Dev Information Technology Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

k) Provisions and contingent liabilities

Provisions are recognized when the Company has a present legal or constructive obligation as a result
of past events, it is probable that an outflow of resources will be required to settle the obligation
and the amount can be reliably estimated. Provisions are not recognized for future operating losses.

Provisions are measured at the present value of management''s best estimate of the expenditure
required to settle the present obligation at the end of the reporting period. The discount rate used
to determine the present value is a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but
their existence will be confirmed by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Company or where any present obligation cannot
be measured in terms of future outflow of resources or where a reliable estimate of the obligation
cannot be made. The Company does not recognize a contingent liability but discloses its existence
in the financial statements.

l) Revenue recognition

The Company recognizes revenue when the amount of revenue can be reliably measured, it is
probable that future economic benefits will flow to the Company and specific criteria have been met
for each of the Company''s activities as described below

Sale of goods

Revenue from sale of goods is recognized when control of the products being sold is transferred
to our customers and there are no longer any unfulfilled obligations. The performance obligations
in our contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance
depending on customer terms.

Recognition of Revenue from rendering of services

For fixed price contracts, revenue is recognized based on the actual service provided to the end of
the reporting period as a proportion of the total services to be provided. This is determined based
on the actual costs incurred to the total estimated cost to complete the performance obligation in
context of the contract.

Estimates of revenues, costs or extent of progress towards completion are revised if circumstances
change. Any resulting increase or decrease in estimated revenues or costs are reflected in profit or loss
in the period in which the circumstances that give rise to the revision become known by management.

Revenue is measured based on the consideration specified in a contract with a customer and excludes
amounts collected on behalf of third parties. The Company recognizes revenue when it transfers
control over a product or a service to a customer and company expects to receive consideration in
exchange for those products or services. The method for recognizing revenues and costs depends
on the nature of the services rendered. The Company assesses the timing of revenue recognition in
case of each distinct performance obligation.

Revenue from the sale of user licenses for software applications is recognized at point in time on
transfer of the title in the user license. Revenue is recognized on principal basis if the company
controls a promised good or service before the entity transfers the good or service to a customer.

In case of software development contract having multiple stages or benchmark of the completion,
the revenue is recognized on percentage of completion method.

Revenue from other support services arising out of sale of software products are recognized when
the services are performed.

Incentives

Incentives under various schemes are accounted in the year in which right to receive is irrevocably
established.

Other Revenue

Interest income is recognized on a time proportion basis taking into account the amount outstanding
and the applicable rate of interest.

Interest received on delayed payment is accounted on receipt basis.

Revenue in respect of insurance/other claims etc., is recognized only when it is reasonably certain
that the ultimate collection will be made.

Dividends are generally recognized in the Statement of Profit and Loss only when the right to receive
payment is established.

m) Employee benefits
Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related
service are recognized in respect of employees'' services up to the end of the reporting period and
are measured at the amounts expected to be paid when the liabilities are settled.

Other long-term employee benefit obligations

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12
months are measured as the present value of expected future payments to be made in respect
of services provided by employees up to the end of the reporting period using the projected
unit credit method.

Post-employment obligations

The Company operates the following post-employment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund, employee state insurance scheme.

Defined Benefit Plan - Gratuity

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plan is the
present value of the defined benefit obligation at the end of the reporting period less the fair value
of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected
unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated
future cash outflows by reference to market yields at the end of the reporting period on government
bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense
in the Statement of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial
assumptions are recognized in the period in which they occur, directly in other comprehensive income.
They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Defined Contribution Plans

The Company pays provident fund, employee state insurance for all employees to publicly
administered funds as per local regulations. The Company has no further payment obligations once
the contributions have been paid. The contributions are accounted for as defined contribution plans
and the contributions are recognized as employee benefit expense when they are due.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.
The Company recognises termination benefits at the earlier of the following dates: (a) when the
Company can no longer withdraw the offer of those benefits; and (b) when the Company recognises
costs for a restructuring that is within the scope of Ind AS 37 and involves the payment of terminations
benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits
are measured based on the number of employees expected to accept the offer. Benefits falling due
more than 12 months after the end of the reporting period are discounted to present value.

Share- Based Payments

Share Based Compensation benefits are provided to the employees of the company via ESOP
2018 & ESOP 2024.

Employees of the Company receive remuneration in the form of share-based payments in
consideration of the services rendered. Under the equity settled share based payment, the fair value
on the grant date of the awards given to employees is recognized as ''employee benefit expenses''
with a corresponding increase in equity over the vesting period. The fair value of the options at the
grant date is calculated by an independent valuer on the basis of Black Scholes model. At the end
of each reporting period, apart from the non-market vesting condition, the expense is reviewed
and adjusted to reflect the changes to the level of options expected to vest. When the options are
exercised, the Company issues fresh equity shares.

n) Foreign Currency Transactions:

(i) Transactions and balances

Transactions in foreign currencies are recognized at the prevailing exchange rates on the
transaction dates. Realized gains and losses on settlement of foreign currency transactions are
recognized in the Statement of Profit and Loss.

Monetary foreign currency assets and liabilities at the year-end are translated at the year-end
exchange rates and the resultant exchange differences are recognized in the Statement of
Profit and Loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are
translated using the exchange rates at the dates of the initial transactions.

o) Leases

As a Lessee

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract
is or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.

The Company recognizes a Right-of-Use (ROU) asset and a lease liability at the lease commencement
date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payment made at or before the commencement date, plus any initial

direct cost incurred and an estimate of costs to dismantle and remove the underlying asset or to
restore the underlying asset or the site on which it is located, less any lease incentive received.

The ROU asset is subsequently depreciated using the straight-line method from the commencement
date to the earlier of the end of the useful life of the ROU asset or the end of the lease term. The
estimated useful lives of ROU assets are determined on the same basis as those of Property, Plant
and Equipment. In addition, the ROU asset is periodically reduced by impairment losses, if any, and
adjusted for certain re measurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, and the Company''s incremental borrowing rate. Generally, the Company uses
its incremental borrowing rate as the discount rate.

Short-term leases and leases of low-value assets

The Company has elected not to recognize right-to-use assets and lease liabilities for short-term
lease that have a lease term of 12 months or less and leases of low-value assets. The Company
recognize the lease payments associated with these leases as an expenses on a straight-line basis
over the lease term.

p) Income taxes

Income tax expense represents the sum of tax currently payable and deferred tax. Tax is recognized
in the Statement of Profit and Loss, except to the extent that it relates to items recognized directly in
equity or in other comprehensive income.

i. Current Tax

Current tax includes provision for Income Tax computed under provisions of Income Tax Act. Tax
on Income for the current period is determined on the basis on estimated taxable income and
tax credits computed in accordance with the provisions of the relevant tax laws and based on the
expected outcome of assessments/appeals.

ii. Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable
profit. Deferred tax liabilities are generally recognised for all taxable temporary differences.

Deferred tax assets are generally recognised for all deductible temporary differences, unabsorbed
losses and unabsorbed depreciation to the extent that it is probable that future taxable profits
will be available against which those deductible temporary differences, unabsorbed losses and
unabsorbed depreciation can be utilised.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced
to the extent that it is no longer probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in
the period in which the liability is settled or the asset realised, based on tax rates (and tax laws)
that have been enacted or substantively enacted by the balance sheet date. The measurement
of deferred tax liabilities and assets reflects the tax consequences that would follow from the
manner in which the Company expects, at the reporting date, to recover or settle the carrying
amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Company intends to settle its current tax assets and
liabilities on a net basis.

q) Earnings Per Share

Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Company

• weighted average number of equity shares outstanding during the financial year, adjusted for
bonus elements in equity shares issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share
to take into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential
equity shares, and

• The weighted average number of additional equity shares that would have been outstanding
assuming the conversion of all dilutive potential equity shares.

r) Cash Flow Statement

The Cash Flow statement is prepared by the "Indirect method" set out in Ind AS-7 on "Cash Flow
Statement" and presents the cash flows by operating, investing and financing activities of the
Company. Cash and cash Equivalent presented in the cash flow statement consist of cash on hand
and demand deposits with banks.

The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of Financial
Statements to evaluate changes in Liabilities arising from financing activities, inducing both changes
arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the
opening and closing balances in the Balance Sheet for liabilities arising from financing activities, to
meet the disclosure requirement.

s) Impairment of Non-Financial Assets:

The Company assesses at each reporting date whether there is an indication that a non-financial
asset may be impaired based on internal/external factors. An asset is treated as impaired when the
carrying cost of asset exceeds its recoverable Value. An impairment loss is charged to the statement of
Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized
in earlier accounting period is reversed if there has been a change in the estimate of recoverable
amount. After impairment, depreciation is provided on the revised carrying amount of the asset over
its remaining useful life.

t) Cash dividend

The Company recognizes a liability to make cash distributions to equity holders of the Company when
the distribution is authorized, and the distribution is no longer at the discretion of the Company. Final
dividend on shares is recorded as a liability on the date of approval by the shareholders and interim
dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors.

u) Exceptional items:

Exceptional items are disclosed separately in the financial statements where it is necessary to do so
to provide further understanding of the financial performance of the Company. These are material
items of income or expense that have to be shown separately due to their nature or incidence.

v) Events occurring after the balance sheet date:

Assets and liabilities are adjusted for events occurring after the reporting period that provides
additional evidence to assist the estimation of amounts relating to conditions existing at the end of
the reporting period.

Dividends declared by the Company after the reporting period are not recognized as liability at
the end of the reporting period. Dividends declared after the reporting period but before the issue
of financial statements are not recognized as liability since no obligation exists at that time. Such
dividends are disclosed in the notes to the financial statements.

[C] RECENT ACCOUNTING PRONOUNCEMENTS ISSUED BUT NOT YET EFFECTIVE

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended
March 31, 2025, MCA has notified Ind AS 117 - Insurance Contracts and amendments to Ind AS 116 -
Leases, relating to sale and lease back transactions, applicable from April 1, 2024. The Company has
assessed that there is no significant impact on its financial statements,

On May 9, 2025, MCA notifies the amendments to Ind AS 21 Effects of Changes in Foreign Exchange
Rates. These amendments aim to provide clearer guidance on assessing currency exchangeability and
estimating exchange rates when currencies are not readily exchangeable. The amendments are effective
for annual periods beginning on or after April 1, 2025. The Company is currently assessing the probable
impact of these amendments on its financial statements.

Rights\Preference\Restrictions attached to Equity Shares

14.2 The Company has issued only one class of equity shares having a par value of '' 5 per share. Each Holder
of Equity Shares are entitled to one vote per share. The Company declares and pays dividend in Indian
rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
at the Annual General Meeting, except in case of interim dividend. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive the realised value of the assets of the
Company, remaining after the payment of all preferential dues. The distribution will be in proportion to
the number of equity shares held by the shareholders.

14.3 The Board of Directors of the Company at their meeting held on November 25, 2024 have approved
the sub-division of each equity share having a face value of Rupees 5(five) each, fully paid-up, into
equity shares having a face value of Rupees 2(two) each. On December 20, 2024 the approval of the
shareholders of the Company was obtained at the Extra Ordinary General Meeting through a ballot
paper and electronic voting means with a requisite majority. The record date for the sub-division of
shares shall be announced in the due course of time after requisite approvals from competent authorities.

14.5 The Company had issued 55, 20,500 shares as a bonus issue to its shareholders in Financial Year 2021-22.
The bonus issue is for Eq. Shares of Face Value of '' 10 each in the Ratio of 1:1 i.e. 1 Bonus equity share for
every 1 eq. share held by shareholder''s as on the record date.

14.6 Equity shares rank pari pasu & subject to right, preference and restrictions under the Companies Act.

14.7 There are no unpaid calls from Directors or officers.

14.8 The Board of Directors of the Company at their meeting held on November 25, 2024 have approved the
sub-division of each equity share having a face value of Rupees 5(five) each, fully paid-up, into equity
shares having a face value of Rupees 2(two) each.

On December 20, 2024 the approval of the shareholders of the Company was obtained at the Extra
Ordinary General Meeting through a ballot paper and electronic voting means with a requisite majority.
The record date for the sub-division of shares shall be announced in the due course of time after requisite
approvals from competent authorities.

14.9 The Board of Directors recommended the final Dividend @5% (i.e. '' 0.25/- per equity shares) on equity
shares of '' 5/- each, for the year ended March 31, 2025 subject to the approval of shareholders of the
company in the ensuing Annual General Meeting.

Securities Premium:

The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve.
The reserve is utilised in accordance with the specific provisions of the Companies Act, 2013.

Retained Earnings:

Retained earnings are the profits that the Company has earned till date including effect of remeasurement
of defined benefit obligations less any transfers to general reserve, dividends or other distributions paid to
shareholders. Retained Earnings is a free reserve available to the Company.

Share-based Payment Reserve

The share-based payment reserve is used to recognize the value of equity-settled share-based payments
provided to the key employees and directors of the company under ESOP Plan 2018.

General Reserve

General Reserve is created from time to time by way of transfer of profits from retained earnings for
appropriation purposes. General reserve is created by transfer from one component of equity to another and
is not an item of other comprehensive income.

Notes :

i. Related party transactions reported are excluding GST for which the company is eligible for credit. However,
outstanding balances reported at the year end is inclusive of GST component whereever applicable.

ii. The above related party transactions have been reviewed periodically by the Board of Directors of the
Company vis-a-vis the applicable provisions of the Companies Act, 2013, and justification of the rates
being charged/ terms thereof and approved the same.

37. EQUITY SETTLED SHARE BASED PAYMENTS

The company instituted the ESOP 2018 plan for all eligible employees in pursuance of a special resolution
approved by the shareholders at the extraordinary general meeting held on April 18, 2018. Scheme
covers grant of options convertible into equial number of equity shares of face value of '' 5 each to
specified permanent employees of the company.

viii) Expected contribution to the defined benefit plan for the next reporting period - Nil

ix) Weighted Average Duration of the Defined Benefit Obligation - 7.68 years

39. FINANCIAL INSTRUMENTS - FAIR VALUES & RISK MANAGEMENT

Accounting Classifications & Fair Value Measurements

The fair values of the financial assets and liabilities are measured at the amount at which the instrument could

be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

All financial instruments are initially recognized and subsequently re-measured at fair value as

described below :

1. The fair value of investment in quoted equity shares and mutual funds is measured at quoted
price or NAV.

2. Fair values of cash and short term deposits, trade and other short term receivables, trade payables,
other current liabilities, short term loans from banks and other financial institutions approximate
their carrying amounts largely due to short-term maturities of these instruments.

3. Financial instruments with fixed and variable interest rates are evaluated by the Company based on
parameters such as interest rates and individual credit worthiness of the counterparty. Based on the
evaluation, allowances are taken to account for the expected losses of these receivables.

4. The fair value of forward foreign exchange contracts and currency swaps is determined using forward
exchange rates and yield curves at the balance sheet date.

40.1 FINANCIAL RISK MANAGEMENT

The company''s Board of Directors has overall responsibility for the establishment and oversight of the
company''s risk management framework. The company''s risk management policies are established to
identify and analyse the risks faced by the company, to set appropriate risk limits and controls and to
monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the company''s activities.

40.1.1 Credit Risk Management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The carrying amount of following financial assets represents
the maximum credit exposure.

Trade Receivables

Trade receivables are non-interest bearing. To manage credit risk in respect of trade receivables, the
Company periodically assesses the financial reliability of customers, taking into account the financial
condition, current economic trends and ageing of accounts receivable. Individual risk limits are
set accordingly.

The requirement of impairment of trade receivable is analysed as each reporting date. Based on historic
default rates and overall credit worthiness of customers, management believes that no impairment
allowance is required in respect of outstanding trade receivables as on March 31, 2025.

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on
time or at reasonable price. The company''s treasury department is responsible for liquidity, funding as
well as settlement management. In addition, processes and policies related to such risks are overseen by
senior management. Management monitors the company''s net liquidity position through rolling forecast
on the basis of expected cash flows.

40.1.3 Interest rate risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. In order to optimize the company''s position with regards
to the interest income and interest expenses and to manage the interest rate risk, treasury performs a
comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and
floating rate financial instruments in it total portfolio.

With all other variables held constant, the following table demonstrates the impact of the borrowing cost
on floating rate portion of loans and borrowings and excluding loans on which interest rate swaps are taken.

40.1.4 Foreign currency risk

The company operates internationally and is exposed to currency risk on account of its receivables in
foreign currency. The functional currency of the company is Indian Rupee. The company uses forward
exchange contracts to hedge its currency risk primarily with USD, most with a maturity of less than one
year from the reporting date.

The Company does not have any significant investments in equity instruments which create an exposure
to price risk.

40.2 Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from
a change in the price of a financial instrument. The value of a financial instrument may change as a
result of changes in the interest rates, foreign currency exchange rates, equity prices and other market
changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive
financial instruments including investments and deposits, foreign currency receivables, payables and
loan borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises
independent control over the entire process of market risk management. The treasury department
recommends risk management objectives and policies, which are approved by Senior Management
and the Audit Committee. The activities of this department include management of cash resources,
implementing hedging strategies for foreign currency exposures, borrowing strategies, and ensuring
compliance with market risk limits and policies.

41. CAPITAL MANAGEMENT

For the purposes of the Company''s capital management, capital includes issued capital and all other
equity reserves. The primary objective of the Company''s Capital Management is to maximise shareholder
value. The company manages its capital structure and makes adjustments in the light of changes in
economic environment and the requirement of the financial covenants.

The company monitors capital using gearing ratio, which is net debt divided by total equity plus debt.

50. (i) Pursuant to share purchase agreement Dt. December 15, 2023 the company has planned to acquire

100% stake in Dhyey Consulting Services Private Limited (Dhyey), as approved by the shareholders
through EGM held on January 09, 2024 for a total consideration of '' 900 lakhs to be paid partly in
cash and balance by issue of shares via preferential allotment. The said company is engaged in the
business of implementation and development of Microsoft Dynamics, CRM, AI and Power Platform.

(ii) The company had acquired 54.44% stake of Dhyey on February 21, 2024.

(iii) The company, paid '' 409.91 lakhs during the year to the shareholders of Dhyey for acquisition
of the balance 45.56% stake i.e. 4555 shares at a price of '' 8999.14 having face value of '' 10.
Pursuant to this acquisition, Dhyey has become a wholly owned subsidiary of the company with
effect from September 30, 2024.

51. The Company evaluates events and transactions that occur subsequent to the Balance Sheet date prior
to the approval of the financial statements to determine the necessity for recognition and/or reporting
of any of these events and transactions in the Financial Statements. The Board of Directors, in its meeting
held on May 29, 2025, has proposed a final dividend of '' 0.25 per equity share for the financial year ended
March 31, 2025. The proposal is subject to the approval of shareholders at the Annual General Meeting.
None of the subisdiary of the company has declared dividend for the financial year ended March 31, 2025.

52. The company does not hold any benami property as defined under the Benami Transactions (Prohibition)
Act, 1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending
against the company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and the rules made thereunder.

53. The Company does not have any transactions with companies struck off.

54. The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond
the statutory period.

55. The Company has not traded or invested in crypto currency or virtual currency during the financial year.

56. As on March 31, 2025, there is no unutilised amounts in respect of long term borrowings from banks and
the borrowed funds have been utilised for the specific purpose for which the funds were raised.

57. The Company does not have any such trasaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year in the tax assessments under the Income Tax
Act, 1961 ( Such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

58. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries."

59. The Company have not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

60 EVENTS OCCURING AFTER REPORTING PERIOD

The Company evaluated subsequent events through May 29, 2025, the date financial statements
were available for issuance and determined that there were no additional material subsequent events
requiring disclosure.

61. The company has used accounting software for maintaining its books of accout which has a feature of
recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant
transactions recorded in the software. Further, there are no instances of audit trail being tampered with.
Additionally, the audit trail of prior year(s) has been preserved by the Company as per the statutory
requirements for record retention to the extent it was enabled and recorded in the respective years.

62. Previous year''s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make
them comparable with current year''s figures.The management believes that such reclassification does not
have any material impact on the information presented in the financial statements.

As per our report of even date attached

For, Dev Information Technology Ltd.

For, Rinkesh Shah & Co Jaimin Shah Pranav Pandya

Chartered Accountants (DIN : 00021880) (DIN : 00021744)

Firm Regn. No. 129690W Managing Director Chairman

CA Rinkesh Shah Harshil Shah Krisa Shah

Partner Chief Financial Officer Company Secretary

Membership No. 131783

Date : May 29, 2025 Date : May 29, 2025

Place : Chicago Place : Ahmedabad

---

Mar 31, 2024

k) Provisions and contingent liabilities

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses.

Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

l) Revenue recognition

The Company recognizes revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the Company and specific criteria have been met for each of the Company''s activities as described below

Sale of goods

Revenue from sale of goods is recognized when control of the products being sold is transferred to our customers and there are no longer any unfulfilled obligations. The performance obligations in our contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms.

Recognition of Revenue from rendering of services

For fixed price contracts, revenue is recognized based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided. This is determined based on the actual costs incurred to the total estimated cost to complete the performance obligation in context of the contract.

Estimates of revenues, costs or extent of progress towards completion are revised if circumstances change. Any resulting increase or decrease in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management.

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue when it transfers control over a product or a service to a customer and company expects to receive consideration in exchange for those products or services. The method for recognizing revenues and costs depends on the nature of the services rendered. The Company assesses the timing of revenue recognition in case of each distinct performance obligation.

Revenue from the sale of user licenses for software applications is recognized at point in time on transfer of the title in the user license. Revenue is recognized on principal basis if the company controls a promised good or service before the entity transfers the good or service to a customer.

In case of software development contract having multiple stages or benchmark of the completion, the revenue is recognized on percentage of completion method.

Revenue from other support services arising out of sale of software products are recognized when the services are performed.

Other operating revenue:

Incentives under various schemes are accounted in the year in which right to receive is irrevocably established.

Other revenue:

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable rate of interest.

Interest received on delayed payment is accounted on receipt basis.

Revenue in respect of insurance/other claims etc., is recognized only when it is reasonably certain that the ultimate collection will be made.

Dividends

Dividends are generally recognized in the Statement of Profit and Loss only when the right to receive payment is established.

m) Employee benefits Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.

Other long-term employee benefit obligations

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method.

Post-employment obligations

The Company operates the following post-employment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund, employee state insurance scheme.

Defined Benefit Plan - Gratuity

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plan is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Defined Contribution Plans

The Company pays provident fund, employee state insurance for all employees to publicly administered funds as per local regulations. The Company has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognized as employee benefit expense when they are due.

Share- Based Payments

Share Based Compensation benefits are provided to the employees of the company via ESOP 2018.

Employees of the Company receive remuneration in the form of share-based payments in consideration of the services rendered. Under the equity settled share based payment, the fair value on the grant date of the awards given to employees is recognized as ''employee benefit expenses'' with a corresponding increase in equity over the vesting period. The fair value of the options at the grant date is calculated by an independent valuer on the basis of Black Scholes model. At the end of each reporting period, apart from the non-market vesting condition, the expense is reviewed and adjusted to reflect the changes to the level of options expected to vest. When the options are exercised, the Company issues fresh equity shares.

n) Foreign Currency Transactions:

(i) Functional and presentation currency

The financial statements are presented in Indian rupee (INR), which is Company''s functional and presentation currency.

(ii) Transactions and balances

Transactions in foreign currencies are recognized at the prevailing exchange rates on the transaction dates. Realized gains and losses on settlement of foreign currency transactions are recognized in the Statement of Profit and Loss.

Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange rates and the resultant exchange differences are recognized in the Statement of Profit and Loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

o) Leases

As a Lessee

At inception of a contract, the Company assesses whether a contract is or contains a lease. A contract is or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognizes a Right-of-Use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payment made at or before the commencement date, plus any initial direct cost incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received.

The ROU asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term. The estimated useful lives of ROU assets are determined on the same basis as those of Property, Plant and Equipment. In addition, the ROU asset is periodically reduced by impairment losses, if any, and adjusted for certain re measurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, and the Company''s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.

Short-term leases and leases of low-value assets

The Company has elected not to recognize right-to-use assets and lease liabilities for short-term lease that have a lease term of 12 months or less and leases of low-value assets. The Company recognize the lease payments associated with these leases as an expenses on a straight-line basis over the lease term.

p) Income taxes

Income tax expense represents the sum of tax currently payable and deferred tax. Tax is recognized in the Statement of Profit and Loss, except to the extent that it relates to items recognized directly in equity or in other comprehensive income.

i. Current Tax

Current tax includes provision for Income Tax computed under Special provision (i.e., Minimum alternate tax) or normal provision of Income Tax Act. Tax on Income for the current period is determined on the basis on estimated taxable income and tax credits computed in accordance with the provisions of the relevant tax laws and based on the expected outcome of assessments/appeals.

ii. Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences.

Deferred tax assets are generally recognised for all deductible temporary differences, unabsorbed losses and unabsorbed depreciation to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences, unabsorbed losses and unabsorbed depreciation can be utilised.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement

of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

q) Earnings Per Share

Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the Company

• weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

• The weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

r) Cash Flow Statement

The Cash Flow statement is prepared by the "Indirect method" set out in Ind AS-7 on "Cash Flow Statement" and presents the cash flows by operating, investing and financing activities of the Company. Cash and cash Equivalent presented in the cash flow statement consist of cash on hand and demand deposits with banks.

The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of Financial Statements to evaluate changes in Liabilities arising from financing activities, inducing both changes arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the Balance Sheet for liabilities arising from financing activities, to meet the disclosure requirement.

s) Critical estimates and judgments :

The preparation of financial statements requires the use of accounting estimates may not match the actual results. Management also needs to exercise judgment in applying the company''s accounting policies.

This note provides an overview of the areas that involved a higher degree of judgment or complexity, and items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgments is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.

t) Impairment of Non-Financial Assets:

The Company assesses at each reporting date whether there is an indication that a non-financial asset may be impaired based on internal/external factors. An asset is treated as impaired when the carrying cost of asset exceeds its recoverable Value. An impairment loss is charged to the statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in earlier accounting period is reversed if there has been a change in the estimate of recoverable amount. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

u) Cash dividend

The Company recognizes a liability to make cash distributions to equity holders of the Company when the distribution is authorized, and the distribution is no longer at the discretion of the Company. Final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors.

v) Exceptional items:

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Group. These are material items of income or expense that have to be shown separately due to their nature or incidence.

w) Events occurring after the balance sheet date:

Assets and liabilities are adjusted for events occurring after the reporting period that provides additional evidence to assist the estimation of amounts relating to conditions existing at the end of the reporting period.

Dividends declared by the Company after the reporting period are not recognized as liability at the end of the reporting period. Dividends declared after the reporting period but before the issue of financial statements are not recognized as liability since no obligation exists at that time. Such dividends are disclosed in the notes to the financial statements.

x) Regulatory Updates by MCA:

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards under the companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended 31^st March, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the company.

For, Dev Information Technology Ltd.

For, Rinkesh Shah & Co Jaimin Shah Pranav Pandya

Chartered Accountants (DIN : 00021880) (DIN : 00021744)

Firm Regn. No. 129690W Managing Director Chairman

CA Rinkesh Shah Harshil Shah Krisa Shah

Partner Chief Financial Officer Company Secretary

Membership No. 131783

Date : 24^th May, 2024 Date : 24^th May, 2024

Place : Ahmedabad Place : Ahmedabad

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Mar 31, 2023

Rights\Preference\Restrictions attached to Equity Shares

15.2 The Company has issued only one class of equity shares having a par value of Rs. 5 per share. Each holder of Equity Shares are entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the realised value of the assets of the Company, remaining after the payment of all preferential dues. The distribution will be in proportion to the number of equity shares held

by the shareholders.

15.4 The Board of Directors recommended the final Dividend @ 5% (i.e. Rs. 0.25/- per equity shares) on equity shares of Rs. 5/- each, for the year ended 31st March, 2023, subject to the approval of shareholders of the company in the ensuing Annual General Meeting

15.5 The Members have approved the sub-division of the Equity Shares from face value of Rs.10/- per share to face value of Rs. 5/- per share. The same has been allotted to eligible shareholders on record date

15.6 The Company had issued 55,20,500 shares as a bonus issue to its shareholders in Financial Year 2021-22. The bonus issue is for Eq. Shares of Face Value of Rs.10 each in the Ratio of 1:1 i.e. 1 Bonus equity share for every 1 eq. share held by shareholder''s as on the record date.

15.7 There are no unpaid calls from Directors or officers.

15.8 Equity shares rank pari-passu & subject to right, preference and restrictions under the Companies Act.

Securities Premium:

The amount received in excess of face value of the equity shares is recognised in Securities Premium Reserve. The reserve is utilised in accordance with the specific provisions of the Companies Act, 2013.

Retained Earnings:

Retained earnings are the profits that the Company has earned till date including effect of remeasurement of defined benefit obligations less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available to the Company.

Share-based Payment Reserve:

The share-based payment reserve is used to recognize the value of equity-settled share-based payments provided to the key employees and directors of the company under ESOP Plan 2018.

General Reserve

General Reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes. General reserve is created by transfer from one component of equity to another and is not an item of other comprehensive income.

The table below present disaggregated revenues from contracts with customers by customer location for the Company. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cashflows are affected by industry, market and other economic factors.

34. Disclosure under Ind As 116 - Leases

The Company has adopted Ind AS 116 on "Leases" by applying it to all contracts of leases existing on April 1, 2020 by using modified retrospective approach. The Company has recognised and measured the Right-of-Use (ROU) asset and the lease liability over the remaining lease period and payments discounted using the incremental borrowing rate as at the date of initial application.

35. Segment Information

The company operates in a single segment and in line with Ind AS - 108 - "Operating Segments", the operation of the company falls under "IT & IT enabled Services" business which is considered to be the only reportable business segment. The activities carried out by the associate are not reviewed separately and the criteria for identifying operating segments are not met hence Segment Reporting is not applicable in respect of the Associate Company.

The above related party transactions have been reviewed periodically by the Board of Directors of the Company vis-a-vis the applicable provisions of the Companies Act, 2013, and justification of the rates being charged/ terms thereof and approved the same.

37. Equity Settled Share Based Payments

The company instituted the ESOP 2018 plan for all eligible employees in pursuance of a special resolution approved by the shareholders at the extraordinary general meeting held on April 18, 2018. Scheme covers grant of options convertible into equal number of equity shares of face value of Rs. 5 each to specified permanent employees of the company.

39 Financial Instruments - Fair Values & Risk Management Accounting Classifications & Fair Value Measurements

The fair values of the financial assets and liabilities are measured at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

All financial instruments are initially recognized and subsequently re-measured at fair value as described below :

1. The fair value of investment in quoted equity shares and mutual funds is measured at quoted price or NAV.

2. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short-term maturities of these instruments.

3. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on the evaluation, allowances are taken to account for the expected losses of these receivables.

4. The fair value of forward foreign exchange contracts and currency swaps is determined using forward exchange rates and yield curves at the balance sheet date.

The company uses the following hierarchy for determining and disclosing the fair values of financial instruments by valuation technique:

Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 : Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 : Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

No financial instruments have been routed through Other Comprehensive Income and hence separate reconciliation disclosure relating to the same is not applicable.

40.1 Financial Risk Management

The company''s Board of Directors has overall responsibility for the establishment and oversight of the company''s risk management framework. The company''s risk management policies are established to identify and analyse the risks faced by the company, to set appropriate risk limits and controls and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the company''s activities.

40.1.1 Credit Risk Management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The carrying amount of following financial assets represents the maximum credit exposure.

Trade Receivables

Trade receivables are non-interest bearing. To manage credit risk in respect of trade receivables, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and ageing of accounts receivable. Individual risk limits are set accordingly.

The requirement of impairment of trade receivable is analysed as each reporting date. Based on historic default rates and overall credit worthiness of customers, management believes that no impairment allowance is required in respect of outstanding trade receivables as on March 31,2023.

40.1.2 Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable price. The company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the company''s net liquidity position through rolling forecast on the basis of expected cash flows.

40.1.3 Interest rate risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the company''s position with regards to the interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in it total portfolio.

With all other variables held constant, the following table demonstrates the impact of the borrowing cost on floating rate portion of loans and borrowings and excluding loans on which interest rate swaps are taken.

40.1.4 Foreign currency risk

The company operates internationally and is exposed to currency risk on account of its receivables in foreign currency. The functional currency of the company is Indian Rupee. The company uses forward exchange contracts to hedge its currency risk primarily with USD, most with a maturity of less than one year from the reporting date.

The company does not use derivative financial instruments for trading or speculative purposes.

40.1.5 PriceRisk

The Company does not have any significant investments in equity instruments which create an exposure to price risk.

40.2 Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loan borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommends risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies, and ensuring compliance with market risk limits and policies.

41 Capital management

For the purposes of the Company''s capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company''s Capital Management is to maximise shareholder value. The company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirement of the financial covenants.

The company monitors capital using gearing ratio, which is net debt divided by total equity plus debt.

42 In terms of Ind AS 36 - Impairment of Assets issued by ICAI, the management has reviewed its fixed assets and arrived at the conclusion that impairment loss which is difference between the carrying amount and recoverable value of assets, was not material and hence no provision is required to be made.

Notes forming part of financial statements

49 Pursuant to a share purchase agreement dated November 24,2022 the company has acquired 100% stake in Mindefft Technologies Private Limited on January 02, 2023 for a total consideration of Rs. 500 lakhs paid fully in cash in two tranches of Rs. 324 lakhs for 60% of the shares on January 02, 2023 and Rs. 176 lakhs for balance 40% of the shares of the company on March 02, 2023. The accounting for the transaction has been carried out in compliance with Ind AS 103-"Business Combinations". The said company is engaged in the business of Blockchain and enterprise solutions with constant tech innovations.

50 The Company evaluates events and transactions that occur subsequent to the Balance Sheet date prior to the approval of the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the Financial Statements. The Board of Directors, in its meeting held on May 16, 2023, has proposed a final dividend of Rs. 0.25 per equity share for the financial year ended March

31, 2023.The proposal is subject to the approval of shareholders at the Annual General Meeting. None of the subsidiary of the company has declared dividend for the financial year ended March 31,2023.

51 The company does not hold any benami property as defined under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder. No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

52 The Company does not have any transactions with companies struck off.

53 The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

54 The Company has not traded or invested in crypto currency or virtual currency during the financial year.

55 As on March 31, 2023, there is no unutilised amounts in respect of long term borrowings from banks and the borrowed funds have been utilised for the specific purpose for which the funds were raised.

56 The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 ( Such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

57 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner

whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

58 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner

whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

59 Previous year''s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them comparable with current year''s figures.

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Mar 31, 2018

CORPORATE INFORMATION

Dev Information Technology Limited (formerly known as Dev Information Technology Private Limited), incorporated under the Companies Act, 1956 is listed on NSE SME Platform (NSE Emerge). The Company is engaged in providing Information Technology (IT) services. The company offers tightly integrated end-to-end IT services to global clientele.

A. NOTES TO ACCOUNTS

1. Balances of Sundry Debtors, Creditors, and Loans & Advances Deposits are subject to the confirmation by the parties.

2. The Company got Listed on the SME platform of National Stock Exchange i.e. NSE Emerge.

3. The Company has come up with IPO of Equity Shares of Rs 10 each at a premium of Rs 32. The Company opened its IPO on 31/03/2017 which was closed on 06/04/2017.The Company''s shares got listed on NSE platform on 17/04/2017.

4. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2018. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

5. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its Property Plant & Equipment and arrived at the conclusion that Impairment loss which is difference between the carrying amount and recoverable value of Assets was not material and hence no provision is required to be made

6. Disclosure pursuant to Accounting Standard - 15 [Revised] ''Employee Benefits

a) The Company has, with effect from 1st April, 2007, adopted Accounting Standard 15, Employee Benefits [Revised 2005] [the ''Revised AS 15'']. In accordance with the transitional provisions governing gratuity valuation - defined benefit plan - long term liability based on actuarial valuation is as follows:

b) The Amount (in Rs.) as certified by the Approved Value is as under:

Reconciliation statement of expense in the statement of profit and loss Table Showing Changes in Present Value of Obligations

Sensitivity Analysis: Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate and expected salary increase rate. Effect of change in mortality rate is negligible. Please note that the sensitivity analysis presented below may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumption would occur in isolation of one another as some of the assumptions may be correlated. The results of sensitivity analysis are given below:

10. In the opinion of the Board, the Current Assets are approximately of the value stated if realized in ordinary course of business. Provisions for known liabilities are adequate and not excess of the amount reasonably necessary.

Figures of previous year has been regrouped or rearranged wherever necessary to make them comparable with those of the current years as per our separate report of even date.

Note No. 7

The company has only one class of shares referred to as equity shares having a par value of Rs 10. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees The dividend recommended by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting.

Note No. 8

The company has issued 56,500 shares to Hi Tech LLP for as part of Preferential Allotement for other than cash in pursuant to contract. The company has not bought back any share during the period of 5 years immediately preceding balance sheet date. Bonus Issue of 2,50,000 Eq. Shares of Face Value Rs10 Each in the Ratio of 1:2 i.e. 1 Bonus equity share for every 2 eq. shares held by shareholders in the year 2016-17. Bonus Issue of 32,26,000 eq. Shares of Face Value Rs. 10 each in the Ratio of 4:1 i.e. 4 Bonus equity shares for every 1 equity share held in the year 2016-17.

Note No. 9

There are no unpaid calls from Directors or officers.

Note No. 10

Equity shares rank pari pasu & subject to right, preference and restrictions under the Companies Act.

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Mar 31, 2016

1. Figures of previous year has been regrouped or rearranged wherever necessary to make them comparable with those of the current years.

2. Balances of Sundry Debtors, Creditors, and Loans & Advances Deposits are subject to the confirmation by the parties.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2016. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. Exchange difference arises on carrying amount of investment in foreign subsidiary is appropriately disclosed under Reserves & Surplus in the name of Foreign Currency Monetary Items Translation Difference Account.

5. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its fixed Assets and arrived at the conclusion that Impairment loss which is difference between the carrying amount and recoverable value of Assets was not material and hence no provision is required to be made.

6. Income Tax & TDS Demands for the A.Y. (2013-14 to 2016-17) of Rs. 10,41,262 for which company has not made any provisions in the books.

7. Earnings per share

B. During the year following transactions were carried out with related parties in the ordinary course of business and at Arms Length.

8. In the opinion of the Board, the Current Assets are approximately of the value stated if realized in ordinary course of business. Provisions for known liabilities are adequate and not excess of the amount reasonably necessary.

Note No. 9

During the year 2012-13 the Company has issued 400,000 equity shares as bonus shares. The Company has also made Preferential allotment of 50000 Equity Shares during 2012-13. The company has not issued any shares otherwise than for cash in pursuant to any contract nor the company has bought back any share during the period of 5 years immediately preceding balance sheet date.

Note No. 10

There are no unpaid calls from Directors or officers.

Note No. 11

Equity shares rank pari pasu a subject to right, preference and restrictions under the Companies Act.

Note 12

Note : ‘Stock in Trade valued at cost or Net Reliazable , Whichever is Lower

** Software Development Project in Progress are Valued At Cost.

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Mar 31, 2013

(B) NOTES ON ACCOUNTS:

Notes Annexed to and forming part of accounts for the year ended 31st March, 2013.

1. Figures of previous year has been regrouped or rearranged wherever necessary to make them comparable with those of the current years.

2. Balances of Sundry Debtors, Creditors, and Loans & Advances Deposits are subject to the confirmation by the parties.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. Exchange difference arises on carrying amount of investment in foreign subsidiary is appropriately disclosed under Reserves & Surplus in the name of Foreign Currency Monetary Items Translation Difference Account.

5. In terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its fixed Assets and arrived at the conclusion that Impairment loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

7. Disclosure in respect of related parties pursuant to Accounting Standard 18;

A. List of Related parties :

1) Key Management Personnel and Enterprises having common Key Management Personnel or their Relatives

Key Management Personnel:

1) Mr.Jaimin J.Shah - Executive Director

2) Mr. Pranay N. Pandya - Executive Director

Enterprises having common Key Management Personnel and/or their Relatives:

1) Devna Commercial Complex Private Limited

2) Anjanj Infrastructure Private Limited

3) Anjani Softech Private Limited

4) Byte Technosys Private Limited

5) Xduce Infotech Private Limited

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Mar 31, 2012

(B) NOTES ON ACCOUNTS:

Notes Annexed to and forming part of accounts for the year ended 31st March, 2012.

1. Figures of previous year has been regrouped or rearranged wherever necessary to make them comparable with those of the current years.

2. Balances of Sundry Debtors, Creditors, and Loans & Advances Deposits are subject to the confirmation by the parties.

3. There are no Micro and Small Enterprise, to whom company owes dues, which are outstanding for more than 45 days as at 31st March, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprise Development Act (MSMED Act), 2006 has been determined to the extent such parties have been indentified on the basis of information available with the company.

4. in terms of Accounting Standard 28 - Impairment of Assets issued by ICAI, the management has reviewed its fixed Assets and arrived at the conclusion that Impairment loss which is difference between the carrying amount and recoverable value of Assets, was not material and hence no provision is required to be made.

Note No. 5

During last 5 years the Company has not issued any shares as bonus shares or for payment received otherwise than cash or bought back any share.

Note No.6

There are no unpaid calls from Directors or officers.

Note No.7

Equity shares rank pari & pasu & subject to right, preference and restrictions under the Companies Act.

Note No.8

** There is no default as on the balance sheet date in repayment of loans and

Note No.9

There is no Impairment/Revaluation during the year under review.

Note No.10

There is no Advance or Deposis due from Directors, Officers Or Company in which Directors are members.

Note No.11

Note :* Stock in Trade valued at cost or Net Realiazable, Whichever is Lower

** Work In Progress Services are Valued At Cost

Note No.12

There is no Trade Receivable due from Directors, Officers Or Company in which Directors are member

Note No.13

There is no Loans/Advances due from Directors, Officers Or Company in which Directors are member.