Silver Touch Technologies Limited — Annual Report 2020

Jun 30, 2020

I>ate:30/06/2020

To, The Manager Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.

Symbol: SIL VERTUC

Dear Sir / Madam,

Subject: Outcome of the Board Meeting held on Tuesday, 30th June, 2020 and submission of Audited Standalone and Consolidated Financial Results for the half year and year ended on 31 sl March, 2020.

With reference to the captioned subject we wish to inform you that the Meeting of the Board of Directors of the Company was held today i.e Tuesday, 30th June, 2020 at 04:00 PM through Video Conferencing.

The following decisions were taken by the Board of Directors.

• 1. The Board of Directors approved the Audited Standalone and Consolidated Financial Results along with Auditors Report thereon for the half year and year ended on 31st March,2020.
• 1. The Board of Directors appointed M/ s Rajiv Ahuja & Associates as the Internal Auditor for the F.Y 2020-21. The Brief Profile is attached as at Annexure-A
• 1. The Board of Directors appointed Mj s Sandip Sheth & Associates, Practicing Company Secretary as the Secretarial Auditors for the F.Y 2020-21. The Brief Profile is attached as at Armexure-B.

The Said Board Meeting was started at 04:00 PM and Concluded at about 0 t.., : 35 PM.

Silver Touch Technologies Limited 2nd Floor, Saffron Tower, Opp. Cenfral Mall, Panchavatl Cross Road, Ahmedabad 380006 Gujarat J d' Phone: +91 794002 2nO - 4, Email: info@silvertouch.com, Website: www.silvertouch.com' n la. CIN: L72200GJ1995PLC024465

The intimation of outcome of this Board Meeting ~ given pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.

Pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015 the Standalone and Consolidated Financial Statement with the Audit Report for the half year and year ended on 31st March, 2020 as submitted by Mj s Priyam R Shah & Associates, Statutory Auditors of the Company has been enclosed herewith.

Kindly take the same on your record and acknowledge the receipt.

This is for your reference and record

Dipesh Solanki Company Secretary & Compliance 0 fleer

Silver Touch Technologies Limited

IJate:30j06j2020

To, The Manager Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.

Symbol: SIt VERTUC

Dear Sir / Madam,

Sub: IJeclaration pursuant to Regulation 33 (3) (d) of SEBI (Listing Obligations and IJisclosure Requirements) Regulations, 2015 with respect to Audit Report for the half year and year ended on 31st March, 2020 with unmodified opinion.

IJear Sir/Madam,

Pursuant to Regulation 33 (3) (d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby confirm and declare that Statutory Auditors of the Company Mj s Priyam R Shah & Associates, Chartered Accountants, Ahmedabad have issued Auditor's Report with unmodified opinion in respect of Standalone & Consolidated Audited Financial Results for the half year and year ended on March 31,2020 approved at Board Meeting held on 30th June, 2020.

Kindly take the same on your records and acknowledge the receipt.

Silver Touch Technologies Limited

2nd Floor, Saffron Tower, Opp. Central Mall, Panchavati Cross Road, Ahmedabad 380006 Gujarat, India. Phone: +91 79 4002 2770 - 4. Email: info@silvertouch.com. Website: www.silvertouch.com CIN: L72200GJ1995PLC024465

CIN:l72200GJ1995PlC024465

Registered office: 2nd Floor, Saffron, Nr. Panchwati Circle, Ambawadi, Ahmedabad - 380006, Gujarat E-mail: cs@silvertouch .com Phone: 079-26563158

Statement of Audited Financial Results for the Half Year Ended on 31st March, 2020

(RS In lakhs except earning per share)

SrNo	Particulars			Standalone			Consolidated
		Half Year ended			Year ended		Half Year ended			Year endedJ
		31/03/2020	30/09/2019	31/03/2019	31/03/2020	31/03/2019	31/03/2020	30/09/2019	31/03/2019	31/03/2020	31/03/ 2019
		Audited	Unaudited	Audited	Audited	Audited	Audited	Unaudited	Audited	Audited	Audited
1	Revenue from Operations
	a) Net Sales /Revenue from Operation	7,786.17	10,150.33	9,867.34	17,936.50	20,372.00	8,434.91	10,554.49	10,310.47	18,989.40	21,078.17
	b) other Operating Income	64.01	28.35	53.32	92.36	117.40	66.56	29.02	57.26	95.59	121.42
	Total Revenue from operation [l(a) + l(b)]	7,850.18	10,178.68	9,920.66	18.028.86	20,489.40	8,501,47	10,583.51	10,367.73	19,084.99	21.199.59
2	Expenses
	a) Purcha se of Stock -in -Trade	2,037.49	4,080.20	3,518.59	6,117.70	8,679.37	2,497.83	4,296.56	3,733.26	6,794.39	8,989.84
	b) Changes in Inventories of finished goods, work in
	progress a nd stock in trade	53.21	(63.15)	213 .74	(9.95)	196.82	53.21	(63.15)	213.74	(9.95)	196.82
	c) Employee benefit Expenses	4,708.02	4,520.30	4,453.88	9,228.32	8,393.21	4,854.65	4,642.90	4,565.18	9,497.54	8,601.20
	d) Finance cost	101.97	98.78	106.63	200.75	176.58	102.50	99.52	107.54	202.01	177.84
	e ) Depreciation and amortisation expense	313.15	123.27	307.85	436.42	429.25	315.45	123.27	310.96	438.71	432.37
	f) Other Expenses	565.08	685.88	712.75	1,250.97	1,174.47	608.48	776.25	791.88	1,384.73	1, 332.08
	Total expenses [2(a) to 2(f) I	7,778.92	9,445.28	9,313,45	17,224.20	19,049.70	8,432.11	9,875.33	9,722.57	18,307.44	19,730.15
	Profit before exceptional and extraordinary items and tax
3	[1-2)	71.26	733.41	607.21	804.66	1,439.70	69.36	708.18	645.16	777.54	1,469.44
4	Exceptional item	-	-	-	-	-			-
5	Extraordinary Items	-	-		-		-	-	-		-
6	Profit before Tax [3-4-5)	71.26	733.41	607.21	804.66	1,439.70	69.3G	708 18	645.16	77-7'.54	1,4b9:44
7	Tax Expenses								-
	1) Current Tax	59.31	190.69	215.00	250.00	440.00	59.31	190.69	215.00	250.00	440.00
	2) Deferred Tax	(1.94)	(3,91)	0.47	(5.85)	(25.39)	(1.94)	(3.91)	0.47	(5.85)	(25.39)
	3) Prior Period Tax Adjustments		-	-	7.11	-	7.11			7.11	-
		57.37	186.78	215.47	251.26	414.61	57.37	186.78	215.47	251.26	414.61
8	Net Profit for the period (G-7)	13.89	546.G3	391.74	553.41	1,025.09	11.99	521.41	429.69	526.28	1,054.83
9	Paid up Equity Share Capit.1 (Face Value - Rs lO/-Each)	1,268.10	1,268.10	1,268.10	1,268.10	1,268.10	1,268.10	1,268.10	1,268.10	1,268.10	1,268.10
10	Surplus excluding Revaluation Reserve	6,388.19	6,457.85	5,911.22	6,388.19	5,911.22	6,400.05	5,593.72	5,950.21	6,400.05	5,950.21
11	Basic and Dialuted earning per share in Rs.	0.05 L----	4.31_	3.08---	4.3G	8.10	(0.78)	4.93	_ 3.4~	4 .15---	8 .33

Notes

1 Tb~ bve Financial Results have been reviewed by the AudltCbmmlttee ana approved by the B.oa rd of Directors in their respective meetings he ld on 30th June, 2020.

2 Figures have been regrouped wherever necessary. Or Previous year's figures have been regrouped/ recast wherever necessary to confirm to the current half yea(s / year's classification.

3 The Figures of t he half year ended March 31, 2020 are the balancing figures between Audited figures for the year ended on March 31, 2020 and year to date figures upto the half year ended on September, 2019.

4 The figures of the previous period have been regrouped/rearranged wherever necessary to make them comparabel with those of the current period.

5 The above financial results are available on the Website of the Company i.e. www.silvertouch com and on the Website.of Emerge Platform of National Stock Exchange i.e. www.nseindia.com/emerge.

6 Disclosure regarding material impact of Covid-19 was made to the stock exchange vide letter dated 24.06.2020 as required pursuant to SEBI Circular dated 20th May, 2020 read with Regulation 30 of SEBI (listing Obligation and Disclosure requirements)

7 Segment Reporting

As per regulations of Accounting Standard-17 segment wise revenue results and capital employed are given for financial results for the Reporting period in Annexure-l.

For and on behalf of the B.oard of Directors

Date!- 30/1)6/2020 Place :- Ahmeda bad

CIN:L72200GJ1995PLC024465

Registered Office: 2nd Floor, Saffron, Nr. Panchwati Circle, Ambawadi, Ahmedabad - 380006, Gujarat. Email: cs@silvertouch.com Phone: 079-26563158

							tft",+ \ '" fS)	Annexure-l
	ConsolidatedStandalone
Particulars	01/10/2019 to31/03/2020	01/04/2019 to30/09/2019	F;Y.2019"20	F.Y.201S-19	01/10/2019 to31/03/2020	01/04/2019 to30/09/2019	F.Y.2019-20	F.Y.2018-19
Segment Revenue
a) Domesticb) Export	71,05,64,06916,80,52,682	5,30,42,406	12,10,95,088	96,19,90,82211,67,25,54,891 1 1,95,65,20,2738,06,79,641	72,55,74,345111,79,16,556	10,84,68,543	94,69,80,54611,67,25,54,891 122,63,85,099	1,95,66,09,67315,12,07,676
Total	77,86,16,751	1,01,50,33,228	1,79,36,49,979	2,03,71,99,914	84,34,90,901	1,05,54,49,089	1,89,89,39,990	2,10,78,17,349
Less: Inter Segment Revenue
Net Sale/Income from Operations		77,86,16,751 I 1,01,50,33,228 I 1,79,36,49,979 I 2,03,71,99,914					84,34,90,901 I 1,05,54,49,089 I 1,89,89,39,990 I 2,10,78,17,349
Segment Results before Tax and Interest fromeach segment
a) Domesticb) Export	3,41,43,7652,22,34,444	7,13,68,9481,18,50,156	10,55,12,7133,40,84,600	18,67,48,9023,49,29,265	2,50,33,93662,56,754	8,68,48,4632,49,75,154	11,18,82,3993,12,31,908	20,02,53,9333,84,79,215
Total	5,63,78,209	8,32,19,104	13,95,97,313	22,16,78,167	3,12,90,690	11,18,23,617	14,31,14,307	23,87,33,148
Less:
i) Interest	53,15,702	50,15,925	1,03,31,628	92,39,092	53,19,731	50,18,691	1,03,38,422	92,55,359
ii) Other unallocable ExpenditureAdd:	5,03,38,125	76,97,565	5,80,35,690	8,02,09,312	2,56,91,007	3,88,89,015	6,45,80,022	9,46,75,314
i) Other unallocable income	64,01,169	28,35,153	92,36,322	1,17,40,445	66,56,430	29,02,255	95,58,685	1,21,42,023
Total Profit before Tax	71,25,551	7,33,40,767	8,04,66,317	14,39,70,208	69,36,382	7,08,18,166	7,77,54,548	14,69,44,499
Segment Assets
a) Domestic	1,27,12,92,136	1,36,52,25,914	1,27,12,92,136	1,12,98,62,451	1,26,83,45,803	1,58,83,33,203	1,26,83,45,803	1,12,68,28,855
b) Export	1,27,75,455	22,77,91,835	1,27,75,455	6,70,85,325	3,43,71,438	2,48,85,005	3,43,71,438	8,30,55,249
Unallocated Assets	1,62,60,434	2,76,78,233	1,62,60,434	11,94,89,881	1,62,60,434	1,64,84,039	1,62,60,434	11,94,89,881
	Totall 1,30,03,28,025 I 1,62,06,95,982 I 1,30,03,28,025 I 1,31,64,37,657 I 1,31,89,77,674 I 1,62,97,02,247 I 1,31,89,77,674 I 1,32,93,73,986
~-,.,;
Segments Liabilitfo5: \epl1l)~
-a) Domestic t:rt ;:~	44,38,90,123	56,83,48,371	44,38,90,123	49,62,64,090	44,43,28,001	76,34,68,159	44,43,28,001	42,00,17,443
b) Exportf~,	2,13,09,145	21,59,89,337	2,13,09,145	3,21,56,060	3,82,70,067	2,85,22,703	3,82,70,067	4,62,64,292
~ Jmna li oca ed lJ!	3,08,69,016	2,51,32,154	3,08,69,016	3,14,54,504	3,09,33,784	2,51,09,467	3,09,33,784	10,26,30,850
W-///~~Totall=--	49,60,68,283	80,94,69,862	49,60,68,283	55,98,74,655	51,35,31,852	81,71,00,329	51,35,31,852	56,89,12,585
~Capital Employed	80,42,59,742	81,12,26,120	80,42,59,742	75,65,63,002	80,54,45,822	81,26,01,918	80,54,45,822	76,04,61,401

CIN: L72200GJ1995PLC024465

Registered office: 2nd Floor, Saffron, Nr. Panchwati Circle, Ambawadi, Ahmedabad - 380006, Gujarat E-mail: cs@silvertouch.com Phone: 079-26563158

		STATEMENT OF ASSETS & LIABILITIES		C' I'"f2. ~J
			Standalone		Consolidated
	Particulars		As at 31/03/2020	As at 31/03/2019	As at 31/03/2020	As at 31/03/2019
I.	EQUITY AND LIABILITIES
	1 Shareholders' funds
	(a)Share capital		12,68,10,000	12,68,.10,000	12,68,10,000	12,68,10,000
	(b)Surplus		67,74,49,742	62,97,53,002	67,86,35,822	63,36,51,401
	2 Share application money pending allotment			-
	3 Non-cu rrent liabilities
	(a)Long-term borrowings		1,08,13,056	1,19,19,804	1,08,13,056	1,19,19,804
	Deferred tax liabilities (Net)(b)		58,69,016	64,54,505	59,37,167	64,34,133
	Other Long term liabilities(c)		1,90,72,670	42,57,694	1,90,72,670	42,57,694
	(d)Long-term provisions		-	-
	4 Current liabilities
	(a)Short-term borrowings		9,27,03,761	6,98,44,596	9,31,41,774	7,02,82,608
	(b)Trade payables		19,44,06,512	20,31,89,340	19,58,59,250	20,63,70,633
	(c)Other current liabilities		12,55,09,423	14,06,90,585	14,10,17,474	14,61,32,863
	(d)Short-term provisions		4,76,93,845	12,35,18,131	4,76,90,463	12,35,14,848
		TOTAL	1,30,03,28,0.25	1,31,64,37,657	1,31,89,77,674	1,32,93,73,985
II.	ASSETS
	Non-current assets
	1 (a)Property, Plant & Equipment
	(i) Tangible assets		18,54,79,519	18,14,81,379	19,30,75,228	18,93,03,065
	(ii) Intangible assets		9,73,398	10,59,094	9,58,953	10,48,313
	(iii) Capital work-in-progress		15,37,053	24,89,490	15,37,053	24,89,490
	(iv) Intangible assets under development		-
	(b)Non-current investments		1,19,77,123	1,19,28,123	16,67,398	16,67,398
	Long-term loans and advances(c)		10,27,05,588	6,92,63,803	10,33,74,162	7,05,86,317
	(d)Other non-current assets		-	1,86,69,091	-	1,86,69,092
	2 Current assets
	Current investments(a)
	(b)Inventories		1,14,23,774	1,04,28,916	1,14,23,774	1,04,28,916
	Trade receivables(e)		59,02,23,516	57,60,04,576	59,82,90,855	58,11,47,134
	(d)Cash and Bank Balances		8,44,01,105	9,13,98,577	9,52,07,631	9,88,85,801
	(e)Short·term loans and advances		31,16,06,948	35,37,14,609	31,34,42,619	35,51,48.460
	Other currenl assetsIf)		-
		TOTAL	1,30,03,28,025	1,31,64,37,657	1,31,89,77,674	1,32,93,73,985

Date:- 30/06/2020 Place :- Ahmedabad

CIN: L72200GJ1995PLC024465

Registered Office: 2nd Floor, Saffron, Nr. Panchwati Circle, Ambawadi, Ahmedabad - 380006, Gujarat.

Ema il: cs@silvertouch.com Phone: 079-26563158

CASH FLOW STATEMENT

		Standalone			Consolidated
PARTICULARS	For the Full Year Ended31/03/2020		For the Full Year Ended31/03/2019		For the Full Year Ended31/03/2020		For the Full Year Ended31/03/2019
A. Cash inflow/(outflow) from the opearating activities								III
Net profit before Tax and Prior Period Adjustments		8,04,66,317		14,39,70,208		7,77,54,248		14,69,44,499 I
Adjustments for:
Depreciation & Amortization	2,49,72,469		4,29,25,073		2,52,02,110		4,32,36,581	I
Interest paid	1,03,31,628		92,39,092		1,03,38,422		92,55,359	I
Interest Income	(1,00,95,071)		(51,77,824)		(1,00,97,322)		(51,77,824)
Provision of Gratuity payable	47,80,108		33,85,362		47,80,108		33,85,362
Provision for C5R Donation	(1,06,948)	2,98,82,186	1,06,948	5,04,78,651	(1,06,948)	3,01,16,371	16,30,591	5,23,30,068
Operating Profit before working capital changes		11,03,48,503		19,44,48,859		10,78,70,619		19,92,74,567
Adjustment for (Increase)/Decrease in Working Capital:
Inventories	(9,94,858)		1,96,82,473		(9,94,858)		1,96,&2,473
Receivables	(1,42,18,941)		4,52,3B,-206		(1,71,43,721)		4,33,20,853
Direct Jax .paid	(3,76,62,915)		(7,89,68,301)		(3,73,58,660)		(3,53,21,555)
Other Non Current Asset	1,86,69,091		1,86,69,091		1,86,69,092		1,86,69,092
Loans & Advances	(5,22,36,102)		(18,95,45,598)		(5,22,00,065)		(24,87,98,060)
Current Liabilities & Provisions	(2,39,63,990)	(11,04,07,714)	(6,08,58,171)	(24,57,90,300)	(1,56,26,771)	(10,46,54,984)	(6,44,98,813)	(26,69,46,011)
Net cash inflow/(outflow) from operating activities(A)		(59,211)		(5,13,41,441)		32,15,635		(6.76.71,444 )
B. Cash inflow/(outflow) from investing activity
Investments	(49,000)		(13,64,465)				-
ecPurchase of Assets	(2,79,32,477)		(5,15,59,643)		(2,79,32,477)		(5,20,45,503)
80S;.Net cash inflow/(outflow)from inves~i ·""a.;jr.		(2,79,81,477)		(5,29,24,107)		(2,79,32,477)		(5,20,45,503)
\7(=A"V-7J'.'

(Amount in Rs)

		Standa	lone		JConsolidated
PARTICULARS	For the Full Year Ended31/03/2020		For the Full Year Ended31/03/2019		For the Full Year Ended31/03/2020		For the Full Year Ended31/03/201.9
C. Cash inflow/{outflow)from financing activity
Secured Loans Availed/{Paid}Unsecured Loans Availed/(Paid)Equity Shares IssuedSecurity Premium on Equity IssueInterest IncomeInterest PaidInterim Dividend and Tax thereon	2,21,80,2571,43,87,136--1,00,95,071(1,03,31,628)(1,52,87,620)		7,22,74,494(37,79,326)8,60,00095,46,00051,77,824{92,39,092}(75,91,970)		2,21,80,2571,43,87,136--1,00,97,322(l,03,38,422)(1,52,87,620)		7,22,74,494(32,34,581)1,40,50,00095,46,00051,77,824(92,55,359)(75,91,970)
Net cash inflow/(outflow) from Fianancing activity(C)		2,10,43,217		6,72,47,929		2,10,38,672		8,09,66,408
Net Cash changes in cash andcash equivalent(A+B+C)		(69,97,471)		(3,70,17,620)		(36,78,170)		(3,87,50,539)
Cash & Cash Equivalent at the beginning of the Period		9,13,98,577		12,84,16,196		9,88,85,801		13,76,36,340
Cash & Cash Equivalent at the end of the Period		8,44,01,105		9,13,98,577		9,52,07,631		9,88,85,801
Net Increase in cash and cash equivalent		(69,97,471)		(3,70,17,620)		(36,78,170)		(3,87,50,539)

Chairman and MD

Date:- 30/06/2020 Place :- Ahmedabad

ili Priyam R. Shsh & Associates

202, Pelican, 0ujarat chamber of commerce compound, Ashram Road, Ahmedabad.ig0 00g. Tele (0) 079.40042700,01.02.09 ' E.mail : rmshah0rmshah.net

Independent Auditor's Review Report on Audited Half yearty Standalone Financial Results of Sitver Touch Technotogies Limited in Pursuant to the Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015

To, The Board of Directors of, Silver Touch Technologies Limited

We have audited the accompanying standalone half yearly financial results of Silver Touch Technologies Limited ("the company") for the half year ended as on 31't March, 2O2O and year to date results for the period from Ot't nprit, 20Lg to 31't March, 2020, 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 these standalone financial results:

• i. are presented in accordance with the requirements of Regulations 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 accounting standards and other accounting principles generally accepted in India of the Net Profit and other comprehensive income and other financial information for the half year ended 31't March, ZOZO as well as the year to date results for the period from 01't April ,2OLg to 31't March, 2020. ill

202, Pelican, Gujarat chamber of commerce compound, Ashram Boad, Ahmedabad.oS0 00g, Iele (0) 079.40042700.0i.02.03 . E.mait : rmshah@rmshah.net

Basis for Opinioil

ii,

llr

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 thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

These half yearly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit/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 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 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.

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202, Pelican, Gujarat chamber of commerce compouno, nsnr* noro, lt *urnro.gao oog. Iete (0) 079.40042700.01.02.00 , E.mail : rmshah@rmshah,net 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 .on."in ano using the going concern basis of accounting unless the BoJrd 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 fi nancial reporting process.

Auditor's Responsibilities for the Audit of the Standatone 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.

• ' 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 poricies used and the reasonableness of accounting estimates and retated disclosures made by the Board of Directors.

202, Pelican, Gujarat Chamber.ot rrrr., Iele (0) 079.40042200.0.t.02.03 .'a:;;it' : rmshah@rmshah,ner

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• ' going conclude concern on the appropriateness of the Board of Directors, use of the obtained' whether basis of accounting and, niieo on the audit evidence amateriat.-uncertainty conditions exists related to events or continue as that a going may cast significant doubt on the company,s abitity to exists, we concerr. tr we conclude that a materiai uncertainty are required related disctosures to draw attention in our auditor,s report to the inadequate, in the financial results or, if such disclosures are to lodify audit evidence our opinion. our conclusions are based on the obtained up to the date or our auditor,s report. However, as future events or conditions may cause the company to cease to continue agoing concern.
• o standalone Evaluate the overall presentation, structure and content of the financial results, including ffre oisctosures, and whether financial the results represent the underiying manner transactions and events in a that achieves fair presentation.

we communicate with those charged with governance matters' regarding, among other the planned scope and timing or tn. audit and significant audit identify findings' including any significant defiiiencies in internar contror that we during our audit.

we also provide those charged with governance with a statement that we have complied with relevant ethical requirements communicate with regarding independence, and to them all relationships and oth-er matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Firm Reg. {o. , tt&42 For PRIyAM R SHAH & ASSOCIATES Chartered Accountants

CA Mitesh 'j9'-M Nagar Partner M.No. L73tB7 UDI N : 2OL7 37 87AAAAEG4165 Place: Ahmedabad Date:30/06/2O2O

Priyam R. Shah & Aisociates

,0r, P.li*Srirrat Chamber ol Co,"t'e Compound' Ashram Road' Ahmedabad'380 009' feie (O) 079'40042700'0'l'02'03 ' E'mail : rmshah0rmshah'nel HAR RED ffiTTranr

Independent Auditor's Review Report on Audited Half Yearly consolidated Financial Results of silver Touch Technologies Limited in Pursuant to the Regulation 33 of the sEBI (Listing obligation and Disclosure Requirements) Regulations' 2015

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The Board of Directors of, Silver Touch Technologies Limited

Opinion

we have audited the accompanying statement of consolidated Financial Results of Silver Touch Technologiel Umited ("Holding company") and its subsidiaries lnoiOing company and its subsidiaries together referred to as ..the Group',), its associates and jointly controlled entities for the half year ended 3t.t Marcn,2O2O and year to date results for the period from 01't April, z}tg to 31Jt March, 2O2O ("the Statement"), being submitted by the holding company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations' 20L5' aS amended ("Listing Regulations"). Attention i1 drawn to the fact that the consolidated figures for the corresponding half ye.ar ended 31't March, 2020 and corresponding figures for the period i'o11 01't April ,21lg to 31st March' 2020, as reported in these financial results have been approved by the holding company's Board of Directors, but have not been subjected to audit/review.

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 financiar statements/ financial information of subsidiaries, associates and jointly controlled entities, the Statement:

• a.includestheresultsofthefollowingentities:
  • 1. SilverTouch Technologies Inc' Subsidiary
  • 1. Silver Touch Technologies (UK) Limited subsidiary
  • 3.SharkldentityPrivateLimited-JointVenture
  • 1. Iriss scanners Technologies Private Limited loint Venture

Financial Statement of one loint Venture (JV), Lime Software (UK) Ltd has not been considered as details of the Same are not available with management. Further, in case of another JV, Silver Touch Technologies sAs is in sieeping mode. Therefore, these JVs are not consolidated'

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 accounting standards, and other accounting principles generally accepted in India, of consolidated total comprehensive income (comprising of net profit and other comprehensive income) and other financial information of the Group for the harf year ended on g16t March, zo2o and the corresponding figures for the period from 01't April ,20t9 to 31't March, 2020

Basis for OPinion

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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, its associates and jointly controlled entities 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, 2Ot3 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

These half YearlY financial t flnancial results have been statements. results as well as the year to date consolidated prepared on the basis of the interim financial

toi, p*tirrn, Guiarat Chamber ol Commerce Compound, Ashram Road, Ahmedabad'380 009' Tele {0) 079'40042700'01'02'03 ' E'mail : rmshah0rmshah'net ARTER [CCOUNTA

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I lll The Holding Company's Board of Directors are responsible for the preparation and preseniation of these consolidated financial results that give atrue and fair view of the net profit and other comprehensive income and other financial information of tlre Group including its associates and jointly controlled entities 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 and of its associates and jointly controlled entities are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of thl assets of the Group and its associates and jointly controlled entities 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 Holding company, as aforesaid.

In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for assessing the ability of the -Crorp and of its associates and jointly controlled entities to continue as a going concern, disclosing, as applicable, ma matters related to going concern ind using the going conCern basis of accounting unless the respective Board of Directors eit'herlntends 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 and of its associates and jointly controlled entities is responsible for overseeing the financial reporting process of the Group and of its associates and jointlY controlled entities.

Priyam R. Shah & Associates

H TERED NT T

zor, prri6", cuiarat chamber ol commerce compound, Ashram Road, Ahmedabad'3$[ 009' Tdr (O) 07t.{004t?00'01'01'03 I E'otll : rmrhrh0rmrheh'nrt

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

our objectives are to obtain reasonable assurance about whether the consolidated flnancial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's repoft that includes our dpinion. 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 flnancial 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'financialresults,whetherduetofraudorerror,design and performr 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 interrral 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 effecilveness of the comBany'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.

202, Pellcan, Guiarat Chamber ol Commerce Compound, Ashram Road, Ahmedabad'!80 009, rrlr (ol 0?9.{0011?00.01.$i.!t I l'fitll I rmthlh0rmthah,nct

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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 obtaineO, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and jointly controlled entities to continue as a going concern. If we conclude that a material unceftainty 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 and its associates and jointly controlled entities to cease to continue as a golng 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 andilevents ifr a manner that achieves fair presentation'
• obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associates and jointly controlled entities 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 remaln solely responslble for our audlt oplnlon'
• We communicate with those charged with governance of the Holding 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

Priyam R. Shah & Associates

ARTE ACCOUNT

202, Pellcan, Gufarat Chamber ol Commerce Compound, Ashram Road, Ahmedabad'380 009. Tele (0) 079.40042700'01'02'03 ' E'mail : rmshah@rmshah.net

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 independencef 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(B) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

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The consolidated Financial Results include the audited Financial Results of 2 joingy controlled entities, whose interim Financial Statements/Financial Results/ financial information reflect Group's share of total assets of Rs. (30,03,400/-) aS at 31't March,2O2O, Group's share of total revenue of Rs. 3,2O,LL2l-and Rs. 2,55,198/- and Group',s share of total net profit/(loss) after tax of Rs. 1,40,372/- and Rs. L,71,8,54/- for the year ended 31't March, 2O2O and for the period from 01't October, 2OL9 to 31't march, 2020 respectively, as considered in the consolidated Financial Results, which have been audited by their respective independent auditors. The independent auditors, reports on interim financial statements/Financial Results/financial information of thdSe 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.

The consolidated Financial Results include the unaudited Financial Results of Z subsidiaries, jointly controlled entities, whose interim Financial Statements/Financial Results/ financial information reflect Group's share of total assets of Rs. 2,!5,95,9821- as at 3l't March, 2020, Group's share of total revenue of Rs. L0,52,92,262/-and Rs. 6,48,74,2L21- and Group's share of total net profit/(loss) after tax of Rs. (28,52,691/-)and Rs. (2,84,655/-) for the year enOed 3f i March, 2O2O and for the period from 01't October, 2019 to 3l.t march, 2O2O respectively, as considered in the consolidated

Priyam R. Shah & Associates

202, Pelican, Gujarat Chamber ol Commerce Compound, Ashram Road, Ahmedabad'380 009. H ERED U T

Tele (0) 079.40042700'01'02'03 ' E'mail : rmshah0rmshah'nel

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rl ' I 'i Financial Results. iThese unaudited interim Financial Statements/Financial Results/ financial information have been furnished to us by the Board of Directors and our ppinion on the consolidated Financial Results, in so far as it relates to the lamounts and disclosures included in respect of these subsidiaries, associates and jointly controlled entities is based solely on such unaudited interim Financial Statements/Financial Results/financial infOrmation. In our opinion and according to the information and explanations given to us by the Board of Directors, these interim Financial Statements/Financial Results / financial information are not material to the Group

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/financial information certified by the Board of Directors.

l,r' For PRIYAM R SHAH & ASSOCIATES Chartered Accountants

CA Mitesh M Nagar Partner M.No. L73787 UDI N : 2OL7 37 STAAAAEH 1868 Place: Ahmedabad Date: 3010612020 CHARTERED

Flrm Reg. No. : 1184

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Annexure-A

Brief Profile of MIs Rajiv Ahuja & Associates (Internal Auditors)

Contents of	Explanations
Disclosures
A) Reason for change	Re-appointment
viz. appointment,
resignation, removal,
death or otherwise
B) Date of	Appointment as the Internal Auditors of the Company to conduct
appointment	the Internal Audit for the FY 2020-21 w.e.£ 30th June, 2020
C) Brief Profile (in	Mj s Rajiv Ahuja & Associates is the Chartered Accountant Firm
case of Appointment)	based at Ahmedabad having and FRN No. 138011W.
D) Relationship with	Nil
Directors

Annexure-B

Brief Profile of Mis Sandip Sheth & Associates (Secretarial Auditors)

Contents ofDisclosures	Explanations
A) Reason for changeviz. appointment,resignation,removal,death or otherwise	Re-Appointment
DateofB)appointment	Re-Appointment as the Secretarial Auditors of the Company toconduct the Secretarial Audit for the FY 2020-21 w.e.f 30th June, 2020
BriefProfile(inC)case of Appointment)	Mj s Sandip Sheth & Associates (Unique Code: P2001GJ041000) isthe Whole time Practicing Company Secretaries Firm based atAhmedabad
D) Relationship withDirectors	Nil

Silver Touch Technologies Limited

2nd Floor. Saffron Tower. Opp. Central Mall. Panchavati Cross Road, Ahmedabad 380006 GUjarat. India. Phone: +91 7940022770 - 4. Email: info@silvertouch.com. Website: www.silvertouch.com CIN: L72200GJ1995PLC024465