Notes to Accounts of Intense Technologies Ltd.

Mar 31, 2025

(m) Provisions & Contingent liabilities

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle
the obligation. If the effect of the time value of money is material, provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money
and the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage
of time is recognised as a finance cost.

Restructuring

A provision for restructuring is recognised when the Company has approved a detailed and formal restructuring
plan, and the restructuring either has commenced or has been announced publicly. Future operating costs are
not provided.

Onerous contracts

A provision for onerous contracts is recognised when the expected benefits to be derived by the Company from
a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is
measured at the present value of the lower of the expected cost of terminating the contract and the expected net
cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment
loss on the assets associated with that contract.

Reimbursement rights

Expected reimbursements for expenditures required to settle a provision are recognised only when receipt
of such reimbursements is virtually certain. Such reimbursements are recognised as a separate asset in the
balance sheet, with a corresponding credit to the specific expense for which the provision has been made.

Contingent liabilities

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
entity or a present obligation that arises from past events but is not recognized because it is not probable that
an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of
the obligation cannot be measured with sufficient reliability.

(n) Revenue recognition

The Company derives revenues primarily from IT services comprising software development and related services,
cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software
products and platforms across the Company''s core and digital offerings (together called as “software-related
services").

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and
the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at
the fair value of the consideration received or receivable, taking into account contractually defined terms of
payment and excluding taxes or duties collected on behalf of the government. The specific recognition criteria
described below must also be met before revenue is recognised.

The Company''s contracts with customers include an obligation to transfer multiple products and provision of
services to a customer. Revenues from customer contracts are considered for recognition and measurement
when the contract has been approved, in writing, by the parties to the contract, the parties to contract are
committed to perform their respective obligations under the contract, and the contract is legally enforceable.

The billing schedules agreed with customers include periodic performance-based billing and / or milestone-
based progress billings.

Revenue from licenses where the customer obtains a “right to use" the licenses is recognized at the time the
license is made available to the customer. Revenue from licenses where the customer obtains a “right to access"
is recognized over the access period.

Sale of Products

Revenue from Sale of Products is recognised when control of the Products are constructively transferred to the
customer at an amount that reflects the consideration entitled in exchange for those products.

Sale of services

Revenue from provision of services is recognised based on completion of defined milestones in contracts
executed or on time basis based on contract with customers and to the extent approved by customer.

Interest income

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the
applicable interest rate. Interest income is included under the head "other income" in the Statement of Profit
and Loss.

Dividend income

Dividend income is recognised when the Company''s right to receive the payment is established, which is
generally when shareholders approve the dividend. Dividend income is included under the head “other income"
in the Statement of Profit and Loss.

Exchange Gain

Transaction gains realized upon settlement of foreign currency transactions are included in determining net
profit for the period in which the transaction is settled. Exchange Gain is included under the head “other
income" in the Statement of Profit and Loss.

Other income

Revenue in respect of other income is recognized when a reasonable certainty as to its realization exists.

(o) Employee benefits

Employee benefits payable wholly within twelve months of receiving employee services are classified as short¬
term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted
amount of short term employee benefits to be paid in exchange for employee services is recognised as an
expense as the related service is rendered by employees.

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation
other than the contribution payable to the Provident fund, ESI and gratuity. The Company recognizes contribution
payable to the Provident fund, ESI and gratuity schemes as an expense when an employee renders the related
service.

The Company provides defined benefit gratuity plan for the employees in India, which requires contributions to
be made to a separately administered fund.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation at each Balance Sheet
date. These defined benefit plans expose the Company to actuarial risks, such as longevity risk, interest rate risk
and market risk.

Remeasurements, comprising of actuarial gains and losses, are recognized immediately in the balance sheet
with a corresponding debit or credit to retained earnings through OCI in the period in which they occur.
Remeasurements are not reclassified to profit and loss in subsequent periods.

(p) Leases

The determination of whether an arrangement is (or contains) a lease is based on the substance of the
arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement
is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or
assets, even if that right is not explicitly specified in an arrangement.

Company as a lessee

A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers
substantially all the risks and rewards incidental to ownership to the Company is classified as a finance lease.

Operating lease payments are recognised as an expense in the Statement of Profit and Loss on a straight-line
basis over the lease term.

Company as a lessor

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the
lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a
finance lease. All other leases are classified as operating leases.

(q) Employee Stock Option Plan (ESOP):

The Company recognizes compensation expense relating to share-based payments in net profit based on
estimated fair values of the awards on the grant date. The estimated fair value of awards is recognized as an
expense in the Statement of Profit and Loss on a straight-line basis over the requisite service period for each
separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding
increase to share options outstanding account.

(r) Dividends

Final dividends on shares are 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. The Company
declares and pays dividends in Indian rupees.

(s) Earnings per share:

The Company presents basic and diluted earnings per share ("EPS") data for its ordinary shares. Basic EPS is
calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding at the end of the period. Diluted EPS is determined by adjusting
the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares
outstanding for the effects of all dilutive potential ordinary shares, which includes all stock options granted to
employees.

(t) Subsequent Events:

There are no significant events that occurred after the balance sheet date.

b) Proceedings under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder

There are no proceedings initiated or are pending against the company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

c) Willful Defaulter

The Company is not declared as willful defaulter by any bank or financial Institution or other lenders.

d) Relationship with Struck off Companies

The Company did not have any transactions with Companies struck off under Section 248 of Companies Act,
2013 or Section 560 of Companies Act, 1956 considering the information available with the Company.

Formula adopted for above Ratios:

Current Ratio = Current Assets / (Total Current Liabilities - Security Deposits payable on Demand - Current
maturities of Long-Term Debt)

Debt-Equity Ratio = Total Debt / Total Equity

Debt Service Coverage Ratio = (EBITDA - Current Tax) / (Principal Repayment Gross Interest on term loans)

Return on Equity Ratio = Total Comprehensive Income / Average Total Equity

Inventory Turnover Ratio (Average Inventory days) = 365 / (Net Revenue / Average Inventories)

Trade receivables Turnover Ratio (Average Receivables days) = 365 / (Net Revenue / Average Trade receivables)

Trade Payables Turnover Ratio (Average Payable days) = 365 / (Net Revenue / Average Trade payables)

Net Working Capital Turnover Ratio = (Inventory Turnover Ratio Trade receivables turnover ratio - Trade payables
turnover ratio)

Net Profit Ratio = Net Profit / Net Revenue

Return on Capital employed = (Profit Before Tax Interest) / (Average of (Equity Total Long-term debt))

Return on Investment (Assets) = Total Comprehensive Income / Average Total Assets

f) Scheme of arrangements

There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013 during the year.

g) Advance or loan or investment to intermediaries and receipt of funds from intermediaries

The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or kind of funds) to any other person(s) or entity(ices), including foreign entities (Intermediaries)
with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (it) 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 (ii) provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.

The company has also 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 (i) 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 (ii) provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

h) Pending Charge or satisfaction with ROC

The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies
(‘ROC'') beyond the statutory period.

i) Undisclosed Income

The Company do not have any transactions which are not recorded in the books of accounts that has been
surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 during any of the
years.

j) Details of Crypto Currency or Virtual Currency

The Company did not trade or invest in Crypto Currency or virtual currency during the financial year. Hence,
disclosures relating to it are not applicable.

k) Revaluation of Property, Plant and Equipment’s.

During the year ended 31st March 2025, the Company has not revalued its Property, Plant and Equipment''s.

l) Title deeds of Immovable Properties

Tittle deeds comprising of all the Immovable properties of the land and building held by the company are in the
name of company as at the balance sheet date.

32. Employee Benefits

a) Defined contribution plan

Eligible employees receive benefits from the provident fund & ESI, which is a defined contribution plan. Both
the employee and the Company make monthly contributions to the provident fund plan equal to a specified
percentage of the covered employee''s basic salary. The Company has no further obligations under the plan beyond
its monthly contributions. The Company''s contribution to the Employees'' Provident Fund scheme maintained by
the Central Government is charged to the Statement of profit and loss on accrual basis.

b) Disclosures related to defined benefit plan

The Company has a defined benefit gratuity plan and is governed by Payment of Gratuity Act, 1972. Every employee
who has completed five years or more of service gets a gratuity on departure at 15 days last drawn salary for
each completed year of service. The scheme is funded by Life Insurance Corporation in the form of a qualifying
insurance policy. The following tables summarize the components of net benefit expense recognized in the
Statement of Profit and Loss, the fund status and balance sheet position:

37. Significant accounting judgements

The preparation of the Company''s Financial Statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities.

Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in future periods.

(A) Judgements

In the process of applying the Company''s accounting policies, management has made the following judgements,
which have the most significant effect on the amounts recognised in the Financial Statements.

(i) Lease commitments - the Company as lessee

The Company has entered into lease for office premises. The Company has determined, based on an
evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a
major part of the economic life of the land and office premises and the fair value of the asset, that it does
not retain significant risks and rewards of ownership of the land and the office premises and accounts for
the contracts as operating leases.

(B) Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year, are described below. The Company based its assumptions and estimates on
parameters available when the Financial Statements were prepared. Existing circumstances and assumptions
about future developments, however, may change due to market changes or circumstances arising that are
beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

(i) Defined employee benefit plans (Gratuity)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined
using actuarial valuations. An actuarial valuation involves making various assumptions that may differ
from actual developments in the future. These include the determination of the discount rate; future salary
increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature,
a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans
operated in India, the management considers the interest rates of government bonds in currencies consistent
with the currencies of the post-employment benefit obligation.

The mortality rate is based on publicly available mortality tables. Future salary increases and gratuity increases
are based on expected future inflation rates. Further details about gratuity obligations are given in Note 32.

38. Financial risk management objectives and policies
Financial Risk Management Framework

The Company is exposed primarily to Credit Risk, Liquidity Risk and Market risk (fluctuations in foreign currency
exchange rates and interest rate), which may adversely impact the fair value of its financial instruments. The

Company assesses the unpredictability of the financial environment and seeks to mitigate potential adverse effects
on the financial performance of the Company.

Credit Risk

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. Credit risk encompasses both the direct risk of default and the risk of
deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit limits
and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining
necessary approvals for credit. Financial instruments that are subject to concentrations of credit risk principally
consist of trade receivables, investments, loans, cash and cash equivalents, bank deposits and other financial assets.
None of the financial instruments of the Company result in material concentration of credit risk, except for trade
receivables.

Exposure to credit risk:

The carrying amount of Trade receivable represents the maximum credit exposure. The maximum exposure to credit
risk was '' 506,149 (excluding Subsidiaries) (In thousands) & '' 335,280 (excluding Subsidiaries) (In thousands) as
of March 31, 2025 and March 31, 2024, respectively, being the total of the carrying number of balances with trade
receivables.

Trade receivables:

Ind AS requires expected credit losses to be measured through a loss allowance. The Company assesses at each date
of statements of financial position whether a financial asset or a group of financial assets is impaired. Expected
credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to
the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial
recognition. The Company has used a practical expedient by computing the expected credit loss allowance for trade
receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and
adjusted for forward-looking information.

Before accepting any new customer, the Company uses an internal credit scoring system to assess the potential
customer''s credit quality and define credit limits of customer. Limits and scoring attributed to customers are reviewed
at periodic intervals. The expected credit loss allowance is based on the ageing of the days the receivables are due.

Liquidity Risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity
risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing
facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity.

As of 31 March 2025, the Company had working capital (current assets less current liabilities) of '' 473,843 (in
thousands) including cash and cash equivalents of '' 132,513 (in thousands), investments in term deposits & Mutual
Funds of '' 349,295 (in thousands). As of 31 March 2024, the Company had working capital (current assets less current
liabilities) of '' 301,441 (in thousands) including cash and cash equivalents of '' 127,266(in thousands), investments
in term deposits & Mutual Funds of '' 462,395 (in thousands)

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices. Such changes in the values of financial instruments may result from changes in the

foreign currency exchange rates, interest rates, credit, liquidity and other market changes. The Company''s exposure
to market risk is primarily on account of foreign currency exchange rate risk.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of change in market interest rates. As the Company''s debt obligation with Fixed interest rates are in Rupees which is
subject to insignificant change, exposure to the risk of changes in market interest rates are substantially independent
of changes in market interest rates. As the company has no significant interest-bearing assets, the income and
operating cash flows are substantially independent of changes in market interest rates.

Foreign Currency exchange rate risk

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss and
other comprehensive income and equity, where any transaction references more than one currency or where assets
/ liabilities are denominated in a currency other than the functional currency of the respective entities. Considering
the countries and economic environment in which the Company operates, its operations are subject to risks arising
from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in US Dollar, Euros,
AED and GBP against the functional currencies of the Company.

As per our Report of even date attached.

For MSPR & Co., For and on behalf of the Board of Directors of

Chartered Accountants INTENSE TECHNOLOGIES LIMITED

Firm Regn.No.010152S

Sd/- Sd/- Sd/-

Madhusudhan Voruganti C.K. Shastri Jayant Dwarkanath

^Partner Managing Director Director

^Membership ^No.²⁰⁸⁷⁰¹ DIN: 00329398 DIN: 00329597

UDIN: 25208701BMIOKY6466

Sd/- Sd/-

Date:16^th May 2025 Nitin Sarda Podugu Pratyusha

Place: Hyderabad Chief Financial Officer Company Secretary

---

Mar 31, 2024

(m) Provisions & Contingent liabilities

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Restructuring

A provision for restructuring is recognised when the Company has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating costs are not provided.

Onerous contracts

A provision for onerous contracts is recognised when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract.

Reimbursement rights

Expected reimbursements for expenditures required to settle a provision are recognised only when receipt of such reimbursements is virtually certain. Such reimbursements are recognised as a separate asset in the balance sheet, with a corresponding credit to the specific expense for which the provision has been made.

Contingent liabilities

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability

(n) Revenue recognition

The Company derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Company''s core and digital offerings (together called as "software-related services”).

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government. The specific recognition criteria described below must also be met before revenue is recognised.

The Company''s contracts with customers include an obligation to transfer multiple products and provision of services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable.

The billing schedules agreed with customers include periodic performance-based billing and / or milestone-based progress billings.

Revenue from licenses where the customer obtains a "right to use” the licenses is recognized at the time the license is made available to the customer. Revenue from licenses where the customer obtains a "right to access” is recognized over the access period.

Sale of Products

Revenue from Sale of Products is recognised when control of the goods are constructively transferred to the customer at an amount that reflects the consideration entitled in exchange for those goods.

Sale of services

Revenue from provision of services is recognised based on completion of defined milestones in contracts executed with customers and approved by customer.

Interest income

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head "other income” in the statement of profit and loss.

Dividend income

Dividend income is recognised when the Company''s right to receive the payment is established, which is generally when shareholders approve the dividend. Dividend income is included under the head "other income” in the statement of profit and loss.

Exchange Gain / Loss

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Exchange Gain/Loss is included under the head "other income” in the statement of profit and loss.

Other income

Revenue in respect of other income is recognized when a reasonable certainty as to its realization exists.

(o) Employee benefits

Employee benefits payable wholly within twelve months of receiving employee services are classified as short-term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted amount of shortterm employee benefits to be paid in exchange for employee services is recognised as an expense as the related service is rendered by employees.

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation other than the contribution payable to the Provident fund, ESI and gratuity. The Company recognizes contribution payable to the Provident fund, ESI and gratuity schemes as an expense when an employee renders the related service.

The Company provides defined benefit gratuity plan for the employees in India, which requires contributions to be made to a separately administered fund.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Company to actuarial risks, such as longevity risk, interest rate risk and market risk.

Remeasurements, comprising of actuarial gains and losses, are recognized immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.

(p) Leases

The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.

Company as a lessee

A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Company is classified as a finance lease.

Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis over the lease term.

Company as a lessor

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

(q) Employee Stock Option Plan (ESOP):

The Company recognizes compensation expense relating to share-based payments in net profit based on estimated fair values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in the Statement of Profit and Loss on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding account.

(r) Dividends

Final dividends on shares are 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. The Company declares and pays dividends in Indian rupees.

(s) Earnings per share:

The Company presents basic and diluted earnings per share ("EPS”) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of

Trade receivables Turnover Ratio (Average Receivables days) = 365 / (Net Revenue / Average Trade receivables)

Trade Payables Turnover Ratio (Average Payable days) = 365 / (Net Revenue / Average Trade payables)

Net Working Capital Turnover Ratio = (Inventory Turnover Ratio Trade receivables turnover ratio - Trade payables turnover ratio)

Net Profit Ratio = Net Profit before Tax / Net Revenue

Return on Capital employed = (Profit Before Tax Interest) / (Average of (Equity Total Long-term debt))

Return on Investment (Assets) = Total Comprehensive Income / Average Total Assets

f) Scheme of arrangements

There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the year.

g) Advance or loan or investment to intermediaries and receipt of funds from intermediaries

The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) 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 (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

The company has also 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 (i) 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 (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

h) Pending Charge or satisfaction with ROC

The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (''ROC'') beyond the statutory period.

i) Undisclosed Income

The Company do not have any transactions which are not recorded in the books of accounts that has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 during any of the years.

j) Details of Crypto Currency or Virtual Currency

The Company did not trade or invest in Crypto Currency or virtual currency during the financial year. Hence, disclosures relating to it are not applicable.

k) Revaluation of Property, Plant and Equipment’s.

During the year ended 31st March 2024, the Company has not revalued its Property, Plant and Equipment''s.

l) Title deeds of Immovable Properties

Tittle deeds comprising of all the Immovable properties of the land and building held by the company are in the name of company as at the balance sheet date.

37. Significant accounting judgements

The preparation of the Company''s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities.

Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

(A) Judgements

In the process of applying the Company''s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements.

(i) Lease commitments - the Company as lessee

The Company has entered into lease for office premises. The Company has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a major part of the economic

life of the land and office premises and the fair value of the asset, that it does not retain significant risks and rewards of ownership of the land and the office premises and accounts for the contracts as operating leases.

(B) Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

(i) Defined employee benefit plans (Gratuity)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate; future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation.

The mortality rate is based on publicly available mortality tables. Future salary increases and gratuity increases are based on expected future inflation rates. Further details about gratuity obligations are given in Note 32.

38. Financial risk management objectives and policies

Financial Risk Management Framework

The Company is exposed primarily to Credit Risk, Liquidity Risk and Market risk (fluctuations in foreign currency exchange rates and interest rate), which may adversely impact the fair value of its financial instruments. The Company assesses the unpredictability of the financial environment and seeks to mitigate potential adverse effects on the financial performance of the Company.

Credit Risk

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. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit. Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, investments, loans, cash and cash equivalents, bank deposits and other financial assets. None of the financial instruments of the Company result in material concentration of credit risk, except for trade receivables.

Exposure to credit risk:

The carrying amount of Trade receivable represents the maximum credit exposure. The maximum exposure to credit risk was '' 335,280 (excluding Subsidiaries) (In thousands) & '' 454,163 (excluding Subsidiaries) (In thousands) as of March 31, 2024 and March 31, 2023, respectively, being the total of the carrying number of balances with trade receivables.

Trade receivables:

Ind AS requires expected credit losses to be measured through a loss allowance. The Company assesses at each date of statements of financial position whether a financial asset or a group of financial assets is impaired. Expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information.

Before accepting any new customer, the Company uses an external/internal credit scoring system to assess the potential customer''s credit quality and define credit limits of customer. Limits and scoring attributed to customers are reviewed at periodic intervals. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix.

Liquidity Risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity.

As of 31 March 2024, the Company had working capital (current assets less current liabilities) of '' 301,441 (in thousands) including cash and cash equivalents of '' 127,266(in thousands), investments in term deposits & Mutual Funds of '' 462,395 (in thousands). As of 31 March 2023, the Company had working capital (current assets less current liabilities) of ''401,989 (in thousands) including cash and cash equivalents of '' 103,113(in thousands), investments in term deposits and Mutual Funds of '' 235,832(in thousands).

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates, credit, liquidity and other market changes. The Company''s exposure to market risk is primarily on account of foreign currency exchange rate risk.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of change in market interest rates. As the Company''s debt obligation with Fixed interest rates are in Rupees which is subject to insignificant change, exposure to the risk of changes in market interest rates are substantially independent of changes in market interest rates. As the company has no significant interest-bearing assets, the income and operating cash flows are substantially independent of changes in market interest rates.

Foreign Currency exchange rate risk

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss and other comprehensive income and equity, where any transaction references more than one currency or where assets / liabilities are denominated in a currency other than the functional currency of the respective entities. Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in US Dollar, Euros, AED and GBP against the functional currencies of the Company.

As per our Report of even date attached.

For MSPR & Co., For and on behalf of the Board of Directors of

Chartered Accountants INTENSE TECHNOLOGIES LIMITED

ICAI Firm Regn. No. 010152S

Madhusudhan Voruganti C.K. Shastri Jayant Dwarkanath

Partner Managing Director Director

Membership No. 208701 DIN: 00329398 DIN: 00329597

UDIN: 24208701BKAIYT9521

Date: 17th May 2024 Nitin Sarda Podugu Pratyusha

Place: Hyderabad Chief Financial Officer Company Secretary

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Mar 31, 2023

Proceedings under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder

There are no proceedings initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

d) Willful Defaulter

The Company is not declared as willful defaulter by any bank or financial Institution or other lenders.

e) Relationship with Struck off Companies

The Company did not have any transactions with Companies struck off under Section 248 of Companies Act, 2013 or Section 560 of Companies Act, 1956 considering the information available with the Company.

f) Compliance with number of layers of companies

The Company do not have any parent company and accordingly, compliance with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 is not applicable for the year under consideration.

Formula adopted for above Ratios:

Current Ratio = Current Assets / (Total Current Liabilities - Security Deposits payable on Demand - Current maturities of Long-Term Debt)

Debt-Equity Ratio = Total Debt / Total Equity

Debt Service Coverage Ratio = (EBITDA - Current Tax) / (Principal Repayment Gross Interest on term loans)

Return on Equity Ratio = Total Comprehensive Income / Average Total Equity

Inventory Turnover Ratio (Average Inventory days) = 365 / (Net Revenue / Average Inventories)

Trade receivables Turnover Ratio (Average Receivables days) = 365 / (Net Revenue / Average Trade receivables)

Trade Payables Turnover Ratio (Average Payable days) = 365 / (Net Revenue / Average Trade payables)

Net Working Capital Turnover Ratio = (Inventory Turnover Ratio Trade receivables turnover ratio - Trade payables turnover ratio)

Net Profit Ratio = Net Profit / Net Revenue

Return on Capital employed = (Profit Before Tax Interest) / (Average of (Equity Total Long-term debt))

Return on Investment (Assets) = Total Comprehensive Income / Average Total Assets

h) Scheme of arrangements

There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the year.

i) Advance or loan or investment to intermediaries and receipt of funds from intermediaries

The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) 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 (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

The company has also 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 (i) 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 (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

j) Pending Charge or satisfaction with ROC

The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (''ROC'') beyond the statutory period.

k) Undisclosed Income

The Company do not have any transactions which are not recorded in the books of accounts that has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 during any of the years.

l) Details of Crypto Currency or Virtual Currency

The Company did not trade or invest in Crypto Currency or virtual currency during the financial year. Hence, disclosures relating to it are not applicable.

m) Revaluation of Property, Plant and Equipment’s.

During the year ended 31st March 2023, the Company has not revalued its Property, Plant and Equipment''s.

n) Title deeds of Immovable Properties

Tittle deeds comprising of all the Immovable properties of the land and building held by the company are in the name of company as at the balance sheet date.

31. Commitments and Contingencies

Contingent liabilities
Particulars	Year Ended 31st March 2023	Year Ended 31st March 2022
Counter Guarantees given to Banks towards issue of B.G''s	38,935	33,150
Dues relating to Income tax*	5,103	5,103

* Dues relating to Income Tax for the Financial Year 2016-17 relevant to the Assessment Year 2017-18 the Company has demand of ''5,103 thousand which the Company is contesting and filed an application for Rectification under sec.154 of the Income Tax Act. Based on consultant opinion the Company is confident of favorable order.

32. Employee Benefits a) Defined contribution plan

Eligible employees receive benefits from the provident fund & ESI, which is a defined contribution plan. Both the employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee''s basic salary. The Company has no further obligations under the plan beyond its monthly contributions. The Company''s contribution to the Employees'' Provident Fund scheme maintained by the Central Government is charged to the statement of profit and loss on accrual basis.

b) Disclosures related to defined benefit plan

The Company has a defined benefit gratuity plan and is governed by Payment of Gratuity Act, 1972. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days last drawn salary for each completed year of service. The scheme is funded by Life Insurance Corporation in the form of a qualifying insurance policy. The following tables summarize the components of net benefit expense recognized in the statement of profit and loss, the fund status and balance sheet position:

37. Significant accounting judgements, estimates and assumption

The preparation of the Company''s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities.

Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

(A) Judgements

In the process of applying the Company''s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements.

(i) Lease commitments - the Company as lessee

The Company has entered into leases for office premises. The Company has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a major part of the economic life of the land and office premises and the fair value of the asset, that it does not retain significant risks and rewards of ownership of the land and the office premises and accounts for the contracts as operating leases.

(B) Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however,

may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

(i) Defined employee benefit plans (Gratuity)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate; future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation.

The mortality rate is based on publicly available mortality tables. Future salary increases and gratuity increases are based on expected future inflation rates. Further details about gratuity obligations are given in Note 32

38. Fair Values

The management assessed that loans, cash and cash equivalents, trade receivables, borrowings, trade payables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

The fair value of the financial assets and liabilities is included 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.

39. Financial risk management objectives and policies

Financial Risk Management Framework

The Company is exposed primarily to Credit Risk, Liquidity Risk and Market risk (fluctuations in foreign currency exchange rates and interest rate), which may adversely impact the fair value of its financial instruments. The Company assesses the unpredictability of the financial environment and seeks to mitigate potential adverse effects on the financial performance of the Company.

Credit Risk

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. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit. Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, investments, loans, cash and cash equivalents, bank deposits and other financial assets. None of the financial instruments of the Company result in material concentration of credit risk, except for trade receivables.

Exposure to credit risk:

The carrying amount of Trade receivable represents the maximum credit exposure. The maximum exposure to credit risk was ''454,163 (excluding Subsidiaries) (In thousands) & ''399,503 (excluding Subsidiaries) (In thousands) as of March 31, 2023 & March 31, 2022, respectively, being the total of the carrying number of balances with trade receivables.

Trade receivables:

Ind AS requires expected credit losses to be measured through a loss allowance. The Company assesses at each date of statements of financial position whether a financial asset or a group of financial assets is impaired. Expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information.

Before accepting any new customer, the Company uses an external/internal credit scoring system to assess the potential customer''s credit quality and define credit limits of customer. Limits and scoring attributed to customers are reviewed at periodic intervals. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix.

Liquidity Risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

As of 31st March 2023, the Company had working capital (current assets less current liabilities) of ''401,988 (in thousands) including cash and cash equivalents of ''103,113(in thousands), investments in term deposits of '' 171,204 (in thousands). As of 31st March 2022, the Company had working capital (current assets less current liabilities) of ''388,144 (in thousands) including cash and cash equivalents of ''205,196(in thousands), investments in term deposits of ''180,997(in thousands).

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates, credit, liquidity and other market changes. The Company''s exposure to market risk is primarily on account of foreign currency exchange rate risk.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of change in market interest rates. As the Company''s debt obligation with Fixed interest rates are in Rupees which is subject to insignificant change, exposure to the risk of changes in market interest rates are substantially independent of changes in market interest rates. As the company has no significant interest-bearing assets, the income and operating cash flows are substantially independent of changes in market interest rates.

Foreign Currency exchange rate risk

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss and other comprehensive income and equity, where any transaction references more than one currency or where assets / liabilities are denominated in a currency other than the functional currency of the respective entities. Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in US Dollar, Euros, AED and GBP against the functional currencies of the Company.

i. Investments

Investments in equity instruments are carried at fair value through OCI as per IND-AS 109 as compared to being carried at cost under Previous GAAP.

ii. Deferred Tax Liabilities

Previous GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires accounting for deferred taxes using the Balance sheet approach, which focuses on temporary difference between the carrying amount of an asset or liability in the Balance Sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Previous GAAP. In addition, the various transitional adjustments lead to temporary differences and

the Company has accounted for such differences. Deferred tax adjustments are recognized in correlation to the underlying transaction in other equity.

iii. Remeasure of actuarial gains/ (losses):

Both under Previous GAAP and Ind AS, the Company recognised costs related to its post-employment defined benefit plan on an actuarial basis. Under Previous GAAP, the entire cost, including actuarial gains and losses, is charged to profit or loss. Under Ind AS, remeasurements comprising of actuarial gains and losses are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI.

iv. Other comprehensive income

As per Ind AS, the company translated Previous GAAP profit or loss to total comprehensive income.

v. Statement of cash flows

The transition from Indian GAAP to Ind AS has not had a material impact on the statement of cash flows.

vi. Adjustments to Opening reserves.

Preliminary expenses which has been classified in BS as Other Assets have been adjusted to Opening reserves.

vii. Prior period adjustments

Prior period adjustments in Profit and loss account have been adjusted to opening reserves.

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Mar 31, 2018

Notes to Standalone Financial Statements for the year ended 31st March 2018

(All amounts are In Indian Rupees In thousands, except share data and unless otherwise stated)

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period. No changes were made in the objectives, policies or processes for managing capital during the year ended March 31, 2018.

45. First time adoption of Ind AS

These financial statements, for the year ended March 31, 2018, are the first set of financial statements, the Company has prepared in accordance with Ind AS. For periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with Rule 7 of the Companies (Accounts) Rules, 2014 ("Indian GAAP" or "Previous GAAP").

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on March 31, 2018, together with the comparative period data as at and for the year ended March 31, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Company''s opening balance sheet was prepared as at April 1, 2016, the Company''s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at April 1, 2016 and the financial statements as at and for the year ended March 31, 2017.

Exemptions applied

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

(a) Ind AS 103 Business Combinations has not been applied to acquisitions of subsidiaries, which are considered businesses under Ind AS that occurred before April 1, 2016. Use of this exemption means that the Indian GAAP carrying amounts of assets and liabilities, that are required to be recognised under Ind AS, is their deemed cost at the date of the acquisition. After the date of the acquisition, measurement is in accordance with respective Ind AS. The Company recognises all assets acquired and liabilities assumed in a past business combination. Assets and liabilities that do not qualify for recognition under Ind AS are excluded from the opening Ind AS balance sheet. The Company did not recognise or exclude any previously recognised amounts as a result of Ind AS recognition requirements.

(b) The Company has elected to regard carrying values for all of property, plant and equipment as deemed cost at the date of the transition.

(c) The Company applied Ind AS 102 Share-based payment to equity instruments that remain unvested as of transition date.The Company has elected to avail this exemption and apply the requirements of Ind AS 102 to all such grants.Accordingly.these options have been measured at fair value as against intrinsic value previously under IGAAP.

(d) The Company has elected to avail Ind AS 101 exemption with regard to Long Term Foreign Currency Monetary Items and may continue to adopt for accounting for exchange differences arising from translation of long-term foreign currency monetary items to be recognised in financial statements.

(e) Under Ind AS 109, at initial recognition of a financial asset, an entity may take irrevocable election to present subsequent changes in the fair value of an investment in an equity instrument in other comprehensive income. Ind AS 101 allows such designation of previously recognized financial asset as ''fair value through other comprehensive income'' on the basis of the facts and circumstances that existed at the date of transition to Ind AS.

Accordingly, the Company has designated its investments in certain equity instruments at fair value through other comprehensive income on the basis of the facts and circumstances that existed at the date of transition to Ind AS.

(f) In the preparation of separate financial statements, Ind AS 27 Separate Financial Statements requires an entity to account for its investments in subsidiaries, jointly controlled entities and associates either:

i) At cost, or

ii) In accordance with Ind AS 109.

If a first-time adopter measures such an investment at cost, it can measure that investment at one of the following amounts in its separate opening Ind AS balance sheet:

• Cost determined in accordance with Ind AS 27

• Deemed cost, defined as

- Fair value determined in accordance with Ind AS 113 at the date of transition to Ind AS, or

- Previous GAAP carrying amount at the transition date.

A first-time adopter may choose to use either of these bases to measure investment in each subsidiary, joint venture or associate where it elects to use a deemed cost.

Accordingly, the Company has opted to carry the investment in subsidiaries and associate at the Previous GAAP carrying amount at the transition date.

Estimates

The estimates as at April 01, 2016 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies) apart from impairment of financial assets based on expected credit loss model where application of Indian GAAP did not require estimation. The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions at April 01, 2016 (transition date), March 31, 2017 and March 31, 2018.

The reconiliation of Equity as previously reported (referred to as ''Indian GAAP'') and as per Ind AS is as per the table below:

Particulars	31.03.2017	01.04.2016
Equity under previous GAAP attributable to the shareholders of the Company	6,76,072	5,51,759
Restatement of Prior Period Income pertaining to FY 2016-17	(1,50,000)	-
Amortisation of Preliminary Expenses	-	65
Current tax Adjustments	47,930	-
Deferred tax adjustments	(17,271)	(19,286)
Fair valuation of investments	579	(646)
Prior period items Adjusted to Opening reserves	-	(4,576)
Equity under Ind AS attributable to the shareholders of the Company	5,57,309	5,27,316

The Company has also prepared a reconciliation of the net profit for the corresponding period / year under the previously applicable Generally Accepted Accounting Principles (''Previous GAAP'') with the total comprehensive income as reported in these financial results under Ind AS. The net profit reconciliation for the quarter and year ended March 31, 2017 are presented below:

Nature of Adjustments	Rupees in Thousands
	Year ended Mar 31, 2017
Profit as per erstwhile Indian GAAP	1,31,122
Restatement of Prior Period Income pertaining to FY 2016-17	(1,50,000)
Re-measurement gains/(losses) on employee defined benefit plans	6,646
Unamortised expense adjusted against opening retained earnings	646
Current tax Adjustments	47,930
Deferred tax adjustments	(1,902)
Net Profit Under Ind AS	34,441
Other Comprehensive income, net of tax	(4,448)
Total Comprehensive Income	29,993

Notes to reconciliation of equity as at April 01, 2016 and March 31, 2017 and profit or loss for the year ended March 31, 2017 i. Investments

Investments in equity instruments are carried at fair value through OCI as per IND-AS 109 as compared to being carried at cost under Previous GAAP. ii. Deferred Tax Liabilities

Previous GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires accounting for deferred taxes using the Balance sheet approach, which focuses on temporary difference between the carrying amount of an asset or liability in the Balance Sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Previous GAAP. In addition, the various transitional adjustments lead to temporary differences and the Company has accounted for such differences. Deferred tax adjustment are recognised in correlation to the underlying transaction in other equity.

ill. Remeasure of actuarial gains/ (losses):

Both under Previous GAAP and Ind AS, the Company recognised costs related to its post-employment defined benefit plan on an actuarial basis. Under Previous GAAP, the entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind AS, remeasurements comprising of actuarial gains and losses are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI. Thus, the employee benefit cost is increased by Rs 6645 thousands and remeasurement gains/ losses on defined benefit plans has been recognized in the OCI.

iv. Other comprehensive income

As per Ind AS, the company translated Previous GAAP profit or loss to total comprehensive income .

v. Statement of cash flows

The transition from Indian GAAP to Ind AS has not had a material impact on the statement of cash flows.

vi. Adjustments to Opening reserves

Preliminary expenses which has been classified in BS as Other Assets have been adjuted to Opening reserves

vii. Prior period adjstments

Prior period adjstments in Profit and loss account have been adjusted to opening reserves

As per our Report of even date attached

For M.V. NARAYANA REDDY & CO.,	For and on behalf of the Board of Directors of
Chartered Accountants	INTENSE TECHNOLOGIES LIMITED
Firm Regn No. 002370S
Y Subba Rami Reddy	C.K. Shastri	Jayant Dwarkanath
Partner	Managing Director	Director
M No: 218248	DIN: 00329398	DIN : 00329597
Date: 30 May, 2018
Place: Hyderabad	K. Tejaswi
	Company Secretary

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Mar 31, 2016

1. The previous years figures have been recast/restated/regrouped, wherever necessary, to conform to the current period''s classification.

2. Balances of various parties, debtors and creditors are subject to confirmation.

3. Prior Period Items

Prior period item includes depreciation of previous year amounting to '' 1,41,52,354/- provided during the year

4. Deferred Tax Assets/Liabilities:

Deferred tax asset was provided as per AS-22, accounting for taxes on income.

5. Impairment of Fixed Assets:

As per AS-28 on "Impairment of Assets”, all assets other than current assets, investments and deferred tax assets are reviewed for impairment wherever event/s or changes in circumstances indicate that carrying of amount of those assets may not be recoverable.

6. Overseas Branch Accounts & Audit:

We have considered the Auditor''s Report dated 6th May 2016 of Sashi Kala Devi Associates, Singapore, Auditors of Singapore Branch in framing our Audit Report.

7. ESOP''s vested and exercised by Management Personnel:

(i) Jayant Dwarkanath - 8,62,500 stock options were exercised and converted into Equity Shares of '' 2/each.

8. Gratuity Report under AS-15 (rev) as on 31.03.2016

The Present Value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

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Mar 31, 2015

1. Share Capital

a) Rights of shareholders :

The Company has only one class of equity shareholders. Each holder of equity shares is entitled to one vote per share.

2. The previous years figures have been recast/restated/regrouped, wherever necessary, to conform to the current period's classification.

3. Balances of various parties, debtors and creditors are subject to confirmation.

4. Quantitative Details:

The Company is engaged in development and maintenance of software products, solutions and related services. The production and sale of such software products, solutions and related services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and certain information as required.

The Company's operations predominantly relates to software product development, solutions and related services, hence no reportable primary segment information is made. The secondary segment reporting of the company's revenues are as follows:

5. Prior Period Items

Prior period item of Rs. 2.46 lakhs net of credit items of Rs. 4.65 lakhs and debit items of Rs. 7.11 lakhs.

6. Deferred Tax Assets/Liabilities:

Deferred tax asset was provided as per AS-22, accounting for taxes on income.

7. Impairment of Fixed Assets:

As per AS-28 on "Impairment of Assets", all assets other than current assets, investments and deferred tax assets are reviewed for impairment wherever event/s or changes in circumstances indicate that carrying of amount of those assets may not be recoverable.

8. Overseas Branch Accounts & Audit:

We have considered the Auditor's Report dated 5th May 2015 of Sashi Kala Devi Associates, Singapore, Auditors of Singapore Branch in framing our Audit Report.

9. Related Party Disclosures:

A) Key Managerial Personnel

(i) Mr. C. K. Shastri, Chairman and Managing Director

(ii) Mr. Jayant Dwarkanath, Whole time Director

(iii) Mr. Navajyoth Puttaparthi, Company Secretary & Compliance Officer

(iv) Mr. H. Madhukar Nayak, Head-Finance

B) Relatives of Key Managerial Personnel

(i) Ms. Anisha Chidhella, Daughter of Chairman and Managing Director, working as a Senior Business Consultant.

(ii) Mrs. P Vijaya Lakshmi, Mother of Company Secretary & Compliance Officer, working as a Business Consultant.

C) Enterprises in which Key Managerial Personnel 14(A) above has significant influence:

(i) M/s Kytes IT Services Pvt Ltd (formerly M/s e-JAS Tech Solutions Pvt Ltd)

(ii) M/s i - trace Nanotech Pvt Ltd

(iii) M/s Pavisara Greentech Pvt Ltd

10. ESOP's granted to Management Personnel:

(i) Jayant Dwarkanath - 8,62,500 stock options.

11. Gratuity Report under AS-15 (rev) as on 31.03.2015

The Present Value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Gratuity Report under AS-15 (rev) for the year ended 31st March 2015.

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Mar 31, 2014

1.a) Rights of shareholders :

The Company has only one class of equity shareholders. Each holder of equity shares is entitled to one vote per share.

2. The previous years figures have been recast/restated/regrouped, wherever necessary, to conform to the current period''s classification.

3. Balances of various parties, debtors and creditors are subject to confirmation.

4. Subsidiary Companies:

The Company has incorporated the following 100% subsidiaries. However there were no commercial operations during the financial year 2013-14.

5. Quantitative Details:

Additional information pursuant to the provisions of paragraphs 3,4C and 4D of Part II of Schedule VI of the Companies Act, 1956.

The Company is engaged in development and maintenance of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and certain information as required under paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

(Rs. in lakhs) 2013-2014 2012-2013 Contingent Liabilities: Counter Guarantees given to Banks towards issue of B.G.s 30.09 49.95

Outstanding Bank Guarantees 30.09 49.95

Managerial Remuneration: Managing & Whole time Directors 120.00 90.80

Expenditure in Foreign Currency: Travel Expenses 217.08 160.13

Other Expenditure incurred 83.18 65.86

Transferred for Singapore Branch Expenses 0.58 32.05

Transferred to Subsidiaries 121.20 -

6. Prior Period Items

Prior period item of Rs. 63.63 lakhs net of credit items of Rs. 70.37 lakhs and debit items of Rs. 6.74 lakhs.

7. Deferred Tax Assets/Liabilities:

Deferred tax asset was provided as per AS-22, accounting for taxes on income.

8. Impairment of Fixed Assets:

As per AS-28 on "Impairment of Assets", all assets other than current assets, investments and deferred tax assets are reviewed for impairment wherever event/s or changes in circumstances indicate that carrying of amount of those assets may not be recoverable.

9. Overseas Branch Accounts & Audit:

We have considered the Auditor''s Report dated 25th May 2014 of Sashi Kala Devi Associates, Singapore, Auditors of Singapore Branch in framing our Audit Report.

10. Gratuity Report under AS-15 (rev) as on 31.03.2014

The Present Value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

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Mar 31, 2013

1. As per the Andhra Pradesh High Court Orders dated 19th March,2013, (a) the Company has reduced its paid up Share Capital from Rs. 19,13,78,820/- (Rupees Nineteen Crores Thirteen Lakhs Seventy Eight Thousand, Eight Hundred and Twenty) divided into 1,91,37,882 Equity shares of Rs. 10/- each to Rs. 3,82,75,764/- (Rupees Three Crores Eighty Two Lakhs Seventy Five Thousand, Seven Hundred and Sixty Four) divided into 1,91,37,882 Equity shares of Rs. 2/- each bearing distinctive nos 0001 to 1,91,37,882 and (b) an amount of Rs. 11,95,16,160/- out of Rs. 40,60,19,259/- of Share Premium Account of the company as on 31.03.2012, which has been lost or is unrepresented by available assets, has been written off and (c) the accumulated losses of the Company Rs. 27,26,19,216/- shown as the debit balance in the Profit & Loss Account as on 31.3.2012 have been written off fully by utilizing the aforesaid reduction in the Paid up Capital amount of Rs. 15,31,03,056/- and the Share Premium amount of Rs. 11,95,16,160/-;

2. The previous years figures have been recast/restated/regrouped, wherever necessary, to conform to the current period''s classification.

3. Balances of various parties, debtors and creditors are subject to confirmation.

4. Quantitative Details:

Additional information pursuant to the provisions of paragraphs 3,4C and 4D of Part II of Schedule VI of the Companies Act, 1956.

The Company is engaged in development and maintenance of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and certain information as required under paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

(Rs.in Lakhs) 2012-2013 2011-2012

Contingent Liabilities:

Counter Guarantees given to Banks towards issue of B.G.s 49.95 42.30

Outstanding Bank Guarantees 49.95 42.30

5. Prior Period Items

Prior period item of Rs.26.53 lakhs represents net of credit items of Rs. 56.85 lakhs and debit items of Rs. 30.32 lakhs.

6. Deferred Tax Assets/Liabilities:

Deferred tax asset was provided as per AS-22, accounting for taxes on income.

7. Impairment of Fixed Assets:

As per AS-28 on “Impairment of Assets", all assets other than current assets, investments and deferred tax assets are reviewed for impairment wherever event/s or changes in circumstances indicate that carrying of amount of those assets may not be recoverable.

8. Overseas Branch Accounts & Audit:

We have considered the Auditor''s Report dated 6th May 2013 of Sashi Kala Devi Associates, Singapore, Auditors of Singapore Branch in framing our Audit Report.

9. Working Capital Facility:

Working capital facility from Bank is secured by way of hypothecation/mortgage/pledge of receivables and company''s building.

10.Related Party Disclosures:

A).Key Managerial Personnel

(i) C.K.Shastri, Chairman and Managing Director

(ii) Jayant Dwarkanath, Wholetime Director

B) Enterprises in which Key Managerial Personnel 14(A) above has significant influence:

(i) eJAS Tech Solutions Pvt.Ltd

(ii) i-Trace Nanotech Pvt.Ltd

11. Gratuity Report under AS-15 (rev) as on 31.03.2013

The Present Value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. Gratuity Report under AS-15 (rev) for the year ended 31st March 2013

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Mar 31, 2012

A)Rights of shareholders :

The Company has only one class of equity shareholders. Each holder of equity shares is entitled to one vote per share.

Notes to Financial Statements for the year ended 31st March 2012.

1. The previous year's figures have been recast/restated/regrouped, wherever necessary, to conform to the current period's classification.

2. Balances of various parties, debtors and creditors are subject to confirmation.

3. Quantitative Details:

Additional information pursuant to the provisions of paragraphs 3,4C and 4D of Part II of Schedule VI of the Companies Act, 1956.

The Company is engaged in development and maintenance of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and certain information as required under paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act,1956.

2011-2012 2010-2011 (Rs.) (Rs.)

Contingent Liabilities:

Counter Guarantees given to Banks towards issue of B.G.s 4,229,568 4,807,269

Outstanding Bank Guarantees 4,229,568 4,807,269

Managerial Remuneration:

Managing & Whole time Directors 6,120,000 6,080,000

Imports on CIF basis:

Hardware/Software - -

Expenditure in Foreign Currency:

Travel Expenses 2,368,995 1,012,072

Other Expenditure incurred 1,140,705 2,863,654

Transferred for Singapore Branch Expenses 2,340,000 5,764,145

4. Prior Period Items

Prior period item of Rs.53.59 lacs includes Net amount after writing off of old debit balances of Rs.62.12 lacs and old credit balance of Rs.8.53 lacs.

5. Deferred Tax Assets/Liabilities:

Deferred tax asset was provided as per AS-22, accounting for taxes on income.

6. Impairment of Fixed Assets:

As per AS-28 on "Impairment of Assets", all assets other than current assets, investments and deferred tax assets are reviewed for impairment wherever event/s or changes in circumstances indicate that carrying of amount of those assets may not be recoverable.

7. Overseas Branch Accounts & Audit:

We have considered the Auditor's Report dated 2nd May 2012 of Sashi Kala Devi Associates, Singapore, Auditors of Singapore Branch in framing our Audit Report.

8. Working Capital Facility:

Working capital facility from Bank is secured by way of hypothecation/mortgage/pledge of receivables and company's building.

9.Related Party Disclosures:

A).Key Managerial Personnel

(i)C.K.Shastri, Chairman and Managing Director

(ii)Jayant Dwarkanath, Wholetime Director

B) Enterprises in which Key Managerial Personnel 14(A) above has significant influence:

(i) eJAS Tech Solutions Pvt.Ltd

(ii) i-Trace Nanotech Pvt.Ltd

10.Employees Benefits:

As per Accounting Standard 15 "Employee Benefits" the disclosures of Employee Benefit, as defined in Accounting Standard are given below

11. GRATUITY REPORT UNDER AS-15 (REV) AS ON 31.03.2012

The Present Value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

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Mar 31, 2010

1. The previous years figures have been recast/restated/regrouped, wherever necessary, to conform to the current periods classification.

2. Balances of various parties, debtors and creditors are subject to confirmation

3. Quantitative Details:

Additional information pursuant to the provisions of paragraphs 3,4C and 4D of Part II of Schedule VI of the Companies Act, 1956.

The Company is engaged in development and maintenance of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and certain information as required under paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

2009-2010 2008-2009 Rs. Rs.

Contingent Liabilities:

Counter Guarantees given to Banks towards issue of B.G.s 3,486,400 471,400

Outstanding Bank Guarantees 3,486,400 471,400

FDRs pledged with Central Excise Department - 55,000

General Surety Security with Central Excise Dept. - 1,100,000

Managerial Remuneration:

Managing & Whole time Directors 6,040,000 6,000,000

Imports on CIF basis:

Hardware/Software 12,837,877 1,284,052

Expenditure in Foreign Currency:

Travel Expenses 477,060 721,147

Other Expenditure incurred 810,957 16,100

Transferred for Singapore Branch Expenses 7,907,599 10,742,825

4.Prior Period Items

Major items include an amount of Rs.4.55 lakhs pertain to EMDs (old) and an amount of Rs.2.40 lakhs pertain to tax differences for the earlier years.

5. Deferred Tax Assets/Liabilities:

Deferred tax asset was provided as per AS-22, accounting for taxes on income.

6. Impairment of Fixed Assets:

As per AS-28 on "Impairment of Assets", all assets other than current assets, investments and deferred tax assets are reviewed for impairment wherever event/s or changes in circumstances indicate that carrying of amount of those assets may not be recoverable.

7. Overseas Branch Accounts & Audit:

We have considered the Auditors Report dated 26th July 2010 of M/s.Sashi Kala Devi & Associates, Singapore, Auditors of Singapore Branch in framing our Audit Report.

8. Working Capital Facility:

Working capital facility from Bank is secured by way of hypothecation/mortgage/pledge of receivables and companys building.

9. Dues to Micro, Small and Medium Enterprises:

The Classification of the suppliers under Micro, Small and Medium Enterprises Development Act, 2006 is made based on the submission of the registration certificate under the said Act by the suppliers. The outstanding to the Micro, Small and Medium Enterprises more than 16 days during the period is Nil.

10.Exceptional items pertains to one time severance payment made to ex-employee of the company.

11.Share Application money of Rs. 108.00 lakhs includes Rs.24.00 lakhs pertaining to equity warrant money received from NRI Director for which no FIPB approval was received.

12.Related Party Disclosures:

A) Key Managerial Personnel

(i) C.K.Shastri, Chairman and Managing Director (ii) Jayant Dwarkanath, Wholetime Director

B) Enterprises in which Key Managerial Personnel 15(A) above has significant influence:

(i) eJAS Tech Solutions Pvt.Ltd (ii) i-Trace Nanotech Pvt.Ltd

13.Gratuity Report under AS-15 (rev) as on 31.03.2010

The Present Value of obligation is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Gratuity Report under AS-15 (rev) for the year ended 31st March 2010