Ktf &.

'.

roo

Chartered Accountants
C-C). s" nJny Apartmnfl' S.V.P . Road
N~ar Gokul Hotei. BOllvall (W~.t)
Mumhai -400092 .

~91-222891649;1/95

\.

Ern"iI ID:-dtnkhco@g'flall.wnl

Auditor's Report on Quarterly Financial Results and Year to Date Results of the Company Purs ua nt
to the Clause 41 of the listing Agreem ent

To
Board of Directo rs
N2N TECHNOLOGIES UMITED
We have audited the consolidated financial results of N2N TECHNOLOGI ES LlMITE D(' the company) and
Its subsidiary (co llectively referred to as 'the Group') for the Quarter ended 31" M arch 2015 and .
consolidated yea r to date fina ncial result for the period from April 1,2014 to March 31, 2015,attached
hereWith, being submlned by the com pany pursuant to th e requ irement of cla use 41 of the
UnlngAgreem nt except for t he disclosures rega rding ' Public Shareholding' and ' 'Promote r and
Promote r GroupShareholdlng' w hich have been traced from disclosures made by the man age ment and
have not beenaudit ed by us.
These conso lidated financial results for th year have bee n prepa red from Audited financial statements
of subjected com panies provid ed to us, which are th e responsibility of the co mp ny' s manageme nt. Our
responsibility is to express an opinio n on Ihese consolidate d finan cial result s based on our Budit of such
consolidated finanC ial statemen ts, which have bee n prepared in accordance with t he recognitio n and
m asurement principles laid down ,n Issued pursuant t o the Accounting Sta ndard s specified section 133
of the Com panies Act, 2013, r"ad with Rule 7 of the Compa nies (Accounts) Rules, 2014 or hy the
institute of Chartered Accounta nts of India and other accOllntlng prinCiples generally accepted in Ind ia.
and other acco unting prinCiples generally accepted in India,
We con ducted our audit in accordance with the auditi ng sta ndard s generall y acce pted in Indi a. Those
standards require that we plan and perform t he audit to obta in r asonabl assu ran ce about whethe r
test
thefi nanclal results ar fre e of malerial misstate ment. An audit incl udes ex mining, on
basis,evidence supporting the amoun disclosed as fina ncial resu lts . An audit al so incl udes assessing the
accounting principles used and sig nificant estlma es made by man ageme nt. W e be li eve that o ur audit
provides a reasonable basis for ou r opinion.
We did not audit the financ ial statements of one Joint Venture (Katalyst Technologies Inc. USA) of
subsidiary in cluded in the consol idated finan cial results. These finan cial state ments of such Associate
company have been audited by CPA Wolf & Compa ny LlP,Who se report has be en furn ished to us, and
our opinion on the year to dilte res ul ts, to the extent they have been derived from such finan cial'
statements is based solely on the r port of such ot her auditors.
In our opinio n and to the best of our information and according to the explanations given to us t hese
consolidated the consolidated year to date results:
i. Includes the year to date fi nancial results of th e follow ing entities (li st of ent iti es included in
consolidation);
1. DSR Infotech Li mited
2. Kalalys! Technologie, Inc, USA (As an Joint Venture of DSR Infotech Ltd)

Bra:nch Office - 4,

A~5H"'Y

APARTMNl OAMl MARG, flAMDAS PETH AKOLA 444001. MAHARASHTRA

ii.

Does not Include the y!!ar to dale fi na ncia l results of the foll owing en tities (list of eflti! ies
not Inclu ded in consolidation);
Narne of the enterprise
Id hasoft lrmited
Idhasoft Inc, Dela ware
Apposite solutions Inc
Codesoft International Inc
Prodlllnk Solutions Inc
Ro undbox M edia SA
Idha Inc, (Caflada)
Semafor Technologies Inc

Relationsh ip
Associate of DSR Infote ch Lrm ited
Wholly ow ned subsidiary of The Idhasoft Limited
Wholly own ed subSidiary of The Idhasoft l imited
Who lly owned subsidia ry or The Id hasoft l imited
Who lly owned subsldiar:J' ofThe Idhasoft Umlted
Wholly owned subsidiary of The Id ha soft li mited
Who lly owned su bsidia ry of The Idhasoft li mited
Wholly owned subsidiary of The Idhasoft Umlted

Since the Aud ited nnandals were not mad !> av ilable to us, th erefore our opinion is qualified.

(II) Have been presented In accordance wllh the req uirements of clause 41 of the Listing Agree ment in
This regard; and
(Iii) Give a true and fair view o f the consolidated net profit/ loss and other financial information for the
Consolidated year to dale result fo r the period from 1 April 2014 to 31 March 20 15.

Further, we also report that w e have, on I he basis of the books of accoun t and other rsconds and
Information and explanations given to us by the management, also veri fied the consolidated nu mber of
sha res as well as percenl<lge of shareho ldlngs In respect of aggrega te amoun t of public shareholdings, as
fum ished by t he company in tenns of clause 35 of the listing Agreement and fou nd thesame to be
correct.

For OMKH & Co .

Chartered Accounl<lnts

Partner
M. No. 162327
Place: Mumbal

Date: 03-09-2015

Branch Office' 4, AKSH,\ APARTMENT. DAMLC MARG, RAMOAS PITH AKOLA- 444001. MAHAMSHTllA

ered Accountants
C-9, Sa nj ay Apartment, S.V.P. Road
Near Go kul Hote" Borivali (West)
M umba i --400092.

1"-22289"6494/95
EmaiID:-dm khco@gmai l.com
Auditors Report on Quarterly Financial Results and Year to Date Results of the Company Pursuant
to the Clause 41 of the Listing Agreement
To
Board of DIrectors of N2N TECHNOLOGIES LIMITED,

,,'
st

We h ve aud ited the quarterly manci al resu l o f N2N TECHNOLOGIES LIMITED for the quarter en ded 31 M arch
st
2015 nd the year to date results fo r t he period Itt Ap il 2014 to 31 March 201 5, attached herewith, being
submi :ted by the company pursua nt to the requ irement of clause 41 of the Listin g Agreement except fo r the
disclo ures r garding 'Public Shareh oldln ' an d ' Pro moter and Promoter Gro up Shareholding' which have been
t raced from disclosures made by t h management an d have not been audited by us. These quarterly fi nancial
resull as we ll as t he year to date fin ancia l resul ts have been prepared on t he basis of the interim fin ancia l
st ate ents, w hich are the esponsibllity of the com pany's management.
Our responsib ility is to express an opin ion o n t hese fi nancial results based on our audit of such interim financial
statemen ts, which have been prepared in accordance with the reco gnition and m~asu rement principles laid dow n
in Accqunting Sta ndard (AS) 25, Inte ri m Financial Rep orti ng, issued purs uant to the Acco unting Standa rd s specified
under tectlo n 133 of the ;"ct, 2013, read with Ru le 7 of the Co mpa nies (A coun ts) Rul es, 2014 or by the Instit ute of
Ch arta-ed Accou ntan ts or India and other accou nti ng principles genera lly accept ed in India.
W e co ducted ou r audit in accord, nt with the auditing standards generally accepted in In di a. Those st andards
requlr that w plan and perfon he audit to obtain reasona ble assurance about whether t he finan cial results are
free 0 materia l m isstatement( 1 An aud it includes exarrHnl ng, on a est ba sis, evid ence upporting the amounts
disclosed as fina ncial results . A audit also includes a essi ng t he accountin g principl s used and significant
estl ma es made by m anageme t We believe t hat our au~it p rovi des a rea son able basis for our opinion.
In our ~pinion and t o the best 0 I)ll information arid ccordlng t o the explanations given t o us these quarteriy
fi nanci 'results as w eill:! the year to date results.

I.

have been p resented in accordance wtth tne req uirement s of claus e 4-1 of the Listi rg Agre ement in t his
regard; and

II.

Give a t rue and f ir view of th ~ net profit! loss. and other f inanGl al-information for the quarterended 31
st
st
March 2015 as well as the ear to date results for t he periodfrorn 1 April ,2014 to 3 1 March 2015.

st

Fu rthe , we also report that we have, on the basiS of the books of acco unt and oth er records and information and
explan tions given to us by the ma nagemen t, also verified the number of shares as well as per entage of
shareh~ldings in respect of aggregate amount of pu b li sha reh oldings, as furni shed by the com pany in terms of
cl ause 3S ofthe Listing Agreement and found the same to be correct.

Place:

umbai

Date: Olt-092015
Branc~Offi e:- 4, AKSHAY APARTMENT, DAMLE MARG, RA MDAS PETH AKOLA- 4 44001, MAHARASHTRA

N2N Technologies Limited

(CIN: L72900PN1983PLC145004)
(Formerly Visisth Mercantile Limited)
Regd. Office: Sun lounge-Ground floor, One Earth, Opp,Magarpatta City, Hadapsar, Pune-411028
(Amount in Rs. Lacs)
Statement of Standalone/Consolidated Audited Results for the Quarter and year Ended 31/03/2015
Standalone
Standalone
Particulars
3 months
3 months
Corresponding
figures for FY
ended
ended
3 months ended figures for FY
ended
ended
(31/03/2015) (31/12/2014) (31/03/2014) in
the Previous
31/03/2015
31/03/2014
year
S No. (Refer Notes Below
1
Income from Operations
(a) Net sales/income from operation (Net of excise duty)
(b) Other operating income
Total income from operations (net)
2

3
4
5
6
7
8
9
10
11
12
13
14
15
16

Expenses
(a) Cost of Sales
(b) Purchase of stock-in-trade
Changes in inventories of finished goods, work-in-progress and
stock-in-trade
(d) Employee benefits expense
(e) Depreciation and amortisation expense
(f) Legal & Professional Fees
(g) Amalgamation/Merger Exp
(h) Filing Fees
(i) Advertising Expenses
(j) Directors Sitting Fees
(k) Interest
(l) Non recurring expense - Bad Debts/Exp written off
(m) Insurance
(n) Rent
(o) Other expenses (Any item exceeding 10% of the total expenses
relating to continuing operations to be shown separately)
Total expenses
Profit/(Loss) from operations before other income, finance costs
and exceptional items (1-2)
Other Income
Profit/ (Loss) from ordinary activities before finance costs and
exceptional (3(+ /-)4)
Finance costs
Profit / (Loss) from ordinary activities after finance costs but
before exceptional items (5(+/-)6)
Exceptional items
Profit / (Loss) from ordinary activities before tax (7(+/-)8)
Tax expense
Net Profit/(Loss) from ordinary activities after tax (9(+/-)10)
Extraordinary items (net of expense Rs. Nil Lakhs)
Net Profit / (Loss) for the period (11(+/-)12)
Share of profit / (Loss) of associates*
Minority interest*
Net Profit / (Loss) after taxes, minority interest and share of profit
/ loss of associates (13(+/-)14(+/-)15)*

Paid-up equity share capital (Face Value of the Share shall be

indicated) Face Value - Rs. 10/- per share
18 Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year
19 i Earnings per share (of Rs. 10/- each ) (not annualised)
(before extraordinary items) :
(a) Basic (Rs.)
(b) Diluted (Rs.)
19 ii Earnings per share (of Rs. 10/- each ) (not annualised)
(after extraordinary items) :
(a) Basic (Rs.)
(b) Diluted (Rs.)
see accompanying note to the financial results
* Applicable in the case of consolidated results

(Audited)

Consolidated
figures for FY
ended
31/03/2014

(Audited)

(Audited)

(Audited)

(Audited)

(Audited)

213.15

254.84

213.15

254.84

0.96
0.52
0.14

0.22
0.87
0.52
0.44

3.63
3.68
8.02
1.91

3.63
133.85
26.40
8.29

0.34
0.68
2.5
0.18

0.67
127.87
17.26
11.83
26.13
0.72
1.59
3.49

0.91
6.61
-

0.67
2.93
2.10
6.07
26.13
0.45
1.59
3.49
0.87
6.61
-

0.00
9.23

0.79
3.01

1.72
11.29

0.71
21.64

3.24
54.15

37.23
245.46

40.17
374.17

(9.23)
14.19

(3.01)

(11.29)
0.04

(21.64)
14.19

(54.15)
9.12

(32.31)
15.54

(119.33)
64.62

4.95

(3.01)
-

(11.25)

(7.45)

(45.03)
-

(16.77)

(54.71)
3.50

4.95

(11.25)
(11.25)
(11.25)
(11.25)
-

(7.45)
(7.45)
0.30
(7.76)
(7.76)
-

(45.03)
(45.03)
(45.03)
(45.03)
-

(16.77)
(16.77)
(2.42)
(14.35)
(14.35)
626.83
196.05

(58.21)

5.26
-

(3.01)
(3.01)
(3.01)
(3.01)
-

(58.21)
541.38
(4.17)

5.26

(3.01)

(11.25)

(7.76)

(45.03)

416.43

487.34

0.00
0.97
6.46
0.52
0.34
0.68
0.09
0.18

4.95
(0.30)
5.26

(Unaudited)

Consolidated
figures for FY
ended
31/03/2015

0.60

0.72
0.68
2.5
2.26
7.20
22.71

121.73
22.71

(58.21)
(58.21)

17

440.81

440.81

440.81

440.81

440.81

440.81

440.81

1426.24

1,434.14

1,434.14

1,426.24

1,434.14

1,434.14

1,434.14

0.12
0.12

(0.07)
(0.07)

(0.26)
(0.26)

(0.18)
(0.18)

(1.02)
(1.02)

9.45
9.45

10.96
10.96

0.12
0.12

(0.07)
(0.07)

(0.26)
(0.26)

(0.18)
(0.18)

(1.02)
(1.02)

9.45
9.45

10.96
10.96

Note:
1. The above Financial Results Audited Standalone/Consolidated Financial Results were reviewed by Audit committee & approved by the Board of Directors at their meeting held on Sept 3rd, 2015 along with Audit report
2. Figures are rounded off to the nearest thousands. The figures for previous year/periods have been regrouped/reclassified/restated, wherever necessary.
3.Segment reporting is not applicable as the company activity falls within a single business segment.
5. The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of respective financial year.
6. The above Consolidated Financial Results represents results of N2N Technologies Limited, DSR Infotech Limited and 50% JV - Katalyst Technologies, USA, whereas Newly
emerged Associates of the DSR i.e the Idhasoft Ltd & Subsidiaries thereof are not consolidated due to unavailablity of required data for the verification. N2N holds 68.39% of DSR and DSR holds 50% of Katalyst.
7. The Applicable Accounting Standards have been followed.
8. No investor complaints were received during the quarter & no investor complaints are pending at the beginning and at the end of the quarter ended Mar 2015

For N2N Technologies Limited

Place:
Date:

Director

N2N Technologies Limited

(Formerly Visisth Mercantile Limited)
Regd. Office: Sun lounge-Ground floor, One Earth, Opp,Magarpatta City, Hadapsar, Pune-411028
Audited Standalone & Consolidated financial results for the Quarter and Financial Year Ended on 31/03/2015
Particulars

3 months
3 months Corresponding 3 Current period Previous year
months ended
ended
ended
ended
ended
(31/03/2015) (31/12/2014) (31/03/2014) in 31/03/2015
(31/03/2014)
the Previous year

A
1

PARTICULARS OF SHAREHOLDING
Public shareholding
Number of shares
Percentage of shareholding

2,782,086
63.11%

2,782,086
63.11%

2,782,086
63.11%

Promoters and Promoter Group Shareholding **

a) Pledged / Encumbered
Number of shares
1,152,340
1,152,340
752,340
Percentage of shares (as a % of the total shareholding
70.87%
70.87%
46.27%
of promoter and promoter group
Percentage of shares (as a % of the total share capital
26.14%
26.14%
17.07%
of the company)
b) Non-encumbered
473,640
473,640
873,640
Percentage of shares (as a % of the total shareholding
29.13%
29.13%
53.73%
of promoter and promoter group
Percentage of shares (as a % of the total share capital
10.74%
10.74%
19.82%
of the company)
** Out of the total Promoter holding 2,34,500 shares are pending for transfer in the name of Mr. Rahul Shah.
N.B: Out of the total shares issued, 13,41,400 shares are pending for listing with BSE.

2,782,086
63.11%

2,782,086
63.11%

1,152,340

752,340

70.87%

46.27%

26.14%
473,640

17.07%
873,640

29.13%

53.73%

10.74%

19.82%

Particulars

3 months
ended
(31/03/2014)

INVESTOR COMPLAINTS
Pending at the beginning of the quarter
Received during the quarter
Disposed of during the quarter
Remaining unresolved at the end of the quarter

Nil
Nil
Nil
Nil

For N2N Technologies Limited

Place:
Date:

Director

N2N Technologies Limited

(Formerly known as Visisth Mercantile Limited)
Regd. Office: Sun lounge-Ground floor, One Earth, Opp,Magarpatta City, Hadapsar, Pune-411028
Standalone/Consolidated Statement of Assets and Liabilities
Particulars

A EQUITY AND LIABILITIES

1 Shareholder's funds
(a) Share capital
(b) Reserves and surplus
(c) Money received against share warants
Sub- total - Shareholder's funds
2 Share application money pending allotment
3 Minority interest*
4 Non-current liabilities
(a) Long-term borrowings
(b) Deferred tax liabilities (net)
Other long-term liabilities
(d) Long-term provisions
Sub-total-Non-current liabilities
5 Current liabilities
(a) Short-term borrowings
(b) Trade payables
(c ) Other current liabilities
(d) Short-term provisions
Sub-total- Current liabilities
TOTAL - EQUITY AND LIABILITIES
B ASSETS
1 Non-current assets
(a) Fixed assets
(b) Goodwill on consolidation*
(c ) Non-current investments
(d) Deferred tax assets (net)
(e) Long-term loans and advances
(f) Other non-current assets
Sub-total-Non-current assets
2 Current assets
(a) Current investments
(b) Inventories
Trade receivables
(d) Cash and cash equivalents
(e) Short-term loans and advances
(f) Other current assets
Sub-total-Current assets
TOTAL - ASSETS

As at
31/03/2015
(Audited)

(Rs. in Lacs)
Consolidated As at
As at 31/03/2014 Consolidated As
(Audited)
at 31/03/2015 31/03/2014 (Audited)
(Audited)

440.81
1,426.24

440.81
1,434.18

440.81
1,868.00

440.81
1,994.79

1,867.05

1,874.99
-

2,308.81

2,435.60

355.63

158.89

15.35

7.93

2.50

2.50
2.50

15.35

7.93

48.44
2.52
2.54
53.50
1,923.05

49.19
0.27
2.27
51.73
1,929.22

1,450.00
85.45
143.91
4.39
1,683.75
4,363.54

453.56
114.31
23.78
2.27
593.92
3,196.34

945.35

1,216.15

1,226.59

1,615.57
29.98
12.74

547.02
27.55
12.74

1,297.10

953.54
324.50
27.55
1,305.59

2,874.44

1,813.90

1.82
100.78
0.82
522.53
625.95
1,923.05

5.44
87.66
0.98
525.07
4.48
623.63
1,929.22

1.81
742.11
72.16
665.21
7.81
1,489.10
4,363.54

5.44
697.68
2.60
669.97
6.75
1,382.44
3,196.34

2.50

324.50
27.25

* Applicable in the case of consolidated statement of assets and liabilities.

For N2N Technologies Limited
Place:
Date:

Director