Zensar Technologies : Subsidiary Financials

- - Zensar Technologies Inc - Financials - FY 2021-22

ZENSAR TECHNOLOGIES INC

55 W. Monreo Street, Suite 1200

Chicago, IL 60603, USA

Audited Financial Statements for

Financial Year 2021-22

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- - Zensar Technologies Inc - Financials - FY 2021-22

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF ZENSAR TECHNOLOGIES INC. Report on the Audit of Special Purpose Financial Statements

Opinion

We have audited the accompanying special purpose financial statements of Zensar Technologies Inc. ("the Company"), prepared by the Company for the purpose of consolidation by the its Holding Company ("Zensar Technologies Limited") which comprise the Balance Sheet as at March 31, 2022 and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid special purpose financial statements give a true and fair view on the basis mentioned herein below, in conformity with the Indian Accounting Standards, of the state of affairs of the Company as at March 31, 2022, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis of Preparation and Restriction on Use and distribution

Without modifying our opinion, we draw attention to Note 1B of the special purpose financial statements, which describes that these are prepared solely for the purpose of its consolidation with the Holding Company i.e. Zensar Technologies Limited. Our report is intended solely for the use of management and Board of Directors of the company and its holding company for the above purpose and should not be distributed to or used by any other parties.

Basis for Opinion

We conducted our audit of the special purpose financial statements in accordance with the Standards on Auditing (SA) issued by Institute of Chartered Accountants of India (ICAI) and using the materiality communicated to us by the auditors of the Holding Company. Accordingly, we planned and performed our audit using the component materiality which is different than the materiality that we would have used had we been designing the audit to express an opinion on the financial information of the component alone.

Our responsibilities under those Standards are further described in the Auditor's

Responsibility for the Audit of the Special Purpose Financial Statements 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 (ICAI) and we have fulfilled our other

ethical responsibilities in accordance with these requirements and the ICAI's Code of

Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the special purpose financial statements.

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- - Zensar Technologies Inc - Financials - FY 2021-22

Management's Responsibility for the Special Purpose Financial Statements

The Company's Board of Directors is responsible for the preparation of these special purpose financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013. This includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the special purpose financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the special purpose financial statements, management is responsible for

assessing the Company's ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditors' Responsibility for the Audit of the Special Purpose Financial Statements

Our objectives are to obtain reasonable assurance about whether the special purpose financial statements 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 special purpose financial statements.

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 special purpose financial statements, 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 financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists,

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- - Zensar Technologies Inc - Financials - FY 2021-22

we are required to draw attention in our auditor's report to the related disclosures in the

special purpose financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our

auditor's report. However, future events or conditions may cause the Company to cease

to continue as a going concern.

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

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

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

	For Deloitte Haskins & Sells LLP
	Chartered Accountants
	(Firm's Registration No. 117366W/W-100018)
	Sd/-
	Saira Nainar
Place: Pune	Partner
Date: May 09, 2022	(Membership No. 040081)
	(UDIN:22040081AIRKHI6303)

.

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- - Zensar Technologies Inc - Financials - FY 2021-22

Zensar Technologies Inc.

Balance Sheet

(All amounts in USD Lakhs, unless otherwise stated)

Balance Sheet as at	Notes	As at March 31, 2022	As at March 31, 2021
Assets
Non-current assets
(a) Property, plant and equipment	4	14	15
(b) Right of use assets	4(a) & 26(a)	84	62
(c) Capital work-in-progress		1	-
(d) Goodwill	31	366	366
(e) Other Intangible assets	4(c)	98	160
(f) Intangible assets under development		-	-
(g) Financial assets
i. Investments	5 (a)	290	1
ii. Other financial assets	5 (b)	11	24
(h) Income tax assets (net)	12 (a)	64	54
(i) Deferred tax assets (net)	6	41	27
(j) Other non-current assets	7	1	0
Total non-current assets		970	709
Current assets
(a) Financial assets
i. Trade receivables	5 (c)	643	548
ii. Cash and cash equivalents	5 (d)	191	139
iii. Other balances with banks	5 (e)	5	8
iv. Loans	5 (f)	-	-
v. Other financial assets	5 (g)	196	170
(b) Other current assets	8	113	92
Total current assets		1,148	957
Total assets		2,118	1,666
Equity and liabilities
Equity
(a) Equity share capital	9 (a)	310	160
(b) Other equity
' i. Reserves and surplus	9 (b) & 9 (c)	159	91
ii. Other components of equity	9 (e)	(20)	(20)
Total equity		449	231
Liabilities
Non-current liabilities
(a) Financial liabilities
i. Borrowings		-	-
ii. Lease Liabilities	11 (e)	81	72
iii. Other financial liabilities	11 (d)	40	2
(b) Employee benefit 0bligations	10	45	47
(c) Other non current liabilities	11 (a)	-	20
Total non-current liabilities		166	141
Current liabilities
(a) Financial liabilities
i. Borrowings	11 (b)	110	140
ii. Lease Liabilities	11 (e)	59	54
iii. Trade payables	11 (c)	1,134	881
iv. Other financial liabilities	11 (d)	133	157
(b) Employee benefit obligations	10	11	9
(c) Other current liabilities	11 (a)	50	53
(d) Income tax liabilities (net)	12 (a)	6	0
Total current liabilities		1,503	1,294
Total liabilities		1,669	1,435
Total equity and liabilities		2,118	1,666
The accompanying notes form an integral part of the financial statements
In terms of our report attached
For Deloitte Haskins & Sells LLP		For and on behalf of the Board of Directors of
Chartered Accountants		Zensar Technologies Inc.
(Firm's registration no: 117366W / W-100018)
Sd/-		Sd/-	Sd/-
Saira Nainar		Ajay Singh Bhutoria	Nachiketa Mitra
Partner		Director	Director
Membership No: 040081
Place: Pune
Date: May 09, 2022		Date: May 09, 2022

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