R S Software India Ltd. — Annual Report 2019

Apr 30, 2019

www.rssoft ware.co m --------------------------------- n- ISO 9001-2015 and ISO 27001 -2013 company_ ---

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An ISO 9001-2015 and ISO 27001 -2013 company_

April 30,2019

The General Manager

De,partment of Corporate Services, Bombay Stock Exchange Ltd.,

1st Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001

Dear Sir,

Sub: Outcome of the Board Meeting held on April 30, 2019.

The Board of Directors of the Company at the meeting held today, i.e. on April 30, 2019 has approved the followings:

• 1) Approval of Audited Standalone and Consolidated Financial Results for the Quarter as well as for the Year ending March 31, 2019 and the Auditor's Reports (copies enclosed)

• 2) Approval of the Company's new Employees Stock Option Scheme 2019.

• 3) Re-appointment of Independent Directors.

We confirm having submitted the Auditor's Report with unmodified opinions and the Financial Results for the quarter as well as for the year ending March 31, 2019 as per the format prescribed in Schedule Ill of the Companies Act 2013.

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This is for your information and records only.

Thanking you,

Yours faithfully, For RS Software (India) Ltd.

Vij� CFO & Company Secretary

Encl: As above

Global Leader 1n Providing Technology Solutions to the Electronic Payments Industry

• Registered Office: ► R-5 Software (India) Ltd. A-2, FMC Fortuna, 23413A. A.J.C. Bose Road, Kolkata 700020, India Tel: 91 33 2287 5746, 91 33 2281 0106 Fax· 91 33 2287 6256

Computer Centers:

US Offices:

UK Office:

Subsidiaries:

• RS Tower, Block ON - 9, .Sector - V, Salt Lake Electronics Complex, Kolkata 700091, India Tel: 91 33 6601 B899 Fax: 91 33 2367 4469

• 19 0 McCarthy Boulevard, Suite #103, Milpitas CA 95035 Tel: 408 382 1200 Fax: 408 382 0083

• 555 North Point Center East. 4th floor, Alpharetta GA 30022 Tel: 678 366 5179 Fax 678 366 5001

• Suite 218, Orion House. 104 - 106 Cran brook Road, lllford. Essex IG1 4LZ Ph: 02086363996

• Responsive Solutions Inc., California, US

• R.S. Software (Asia) Pie. Limited, Singapore, Asia

• Paypermint Pvt Limited

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�Software

A COMPANY FOCUSSED ON ELECTRONIC PAYMENTS R S S O F T W A R E { I N D I A) L I M I T E D (CIN: L72200WB1987PLC043375) An ISO 9001:2008, ISO 27001:2013 Company

<: in Lac

Statement of Standalone Audited Financial Results for	Statement of Standalone Audited Financial Results for	theYear ended 31st Mar,2019incompliance with Indian AccountinQ Standards	theYear ended 31st Mar,2019incompliance with Indian AccountinQ Standards	theYear ended 31st Mar,2019incompliance with Indian AccountinQ Standards	theYear ended 31st Mar,2019incompliance with Indian AccountinQ Standards
Particulars		Quarter Ended		Year Ended 31st of March
	Mar'19	Dec'18	Mar'18	Mar'19	Mar'18
REVENUE FROM OPERATION	2, 095.33	1,579.41	1381.20	6104.09	5739.33
OTHER INCOME	149.34	168.57	198.75	577.41	856.19
TOTAL REVENUE	2244.67	1747.99	1579.95	6681.50	6595.52
EXPENSES:
Purchases of Stock-in-Trade	456.32	325.39	0.00	789.21	90.78
Employee benefits expense	1,490.43	1,408.18	1630.21	5947.51	6927.65
Finance costs	19.23	2.08	3.75	28.32	3.75
Depreciation and amortization expense	51.68	55.72	49.15	221.03	208.84
Other expehses including subcontractor	786.01	659.01	749.61	2674.94	3,063.60
Total Expenses	2803.68	2450.38	2432.72	9661.01	10294.61
Profit/(loss) before exceptional items and tax	(559.01)	**(702.39) **	(852.77)	(2979.51)	(3699.09)
Exceptional Items Profit/(loss) before tax	0 (559.01)	0 (702.39)	0.00 (852.77)	0.00 (2979.51)	0 (3699.09)
Tax expense:
Current tax			0.00	0.00
Oeferred tax	(53.17)	(84.22)	(257.13)	(591.96)	(1,126.03)
Profit(Loss) for the year from continuing operations	(505.84)	(618.17)	(595.64)	(2387.54)	(2573.06)
Other Comprehensive Income
Items that will not be reclassified to profit or
loss	(4.07)		29.61	(4.07)	(12.81)
Profit(loss) for the year	(509.92)	(618.17)	(566.03)	(2391.61)	(2585.87)
Paid Up Share Capital(par value RS 5 eachfully
paid)	1,285.42	1,285.42	1285.42	1285.42	1285.42
Other Equity	13,881.24	14,388.28	16246.68	13881.24	16246.68
Earnings per equity share (for continuing
operation):
Basic	(1.97)	(2.40)	(2.20)	(9.29)	(10.01)
Diluted	(1.97)	(2.40)	(2.20)	(9.29)	**(10.01) **

Note: The audited Stanalone Financial Statements for the year en ded March 31,2019 have been taken on record by the Board of Directors at its meeting held on April 30, 2019.The statutory auditors have expressed an unqualified audit opinion. The informatlon presented above is extracted from the audited standalone financial statements.The financial statements are prepared in accordance with (Ind AS). As prescribed under section 133 of the Companie's Act 2013,read with Rule 3 of the Companies (indian Accounting Standards) Rule 15.

Registered Office 234/3A, A.J.C. Bose Road, Kolkata • 700 020 DATED Apr 30th,2019 PLACE : Kolkata

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On behalf of the Board of Directors of
RS Software (India) Limited
(Chain �an & Managing Director)
DIN : 0(H22942
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�Software

�Sofware A COMPANY FOCUSSED ON ELECTRONIC PAYMENTS RS S OFTWA RE(I NOIA) LI MITE D (CIN: L7220 0WB1987PLC043375) An ISO 9001:2005, ISO 2701:2013 Company ,1nLM Reporing of Sgment Wise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement Preulars Quarer Ended Year Ende 31st of Mwoh Ma(19 De11 Ma(1! 2019 2018 1. Seent Revenue ( ne sale I income from each segment should be di1clse a. Sgmnt • A (USA) 139.0 10.36 llSl.38 4447.36 467S.6 b. Sement - B (ROW 238.82 489.� l◄t.12 119..1 109.68 Total l♦U.tl 1579,41 1S41,20 S637,'7 573,33 Oe lnoe S9mnl • B (ROW) 61S.75 !68.17 198.75 101 J 856,19 Toal 615.75 1657 1U.75 103.13 SSi,19 Len: Inter- seoment reenue Net Reenue fro Oeon1 2.24 66 1,747.f 1,57.95 6,61,S f�Y!.52 2.Sgont Resuls Pf(LIIS) beore Tu & Intes from each seent a. Seent· A (USA) t269.!) (401.85) 161.18) 11.831.49) [2,757.9) b. Snt· B (ROW) 119,32 39.21 149.03 20.0 3.52 Total (15,U) 136263) l5ll15} {1'31,49) t24S3.42) Less: Interest 19.23 ,.o 12,01) 2S.32 3,75 Less: Opreabn 51.68 SS.72 S4.91 221.03 201.84 Less: Unaab Sling, Gnra& Admnistati Exonss 337 88 281.95 261.n 108.67 1033.0 Prof beore tu ISS9.02 f702.ltl (IS2.7?1 tun.st !3,6".o)	,1nLM 41 of the Listing Agreement Year Ende 31st of Mwoh 2019 2018 lSl.38 4447.36 467S.6 l◄t.12 119..1 109.68 41,20 S637,'7 573,33 198.75 101 J 856,19 1U.75 103.13 SSi,19 7.95 6,61,S f�Y!.52	,1nLM 41 of the Listing Agreement Year Ende 31st of Mwoh 2019 2018 lSl.38 4447.36 467S.6 l◄t.12 119..1 109.68 41,20 S637,'7 573,33 198.75 101 J 856,19 1U.75 103.13 SSi,19 7.95 6,61,S f�Y!.52	,1nLM 41 of the Listing Agreement Year Ende 31st of Mwoh 2019 2018 lSl.38 4447.36 467S.6 l◄t.12 119..1 109.68 41,20 S637,'7 573,33 198.75 101 J 856,19 1U.75 103.13 SSi,19 7.95 6,61,S f�Y!.52
			of Mwoh 2018
			467S.6 109.68 573,33 856,19 SSi,19
			f�Y!.52
			[2,757.9) 3.52
		} {1'31,49) ) 2S.32 1 221.03 108.67	t24S3.42) 3,75 201.84 1033.0
		1 tun.st	!3,6".o)

Note:

(1) As ets used i� the �any's business ,..e not capable of being speci1ically identil\etal assets and iabolilies with any reasonable degree of accuracy.

STATEMENT OF ASSETS & LIABILITIES ASSETS

STATEMENT OF ASSETS & LIABILITIES
ASSES	Year Ended 31st of March		YEAR ENDED
NON CllRRENT ASSETS	Mar'19	Dec'18	Mu'ta
PROPERTY P & EQUIPMENT PROPERTY PlNT & EQUIPMENT INTANGIBLE A5I 1NTA�t8lE ASSETS UNO£RDEVELOPMENT	40.71 176.33 623.94	435.09 171.40 346.09		479,8S 203,39 20.24
flNAHCIAL A INVESTM£NTS LOAN> OTHER FINANCIAL A ET OEFE'RREO TAX ASSETS (Net)	2878.59 130.0 1077.44 2649..4	2870.18 130.0 1050.37 259.37		3251,22 130.0 605.6S 20S7.S7
OER NO CURRENT ASStTS	10,6S	983.71		932.H
CUAA£NT ASsm
FINANCIAL ASSffi
lNVESTMEN	1424.24	3890.32		5666.10
T RAD£ RECEIVABLES CSH & CAH EQUIVALENTS	615,17 622.73	1010.72 451.13		992.9 1902,30
OTHER BANK SALANC OTHER flNANCIAL ASSETS	407.10 49.87	769.91 429.45		60.27 385.30
OTHER CURRENT ASSETS TOTAL	1512.87 17194.16	188374 181a&.6		1308.21 19705.97
UA&IUTIES
EOU1TY
SHAAfCAPITAI OTHER EQUITY	1285.42 13831.24	1285.42 14388.28		1235.42 16246.68
LIA61UTIB
NON CURRENT UA.BlllT1ES
PROVISIONS	230.33	262.75		298,52
CURRENT U81LmE5
FINANCtAl LtABILITY .HORT TERM BORROWINGS/AfNANCTS TRDE PAYABUS OTHER FINANCtAl LIABllfTIES OTHER CURRENT UIUTIE SHOAT TERM PROVISIONS	853,64 439.72 S6 58 416.l' n.01	357.24 45.11 56.8 881,-6 11.76		7'.81 927.87 59.16 92,74 11.76
TOTAL	17194.U	18111.6		19705.97
Re1istered Office 234/3A, A.J.C. Bo,e Road, Kolkat� • 700 020			On RS	behatf of te Board of Drectors of � ndla)limrted _Q' _
DATED Apr 30th,2019			R RJain J (Chairm�n & r anaging Oireetor)
PLACE: Kotkata			DIN	:012292

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DEOKI BIJAY & CO. Cha r t e r e d Ac c oun tan t s

• 213C Jabakusum House, 34 Chittaranjan Avenue, Kolkata 700 012 Phone:2212 1110,E mail: deokinagrawal@rediffma1l.coQJ_ __

Auditor's Report on Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015

To Board of Directors of RS Software (India) Limited

We have audited the quarterly standalone financial results of R s Software (India) Ltd for the quarter ended March 31, 2019 and the year to date results for the period April 1, 2018 to March 31, 2019 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 modified o• SEBI circular dated 5[th ] July, 2016. These quarterly standalone finanaal results as well as the year to date financial results have been prepared on the basis of the interim frnanc1al statements, which arc on the respons1b1lity of the company's management. Our respons1b1hty Is to express an oprnIon theSt; financial results based on our audit of such interim financial statements which have been prepared in accordance with the recognition and measurement principles laid down rn Indian Accounting Standard, Interim Financial Report, prescribed, under Section 133 of Reporting {Ind AS 34) the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted rn India.

We conducted our audit in accordance with the auditing standards generally accepted In India. Tt1ose obtai standards require that we plan and perform the audit to n reasonable assurance about wncthc· the financial results are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We beheve that our audit provides a reasonable basis for our opinion.

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In our opinion and to the best of our information and according to the explanations given to us these quarterly as well as the year to date standalone financial results:

(i) have b n presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI circular dated S'h July, 2016 in this regard · and

(ii) give a true and fair view In conformity with the aforesaid India Accounting Standards ana other accounting pnnciples generally accepted In India of the financial performance including other comprehensive income and other financial information for the quarter ended March 31, 2019 as well as the year to date results for the period from April 1, 2018 to March 31, 2019.

Place : Kolkata Date: 30[th ] April, 2019

For Deoki Bijay & Co. rtered Accountants c:t[R.][N][. 3][1] ;.;;+E �. � CA. D. N. Agrawal Partner Memb. No.51157

�Software

A COMPANY FOCUSSED ON ELECTRONIC PAYMENTS R S S O F T W A R E ( I N D I A) L I M I TE D (CIN: L72200WB1987PLC043375) An 1$09001:2008, ISO 27001:2013 Company

Statement of Consolidated Audited Financial Results for the Year Ended Mar 31,2019

PARTICULARS		Quarer Ended Year Ended 31st of March
REVENUE FROM OPERATION OTHER INCOME TOTAL REVENUE EXPENSES: Purchases of Stock-in-Trade Employee benefits expense Finance costs Depreciation and amortization exoense Other expenses Tot�t Expenses Proft/Poss! before exceptional ltemsandtax Proft/(loss} before tu Ta. expense: Current tax Deferred tax Profit (Loss} for the year from continuin, operations Attributable to, Shareholders of the Company Non Controlling Interest Other Comprehenstve Income Items that wtll not be reclassied to profit or to. Profit (loss) for the year Attributable to: Shareholders of the C-mp•ny Non Controlling Interest Paid Up Share Capltal(par value RS 5 each fully paid ) Other Equity Earnlngs per equity share (for c.ntjnuing operation): Basic Diluted		Mar-19	Dec-18 Mar-18 Mar-19 Mar-18
		2,09S.44 188.54 2283.98 456.32 1,642.59 19.23 78.66 798.59 2995.39 (711.41) (711.41) 1.46 (53.17) (659.70) (626.61) (33.09) (4.07) (663.77) (630.68) (33.09) 1,285.42 14,961.79 (2.58) (2.58)	1702.38 1S33.64 6539.27 6342.92 190.97 196.70 644.14 855.04 1893.34 1730.3S 7183.41 7197.96 325.39 0.0 789.21 90.78 1570.96 1751.67 6671.47 7389.33 2.08 3.75 28.32 3.75 83.30 59.53 330.15 224.15 665.49 824.88 2719.78 3315.33 2647.22 2639.83 10S38.93 11023.33 (753.88) (909.49) (3355.51) (382 37) (7S3.88) (99.49) (3355.51) (3825.37) 21.01 18.96 42.14 28.42 (108.28) (255.03) (681.24) (1,210.13) (666.61) (673.42) (2716.41) (2643.66) (645.86) (659.42) (2,616.10) (2,580.84} (20.75) (14.00) (10.31) (62.82) 0.00 0.0 29.61 (4.07} (12.81) 1666.61) (643.81) (2720.48) (2656.47) (645.86) (629.81) (2620.16) (2593.65) (20.75) (14.0) (10.31) (62.82) 1285.42 1285.42 1,285.42 1285.42 15627.23 17504.97 14,961.79 17504.95 (2.59) (2.62) (10.57) (10.28) (2.59) (2.62) (10.57) (10.28)

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Note:l}The audJted Consolidated Financial Statements for the year ended March 31,2019 have been taken on record by the Soard of Directors at its meeting held on April 30th, 2019.The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited interim consolidated financial statements.The consolidated financial statements are prepared in accordance wlth the Indian Accounting Standards(lnd AS).AS prescribed under section 133 of the Companle's Act 2013,read with Rule .3, of the Companies (indian Accounting Standards) Rules,2015 and Companies( Indian Accounting Standards) Amendment Rules

2)The audited consolldated finaincial results of the company for the year ended March 31,2019,have been reviewed by the Audit Committee of the board and approved by the Board of Directors at Jts meeting held on April 30,2019.

Registered Office 234/3A, A.J.C. Bose Road, Kolkata - 700 020 DATED Apr 30th,2019 PLACE : Kolkata

On behalf of the Board of Directors of RS Softw re (India) Limited l __, (i_ a.; RR Jain (Chairman & r janaging Director) DIN : 00122942

� Software A OMPAN Y FOUSSED ON ELETRONI PAYME/TS RS SOFTWAR E(INOIA) LIMITED (CIH: Ln20B1987PLC0337S) AI S91:20,1S2701:.013 �any fin La	� Software A OMPAN Y FOUSSED ON ELETRONI PAYME/TS RS SOFTWAR E(INOIA) LIMITED (CIH: Ln20B1987PLC0337S) AI S91:20,1S2701:.013 �any fin La
S of onaoldle Auditt Financal Resuls or the Year End Ma 31.2019 v. End 31s o lch
l•II 1. S Rrenut ( ne sale I Income fm nch ■l ahoul b dscltd a�A(U) t.KJ-'1 b.�B(o .,. Ta ,.,. O nc �B(ROlI) 1110 Tot 11)0 Ltss:kll·.r NI R.. f Ols �m .. 2Rts. �ou)booTu & lnlll"eh St a.SA(US) f)HUt b S.g,nt 8 (ROW) :,. Tobi 1, ,, Le I- ltJJ lm� ,,u less �S. Gn• 5 Ars-e , ,. Pof beoe W **(111. **	O·II Ull..1 ,..,, l))S '7 111.6 1276 l.ltl.1S 19'1') m. 1 . , ,., ,. ,,.. l677 f7JJ U1 M·1' t21024 '". i.su u ,. '"° l.JJ.M ,,.., (> . . , (W2S2) 0 '"' l!J 45 ,.. 219 211 , . "l'B9 411 J} 112•� un ,. l�_I 1141 l,I 41 IJJ,l _1 W.CJ 7.11� H 11146) It.- S1l 1110211 It 21161 (1,tMI (U11lt) an 0. •. u ::• JS .,. 17401 uu,,11 ,. .,

Nott; ,___ _ r> lho �s -- n not� ol spec,6caly lllenlfted""" ,., separa segmencs c:onsequerdy,s notpr--lopro-,,de 5e!Jfl0nted lisdostns r, ,ei..o,, lo IIDUI assel> and._ ri> any rusonable degr of a,c:..-acy

	STATEMENT OF ASSTS & LIAB1UTIE5
	**A **		**M•••l9l **		**0t<·l81 **	M1r•U
	N�A P 'ft a tQ P ,,Hl I (QUIPlHT tHTANG! ( A ETS INTANGllU A fTS UN0£R [V(LOPM(NT		4.71 7 73 07 623 94	. ', 79 3 01 1"6.0		•9) S2 12!61 20 24
	OTHlA FlhAIL AT OEfU:R(O TA MS['n {Ntt) OTHER NO CVAAUIT ASSE		37.7 u lO 71 2172 91 111250	u .. , uo 1'62 29 2819 ,. 10 .Jo		11', uo 11l3Jt 21916' 10)6 '4
	CIME1,A f •NANl ASS OS
	INESTM[NT TRAD[ RECflAIHS CSH & CMH (QUNANB OTWUI I"'l lS onu:• ,,� ASSETS OTN[R C\M(Nl ASSCTS		4181.97 61S.29 1742 ,a ''10 ""' tS H	47 360 101111 1'111** '"tl •29 ., 1,0�**		5666 10 10 6 29S 10 - 27 11. )0 1)007
	TOTAL		1749.S6	11715 Sl		10)4..H
	UAI
	[Q Sk C & OTHnt !QVITY NOH (ONtllUN l"[Wl LIA8IU11(S NON (UMCKT UAll"1lS		na,2 U.91.79 ,...	uno lS-17 U •l�		11UO 17'0 ts 101'
	-		lS39S	2,2 7'		!nil
	CVMNT . &ITltS r1�lllllUT
	SHORT TERM tlW\HGS,AOAHlS TRAD£ PAYA8l£S OTN(R Flt"lAl UllITll5 OTiiUt CVW.Nl UAI SH1r,."		000 447.07 �'8 '53.21 Jl.07	00 ,tOI. SliSI 911 3 ' n 7'		00 9ll IS 59 1, LU 7l 11•1
	TOTAL		1"499 .S6	1171S.S1		20MS 55
							On		the �rd of Otrectors of
	R•ILHfIf O<e 23/3A, /UC Bu Road. Kooto • 70 020						RS	fr \ |lnu1)�i. �
							RR	Jidl
	DATED Ar 30h,2019 PLACE I	.					(Chimoo&�in.ging OIor) **DIN 0122 **			-

_(J_

DEOKI BIJAY & CO.

C hartered Accou ntants

-- -- 213C Jabakusum House, 34 Chittaranjan Avenue, Kolkata - 700 012

Phone:2212 1110,E mail: deokmagrawal@rediffmail.com _

Auditor's Report on Quarterly Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To

Board of Directors of RS Software (India) Limited

We have audited the accompanying quarterly consolidated financial results of RS Software India limited ("the Company") and its subsidiaries Responsive Solution Inc., R.S. Software (Asia) Pte Limited and Paypermint Private Limited (the Company and ,ts subs1d1anes constitute "the group") for the quarter ended March 31, 2019 and the year to date results for the period April 1, 2018 to March 31,2019 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 modified by SEBI circular dated s[t ] July, 2016. These consolidated quarterly financial results have been prepared from the consolidated interim financial statements, which are the responsibility of the company's management. Our responsibility is to express an opinion on these financial results based on our audit of such interim financial statements which have been prepared in accordanc� w tr the recognition and measurement principles laid down in Indian Accounting Standard (Ind 'AS') for Interim Financial Reporting (Ind 'AS-34'), mandated under Section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.

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C/\

DEOKI BIJAY & CO.

Chartered Accountants

213C Jabakusum House, 34 Chittaranjan Avenue, Kolkata -700 012 Phone:2212 1110,E mail: deokinagrawal@rediffmail.�m

We did not audit the financial statements of three Subsidiaries, included in the consolidated quarterly financial results and consolidated year to date results whose consolidated interim financial statements reflect total assets (net) of Rs. 3622.36 lacs and total revenue of Rs. 19.46 lacs and Rs. 501.92 lacs for the quarter ended and the year ended March Jl, 2019 respectively. These interim financial statements and other financial information have been audited by other auditors whose report(s) has (have) been furnished to us, by the management and our opinion on the quarterly statements is based solely on the report of such other auditors.

Based on our audit conducted as above, in our opinion and to the best of our information and according to the explanations given to us these consolidated quarterly financial results as well as the consolidated year to date results

(i) include the quarterly financial results of the following entities: a) Responsive Solution Inc.

b) RS (Asia} PTE Ltd.

c) Paypermint Private Limited

(ii) have been presented in accordance with the requirements of Regulation 33 of tne SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI orcutar dated 5[th ] July, 2016 in this regard; and

(iii) give a true and fair view in conformity with the aforesaid India Accounting Standards and other accounting principles generally accepted in India of the consolidated net loss (consolidated financial performance including other comprehensive income) and otrer financial information for the quarter ended March 31, 2019 as well as the consolld<.1ted }ea, to date results for the period from April 1, 2018 to March 31, 2019.

Place : Kolkata Date :30[th ] April, 2019

For Deoki Bijay & Co. Chartered Accountants .R.N. 313105 CA. D. N. Agrawal Partner Memb.No.51157