R S Software India Ltd. — Interim / Quarterly Report 2021

Jul 28, 2020

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July 28, 2020

The Vice President, Listing Dept.

National Stock Exchange Of India Ltd., Exchange Plaza, 5th Floor, Plot no. C/1, G Block, Bandra- Kurla Complex, Bandra (E), Mumbai - 400 051

Dear Sir,

Sub: Outcome of the Board Meeting held on July 28, 2020.

The Board of Directors of the Company at the meeting held today, i.e. on July 28, 2020 has approved the followings:

• 1) Approval of Audited Standalone and Consolidated Financial Results for the Period ending June 30, 2020 and the Auditor’s Reports (copies enclosed)

We confirm having submitted the Auditor’s Report with unmodified opinions and the Financial Results for the period ending June 30, 2020 as per the format prescribed in Schedule III of the Companies Act 2013.

This is for your information and records only.

Thanking you,

Yours faithfully, For R S Software (India) Ltd.

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Vijendra Surana CFO & Company Secretary

Encl. : As above

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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 the period ended 30th Jun,2020 in compliance with Indian Accounting Standards

Particulars		Quarter Ended		Year Ended
	Jun'20	Mar'20	Jun'19	Mar'20
REVENUE FROM OPERATION
	1,061.63	1,467.63	1701.98	5996.14
OTHER INCOME	57.85	1,103.06	(61.91)	1195.14
TOTAL REVENUE	1119.48	2570.69	1640.07	7191.28
EXPENSES :
Purchases of Stock-in-Trade	18.04	95.22	113.94	239.78
Employee benefits expense	1,028.83	1,327.59	1519.02	5675.44
Finance costs	11.35	16.53	10.69	44.42
Depreciation and amortization expense	96.68	100.58	51.43	303.40
Other expenses including subcontractor	362.09	2,519.53	701.81	4546.98
Total Expenses	1516.99	4059.45	2396.89	10810.02
Profit/(loss) before exceptional items and tax	(397.51)	(1488.76)	(756.82)	(3618.74)
Profit/(loss) before tax	(397.51)	(1488.76)	(756.82)	(3618.74)
Tax expense:
Current tax	-	-
Deferred tax	-	2,649.54		2,649.54
Profit (Loss) for the year from continuing operations	(397.51)	(4138.30)	(756.82)	(6268.28)
Items that will not be reclassified to profit or loss	-	(24.88)		(24.88)
Profit (loss) for the year	(397.51)	(4163.18)	(756.82)	(6293.16)
Paid Up Share Capital(par value RS 5 each fully
paid )	1,285.42	1,285.42	1285.42	1285.42
Other Equity	7,142.82	7,542.81	13117.20	7542.81
Earnings per equity share (for continuing
operation):
Basic	(1.55)	(16.10)	(2.94)	(24.38)
Diluted	(1.55)	(16.10)	(2.94)	(24.48)

Note: 1)The Audited Stanalone Financial Statements for the period ended June 30,2020 have been taken on record by the Board of Directors at its meeting held on July 28,2020.The Statutory Auditors have expressed an Unqualified Audit Opinion. The information presented above is extracted from the Audited Standalone Financial Statements. The interim 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.

2) The interim audited standalone financial results of the company for the period ended June 30,2020,have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meeting held on July 28,2020.

On behalf of the Board of Directors of R S Software (India) Limited Registered Office : 234/3A, A.J.C. Bose Road, Kolkata - 700 020 R R Jain DATED: July 28,2020 (Chairman & Managing Director) PLACE : Kolkata DIN : 00122942

₹ in Lac

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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

Statement of Standalone Audited Financial Results for the Period ended 30th Jun,2020

Particulars		Quarter Ended		Year Ended
	Jun'20	Mar'20	Jun'19	Mar'20
1. Segment Revenue ( net sale / income from each segment
should be disclosed
a. Segment - A (USA)	621.59	989.20	1,333.38	4,537.75
b. Segment - B (ROW)	440.04	478.43	368.60	1,458.75
Total	1,061.63	1,467.63	1,701.98	5,996.49
Other Income
Segment - B (ROW)	57.85	1,103.06	(61.91)	1,194.79
Total	57.85	1,103.06	(61.91)	1,194.79
Less :Inter - segment revenue
Net Revenue from Operations	1,119.48	2,570.69	1,640.07	7,191.28
2.Segment Results Profit/(Loss) before Tax & Interest from
each segment
a. Segment - A (USA)	(287.37)	(749.65)	(324.36)	(1,948.02)
b. Segment - B (ROW)	146.91	1,518.85	(80.17)	1,677.37
Total	(140.46)	769.20	(404.53)	(270.65)
Less : Interest	11.35	16.53	10.69	44.42
Less : Depreciation	96.68	100.58	51.43	303.40
Less : Unallocable Selling , General & Administrative Expenses	149.02	2,140.85	290.17	3,000.27
Profit before tax	(397.51)	(1,488.76)	(756.82)	(3,618.74)

Note :

(1) Assets used in the Company's Business are not capable of being specifically identified with any separate segments, consequently is not practicable to provide segmented disclosures in relation to total assets and liabilities with any reasonable degree of accuracy.

On behalf of the Board of Directors of R S Software (India) Limited Registered Office : 234/3A, A.J.C. Bose Road, Kolkata - 700 020 R R Jain DATED: July 28,2020 (Chairman & Managing Director) PLACE : Kolkata DIN : 00122942

₹ in Lac 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 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 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
CASH FLOW STATEMENT FOR THE PERIOD ENDED JUN 30,2020
PARTICULARS	PERIOD ENDED JUN 30,2020	YEAR ENDED MAR 31, 2010
	₹ in Lac	₹ in Lac
CASH FLOW STATEMENT A CASH FLOW FROM OPERATING ACTIVITIES: NET PROFIT BEFORE TAX ADJUSTMENT FOR : DEPRECIATION INTERESTPAID FOREIGN EXCHANGE FLUCTUATION RESERVE PROVISION FOR GRATUITY, LEAVE ENCASHMENT INTEREST RECEIVED EMPLOYEES EXPENSES AMORTIZATION OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES ADJUSTMENT FOR : TRADE AND OTHER RECEIVABLES LOANS AND ADVANCES AND OTHER ASSETS TRADE PAYABLES & OTHER LIABILITIES(INCLUDES EMPLOYEE AMORTISATION & FOREX) CASH GENERATED FROM OPERATIONS NET CASH FROM OPERATING ACTIVITIES B CASH FLOW FROM INVESTMENT ACTIVITIES : PURCHASE OF PROPERTY PLANT & EQUIPMENT INTEREST RECEIVED NON CURRENT ASSET HELD FOR DISPOSAL INVESTMENT MADE DURING THE YEAR NET CASH FROM INVESTMENT ACTIVITIES C CASH FLOW FROM FINANCE ACTIVITIES: INTEREST PAID NET CASH FROM FINANCING ACTIVITIES NET INCREASE /DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C) OPENING CASH AND CASH EQUIVALENTS CLOSING CASH AND CASH EQUIVALENTS	(397.51) - 96.68 11.35 (2.47) - (57.85) (31.04) (380.85) - - (518.74) 599.44 (68.13) - (368.28) (368.28) - - (0.67) 17.42 - (3.66) 13.10 - - (11.35) - (11.35) (366.53) 1,171.34 804.81	(3,643.61) - 303.40 44.42 (45.28) 96.57 (1,195.14) (133.91) (4,573.55) - - (28.73) 2,372.92 (261.54) - (2,490.90) (2,490.90) - - (603.19) 1,576.43 4.56 1,699.03 2,676.83 - - (44.41) - (44.41) 141.52 1,029.83 1,171.35
0.00 0.00 (1,171.34) This is the Standalone Financial Statement referred to in our report of even date. Registered Office : On behalf of the Board of Directors of 234/3A, A.J.C. Bose Road, R S Software (India) Limited Kolkata - 700 020 DATED: July 28,2020 R R Jain PLACE : Kolkata (Chairman & Managing Director) DIN : 00122942 The Notes referred to above form an integral part of the Standalone Financial Statement.

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DEOKI BIJAY & CO . Chartered Accountants

209,A.J.C Bose Road , 150A, Karnani Estate, 4[th] Floor, Kolkata - 700017 Mobile:9433039556, Email: deokinagrawal@rediffmail.com Website: www.dbcca.co.in

INDEPENDENT AUDITOR’S REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF R S Software (India) Limited

Opinion

We have audited the accompanying Statement of Standalone quarterly financial results of R S Software (India) Ltd (“the company”) for the quarter ended June 30,2020 attached herewith (“the statement”) being submitted by the 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:

i. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian accounting standards and other accounting principles generally accepted in India of the net loss and other comprehensive income and other financial information of the company for the quarter ended June 30, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (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 results under the provisions of the Companies Act, 2013 and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Standalone Financial Results

This statement is the responsibility of the company’s management and approved by the board of directors, has been compiled from the related audited for the quarter ended June 30, 2020. The Company’s Board of Directors are responsible for the preparation and presentation of the Standalone Financial results that give a true and fair view of the net loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, ‘Interim Financial Reporting’ prescribed under Section 133 of the Act read with relevant rules issued there under 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 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 standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial results, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the company.

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

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. 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 these standalone financial results.

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 standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from 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, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the standalone financial results of the company to express an opinion on the standalone financial results

Materiality is the magnitude of misstatements in the standalone financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial results.

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.

For Deoki Bijay & Co . Chartered Accountants Firm Regn No. 313105E

Place : Kolkata (CA. D. N. Agrawal) Partner Date : the 28[th] day of July, 2020 Memb. No. 51157 UDIN - 20051157AAAAAW1850

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₹ in Lac 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
Statement of Consolidated Audited Financial Results for the Period Ended Jun 30,2020
PARTICULARS	Quarter Ended			Year Ended
REVENUE FROM OPERATION OTHER INCOME TOTAL REVENUE EXPENSES : Purchases of Stock-in-Trade Employee benefits expense Finance costs Depreciation and amortization expense Other expenses Total Expenses Profit/(loss) before exceptional items and tax Profit/(loss) before tax Tax expense: Current tax Deferred tax Profit (Loss) for the year from continuing operations Attributable to: Shareholders of the Company Non Controlling Interest Other Comprehensive Income Items that will not be reclassified to profit or loss Profit (Loss) for the year Attributable to: Shareholders of the Company Non Controlling Interest Paid Up Share Capital(par value RS 5 each fully paid ) Other Equity Earnings per equity share (for continuing operation): Basic Diluted	Jun-20	Mar-20	Jun-19	Mar-20
	1,063.73 59.26 1,122.99 18.04 1,171.44 11.35 122.46 390.04 1,713.33 (590.34) (590.34) 0.15 - (590.49) (555.01) (35.48) - (555.01) (555.01) (35.48) 1,285.42 5,872.21 (2.16) (2.16)	1,468.82 1,105.64 2,574.46 95.23 1,503.90 16.53 126.36 2,555.34 4,297.36 (1,722.90) (1,722.90) 25.84 2,872.91 (4,621.65) (4,531.21) (90.44) - (34.83) (4,566.04) (4,531.21) (90.44) 1,285.42 6,431.00 (17.76) (17.76)	1,702.40 (48.27) 1,654.14 113.94 1,643.30 10.69 78.71 724.63 2,571.27 (917.13) (917.13) 0.55 (917.68) (889.42) (28.26) - (889.42) (889.42) (33.09) 1,285.42 13,724.47 (3.46) (3.46)	6,028.11 1,233.00 7,261.11 239.78 6,359.74 44.42 411.58 4,710.05 11,765.57 (4,504.46) (4,504.46) 26.41 2,872.91 (7,403.78) (7,196.40) (207.38) (34.83) (7,231.23) (7,196.40) (207.38) 1,285.42 6,431.00 (28.13) (28.13)
Note:1)The Audited Consolidated Financial Statements for the period Ended June 30,2020 have been taken on record by the Board of Directors at its meeting held on July 28,2020.The Statutory Auditors have expressed an Unqualified Audit Opinion. The information presented above is extracted from the Audited Consolidated Financial Statements.The audited Consolidated Financial Statements are prepared in accordance with the Indian Accounting Standards(Ind AS) as prescribed under section 133 of the Companie'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 consolidated financial results of the company for the period ended Jun 30,2020,have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meeting held on July 28,2020.
Registered Office : On behalf of the Board of Directors of 234/3A, A.J.C. Bose Road, R S Software (India) Limited Kolkata - 700 020 DATED: July 28,2020 PLACE : Kolkata R R Jain (Chairman & Managing Director) DIN : 00122942

Note:1)The Audited Consolidated Financial Statements for the period Ended June 30,2020 have been taken on record by the Board of Directors at its meeting held on July 28,2020.The Statutory Auditors have expressed an Unqualified Audit Opinion. The information presented above is extracted from the Audited Consolidated Financial Statements.The audited Consolidated Financial Statements are prepared in accordance with the Indian Accounting Standards(Ind AS) as prescribed under section 133 of the Companie'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 consolidated financial results of the company for the period ended Jun 30,2020,have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meeting held on July 28,2020.

Registered Office :	On behalf of the Board of Directors of
234/3A, A.J.C. Bose Road,	R S Software (India) Limited
Kolkata - 700 020
DATED: July 28,2020
PLACE : Kolkata	R R Jain
	(Chairman & Managing Director)
	DIN : 00122942

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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

₹ in Lac 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 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 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 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 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
Statement of Consolidated Audited Financial Results for the Period Ended Jun 30,2020
Particulars	Quarter Ended			Year Ended
	Jun-20	Mar-20	Jun-19	Mar-20
1. Segment Revenue ( net sale / income from each segment should be disclosed a. Segment - A (USA) b. Segment - B (ROW) Total Other Income Segment - B (ROW) Total Less :Inter - segment revenue	621.59 442.14 1,063.73 59.26 59.26	989.20 479.62 1,468.82 1,105.64 1,105.64	1,333.38 369.02 1,702.40 (48.27) (48.27)	4537.75 1490.36 6,028.11 1233.00 1,233.00
Net Revenue from Operations	1,122.99	2,574.46	1,654.13	7,261.11
2.Segment Results Profit/(Loss) before Tax & Interest from each segment a. Segment - A (USA) b. Segment - B (ROW) Total Less : Interest Less : Depreciation Less : Unallocable Selling , General & Administrative Expenses	(309.37) 1.88 (307.49) 11.35 122.46 149.04	(568.29) 1,154.02 585.73 16.53 126.36 2,165.74	(405.32) (132.25) (537.57) 10.69 78.71 290.16	(2,004.40) 981.09 (1,023.31) 44.42 411.58 3025.15
Profit before tax	(590.34)	(1,722.90)	(917.13)	(4,504.46)

Note :

Assets used in the Company's Business are not capable of being specifically identified with any separate segments, consequently is not practicable to provide segmented disclosures in relation to total assets and liabilities with any reasonable degree of accuracy.

	On behalf of the Board of Directors of
	R S Software (India) Limited
Registered Office :
234/3A, A.J.C. Bose Road,
Kolkata - 700 020
	R R Jain
DATED: July 28,2020	(Chairman & Managing Director)
PLACE : Kolkata	DIN : 00122942

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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

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED JUN 30,2020

After consolidating the results of the Company with those of its wholly owned foreign subsidiaries Responsive Solution INC., RS Software Asia Pte. Ltd and Paypermint Pvt LTD

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED JUN 30,2020 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 After consolidating the results of the Company with those of its wholly owned foreign subsidiaries Responsive Solution INC., RS Software Asia Pte. Ltd and Paypermint Pvt LTD	CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED JUN 30,2020 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 After consolidating the results of the Company with those of its wholly owned foreign subsidiaries Responsive Solution INC., RS Software Asia Pte. Ltd and Paypermint Pvt LTD	CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED JUN 30,2020 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 After consolidating the results of the Company with those of its wholly owned foreign subsidiaries Responsive Solution INC., RS Software Asia Pte. Ltd and Paypermint Pvt LTD
PARTICULARS	PERIOD ENDED JUN 30,2020	YEAR ENDED MAR 31,2020
	₹ in Lac	₹ in Lac
CASH FLOW STATEMENT A CASH FLOW FROM OPERATING ACTIVITIES: NET PROFIT BEFORE TAX ADJUSTMENT FOR : DEPRECIATION INTERESTPAID FOREIGN EXCHANGE FLUCTUATION RESERVE PROVISION FOR GRATUITY, LEAVE ENCASHMENT INTEREST RECEIVED EMPLOYEES EXPENSES AMORTIZATION OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES TRADE AND OTHER RECEIVABLES LOANS AND ADVANCES AND OTHER ASSETS TRADE PAYABLES & OTHER LIABILITIES(INCLUDES AMORTISATION ) LESS:INCOME TAX NET CASH FROM OPERATING ACTIVITIES B CASH FLOW FROM INVESTMENT ACTIVITIES : PURCHASE OF PROPERTY PLANT & EQUIPMENT INTEREST RECEIVED INVESTMENT REDEEMED DURING THE PERIOD NET CASH FROM INVESTMENT ACTIVITIES C CASH FLOW FROM FINANCE ACTIVITIES: MINORITY INTEREST INTEREST PAID NET CASH FROM FINANCING ACTIVITIES NET INCREASE /DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C) OPENING CASH AND CASH EQUIVALENTS CLOSING CASH AND CASH EQUIVALENTS	(554.86) 122.46 11.35 (3.78) 29.43 (59.26) (61.14) (515.81) (517.85) 678.68 (49.43) (0.15) (404.57) (0.67) 21.69 32.29 53.32 (35.48) (11.35) (46.83) (398.08) 1,235.73 837.65	(4,331.91) 411.58 44.42 (965.51) 29.43 (1,233.00) (68.94) (6,113.94) (29.50) 2,366.36 (271.12) (26.41) (4,074.60) (603.21) 1,642.90 2,372.37 3,412.06 (207.38) (44.42) (251.80) (914.34) 2,150.07 1,235.73
(0.00) 0.00 The Notes referred to above form an integral part of the Financial Statement. This is the Financial Statement referred to in our report of even date. Registered Office : On behalf of the Board of Directors of 234/3A, A.J.C. Bose Road, Kolkata - 700 020 DATED: July 28,2020 R R Jain PLACE : Kolkata (Chairman & Managing Director) DIN : 00122942

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DEOKI BIJAY & CO . Chartered Accountants

209,A.J.C Bose Road , 150A, Karnani Estate, 4[th] Floor, Kolkata - 700017 Mobile:9433039556, Email: deokinagrawal@rediffmail.com Website: www.dbcca.co.in

Independent Auditor’s Report On Audit of Consolidated Financial Results

To THE BOARD OF DIRECTORS OF R S Software (India) Limited

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of R S Software India Limited (“the Company”) and its subsidiaries Responsive Solution Inc., R.S. Software (Asia) Pte Limited and Paypermint Private Limited (the Company and its subsidiaries together referred to as “the group”) for the quarter ended June 30, 2020 (“the Statement”) 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, and based on the consideration of the reports of the other auditors on separate financial statements/ financial information of subsidiaries :-

• a. includes the results of subsidiaries Responsive Solution Inc., R.S. Software (Asia) Pte Limited and Paypermint Private Limited.

• b. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and

• c. gives a true and fair view, in conformity with the applicable Indian accounting standards, and other accounting principles generally accepted in India of consolidated net loss and consolidated total comprehensive loss and other financial information of the Group for the quarter ended June 30,2020

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (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 Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Consolidated Financial Results

This statement is the responsibility of the company’s management and approved by the board of directors, has been compiled from the related audited for the quarter ended June 30,2020. The Company’s Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of

the consolidated net loss and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles

laid down in Indian Accounting Standard 34, ‘Interim Financial Reporting’ 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 accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Results, 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 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 consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. 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 these consolidated financial results.

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 consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from 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, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the board of directors in terms of the requirement specified under regulation 33 of the Listing Regulations.

• 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 consolidated 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 Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the standalone financial results that individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial results.

We communicate with those charged with governance of the Company and such other entities included in the consolidated financial results 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 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

The Consolidated Financial Results include the audited Financial Results of Responsive Solution Inc., R.S. Software (Asia) Pte Limited and Paypermint Private Limited , the subsidiaries, whose Financial Statements reflect Group’s share of total assets of Rs. 1,417.90 lacs as at June 30, 2020, Group’s share of total revenue of Rs. 3.52 lacs and Group’s share of total loss after tax of Rs. 192.98 lacs for the quarter ended June 30, 2020 as considered in the consolidated Financial Results, which have been audited by their respective independent auditors. The independent auditors’ reports on interim financial statements of these entities have been furnished to us and our opinion on the consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

Our opinion on the Consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results certified by the Board of Directors.

For Deoki Bijay & Co. Chartered Accountants Firm Regn No. 313105E

Place : Kolkata Date : the 28[th] day of July, 2020

CA. D. N. Agrawal Partner Memb. No. 51157 UDIN: 20051157AAAAAX3741