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Mindteck (India) Ltd — Interim / Quarterly Report 2021
May 28, 2021
60261_rns_2021-05-28_9cdef674-9e65-441e-ba86-05ea436af008.pdf
Interim / Quarterly Report
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Mindteck (India) Limited (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
Ref: MT/SSA/2021-22/06 May 28, 2021
www.mindteck.com Scrip Code: ‘517344’ Symbol: “Mindteck”
| To, BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400001 |
To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 |
|
|---|---|---|
Dear Sirs/Madam,
Subject: Submission of Financial Results Pursuant to Regulation 33 and Outcome of the Board Meeting Pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 held on May 28, 2021
We would like to inform you that the Board of Directors of the Company have approved the Audited Financial Statements for the Quarter and Year ending March 31, 2021 at its meeting held on May 28, 2021.
Further we would like to intimate that the Board of Directors have not recommended the Dividend for the FY 2020-21.
Please find the enclosed:
-
Audited Standalone Financial Results for the Year ending March 31, 2021.
-
Audited Consolidated Financial Results of the Company and its Subsidiaries for the Year ending March 31, 2021.
-
Copy of Statutory Auditor’s Report for Standalone Financial Results for the Year ending March 31, 2021 along with Declaration pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
-
Copy of Statutory Auditor’s Report for Consolidated Financial Results for the Year ending March 31, 2021 along with Declaration pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
You are requested to take the above intimation on record and acknowledge.
Thanking you,
Yours Truly,
For Mindteck (India) Limited
Digitally signed by Shivarama Adiga S DN: cn=Shivarama Adiga S, o=Mindteck Shivarama (India) Limited, ou=Legal and Secretarial Department, [email protected], c=IN Adiga S Date: 2021.05.28 16:22:07 +05'30' Shivarama Adiga S. VP, Legal and Company Secretary
UNITED STATES INDIA SINGAPORE MALAYSIA BAHRAIN UNITED KINGDOM
| (Rs. in Lakhs, except per share data) 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 AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
|---|---|---|---|---|---|---|
| Sl.No. | Particulars | Quarter ended | Year ended | |||
| March 31, 2021 | December 31, 2020 |
March 31, 2020 | March 31, 2021 | March 31, 2020 | ||
| Audited # | Unaudited | Audited # | Audited | Audited | ||
| 1 | Income | |||||
| 2 3 |
a) Revenue from operations (Refer Note 6) b) Other income Total income (a+b) Expenses a) Cost of technical sub-contractors b) Employee benefits expense c) Finance costs d) Depreciation and amortisation expense e) Other expenses Total expenses (a+b+c+d+e) Profit/(Loss) before tax and exceptional items (1-2) |
2,227 26 |
2,840 73 |
2,363 43 |
10,398 283 |
9,231 184 |
| 2,253 | 2,913 | 2,406 | 10,681 | 9,415 | ||
| 67 1,748 23 129 237 |
42 1,915 25 141 386 |
48 1,542 45 162 492 |
233 7,081 130 584 1,256 |
218 6,624 187 615 1,659 |
||
| 2,204 | 2,509 | 2,289 | 9,284 | 9,303 | ||
| 49 | 404 - - - |
117 | 1,397 | 112 | ||
| 4 | Exceptional items - Provision for impairment of investment in subsidiaries (Refer Note 7(a)) - Provision for expected losses under service concession arrangement (Refer Note 7(b)) - Provision for impairment of loan (Refer Note 7(c)) |
- - - |
(3,509) (159) - |
- - - |
(5,666) (159) (168) |
|
| 5 | Profit/(Loss) before tax (3+4) | 49 | 404 | (3,551) | 1,397 | (5,881) |
| 120 148 (26) |
||||||
| 6 7 8 9 |
Tax expense (net) Current tax Tax relating to earlier years Deferred tax charge/(credit) Total tax expense Profit/(Loss) for the period/year (5-6) Other comprehensive income/(loss) Items that will not be reclassified subsequently to profit or loss Remeasurement gain/(loss) on defined benefits plan Income tax relating to items that will not be reclassed to profit or loss Other comprehensive income/(loss) for the period/year net of taxes Total comprehensive income/(loss) for the period/year (7+8) |
29 - 8 |
70 - (57) |
467 202 (125) |
114 - (71) |
|
| 37 | 242 | 13 | 544 | 43 | ||
| 12 | 162 | (3,564) | 853 | (5,924) | ||
| 14 (4) |
(14) 4 |
- - |
12 (3) |
(3) 1 |
||
| 10 | (10) | - | 9 | (2) | ||
| 22 | 152 | (3,564) | 862 | (5,926) | ||
| 10 11 |
Paid-up equity share capital (Face value of Rs. 10 per share) Other equity |
2,562 - |
2,562 - |
2,562 - |
2,562 10,496 |
2,562 9,627 |
| 12 | Earnings/(Loss) per share (Not annualised in the case of the interim period ) |
|||||
| Basic (in Rs.) Diluted(in Rs.) |
0.05 0.05 |
0.63 0.63 |
(13.91) (13.91) |
3.33 3.32 |
(23.12) (23.12) |
|
| See accompanying notes to the financial results. # Refer Note 4 |
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| CIN:L30007KA1991PLC039702 MINDTECK (INDIA) LIMITED A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROAD BOMMANAHALLI, BANGALORE 560 068 |
CIN:L30007KA1991PLC039702 MINDTECK (INDIA) LIMITED A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROAD BOMMANAHALLI, BANGALORE 560 068 |
||
|---|---|---|---|
| STATEMENT OF AUDITED STANDALONE ASSETS AND LIABILITIES AS AT MARCH 31, | 2021 | ||
| (Rs. in Lakhs) | |||
| Sl.No. | Particulars | As at March 31, 2021 |
As at March 31, 2020 |
| Audited | Audited | ||
| 1 A B 2 C D E |
ASSETS Non-current assets Property, plant and equipment Investment property Right of use assets Intangible assets Financial assets Investments Loans Other financial assets Deferred tax assets (net) Income tax assets (net) Other non-current assets Total non-current assets Current assets Financial assets Investments Trade receivables Cash and cash equivalents Other bank balances Loans Other financial assets Other current assets Total current assets Total assets (A+B) EQUITY AND LIABILITIES Equity Equity share capital Other equity Total equity Non-current Liabilities Financial liabilities Lease liabilities Other financial liabilities Other non-current liabilities Provisions Total non-current liabilities Current liabilities Financial liabilities Borrowings Trade and other payables (a) total outstanding dues of micro enterprises and small enterprises; and (b) total outstanding dues of creditors other than micro enterprises and small enterprises Lease liabilities Other financial liabilities Provisions Income tax liabilities (net) Other current liabilities Total current liabilities Total liabilities (D+E) Total equity and liabilities (C+D+E)* |
228 65 600 15 6,724 553 14 436 583 13 |
320 67 1,056 782 6,724 541 11 314 1,186 6 |
| 9,231 | 11,007 | ||
| - 1,951 425 2,706 21 1,064 334 |
43 1,956 1,331 33 19 898 355 |
||
| 6,501 | 4,635 | ||
| 15,732 | 15,642 | ||
| 2,562 10,496 |
2,562 9,627 |
||
| 13,058 | 12,189 | ||
| 334 16 7 310 |
793 16 7 895 |
||
| 667 | 1,711 | ||
| 2 39 707 408 116 211 196 328 |
- 40 765 412 56 223 117 129 |
||
| 2,007 | 1,742 | ||
| 2,674 | 3,453 | ||
| 15,732 | 15,642 | ||
| * Rounded-off to lakhs |
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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 AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
Notes :
-
1 The above statement of audited standalone financial results ('the Statement') of Mindteck (India) Limited ('the Company') for the quarter and year ended March 31, 2021, have been reviewed by the Audit Committee and thereafter approved by the Board of Directors in their meeting held on May 28, 2021.
-
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 figures of the last quarter of current and previous year represents the derived figures between the audited figures in respect of the full financial year and the unaudited published year to date figures of the nine months of respective year.
-
5 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.
-
6 During the quarter ended March 31, 2021, the Company has re-assessed its inter-company transfer pricing arrangements effective from April 01, 2020 considering the benchmarking exercise carried out by the Company. The above change has resulted in a reversal of inter-company revenue (for the period April 01, 2020 to December 31, 2020) amounting to Rs. 612 lakhs in the quarter ended March 31, 2021.
-
7 Exceptional Items:
-
(a) During the quarter ended December 31, 2019, the management had carried out an impairment assessment in respect of investment in a subsidiary and basis valuation carried out by an external valuation expert, had made an impairment provision of Rs. 2,157 lakhs towards carrying value of investment in such subsidiary. During the quarter ended March 31, 2020, as a part of year end impairment evaluation and considering the COVID-19 pandemic, impairment assessment was carried out in respect of investment in subsidiaries and basis valuation carried out by an external valuation expert, an additional impairment of Rs. 3,509 lakhs towards carrying value of investment in certain subsidiaries was recorded. Accordingly, an impairment provision totalling to Rs. 5,666 lakhs had been recorded for the year ended March 31, 2020. The management has reassessed its projections and assumptions as at March 31, 2021 and accordingly has concluded that the carrying value of investment in subsidiaries is appropriate.
-
(b) During the year ended March 31, 2020, the management had reassessed recoverability of investment in assets and amounts receivables from Bhopal Municipal Corporation (BMC) as at March 31, 2020 and had created provision amounting to Rs. 159 lakhs. Subsequently, during the quarter ended September 30, 2020, the Company terminated the contract with BMC and accordingly, reversed all the assets and liabilities created as per Appendix D of Ind AS 115.
-
(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. During the year ended March 31, 2020, due to significant difference in the purchase price of these shares and average prevailing share price, the Company had made a provision of Rs. 168 lakhs.
-
8 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
for and on behalf of the Board of Directors of Mindteck (India) Limited Anand Balakrishnan CEO and Managing Director Place : Bengaluru Date : May 28, 2021
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| MINDTECK (INDIA) LIMITED A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROAD CIN:L30007KA1991PLC039702 STATEMENT OF AUDITED CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2021 BOMMANAHALLI, BANGALORE 560 068 |
MINDTECK (INDIA) LIMITED A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROAD CIN:L30007KA1991PLC039702 STATEMENT OF AUDITED CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2021 BOMMANAHALLI, BANGALORE 560 068 |
(Rs. in Lakhs) |
(Rs. in Lakhs) |
|---|---|---|---|
| Sl.No. | Particulars | Year ended | |
| March 31, 2021 | March 31, 2020 | ||
| Audited | Audited | ||
| 1 | Operating activities Profit / (Loss) before tax Adjustments to reconcile profit before tax to net cash flows: Depreciation and amortization expense Provision for impairment of investment in subsidiaries Provision for expected losses under service concession arrangement Provision for doubtful deposits Provision for impairment of loan Finance costs Interest income Unrealised exchange differences Gain on sale of assets Impact due to termination of service concession arrangement Provision for doubtful debts (net) and loss allowance Provision for doubtful input credit receivable Share based payment expenses Fair value gain on mutual fund at fair value through profit or loss Gain on sale of mutual funds (net) Other non-operating income Changes in operating assets and liabilities: (Increase) / Decrease in trade receivables (Increase) / Decrease in loans and advances and other assets Increase / (Decrease) in liabilities and provisions Net cash from operating activities before taxes Income taxes paid (net of refunds) Net cash from operating activities (A) Investing activities Purchase of property, plant and equipment, intangible assets and capital work-in-progress Proceeds from sale of assets Movement in fixed deposits and other bank balances (net) Investment in mutual funds Proceeds from sale of mutual funds Interest income received Net cash from / (used in) investing activities (B) Financing activities Repayment of principal portion of lease liabilities Finance cost on lease liabilities Finance cost paid Dividends paid (including distribution tax and unpaid dividend) Net cash used in financing activities (C ) Net increase / (decrease) in cash and cash equivalents (D)=(A+B+C) Cash and cash equivalents at the beginning of the period (E ) Cash and cash equivalents at the end of the period (F)=(D+E) |
1,397 584 - - 1 - 122 (203) (12) - (5) 38 - 7 - - (44) (41) (127) 323 |
(5,881) 615 5,666 159 - 168 187 (34) (40) (5) - 12 180 - (23) (23) (9) 674 (195) (488) |
| 2,040 13 |
963 (348) |
||
| 2,053 | 615 | ||
| (61) 5 (2,679) - 43 165 |
(253) 6 87 (6,068) 7,422 13 |
||
| 2 | |||
| (2,527) | 1,207 | ||
| (329) (100) - (3) |
(334) (122) (5) (315) |
||
| 3 | |||
| (432) | (776) | ||
| (906) 1,331 |
1,046 285 |
||
| 425 | 1,331 | ||
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| (Rs. in Lakhs, except per share data) 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 AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
(Rs. in Lakhs, except per share data) 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 AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
|---|---|---|---|---|---|---|
| Sl.No. | Particulars | Quarter ended | Year ended | |||
| March 31, 2021 | December 31, 2020 |
March 31, 2020 | March 31, 2021 | March 31, 2020 | ||
| Audited # | Unaudited | Audited # | Audited | Audited | ||
| 1 2 3 4 5 6 7 8 9 10 11 |
Income a) Revenue from operations b) Other income Total income (a+b) Expenses a) Cost of technical sub-contractors b) Employee benefits expense c) Finance costs d) Depreciation and amortisation expense e) Other expenses Total expenses (a+b+c+d+e) Profit/(Loss) before tax and exceptional items (1-2) Exceptional items - Impairment of goodwill (Refer Note 8(a)) - Provision for expected losses under service concession arrangement (Refer Note 8(b)) Profit/(Loss) before tax (3+4) Tax expense (net) Current tax Tax relating to earlier years Deferred tax charge/(credit) Total tax expense Profit/(Loss) for the period/year (5-6) Other comprehensive income/(loss) Items that will be reclassified subsequently to profit or loss Net exchange difference on translation of foreign operation Items that will not be reclassified subsequently to profit or loss Re-measurement gain/ (loss) on defined benefit plans Income tax relating to items that will not be reclassed to profit or loss Other comprehensive income/(loss) for the period/year, net of taxes Total comprehensive income/(loss) for the period/year (7+8) Paid-up equity share capital (Face value of Rs. 10 per share) Other equity |
7,257 45 |
7,272 100 |
7,070 37 |
28,672 455 |
27,613 175 |
| 7,302 | 7,372 | 7,107 | 29,127 | 27,788 | ||
| 1,324 4,663 32 148 529 |
1,328 4,921 35 143 549 |
1,029 5,133 54 181 857 |
4,911 19,478 165 639 2,321 |
4,171 19,924 226 704 3,069 |
||
| 6,696 | 6,976 | 7,254 | 27,514 | 28,094 | ||
| 606 - - |
396 - - |
(147) (3,785) (159) |
1,613 - - |
(306) (5,942) (159) |
||
| 606 | 396 | (4,091) | 1,613 | (6,407) | ||
| 56 - 8 |
129 148 (26) |
80 (28) (57) |
518 134 (125) |
172 (28) (71) |
||
| 64 | 251 | (5) | 527 | 73 | ||
| 542 | 145 | (4,086) | 1,086 | (6,480) | ||
| (13) 14 (4) |
18 (14) 4 |
174 - - |
(80) 12 (3) |
352 (3) 1 |
||
| (3) | 8 | 174 | (71) | 350 | ||
| 539 | 153 | (3,912) | 1,015 | (6,130) | ||
| 2,521 - |
2,521 - |
2,521 - |
2,521 11,464 |
2,521 10,442 |
||
| 12 | Earnings/(Loss) per share(Not annualised in case of interimperiods) | |||||
| Basic (in Rs.) Diluted(in Rs.) |
2.15 2.11 |
0.58 0.56 |
(16.21) (16.21) |
4.31 4.23 |
(25.71) (25.71) |
See accompanying notes to the financial results # Refer Note 4
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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 AUDITED CONSOLIDATED ASSETS AND LIABILITIES AS AT MARCH 31, 2021
| CIN:L30007KA1991PLC039702 STATEMENT OF AUDITED CONSOLIDATED ASSETS AND LIABILITIES AS AT MARCH 31, 2021 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 AUDITED CONSOLIDATED ASSETS AND LIABILITIES AS AT MARCH 31, 2021 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 AUDITED CONSOLIDATED ASSETS AND LIABILITIES AS AT MARCH 31, 2021 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 AUDITED CONSOLIDATED ASSETS AND LIABILITIES AS AT MARCH 31, 2021 MINDTECK (INDIA) LIMITED A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROAD BOMMANAHALLI, BANGALORE 560 068 |
|---|---|---|---|
| (Rs. in Lakhs) | |||
| Sl.No. | Particulars | As at March 31, 2021 |
As at March 31, 2020 |
| Audited | Audited | ||
| 1 A B 2 C D E |
ASSETS Non-current assets Property, plant and equipment Investment property Right of use asset Investment in sublease Intangible assets Goodwill on consolidation Financial assets Loans Other financial assets Deferred tax assets (net) Income tax assets (net) Other non-current assets Total non-current assets Current assets Financial assets: Investments Trade receivables Cash and cash equivalents Other bank balances Loans Other financial assets Other current assets Total current assets Total assets (A+B) EQUITY AND LIABILITIES Equity Equity share capital Other equity Total equity Non-current liabilities Financial liabilities Lease liabilities Other financial liabilities Other non-current liabilities Provisions Total non-current liabilities Current liabilities Financial liabilities Borrowings Trade and other payables Lease liabilities Other financial liabilities Provisions Income tax liabilities (net) Other current liabilities Total current liabilities Total liabilities (D+E) Total equity and liabilities (C+D+E) |
232 65 650 - 15 2,815 341 14 436 610 13 |
332 67 1,084 35 782 2,815 387 11 314 1,244 6 |
| 5,191 | 7,077 | ||
| - 5,036 5,060 2,706 42 2,060 568 |
43 5,704 2,906 33 25 2,055 607 |
||
| 15,472 | 11,373 | ||
| 20,663 | 18,450 | ||
| 2,521 11,464 |
2,521 10,442 |
||
| 13,985 | 12,963 | ||
| 346 20 144 310 |
793 54 7 895 |
||
| 820 | 1,749 | ||
| 1,808 1,350 447 752 499 247 755 |
- 1,284 483 794 515 224 438 |
||
| 5,858 | 3,738 | ||
| 6,678 | 5,487 | ||
| 20,663 | 18,450 | ||
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Notes :
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 AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
-
1 The above statement of audited consolidated financial results ('the Statement') of Mindteck (India) Limited ('the Company') for the quarter and year ended March 31, 2021, have been reviewed by the Audit Committee and thereafter approved by the Board of Directors in their meeting held on May 28, 2021.
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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, 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.
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3 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 by 416,000 shares. To 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 shares held by the Trust were reduced from outstanding number of shares for computation of basic EPS of the Company.
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4 The figures of the last quarter of current and previous year represents the derived figures between the audited figures in respect of the full financial year and the unaudited published year to date figures of the nine months of respective year.
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5 The Mindteck Group's operations predominantly relate to providing software services to external customers and providing IT-enabled services to subsidiaries within the Group.
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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 constitute a single primary 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 indicators by 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.
| Geographical segments | (Rs. in Lakhs) | (Rs. in Lakhs) | (Rs. in Lakhs) | (Rs. in Lakhs) | (Rs. in Lakhs) |
|---|---|---|---|---|---|
| Revenue from external customers by location of customers | Quarter ended | Year ended | |||
| March 31, 2021 | December 31, 2020 |
March 31, 2020 | March 31, 2021 | March 31, 2020 | |
| Audited # | Unaudited | Audited # | Audited | Audited | |
| - USA | 3,740 | 3,998 | 4,149 | 15,659 | 15,779 |
| - India | 929 | 774 | 846 | 3,584 | 3,582 |
| - Rest of the world | 2,588 | 2,500 | 2,075 | 9,429 | 8,252 |
| Total | 7,257 | 7,272 | 7,070 | 28,672 | 27,613 |
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6 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, Mindteck Netherlands BV (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 (under closure), Mindteck Canada Inc. and Mindteck Employees Welfare Trust.
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7 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 changes to future economic conditions.
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8 Exceptional Items:
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(a) During the quarter ended December 31, 2019, the management had carried out an impairment assessment in respect of carrying value of goodwill and basis valuation carried out by an external valuation expert, had made an impairment provision of Rs. 2,157 lakhs towards carrying value of goodwill. During the quarter ended March 31, 2020, as a part of year end impairment evaluation and considering the COVID-19 pandemic, impairment assessment was carried out in respect of carrying value of goodwill and basis valuation carried out by an external valuation expert, an additional impairment of Rs. 3,785 lakhs towards carrying value of goodwill has been recorded. Accordingly, an impairment provision totalling to Rs. 5,942 lakhs has been recorded for the year ended March 31, 2020. The management has reassessed its projections and assumptions as at March 31, 2021 and accordingly has concluded that the carrying value of goodwill is appropriate.
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(b) During the year ended March 31, 2020, the management had reassessed recoverability of investment in assets and amounts receivables from Bhopal Municipal Corporation (BMC) as at March 31, 2020 and had created provision amounting to Rs. 159 lakhs. Subsequently, during the quarter ended September 30, 2020, the Company terminated the contract with BMC and accordingly, reversed all the assets and liabilities created as per Appendix D of Ind AS 115.
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9 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
for and on behalf of the Board of Directors of Mindteck (India) Limited Anand Balakrishnan CEO and Managing Director Place : Bengaluru Date : May 28, 2021
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| MINDTECK (INDIA) LIMITED A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROAD BOMMANAHALLI, BANGALORE 560 068 STATEMENT OF AUDITED CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2021 CIN:L30007KA1991PLC039702 |
MINDTECK (INDIA) LIMITED A.M.R TECH PARK, BLOCK I, 3RD FLOOR, # 664, 23/24, HOSUR MAIN ROAD BOMMANAHALLI, BANGALORE 560 068 STATEMENT OF AUDITED CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2021 CIN:L30007KA1991PLC039702 |
(Rs. in Lakhs) | (Rs. in Lakhs) |
|---|---|---|---|
| Sl.No. | Particulars | Year ended | |
| March 31, 2021 | March 31, 2020 | ||
| Audited | Audited | ||
| 1 2 3 |
Operating activities Profit / (Loss) before tax Adjustments to reconcile profit before tax to net cash flows: Depreciation and amortization expense Impairment of goodwill Provision for expected losses under service concession arrangement Finance costs Interest income Unrealised exchange differences Gain on sale of assets Provision for doubtful deposits Provision for doubtful debts (net) (including unbilled revenue) and loss allowance Provision for doubtful input credit receivable Share based payment expenses Impact due to termination of service concession arrangement Fair value gain on mutual fund at fair value through profit or loss Other non-operating income Gain on sale of mutual funds (net) Changes in operating assets and liabilities: (Increase) / Decrease in trade receivables (Increase) / Decrease in loans and advances and other assets Increase / (Decrease) in liabilities and provisions Net cash from operating activities before taxes Income taxes paid (net of refunds) Net cash from operating activities (A) Investing activities Purchase of property, plant and equipment, intangible assets and capital work-in-progress Proceeds from sale of assets Proceeds from sublease property Movement in fixed deposits and other bank balances (net) Investment in mutual funds Proceeds from sale of mutual funds Interest income received Net cash from / (used in) investing activities (B) Financing activities Proceeds from short term borrowings (net) Repayment of principal portion of lease liabilities Finance cost on lease liabilities Finance cost paid Dividends paid (including distribution tax and unpaid dividend) Net cash from / (used in) financing activities (C ) Net increase / (decrease) in cash and cash equivalents (D)=(A+B+C) Cash and cash equivalents at the beginning of the period (E ) Effect of exchange difference on translation of foreign currency cash and cash equivalents (F) Cash and cash equivalents at the end of the period (G)=(D+E+F) |
1,613 639 - - 125 (207) (28) - 1 88 - 7 (5) - (49) - 568 47 567 |
(6,407) 704 5,942 159 226 (35) (40) (5) - (102) 180 - - (23) (9) (23) 1,910 (141) (484) |
| 3,366 5 |
1,852 (336) |
||
| 3,371 | 1,516 | ||
| (63) 5 - (2,679) - 43 167 |
(241) 6 15 87 (6,068) 7,422 13 |
||
| (2,527) | 1,234 | ||
| 1,828 (409) (103) - (3) |
- (452) (127) (40) (311) |
||
| 1,313 | (930) | ||
| 2,157 2,906 (3) |
1,820 1,016 70 |
||
| 5,060 | 2,906 | ||
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12th Floor “UB City” Canberra Block No. 24, Vittal Mallya Road Bengaluru – 560 001, India Tel: +91 80 6648 9000
Chartered Accountants
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Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To The Board of Directors of Mindteck (India) Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date standalone financial results of Mindteck (India) Limited (the “Company”) for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
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i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
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ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2021 and for the year ended March 31, 2021.
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 Standalone 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 statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibilities for the Standalone Financial Results
The Statement has 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 responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295 Regd. Of � ce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016
Chartered Accountants
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In preparing the Statement, 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 Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
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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.
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Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Chartered Accountants
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Other Matter
The Statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For S.R.Batliboi & Associates LLP Chartered Accountants ICAI Firm Registration Number: 101049W/E300004
RAJEEV Digitally signed by RAJEEV KUMAR KUMAR Date: 2021.05.28 15:47:12 +05'30'
_____per Rajeev Kumar Partner Membership No.: 213803
UDIN: 21213803AAAABW9233
Place: Bengaluru Date: May 28, 2021
12th Floor “UB City” Canberra Block No. 24, Vittal Mallya Road Bengaluru – 560 001, India Tel: +91 80 6648 9000
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Chartered Accountants
Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To The Board of Directors of Mindteck (India) Limited
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date consolidated financial results of Mindteck (India) Limited (“Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) for the quarter ended March 31, 2021 and for the year ended March 31, 2021 (“Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations 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, the Statement:
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i. includes the results of the Holding Company and the following entities;
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a. Mindteck Inc., USA
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b. Mindteck Software Malaysia SDN. BHD, Malaysia
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c. Mindteck Middle East Limited SPC, Kingdom of Bahrain
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d. Mindteck (UK) Limited, United Kingdom
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e. Mindteck Singapore Pte. Limited, Singapore
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f. Mindteck Canada Inc., Canada
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g. Mindteck Germany GmbH, Germany
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h. Chendle Holdings Ltd, BVI
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i. Hitech Parking Solutions Private Limited (under closure)
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j. Mindteck Solutions Philippines Inc. (under closure)
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k. Mindteck Netherlands BV, Netherlands (closed w.e.f. January 14, 2020)
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l. Mindteck Employees Welfare Trust
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ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and
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iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter ended March 31, 2021 and for the year ended March 31, 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs), as 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 Consolidated Financial Results” section of our report. We are independent of the Group in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295 Regd. Of � ce : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016
Chartered Accountants
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Management’s Responsibilities for the Consolidated Financial Results
The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the consolidated net profit and other comprehensive income and other financial information of the Group 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. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by 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 ability of the Group 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 Statement 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 Group to cease to continue as a going concern.
Chartered Accountants
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Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
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Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group of which we are the independent auditors to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors.
We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors 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.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
Other Matter
The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For S.R.Batliboi & Associates LLP Chartered Accountants ICAI Firm Registration Number: 101049W/E300004
RAJEEV Digitally signed by RAJEEV KUMAR KUMAR Date: 2021.05.28 15:49:38 +05'30'
_____per Rajeev Kumar Partner Membership No.: 213803
UDIN: 21213803AAAABX6918
Place: Bengaluru Date: May 28, 2021
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Mindteck (India) Limited
(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
May 28, 2021
TO WHOMSOEVER IT MAY CONCERN
Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
I, Ramachandra M S, Chief Financial Officer of Mindteck (India) Limited (CIN: L30007KA1991PLC039702) having its Registered Office at A. M. R. Tech Park Block -1, 3rd Floor, # 664, 23/24, Hosur Main Road, Bommanahalli, Bangalore -560068, India, hereby declare that, the Statutory Auditor of the Company, S.R. Batliboi & Associates LLP (Firm Registration Number: 101049W/E300004) have issued an Audit Report with unmodified opinion on Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and year ended on March 31, 2021.
The above Declaration is given in compliance to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended by the SEBI vide notification No. SEBI/LADNRO/GN/2016-17/001 dated May 25, 2016 and Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016.
Please take this declaration on your records.
Thanking you,
Yours Truly,
For Mindteck (India) Limited
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Ramachandra M S Chief Financial Officer
UNITED STATES INDIA SINGAPORE MALAYSIA BAHRAIN NETHERLANDS GERMANY PHILIPPINES UNITED KINGDOM