unaudited Consolidated Financial Results of the Company and its Subsidiaries for the Quarter and Half year ended September 30, 2020.
• 1. Copy of the Limited Review Report by Statutory Auditor for Standalone Financial Results for the Quarter and Half year ended September 30, 2020.
• 1. Copy of the Limited Review Report by Statutory Auditor for Consolidated Financial Results for the Quarter and Half year ended September 30, 2020.

Thanking you, Yours Truly,

For Mindteck (India) Limited Shivarama

Digitally signed by Shivarama Adiga S. DN: cn=Shivarama Adiga S., o=Mindteck (India) Limited, ou=Legal and Secretarial, email=shivarama.adiga@mindteck.com, c=IN Date: 2020.11.12 21:39:06 +05'30'

Shivarama Adiga S. VP, Legal and Company Secretary Adiga S.

MINDTECK (INDIA) LIMITEDA.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROADBOMMANAHALLI, BANGALORE 560 068CIN:L30007KA1991PLC039702STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND

	(Rs. in Lakhs, except per share data)
		Year to date figures for six monthsQuarter endedended				Year ended
Sl.No.	Particulars	September 30,2020	June 30, 2020	September 30,2019	September 30,2020	September 30,2019	March 31, 2020
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
$\mathbf{I}$	Income
	a) Revenue from operations	2,802	2,529	2,207	5,331	4,618	9,231
	b) Other income	63	121	55	184	88	184
	Total income (a+b)	2,865	2,650	2,262	5,515	4,706	9,415
$\mathbf 2$	Expenses
	a) Cost of technical sub-contractors	63
	b) Employee benefits expense	1,780	611,638	571,691	124	118	218
	c) Finance costs	38	44	47	3,418	3,405	6,624
	d) Depreciation and amortisation expense	157	157	150	82	95	187
	e) Other expenses	326	307	419	314633	288	615
	Total expenses $(a+b+c+d+e)$	2,364	2,207	2,364		768	1,659
					4,571	4,674	9,303
3	Profit/(Loss) before tax and exceptional items (1-2)	501	443	(102)	944	32	112
$\overline{4}$	Exceptional items
	- Provision for impairment of investment in subsidiaries (Refer Note						(5,666)
	5(a)
	- Provision for expected losses under service concession		$\overline{\phantom{a}}$				(159)
	arrangement (Refer Note 5(b))
	- Provision for impairment of loan (Refer Note 5(c))		$\overline{\phantom{a}}$				(168)
5	Profit/(Loss) before tax $(3+4)$	501	443	(102)	944	32	(5,881)
6	Tax expense (net)
	Current tax	177	141		318	44	114
	Tax relating to earlier years		54		54
	Deferred tax charge/(credit)Total tax expense	(80)	(27)	$\overline{7}$	(107)	(3)	(71)
		97	168	$\overline{7}$	265	41	43
$\overline{7}$	Profit/(Loss) for the period/year $(5-6)$	404
			275	(109)	679	(9)	(5, 924)
8	Other comprehensive income/(loss)Items that will not be reclassified subsequently to profit or loss
	Remeasurement gain/(loss) on defined benefits plan	(5)	17	(16)	12	$\mathbf{I}$	(3)
	Income tax relating to items that will not be reclassed to profit or loss	$\mathbf{1}$	(4)	5	(3)
	Other comprehensive income/(loss) for the period/year net oftaxes	(4)	13	(11)	9	$\mathbf{1}$	(2)
9	Total comprehensive income/(loss) for the period/year (7+8)	400	288
				(120)	688	(8)	(5,926)
10	Paid-up equity share capital (Face value of Rs. 10 per share)	2,562	2,562	2,562	2,562	2,562	2,562
11	Other equity
				Ĭ.	$\overline{a}$	Ĭ.	9,627
12	Earnings/(Loss) per share (Not annualised in the case of the
	interim period)
	Basic (in Rs.)	1.58	1.07	(0.42)	2.65	(0.03)	(23.12)
	Diluted (in Rs.)	1.57	1.07	(0.42)	2.65	(0.03)	(2312)

See accompanying notes to the financial results.

$\begin{tabular}{c} \bf{MINDTECK}\ (INDIA)\ LIMITED \ A.M.R\ TECH \ PARK,\ BLOCK\ 1,\ 3RD \ FLOOR\ {#} \ 664,\ 23/24,\ BOSUR\ MAIN\ ROAD\ \hline \text{BOMMANHALL}\ BANGALORE\ 560\ 068\ \text{CIN:L30007KA1991PLC039702}\ \text{STATEMENT OF UNAUDITED STANDALONE ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2020\ \end{tabular}$

			(Rs. in Lakhs)
		As at September	As at March 31,
Sl.No.	Particulars	30, 2020	2020
		Unaudited	Audited
$\mathbf{1}$	ASSETS
$\mathbf A$	Non-current assets
	Property, plant and equipment	316	320
	Investment property	66	67
	Right of use assetsIntangible assets	884	1,056
	Financial assets	22	782
	Investments
	Loans	6,724	6,724
	Other financial assets	553	541
	Deferred tax assets (net)	11	11
	Income tax assets (net)	418	314
	Other non-current assets	792	1,186
	Total non-current assets	16	6
		9,802	11,007
B	Current assets
	Financial assets
	Investments		43
	Trade receivables	2,233	1,956
	Cash and cash equivalents	111	1,331
	Other bank balances	2,470	33
	Loans	19	19
	Other financial assets	822	898
	Other current assetsTotal current assets	357	355
	Total assets (A+B)	6,012	4,635
		15,814	15,642
	EQUITY AND LIABILITIES
$_{\rm C}^{2}$	Equity
	Equity share capital	2,562	2,562
	Other equity	10,319	9,627
	Total equity	12,881	12,189
$\mathbf D$	Non-current LiabilitiesFinancial liabilities
	Lease liabilities
	Other financial liabilities	634	793
	Other non-current liabilities	16	16
	Provisions	$7\phantom{.0}$282	$\overline{7}$
	Total non-current liabilities	939	895
			1,711
E	Current liabilities
	Financial liabilities
	Borrowings*	÷.
	Trade and other payables
	(a) total outstanding dues of micro enterprises and small enterprises; and	16	40
	(b) total outstanding dues of creditors other than micro enterprises and small enterprises	584	765
	Lease liabilities	423	412
	Other financial liabilitiesProvisions	138	56
	Income tax liabilities (net)	182	223
	Other current liabilities	269	117
	Total current liabilities	382	129
	Total liabilities (D+E)	1,994	1,742
	Total equity and liabilities (C+D+E)	2,93315,814	3,45315,642

*Rounded-off to lakhs

MINDTECK (INDIA) LIMITED A.M.R TECH PARK, BLOCK I, 3RD FLOOR, #664, 23/24, HOSUR MAIN ROAD

BOMMANAHALLI, BANGALORE 560 068

CIN:L30007KA1991PLC039702

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2020

• Notes:
  • 1 The above statement of unaudited standalone financial results ('the Statement') of Mindteck (India) Limited ('the Company') for the quarter and six months ended September 30, 2020, have been reviewed by the Audit Committee and thereafter approved by the Board of Directors in their meeting held on November 12, 2020.
  • 2 These standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
  • 3 In accordance with Ind AS 108, Operating segments, segment information has been provided in the consolidated financial results of the Company and therefore no separate disclosure on segment information is given in these standalone financial results.
  • 4 The full impact of COVID 19 still remains uncertain and could be different from the estimates considered while preparing these standalone financial results. The Company shall continue to closely monitor any material changes to future economic conditions.

5 Exceptional Items:

• (a) During the year ended March 31, 2020, as a part of impairment evaluation and considering the COVID-19 pandemic, the management had carried out impairment assessments in respect of investment in subsidiaries and basis valuations carried out by external valuation expert, recorded an impairment provision of Rs. 5,666 lakhs towards carrying value of investment in certain subsidiaries. The management has reassessed its projections and assumptions and accordingly has concluded that the carrying value of investment in subsidiaries as at September 30, 2020 is appropriate.
• (b) In July 2017, the Company had undertaken a Smart Parking project vide an Authorization Agreement with Municipal Corporation of Bhopal (BMC) under Public Private Partnership Mode (Service Concession Arrangement). Considering the delay in site hand over by BMC, related claims by both the parties, impact of COVID-19 pandemic on a seamless business operation and related Force Majeure clause being invoked by the Company, the management had reassessed recoverability of investment in assets and amounts receivables from BMC as at March 31, 2020. Subsequently, during the quarter and six months ended September 30, 2020, the Company has terminated the contract with the BMC and accordingly, has reversed all the assets and liabilities created as per Appendix D of Ind AS 115. Moreover, the Company has made adequate provisions on the assets claim made to BMC. The net impact of such termination on the results for the quarter and six months ended September 30, 2020 is not material.
• (c) Mindteck Employee Welfare Trust (MEWT) was created to administer the Employee Share Incentive Scheme 2000 for the benefit of its employees. For this purpose, the MEWT had borrowed funds from the Company and subscribed to 416,000 equity shares renounced in its favour by the Company's promoters/directors in the Company's earlier rights issue. Due to significant difference in the purchase price of these shares and average prevailing share price, the Company has made a provision of Rs. 168 lakhs in the results for the quarter ended March 31.2020.

for and on behalf of the Board of Directors of Mindteck (India) Limited

$no$

Bangalore

C

Anand B lakrishnan CEO and Managing Director

Place: Bengaluru Date: November 12, 2020

MINDTECK (INDIA) LIMITED A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROAD BOMMANAHALLI, BANGALORE 560 068 CIN:L30007KA1991PLC039702 STATEMENT OF UNAUDITED STANDALONE CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020

			(Rs. in Lakhs)
	For the six months ended
SI.No.		September 30,	September 30,
	Particulars	2020	2019
		Unaudited	Unaudited
1	Operating activities
	Profit before taxation
	Adjustments to reconcile profit before tax to net cash flows:	944	32
	Depreciation and amortization expense	314	288
	Rent concession	(20)	$\sim$
	Provision for doubtful deposits	1	$\overline{\phantom{a}}$
	Finance costs	79	89
	Interest income	(128)	(19)
	Unrealised exchange differences	(14)	15
	Gain on sale of assets		(5)
	Impact due to termination of service concession arrangement	(5)
	Provision for doubtful debts (net) and loss allowance	29	45
	Share based payment expenses	$\overline{4}$	25
	Fair value gain on mutual fund at fair value through profit or loss
	Gain on sale of mutual funds (net)		(18)
			(15)
	Changes in operating assets and liabilities:
	(Increase) / Decrease in trade receivables	(312)	167
	(Increase) / Decrease in loans and advances and other assets	78	(186)
	Increase / (Decrease) in liabilities and provisions	133	(404)
	Net cash from operating activities before taxes	1,103	14
	Income taxes paid (net)	174	(176)
	Net cash from / (used in) operating activities (A)	1,277	(162)
$\overline{2}$	Investing activities
	Purchase of property, plant and equipment, intangible assets and capital work-in-progress	$\overline{\phantom{a}}$	(87)
	Proceeds from sale of assets		5
	Movement in fixed deposits and other bank balances (net)	(2, 440)	29
	Investment in mutual funds
	Proceeds from sale of mutual funds		(2, 540)
	Interest income received	43	3,395
		101	$7\phantom{.0}$
	Net cash from / (used in) investing activities (B)	(2, 295)	809
3	Financing activities
	Repayment of principal portion of lease liabilities	(143)	(154)
	Finance cost on lease liabilities	(56)	(58)
	Finance cost paid		(31)
	Dividends paid (including distribution tax and unpaid dividend)	(3)	(306)
	Net cash used in financing activities $(C)$	(202)	(549)
	Net increase / (decrease) in cash and cash equivalents (D)= $(A+B+C)$	(1,220)	98
	Cash and cash equivalents at the beginning of the period $(E)$	1,331	285
	Cash and cash equivalents at the end of the period $(F)=(D+E)$	111	383

Note:

1 The disclosure is an extract of unaudited Standalone Statement of Cash Flows for the six months ended September 30, 2020 and September 30, 2019 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.

	MINDTECK (INDIA) LIMITED
	A.M.R TECH PARK, BLOCK I, 3RD FLOOR, #664, 23/24, HOSUR MAIN ROAD
	BOMMANAHALLI, BANGALORE 560 068
	CIN:L30007KA1991PLC039702STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2020
							(Rs. in Lakhs, except per share data)
			Quarter ended			Year to date figures for six months
						ended	Year ended
Sl.No.	Particulars	September 30, 2020	June 30, 2020	September 30,	September 30,	September 30,	March 31, 2020
		Unaudited	Unaudited	2019Unaudited	2020Unaudited	2019
1	Income					Unaudited	Audited
	a) Revenue from operations	7,281	6,862	6,806	14,143	13,660	27,613
	b) Other income	95	215	39	310	73	175
	Total income (a+b)	7,376	7,077	6,845	14,453	13,733	27,788
$\overline{2}$	Expenses
	a) Cost of technical sub-contractorsb) Employee benefits expense	1,1275,046	1,132	989	2,259	2.088	4,171
	c) Finance costs	44	4,84854	4,96556	9,89498	9.741115	19,924
	d) Depreciation and amortisation expense	172	176	176	348	339	226704
	c) Other expenses	671	572	786	1,243	1,494	3,069
	Total expenses (a+b+c+d+e)	7,060	6,782	6,972	13,842	13,777	28,094
3	Profit/(Loss) before tax and exceptional items (1-2)	316	295	(127)	611	(44)	(306)
$\overline{4}$	Exceptional items
	- Impairment of goodwill (Refer Note 7(a))- Provision for expected losses under service concession arrangement (Refer Note 7(b))		÷.	ä,			(5,942)
							(159)
5	Profit/(Loss) before tax (3+4)	316	295	(127)	611	(44)	(6, 407)
6	Tax expense (net)
	Current tax	172	161	21	333	79	172
	Tax relating to earlier years (Refer Note 6)	(8)	(6)		(14)		(28)
	Deferred tax charge/(credit)Total tax expense	(80)84	(27)128	$\overline{7}$28	(107)	(3)	(71)
					212	76	73
$\overline{7}$	Profit/(Loss) for the period/year (5-6)	232	167	(155)	399	(120)	(6, 480)
8	Other comprehensive income/(loss)
	Items that will be reclassified subsequently to profit or loss
	Net exchange difference on translation of foreign operation	(110)	25	109	(85)	84	352
	Items that will not be reclassified subsequently to profit or loss
	Re-measurement gain/ (loss) on defined benefit plans	(5)	17	(16)	12	$\mathbf{1}$
	Income tax relating to items that will not be reclassed to profit or loss		(4)	5	(3)		(3)
	Other comprehensive income/(loss) for the period/year, net of taxes	(114)	38	98	(76)	85	350
9	Total comprehensive income/(loss) for the period/year $(7+8)$	118	205	(57)	323	(35)	(6, 130)
10	Paid-up equity share capital (Face value of Rs. 10 per share)	2,521	2,521	2,521	2,521	2.521	2,521
11	Other equity				ä,		10,442
12	Earnings/ (Loss) per share (Not annualised in case of interim periods)
	Basic (in Rs.)	0.92	0.66	(0.61)	1.58	(0.48)	(25.71)
	Diluted (in Rs.)	0.90	0.65	(0.61)	1.55	(0.48)	(25.71)

See accompanying notes to the financial results

l,

	MINDTECK (INDIA) LIMITED
	A.M.R TECH PARK, BLOCK I, 3RD FLOOR, #664, 23/24, HOSUR MAIN ROADBOMMANAHALLI, BANGALORE 560 068
	CIN:L30007KA1991PLC039702
	STATEMENT OF UNAUDITED CONSOLIDATED ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2020
			$(Rs.$ in $Lakhs$ )
Sl.No.	Particulars	As at September30, 2020	As at March 31.2020
		Unaudited	Audited
$\mathbf{I}$	ASSETS
$\boldsymbol{\Lambda}$	Non-current assets
	Property, plant and equipment	325	332
	Investment propertyRight of use asset	66	67
	Investment in sublease	88417	1,08435
	Intangible assets	22	782
	Goodwill on consolidation	2.815	2,815
	Financial assets
	Loans	346	387
	Other financial assets	11	11
	Deferred tax assets (net)Income tax assets (net)	418	314
	Other non-current assets	860	1,244
	Total non-current assets	165,780	67,077
В	Current assets
	Financial assets:
	Investments		43
	Trade receivables	5,822	5,704
	Cash and cash equivalentsOther bank balances	3,800	2,906
	Loans	2,48056	3325
	Other financial assets	1,680	2,055
	Other current assets	571	607
	Total current assets	14,409	11,373
	Total assets (A+B)	20,189	18,450
$\overline{2}$$\mathsf C$	EQUITY AND LIABILITIESEquity
	Equity share capital	2,521
	Other equity	10,769	2,52110,442
	Total equity	13,290	12,963
$\mathbf{D}$	Non-current liabilities
	Financial liabilities
	Lease liabilitiesOther financial liabilities	634	793
	Other non-current liabilities	35$7\phantom{.0}$	547
	Provisions	282	895
	Total non-current liabilities	958	1,749
E	Current liabilities
	Fiancial liabilities
	BorrowingsTrade and other payables	1,817
	Lease liabilities	1,236438	1,284483
	Other financial liabilities	809	794
	Provisions	506	515
	Income tax liabilities (net)	312	224
	Other current liabilities	823	438
	Total current liabilities	5,941	3,738
	Total liabilities (D+E)Total equity and liabilities (C+D+E)	6,899	5,487
		20,189	18,450

MINDTECK (INDIA) LIMITED A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROAD BOMMANAHALLI, BANGALORE 560 068 CIN:L30007KA1991PLC039702 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2020

Notes

1 The above statement of unaudited consolidated financial results ('the Statement') of Mindteck (India) Limited ('the Company') for the quarter and six months ended September 30, 2020, have been reviewed by the Audit Commi approved by the Board of Directors in their meeting held on November 12, 2020.

2 These consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

The Company has consolidated the financial statements of the Mindteck Employees Welfare Trust ('the Trust') with that of its consolidated financial statements. As a result, the Company's paid up equity shares stand reduced give effect to the consolidation of the Trust, Rs. 41 lakhs has been reduced from equity share capital, Rs. 362 lakhs has been reduced from securities premium account and Rs. 32 lakhs has been adjusted in reserves. The sha reduced from outstanding number of shares for computation of basic EPS of the Company.

4 The Mindteck Group's operations predominantly relate to providing software services to external eustomers and providing IT-enabled services to subsidiaries within the Group. Since IT-enabled services are rendered to subsidiaries which are consolidated, the disclosure of a separate IT-enabled services segment as a separate primary segment is not applicable. The Group is therefore considered to

business segment and accordingly primary segment disclosures have not been presented Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker also evaluates the Group performance and allocates resources based on an analysis of various performance

geographical areas. Accordingly, information has been presented in respect of such geographical segments.

The accounting principles consistently used in the preparation of the consolidated financial statements are also consistently applied to record income and expenditure in the individual segments. ......................................

атал написат земитеIKS. IN LAKASI
		Ouarter ended	Six months ended	Year ended
Revenue from external customers by location of customers	September 30, 2020	June 30, 2020	September 30, 2019	September 30,	September 30.	March 31, 2020
				2020	2019
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
$- USA$	4,078	3,843	3,825	7.921	7.609	15,779
- India	995	886	924	.881	1,930	3,582
- Rest of the world	2,208	2,133	2.057	4,341	4.121	8,252
Total	7,281	6,862	6,806	14,143	13,660	27,613

5 The consolidated financial results includes balances of its direct and indirect subsidiaries namely Mindteck Inc., Mindteck Singapore Pte Ltd., Mindteck Solutions Philippines Inc.(under closure), Mindteck UK Limited, Min (closed w.e.f. January 14, 2020), Mindteck Germany GmbH, Mindteck Middle East Limited SPC, Mindteck Software Malaysia SDN BHD, Chendle Holdings Ltd, Hitech Parking Solutions Pvt. Ltd, Mindteck Canada Inc. and Mindteck Empl Welfare Trust

7 Exceptional Items:

(a) During the year ended March 31, 2020, as a part of impairment evaluation and considering the COVID-19 pandemic, the management had carried out an impairment assessments in respect of carrying value of goodwill and basi out by an external valuation expert, recorded an impairment provision of Rs. 5,942 lakhs towards carrying value of goodwill. The management has reassessed its projections and assumptions and accordingly has concluded that goodwill as at September 30, 2020 is appropriate.

(b) In July 2017, the Company had undertaken a Smart Parking project vide an Authorization Agreement with Municipal Corporation of Bhopal (BMC) under Public Private Partnership Mode (Service Concession Arrangement). Consid September 30, 2020 is not material.

and on behalf of the Board of Directors of $(IndiQ)$ Mirdteck (India) Limited indt Bangalore Amand Balakı chnor CEO and Mar aging Director $\star$ Place: Bengaluru Date: November 12, 2020

6 The full impact of COVID - 19 still remains uncertain and could be different from the estimates considered while preparing these consolidated financial results. The Group shall continue to closely monitor any material ch conditions

$\begin{array}{c} \text{MINDTECK (INDIA) LIMITED} \ \text{A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAN ROAD BOMMANAHALLI, BANGALORE 560 068}\ \text{BOMMANAHALLI, BANGALORE 560 068}\ \text{CIN: L30007KA1991PLC039702} \end{array}$

	STATEMENT OF UNAUDITED CONSOLIDATED CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020		(Rs. in Lakhs)
		For the six months ended
SI.No.	Particulars	September 30,2020	September 30,2019
		Unaudited	Unaudited
$\mathbf{1}$	Operating activities
	Profit / (Loss) before taxation	611	(44)
	Adjustments to reconcile profit before tax to net cash flows:
	Depreciation and amortization expense	348	339
	Finance costs	79	94
	Interest income	(131)	(19)
	Unrealised exchange differences	17	15
	Gain on sale of assets		(5)
	Provision for doubtful deposits	1
	Provision for doubtful debts (net) and loss allowance	37	62
	Provision for unbilled revenue	41
	Share based payment expenses	$\overline{4}$	26
	Impact due to termination of service concession arrangement	(5)	$\sim$
	Rent concession	(26)
	Fair value gain on mutual fund at fair value through profit or loss		(18)
	Gain on sale of mutual funds (net)		(15)
	Changes in operating assets and liabilities:
	(Increase) / Decrease in trade receivables	(203)	989
	(Increase) / Decrease in loans and advances and other assets	366	(131)
	Increase / (Decrease) in liabilities and provisions	339	(214)
	Net cash from operating activities before taxes	1,478	1,079
	Income taxes paid (net)	153	(204)
	Net cash from operating activities (A)	1,631	875
$\overline{2}$
	Investing activities
	Purchase of property, plant and equipment, intangible assets and capital work-in-progressProceeds from sale of assets	(4)	(81)
	Movement in fixed deposits and other bank balances (net)	$\mathbf{I}$	5
	Investment in mutual funds	(2, 450)	5
	Proceeds from sale of mutual funds		(2, 540)
	Interest income received	43	3,395
	Net cash from / (used in) investing activities (B)	103	17
		(2, 307)	801
$\overline{\mathbf{3}}$	Financing activities
	Proceeds from short term borrowings (net)	1,842
	Repayment of principal portion of lease liabilities	(191)	(208)
	Finance cost on lease liabilities	(57)	(61)
	Finance cost paid		(33)
	Dividends paid (including distribution tax and unpaid dividend)	(3)
	Net cash from $/$ (used in) financing activities $(C)$	1,591	(302)(604)
	Net increase / (decrease) in cash and cash equivalents (D)=(A+B+C)	915	1,072
	Cash and cash equivalents at the beginning of the period (E)	2,906	1,016
	Effect of exchange difference on translation of foreign currency cash and cash equivalents (F)	(21)	9
	Cash and cash equivalents at the end of the period $(G)=(D+E+F)$	3,800	2,097

Note: 1 The disclosure is an extract of unaudited Consolidated Statement of Cash Flows for the six months ended September 30, 2020 and September 30, 2019 prepared in compliance with Indian Accounting Standard (Ind AS) 34

S.R. BATLIBOL& ASSOCIATES LLP

Chartered Accountants

12th Floor "UB City" Canberra BlockNo. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel: +91 80 6648 9000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Mindteck (India) Limited

• We have reviewed the accompanying statement of unaudited standalone financial results of Mindteck $\mathbf{1}$ (India) Limited (the "Company") for the quarter ended September 30, 2020 and year to date from April 01, 2020 to September 30, 2020 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• $\overline{2}$ . This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• $\overline{3}$ . We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410. "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• $\overline{4}$ . Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement

For S.R.Batliboi & Associates LLP Chartered Accountants ICAI Firm Registration Number: 101049W/E300004

per Rajeev mar Partner Membership No.: 213803

UDIN: 20213803AAAAER6054

Place: Bengaluru Date: November 12, 2020 S.R. BATLIBOL & ASSOCIATES LLP

Chartered Accountants

12th Floor "UB City" Canberra BlockNo. 24, Vittal Mallya Road Bengaluru - 560 001, India Tel: +91 80 6648 9000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Mindteck (India) Limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Mindteck (India) Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended September 30, 2020 and year to date from April 01, 2020 to September 30, 2020 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• This Statement, which is the responsibility of the Holding Company's Management and approved by the $\mathcal{L}$ Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) $\overline{3}$ . 2410. "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• $\overline{4}$ The Statement includes the results of the Holding Company and the following entities:
  • Mindteck Inc., USA $a1$
  • Mindteck Software Malaysia SDN, BHD, Malaysia $h_{-}$
  • Mindteck Middle East Limited SPC, Kingdom of Bahrain $\mathbf{c}$ .
  • $d_{\cdot}$ Mindteck (UK) Limited, United Kingdom
  • Mindteck Singapore Pte. Limited, Singapore $\mathbf{c}$ .
  • f. Mindteck Canada Inc., Canada
  • Mindteck Germany GmbH, Germany $\overline{a}$ .
  • $h.$ Chendle Holdings Ltd, BVI
  • i. Hitech Parking Solutions Private Limited
  • Mindteck Solutions Philippines Inc. (under closure) j.
  • k. Mindteck Employees Welfare Trust

S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R.Batliboi & Associates LLP Chartered Accountants ICAI Firm Registration Number: 101049W/E300004

$& A_s$ engaluru per Rajeev umar Partner Membership No.: 213803

UDIN: 20213803AAAAES9137

Place: Bengaluru Date: November 12, 2020