l'India's & Only ListedMarket Research Company

MRSSlndia.comA Majestic MRSS company

Date: 14/11/2019

'FutureProof The Enterprise'

To,BSELimitedP.JTowers, Dalal Street,Mumbai- 400 001

Dear Sir,

Subject: Outcome of Meeting of Board of directors

Ref: Submission of Un-Audited Financial Results for the half year Ended on September 30, 2019pursuant to Regulation 33 of SEBI(listing Obligations and Disclosure Requirements)

Regulation, 2015.

This is to inform you under regulation 30 of SEBI (Listing Obligations and Disclosure requirements)regulations, 2015 that a meeting of board of directors of the company was held on Thursday, 14'hNovember, 2019 and the said meeting commenced at 3.30 p.m. and concluded at 11.30 p.m.

In the meeting, the following matters were decided by the Board:

1. Considered and approved the Un-Audited Financial Results along with Limited ReviewReport of the Statutory Auditors of the Company for the half year Ended on September 30,2019

Accordingly, pursuant to regulation 33 of SEBI (Listing Obligations and Disclosure requirements)regulations, 2015, we are enclosing herewith:

(al Audited Standalone Financial Results for the Half Year ended so" September, 2019.(b) Audited Consolidated Financial Results for the Half Year ended so" September, 2019.(c) Limited Review report for the Half Year ended so" September, 2019.

Thanking you,

Yours faithfully,

Majestic Research Services and Solutions LimitedRegistered Office: 2nd Floor, Kalpak Arcade, No. 46/17, Church Street, Bangalore - 560001.

Corporate Office: No. C-509, 5th Floor, Kanakia Zillion, Gateway to BKC LBS Marg, Kurla West, Mumbai - 400070Tel.lFax No. : 022-26502751/52 Email: info@mrssindia.com Web site: www.mrssindia.com

CIN No. : L72200KA2012PLC063818 An ISO CompanyEntrepreneur I MSME Number - 27222202663

1) Standalone Statement of Assets and Liabilities(RS In Lakhs)

ParticularsAs at

30th Sept 2019(Unaudited)

As at31st March

2019(Audited)

I. EQUITY AND LIABILITIES(1) Shareholder's Funds

(a) Share Capital

(b) Reserves and Surplus(b) Money received against Share warrants

(2) Share application money pending

allotement

(3) Non-Current Liabilities(a) Long Term Borrowings(b) Deferred Tax Liabilities (Net)(c) Long Term Provisions

(4) Current liabilities

(a) Short-Term Borrowings(b) Trade Payables

-Due to Micro, Small and Medium Enterprises-Others

(c) Other Current Liabilities(d) Short Term Provisions

1,002.603,165.26

1,002.603,385.43

621.19 633.68- -

16.36 14.59- -

686.58 202.05

- -- -

38.29 40.33559.11 702.82

1,174.03 1,051.74

7,483.59 6,813.08TOTAL

II. ASSETS(1) Non-Current Assets

(a) Fixed Assets(i) Tangible assets

(ii) Intangible assets(iii) Capital WIP(iv) Intangible assets under development

(b) Deferred Tax Assets (Net)(c) Non-Current Investments(d) Long Term Loans and Advances(e) Other Non-Current Assets

(2) Current Assets

(a) Current Investements(b) Inventories(c) Trade Receivables(d) Cash and cash equivalents

(e) Short Term Loans and Advances

(f) Other Current Assets

723.29 898.44386.34 451.75

- -- -

98.57 72.56309.41 309.41

13.08 13.08- -

- -- -

4,724.74 4,103.97240.11 266.86950.63 646.9937.44 50.02

7,483.59 6,813.08TOTAL-

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTSFOR THE HALF YEAR & YEAR ENDED ON 30TH SEPT2019(Rs In Lakhs Except Per Share Data)

Half Year Half Year Half YearYear Ended

YearEnded 30-Sep- Ended 31- Ended 30- Ended

Particulars 2018-192019 Mar-2019 Sep-2018

(Audited)2017-18

(Unaudited) (Audited) (Unaudited) (Audited)

1) Revenue from operations 2011.10 2731.73 2900.30 5632.03 4620.282) Other Income - 3.03 1.57 4.60 16.12

Total Revenue (1+Z)=3 2011.10 2734.77 2901.87 5636.64 4636.40

4) EXPENSESa) Direct Expenses 1304.9 1444.15 1674.93 3119.08 2364.17b) Employee Benefits Expenses 87.976675 140.32 193.00 333.32 307.73c) Financial Costs 56.8 69.36 69.91 139.27 91.27d) Depreciation and Amortization Expense 240.56 316.99 126.72 443.71 90.57e) Other Expenses 6.89 45.71 88.81 134.52 231.06

Total Expenses(4) 1697.13 2016.54 2153.37 4169.91 3084.805) Profit before tax (3-4) 313.97 718.22 748.50 1466.72 1551.60

6) Tax Expense:(1) Current tax (119.80) (258.96) (227.78) (486.74) (454.65)

(2) Deferred tax (liability) / asset 26.00 52.44 7.42 59.86 (1.28)

7) Profit/(Loss) for the period after tax (5-6) 220.17 511.70 528.14 1039.84 1095.69

8) EPS (face value of Rs.10/- each)Basic and Diluted (Rs Per Share) 2.20 5.10 5.27 10.37 10.95

9) Paid Up Equity Share Capital (face value of Rs 10/- each) 1,002.60 1,002.60 1,002.60 1,002.60 1,002.60

10) Reserves Excluding Revaluation Reserve as PerBalancesheet of Previous Accounting Period - - 3,165.26 2,125.42

See accompanying notes to the Financial Results

CASH FLOW STATEMENT FOR THE YEAR ENDED 30th SEPT 2019

Particulars Sept 30,2019 (Unaudited) March 31,2019 (Audited)Cash flow from o[1erating activities:Net Profit before tax as per Profit And Loss Alc 313.97 1,466.72Adjusted for:Depreciation & Amortisation 240.56 443.71Interest & Finance Cost 56.80 139.27Interest Received 0.00 (4.60)Share Issue Expenses W!off - -Provision for Gratuity 5.75 11.52

Operating Profit Before Working Capital Changes 617.08 2,056.62Adjusted for (Increase)! Decrease:

Trade Receivables (620.77) (2,507.52)Loans and advances and other assets (584.06) - 540.98

Increase! (Decrease) in Trade & Other Payables 145.75 95.18Cash Generated From Operations (441.99) - 896.70Direct Tax Paid - 0.00Net Cash Flow from/(used in) Operating Activities: (A) (441.99) (896.70)

Cash Flow From Investing Activities:

Purchase of Fixed Assets - (1,179.72)Investement in Subsidary - 0.00

Interest Received - 4.60

Loan to Subsidiary - 0.00

Loan to Others - -

Net Cash Flow from/(used in) Investing Activities: (8) - (1,175.12)

Cash Flow from Financing Activities:Proceeds From Share Capital & Share Premium - -

Share Issue Expenses - 0.00

Proceeds from Short-term borrowings 484.53 3.98Proceeds from Long-term borrowings - -

Dividend Paid incl tax thereon - -

Repayment of long-term borrowings (12.49) (97.27)

Interest & Financial Charges (56.80) (139.27)

Net Cash Flow from/(used in) Financing Activities ( C) 415.24 (232.56)

Net Increase!(Decrease) in Cash & Cash Equivalents (A+B+C) (26.75) - 2,304.37

Cash & Cash Equivalents As At Beginning of the Year 266.86 2,571.24Cash & Cash Equivalents As At End of the Year 240.11 266.86

Notes:-1) The above cash flow statement has been prepared under the indirect method set out in Accounting standard oncash flow statement (AS-3) as notified under the companies Act, 1956, read with section 133 of the Companies Act,2013 and Rule 7 of the companies Act, (Accounts) Rules 2014.

2) Figures for the previous year have been regrouped! reclassified, wherever considered necessary.

(Rs In Lakhs)

2) The above Unaudited Financial Results and Statement of Assets and Liabilities were reviewed by the AuditCommittee and then approved by the Board of Directors at their respective meetings held on Nov 14, 2019.

3) During the financial Year 2017-18 the company has alloted 49,98,000 Equity Shares of Rs10/- each fullypaid up as Bonus Shares in the ratio of 1:1 (i.e one Bonus shares for every share held).

4) The Earning Per Share (EPS)has been computed in accordance with the Accounting Standard on EarningsPer Share (AS20) and for the calculation of EPSthe company has considered bonus issue of Equity Shares forall the periods whether current or previous for comparison.

5) Other Income for the year ended on 31st March, 2019 includes Interest on Fixed Deposits, Margin Money,etc.

6) During the FY2017-18 an interim dividend of Rs.O.sO/-(Fifty Paise) per equity share of the face value ofRs. 10/- each was approved by the Board and paid by the comapany.

7) The Company is engaged in single business segment hence business segment reporting is not applicable alsomajority of revenue has been dervied from single geographical segment hence same has not been furnished.

8) The Status of Investor's Complaints during the half year ended on so" Sept, 2019 is as under

Pending at the beginning of the above Period NILReceived during the above Period NILDisposed during the above Period NILRemaining unsovled as at the end of above Period NIL

9) Pursuant to Regulation 32 of SEBI(Listing obligation and Disclosure Requirements) Regulation, 2015, inDecember, 2016 the Company had raised Rs.998.64 Lakhs through Further Public Issue (FPO).The Purpose of

the FPOand its actual utilisation as at so" March, 2019 is mentioned as under

(Rs in Lakhs)Proposed Actual

Particulars Utilisation UtilisationWorking Capital 470.00 470.00Purchase of New Corporate office 180.00 180.00Civil Work and Interior Expenses 80.00 80.00General Corporate Purpose 178.64 178.64Issue Expenses 90.00 90.00Total 998.64 998.64

Further during the FY2017-18, the Company has issued and alloted 30,000 Equity Shares of Rs10/- eachon preferential basis to Mr. Sarang Panchal (Managing Director of the Co) at a Price of Rs250/- per share(including share premium of Rs240/- per share) and the proceeds from the preferential issue has beenutilised for the object as stated In the explanatory statement to the Notice for the Annual General Meeting heldon September 25,2017.There is no deviation/variation of FPOProceeds and Preferential Procceds from the objects as stated above.

10) Figures of last half year ended on 31st March, 2019 and 31st March, 2018 are the balancing figure betweenthe audited figures in respect of the full financial year and unaudited figures of first half year of the relevantfinancial year.

11) Figures of Previous Year / Period have been regrouped/recast wherever necessary, in order to makethem comparable.

12) The results for the half year and year ended on ao" Sept, 2019 are available on the Bombay Stock Exchangewebsite (URL:www.bseindia.com) and also on the company's website (URL: www.mrssindla.com).

For Majestic Research Services and Solutions Limited

Mumbai, November 14, 2019.

Rajendra Kumar Sharma(Chairman and Whole Time Director)(DIN 06879460)

UNAUDITED CONSOLIDATED STATEMENT OF PROFIT AND lOSS FOR THE HALF YEAR ENDED 30TH SEPT 2019

(Rs In Lakhs Except Per Share Data)

Half Year EndedYear Ended 2018

Particulars Sept 2019(Audited)

(Unaudited)19

1) Revenue from operations 2228.99 6357.652) Other Income 0.00 45.69

Total Revenue (1+2}:;;3 2228.99 6403.34

4) EXPENSESa) Direct Expenses 1359.37 3248.63b) Employee Benefits Expenses 130.02 695.28c) Financial Costs 59.42 139.94d) Depreciation and Amortization Expense 254.68 464.03e) Other Expenses 104.17 340.70

Total Expenses{4} 1907.66 4888.585) Profit before tax (3-4) 321.33 1514.76

6) Tax Expense:(1) Current tax (120.39) (494.94)(2) Deferred tax (liability) / asset 26.00 59.86

7) Profit/(Loss) for the period after tax (5-6) 226.94 1079.68

8) Less:Adjustment for Minority Interest Share 0.00 0.00

9) Profit/(Loss) after Minority Interest (7-8) 226.94 1079.68

10) EPS(face value of Rs.10/- each)Basic and Diluted (Rs Per Share) 2.26 10.77

11) Paid Up Equity Share Capital (face value of Rs 10/- each) 1,002.60 1,002.60

12) Reserves Excluding Revaluation Reserve as PerBalancesheet of Previous Accounting Period - 4,104.10

See accompanying notes to the Financial Results

CASH flOW STATEMENT FOR THE YEAR ENDED 30th SEPT 2019

Particulars Sept 30,2019 (Unaudited) March 31,2019 (Audited)Cash flow from ol1erating activities:Net Profit before tax as per Profit And Loss Alc 321.33 1,514.76Adjusted for:Depreciation & Amortisation 254.68 464.03Interest & Finance Cost 59.42 139.94Interest Received 0.00 (4.60)Share Issue Expenses Wloft - -Provision for Gratuity 5.7S 11.52

Operating Profit Before working Capital Changes 641.18 2,125.64Adjusted for (Increase)1 Decrease:Trade Receivables (661.01) (2,515.77)Loans and advances and other assets (297.50) - 845.85Increase I (Decrease) in Trade & Other Payables - 143.75 197.77CashGenerated From Operations (461.08) - 1,038.21Direct Tax Paid - 0.00Net Cash Flow from/(used in) Operating Activities: (A) (461.08) (l,038.21)

Cash Flow From Investing Activities:Purchase of Fixed Assets (1,181.31)Investement in Subsidary 0.00Interest Received - 4.60Loan to Subsidiary - 0.00Loan to Others - -Net Cash Flow from/(used in) Investing Activities: (6) - (1,176.70)

Cash Flow from Financing Activities:Proceeds From Share Capital & Share Premium - -Share issue ExpensesProceeds from Short-term borrowings 487.46 3.98Proceeds from Long-term borrowings -Dividend Paid incl tax thereonRepayment of Long-term borrowings (12.49) (97.27)Interest & Financial Charges (59.42) (139.94)Net Cash Flow from/(used in} Financing Activities ( C) 415.55 (233.23)

Effect of exchange differences on translation 6.17 25.14Net Increase/(Decrease) in Cash & Cash Equivalents (A+B+C) (39.36) (2,423.00)Cash & Cash Equivalents As At Beginning of the Year 282.01 2,705.01Cash & Cash Equivalents As At End of the Year 242.65 282.01

Notes:-1) The above cash flow statement has been prepared under the indirect method set out in Accounting standard oncash flow statement (AS-3) as notified under the companies Act, 1956, read with section 133 of the Companies Act,2013 and Rule 7 of the companies Act, (Accounts) Rules 2014.

2} Figures for the previous year have been regrouped I reclassified, wherever considered necessary.

3} Since, the company has acquired singapore company during the FY2017-18 and presented consolidated balancesheet withsingapore company for first time in FY2017-18 with no comparatives figures of singapore company of FY2016-17 thus theconsolidated cash flow statement for the year ended 31st March, 2018 has been presented and reported till the line item ofNet Cashand Cash Equivalents. However the singapore company had Bank Balance of SGD 10.04 Lakhs & SGD3.26 Lakhs as cash and cashequivalents as at the beginning of the FY2017-18 & FY2018-19 respectively.

(RS in Lakhs)

1) Consolidated Statement of Assets and Liabilities

Asat As at

Particulars30th Sept 31st March

2019 2019(Unaudited) (Audited)

I. EQUITY AND LIABILITIES(1) Shareholder's Funds

(a) Share Capital 1,002.60 1,002.60(b) Reserves and Surplus 4,339.05 4,104.10(b) Money received against Share warrants - -

-(2l Share al2l2lication money l2endingallotement - -

{31Non-Current Liabilities -(a) Long Term Borrowings 621.19 633.68(b) Deferred Tax Liabilities (Net) - -(c) Long Term Provisions 16.36 14.59

-(41 Current liabilities

(a) Short-Term Borrowings 689.51 202.05(b) Trade Payables -

-Due to Micro, Small and Medium Enterprises - --Others 38.33 40.38

(c) Other Current Liabilities 714.81 856.51(d) Short Term Provisions 1,182.96 1,060.04

TOTAL 8,604.81 7,913.95

II. ASSETS(1) Non-Current Assets

(a) Fixed Assets(i) Tangible assets 723.29 908.71(ii) Intangible assets 386.34 455.49(iii) Capital WIP - -(iv) Intangible assets under development -

(b) Goodwill on Consolidation 98.57 -(c) Deferred Tax Assets (Net) - 72.56(d) Non-Current Investments 55.17 -(e) Long Term Loans and Advances - 54.90(f) Other Non-Current Assets -

121Current Assets(a) Inventories - -(b) Trade Receivables 5,724.30 5,063.29(c) Cash and cash equivalents 242.65 282.01(d) Short Term loans and Advances 1,336.37 1,026.29(e) Other Current Assets 38.11 50.70

~ TOTAL 8,604.81 7,913.95

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(Rs In Lakhs)

2) The above Unaudited Financial Results and Statement of Assets and liabilities were reviewed by the AuditCommittee and then approved by the Board of Directors at their respective meetings held on Nov 19, 2019.

3) The consolidated accounts have been prepared as per Accounting Standard (AS) 21 on consolidatedfinancial statements.

4) list of Subsidiaries as on so" Sept, 2019 is as under

Name of Entity RelationshipCountry of % of

Incorporation ownershipAtrevido Research and Consultants Private Limited Subsidiary India 100(Earlier known as Emtee Research and Consultants Private limited)

Majestic Research Services Asia Pte limited Subsidiary Singapore 100(Earlier known as Market Probe Asia- Pacific Pte limited)

Majestic Research Asia Pacific Pte Limited Subsidiary Singapore 100

5) During the financial Year 2017-18 the company has alloted 49,98,000 Equity Shares of Rs 10/- each fullypaid up as Bonus Shares in the ratio of 1:1 (i.e one Bonus shares for every share held).

6) The Earning Per Share (EPS) has been computed in accordance with the Accounting Standard on EarningsPer Share (AS 20) and for the calculation of EPSthe company has considered bonus issue of Equity Shares forall the periods whether current or previous for comparison.

7) During the FY 2017-18 an interim dividend of Rs. 0.50/-(Fifty Paise) per equity share of the face value ofRs. 10/- each was approved by the Board and paid by the comapany.

8) The Status of Investor's Complaints during the half year ended on so" Sept, 2019 is as under

Pending at the beginning of the above Period NILReceived during the above Period NILDisposed during the above Period NIL

Remaining unsovled as at the end of above Period NIL

9) Pursuant to Regulation 32 of SEBI (Listing obligation and Disclosure Requirements) Regulation, 2015, inDecember, 2016 the Company had raised Rs. 998.64 Lakhs through Further Public Issue (FPO).The Purpose of

FPO and its actual utilisation as at so" Sept, 2019 is mentioned as under

(Rs in Lakhs)Proposed Actual

Particulars Utilisation Utilisation

Working Capital 470.00 470.00Purchase of New Corporate office 180.00 180.00Civil Work and Interior Expenses 80.00 80.00

General Corporate Purpose 178.64 178.64Issue Expenses 90.00 90.00

Total 998.64 998.64

Further during the FY 2017-18, the Company has issued and alloted 30,000 Equity Shares of Rs 10/- eachon preferential basis to Mr. Sarang Panchal (Managing Director of the Co) at a Price of Rs 250/- per share(including share premium of Rs 240/- per share) and the proceeds from the preferential issue has beenutilised for the object as stated in the explanatory statement to the Notice for the Annual General Meeting heldon September 25, 2017.There is no deviation/variation of FPO Proceeds and Preferential Procceds from the objects as stated above.

10) Figures of Previous Year / Period have been regrouped/recast wherever necessary, in order to makethem comparable.

11) The results for the year ended on so" Sept, 2019 are available on the Bombay Stock Exchange website(URL: www.bseindia.com) and also on the company's website (URL: www.mrssindia.com).

For Majestic Research Services and Solutions Limited

Mumbai, November 14, 2019

Rajendra Kumar Sharma(Chairman and Whole Time Director)(DIN 06879460)

~ info@sdmca.in

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONEFINANCIAL RESULTS

')

r

Limited Review ReportTo,The Board of DirectorsMajestic Research Services & Solutions Limited.

1. We have reviewed the accompanying statement of Standalone UnauditedFinancial Results of Majestic Research Services & Solutions Limited for thequarter and half year ended on 30th September, 2019 (lithe statement"), beingsubmitted by the company pursuant to requirement of regulation 33 of the SEBI(Listing Obligation and Disclosure Requirements) Regulations, 2015, asamended.

2. This statement, which is the responsibility of the Company's Management andapproved by the Board of Directors, has been prepared in accordance with therecognition and measurement principles laid down in the Indian AccountingStandard 34 "Interim Financial Reporting" (Ind AS 34), prescribed under section133 of the Companies Act, 2013 read with relevant rules issued thereunder andother accounting principles generally accepted in India. Our responsibility is toexpress a conclusion on the statement based on our review.

3. We conducted our review in accordance with the Standard on ReviewEngagement (SRE) 2410, Engagements to Review of Interim FinancialInformation Performed by the Independent Auditor of the Entity issued by theInstitute of Chartered Accountants of India. This standard requires that we planand perform the review to obtain moderate assurance as to whether thefinancial statements are free of material misstatement. A review is limitedprimarily to inquiries of company personnel and an analytical proceduresapplied to financial data and thus provides less assurance than an audit. Wehave not performed an audit and accordingly, we do not express an auditopinion.

Attention is drawn to Note 13 of the statement which states that thestatement of cash flows for the corresponding 6 months ended September 30,2018 as reported in accompanying statement have been approved by theCompany's Board of Directors, but have not been subjected to review.

16-A, Ghanshyam Avenue, Sattar Taluka SOciety, Opp, C.U. Shah Co~lege,Nr. Incometax Under Pass, Ahmedabad-380014 (Gujarat):

~ 079-2754 1742, 4007 1742, 4008 8827, 9327610273 (~~)www.sdmca.in

4. Based on our review conducted as above, nothing has come to our attentionthat causes us to believe that the accompanying statement of unauditedfinancial results prepared in accordance with applicable accounting standardsand other recognized accounting practices and policies has not disclosed theinformation required to be disclosed in terms of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 includingthe manner in which it is to be disclosed, or that it contains any materialmisstatement.

For, S. D. Mehta & Co.Chartered Accountants, \\r-.

~yShaishav D. MehtaPartnerMembership No. 032891

,)

Place: AhmedabadDate: 14thAugust, 2019

INDEPENDENT AUDITOR'S REVIEW REPORT m info@sdmca.in

Independent Auditor's Review Report On review Interim unaudited consolidatedfinancial results of the Company Pursuant to the Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015, as amended.

Review Report toThe Board of DirectorsMajestic Research Services and Solutions Limited

1. We have reviewed the accompanying statement of Unaudited ConsolidatedFinancial Results of Majestic Research Services and Solutions limited (litheParent") and its subsidiaries (the Parent and its subsidiaries together referred toas "the Group"), and its share of the net profit/(Ioss) after tax and totalcomprehensive income / loss for the quarter and half year ended on 30th

September, 2019 ("the Statement"), being submitted by the Parent pursuant tothe requirement of Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, as amended. Attention is drawn to the factthat the consolidated figures for the corresponding quarter ended September30, 2018 and quarter ended June 30, 2019 as reported in these Unauditedfinancial results have been approved by the Parent's Board of Directors, but havenot been subjected to review.

2. This Statement, which is the responsibility of the Parent's Management andapproved by the Parent's Board of Directors, has been prepared in accordancewith the recognition and measurement principles laid down in Indian AccountingStandard 34 "Interim Financial Reporting" ("Ind AS 34")' prescribed underSection 133 of the Companies Act, 2013, and other accounting principlesgenerally accepted in India. Our responsibility is to express a conclusion on theStatement based on our review.

3. We conducted our review of the Statement in accordance with the Standard onReview Engagements (SRE) 2410 "Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity", issued by the Institute ofChartered Accountants of India. A review of interim financial information consistsof making inquiries, primarily of persons responsible for financial and accountingmatters, and applying analytical and other review procedures. A review issubstantially less in scope than an audit conducted in accordance with Standardson Auditing and consequently does not enable us to obtain assurance that wewould become aware of all significant matters -that might be identified in anaudit. Accordingly, we do not express an audit opinion.~=~l-\EHi,q

~'.. - <f~. CO* .~ AHMEDABAD *

~~ ~~~DACCO\j~

16-A, Ghanshyam Avenue, Sattar Taluka SOCiety, Opp. ()'lJ. Shah College,Nr. Incometax Under Pass, Ahmedabad-380014 (Gujarat).

~ 079-2754 1742, 4007 1742, 4008 8827, 9327610273 (~~www.sdmca.in

.._.- _._.- ---_._-----~.~.--.....---

We also performed procedures in accordance with the circular issued by theSEBi under Regulation 33 (8) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, as amended, to the extent applicable.

Attention is drawn to Notes to the Statement which states that the statementof consolidated cash flows for the corresponding half year ended September 30,2018, as reported in the accompanying Statement have been approved by theParent's Board of Directors, but have not been subjected to review.

4. The Statement includes the results of the following entities:

a. The Subsidiaries:

1. Atrevido Research and Consultants Private Limited

2. Majestic Research Services Asia Pte Limited

3. Majestic Research Asia Pacific Pte Limited

5. Based on our review conducted and procedures performed as stated in paragraph3 above and based on the consideration of the review reports of the branchauditors and other auditors referred to in paragraph 6 below, nothing has cometo our attention that causes us to believe that the accompanying Statement,prepared in accordance with the recognition and measurement principles laiddown in the aforesaid Indian Accounting Standard and other accountingprinciples generally accepted in India, has not disclosed the ~nformation requiredto be disclosed in terms of Regulation 33 of the SEBI (listing Obligations andDisclosure Requirements) Regulations, 2015, as amended, including the mannerin which it is to be disclosed, or that it contains any material misstatement.

6. The consolidated unaudited financial results includes the interim financialstatements/ financial information/ financial results of 3 subsidiary which havenot been reviewed by their auditors, whose interim financial results reflect totalrevenue of Rs. 217.89 Lakhs, total net profit/ (loss) after tax of Rs. 6.76 l.akhsand total comprehensive income / loss of Rs. NIL For the quarter and half yearended September 30, 2019, as considered in the consolidated unauditedfinancial results. These unaudited financial results and other unaudited financialinformation have been approved and furnished to us by the management. Ourconclusion is so far as it relates to the affairs of these subsidiary is based solelyon such unaudited financial results and other unaudited financial information.Our conclusion on the statement is not modified in respect of the above matter.

For, S. D. Mehta & Co.Chartered Accountants

~Shaishav D. MehtaPartnerMembership No. 032891

Place: AhmedabadDate: 14thNovember, 2019