Crisp Analytics Private Limited

Consolidated Balance Sheet as at 31 March 2024

(All amounts in ₹ Lacs, unless otherwise stated)
As at As at
Particulars Notes
31 March 2024 31 March 2023
Equity and liabilities
Shareholders' funds
Share capital 3 4.33 4.33
Reserves and surplus 4 5,007.41 6,397.08
5,011.74 6,401.41
Non-current liabilities
Long-term borrowings 5a - 11.54
Long-term provisions 6 208.80 100.64
Other long-term liabilities 7 5.40 5.40
214.20 117.58
Current liabilities
Short-term borrowings 5b - 3.53
Trade payables 8
- Total outstanding dues of micro and small enterprises - 23.26
- Total outstanding dues of creditors other than micro and small enterprises 270.86 125.37
Other current liabilities 9 1,672.68 346.62
Short-term provisions 10 22.63 22.63
1,966.17 521.41

7,192.11 7,040.40
Assets
Non-current assets
Property, plant and equipment and intangible assets
Property, plant and equipment 11 43.89 46.60
Intangible assets 11 1,199.50 426.47
Intangible assets under development 11 1,022.84 1,054.39
Deferred tax assets (net) 12 26.81 26.81
Long-term loans and advances 13 484.06 289.15
2,777.10 1,843.42
Current assets
Trade receivables 14 1,762.02 1,604.47
Cash and bank balances 15 2,178.33 3,308.92
Short-term loans and advances 16 160.00 116.12
Other current assets 17 314.66 167.47
4,415.01 5,196.98

7,192.11 7,040.40

0 0
Crisp Analytics Private Limited
Consolidated Statement of Profit and Loss for the year ended 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)
For the year ended For the year ended
Particulars Notes
31 March 2024 31 March 2023
Revenue
Revenue from operations 18 6,187.59 4,804.77
Other income 19 174.83 132.58

Total revenue 6,362.42 4,937.35

Expenses
Cost of services consumed 20 420.47 663.53
Employee benefits expense 21 5,269.08 3,028.54
Finance costs 22 11.02 15.15
Depreciation and amortisation expense 23 267.77 74.23
Other expenses 24 1,796.22 1,062.67

Total expenses 7,764.56 4,844.12

Profit before tax and prior period expense (1,402.14) 93.23

Prior period expense - -

Profit before tax (1,402.14) 93.23

Tax expenses
Current tax - 63.50
Tax adjustment for earlier years (9.75) 4.63
Deferred tax credit - (11.59)

Profit for the year (1,392.39) 36.69

Basic earnings per share ( face value of ₹10 each ) 25 - 366.86

Crisp Analytics Private Limited
Consolidated Cash Flow Statement for the year ended on 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)
For the year ended For the year ended
Particulars
31 March 2024 31 March 2023
(A) Cash flow from operating activities:
Profit before tax (1,402.14) 93.23
Adjustments for:
Depreciation and amortization expense 267.77 74.23
Finance costs 11.02 15.15
Lease equilisation reserve - 5.40
Interest income (172.31) (113.88)
Operating profit/(loss) before working capital changes (1,295.66) 74.13

Adjustments for changes in working capital:

Decrease/(increase) in loans, advances and other assets (268.30) 114.40
(Increase) in trade receivables (157.55) (1,178.35)
Increase in trade payables 122.23 51.61
Increase/(decrease) in liabilities and provisions 1,436.94 254.02
Cash used in operations (162.34) (684.19)
Income-tax paid (net) (149.85) (75.15)
Net cash used in operating activities (312.19) (759.34)

(B) Cash flow from investing activities:

Payment for purchase of property, plant and equipment including intangible assets and under development (1,006.53) (1,048.09)
Investments in fixed deposits (1,500.00) (4,000.00)
Proceeds from fixed deposits 3,000.00 1,201.85
Interest received 214.23 25.20
Net cash used in investing activities 707.70 (3,821.04)

(C) Cash flow from financing activities:

Proceeds from issue of equity shares - 4,757.69
Finance cost paid (11.02) (15.15)
Repayment in borrowing (15.07) (3.28)
Net cash generated from financing activities (26.09) 4,739.26

Net increase / (decrease) in cash and cash equivalents 369.42 158.88

Cash and cash equivalents at the beginning of the year 308.92 150.04
Cash and cash equivalents as at end of the year 678.34 308.92 #

(D) Cash and cash equivalents (refer note 15)

Balance with bank
- in current accounts 678.33 308.92
Deposits with original maturity less than 3 months - -
678.33 308.92
Crisp Analytics Private Limited
Summary of the consolidated significant accounting policies and other explanatory information for the year ended 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)

As at As at
Particulars 31 March 2024 31 March 2023
No. of shares Amount No. of shares Amount
3 Share capital
A Authorized
Equity shares of face value ₹ 10 each 100,000 10.00 100,000 10.00
0.01% Compulsory convertible cumulative preference shares ("CCCPS") 20,000 2.00 20,000 2.00
of face value ₹ 10 each
0.01% Compulsory convertible cumulative preference shares ("CCCPS") 11,000 11.00 11,000 11.00
of face value ₹ 100 each
Total 131,000 23.00 131,000 23.00

B Issued, subscribed and paid-up shares

Equity shares of face value ₹ 10 each (31 March 2022: ₹ 10 each) 10,002 1.00 10,000 1.00
0.01% CCCPS of face value ₹ 10 each (31 March 2022: ₹ 10 each) - Seed 4,167 0.41 4,167 0.41
0.01% CCCPS of face value ₹ 100 each (31 March 2022: N.A.) - Pre-Series A 229 0.23 229 0.23
0.01% CCCPS of face value ₹ 100 each (31 March 2022: N.A.) - Series A 2,689 2.69 2689 2.69
Total 17,087 4.33 17,085 4.33

C Reconciliation of the shares outstanding at the beginning and at the end of the reporting year:
Equity shares
As at 31 March 2024 As at 31 March 2023
Particulars
No. of shares Amount No. of shares Amount
At the beginning of year 10,000 1.00 10,000 1.00
Share issued during the year (refer note (D.1) below)* 2 0.00 2 -
Outstanding at the end of the year 10,002 1.00 10,002 1.00
*0.00 represents number less than ₹1,000

Preference shares - Seed, Pre-Series A, Series A

As at 31 March 2024 As at 31 March 2023
Particulars
No. of shares Amount No. of shares Amount
At the beginning of year - Seed (refer note (D.2) below) 4,167 0.42 4,167 0.42
Conversion from CCD to Pre Series A (refer note (D.3) below) 229 0.23 229 0.23
Issued during the year - Series A (refer note (D.4) below) 2,689 2.69 2,689 2.69
Outstanding at the end of the year 7,085 3.33 7,085 3.33

D Rights, preferences and restrictions attached to shares

1 The Company has equity shares having a par value of ₹ 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after distribution of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders. The dividend, if any, proposed by
the board of directors is subject to approval of shareholders in ensuring annual general meeting.

2 During the year ended 31 March 2021, the Company had issued 4,167 Series Seed CCCPS of Rs.10 each fully paid-up. The series seed CCCPS are entitled to a preferential dividend rate of 0.01% p.a. The dividend is
cumulative and shall accrue from year to year. Each Series Seed CCCPS shall be converted into 1 (One) Equity Share upon the earlier of (i) 1 (One) day prior to the expiry of 19 (Nineteen) years from the Closing
Date, or (ii) in connection with a Listing (or any listing of Equity Securities), prior to the filing of a prospectus (or equivalent document) by the Company with the competent authority, or such later date as may be
permitted under Applicable Laws.

3 During the year ended 31 March 2023, the Company had issued 3,75,000 Compulsorily Convertible Debentures ('CCD') which were converted into 229 Pre-Series A CCCPS of Rs.100 each fully paid-up. The Pre-
Series A CCCPS are entitled to a preferential dividend rate of 0.01% p.a. The dividend is cumulative and shall accrue from year to year. Each Pre-Series A CCCPS shall be converted into one fully paid-up Equity
Share subject to Pre-Series A Anti-Dilution Adjustments upon the first of the following: (i) immediately prior to Listing; or (ii) the written request of the holder of such Pre-Series A CCCPS; or (iii) one day prior to
the twentieth anniversary from the date of issuance of the Pre-Series A CCCPS.

4 During the year ended 31 March 2023, the Company had issued 2,689 Series A CCCPS of Rs.100 each fully paid-up. The Series A CCCPS are entitled to a preferential dividend rate of 0.01% p.a. The dividend is
cumulative and shall accrue from year to year. Each Series A CCCPS shall be converted into one fully paid-up Equity Share subject to Series A Anti-Dilution Adjustments upon the first of the following: (i)
immediately prior to a qualified IPO; or (ii) the written request of the holder of such Series A CCCPS; or (iii) one day prior to the twentieth anniversary from the date of issuance of the Series A CCCPS.

E Details of promoter's shareholding in the Company

Name of Promoter As at As at
31 March 2024 31 March 2023
No. of shares % of holding % Change during No. of shares % of holding % Change during
the year the year
Equity Shares
Mohammad Shoaib 6,640 66.39% - 6,640 66.39% -
Vaibhav Dobriyal 2,000 20.00% - 2,000 20.00% -
Aloke Bhatnagar 1,000 10.00% - 1,000 10.00% -
Total 9,640 96.38% - 9,640 96.38% -

F Details of shareholders holding more than 5% shares in the Company

1 Equity shares of face value ₹ 10 each
As at 31 March 2024 As at 31 March 2023
Name of the shareholder
No. of shares % of holding No. of shares % of holding
Mohammad Shoaib 6,640 66.39% 6,640 66.39%
Vaibhav Dobriyal 2,000 20.00% 2,000 20.00%
Aloke Bhatnagar 1,000 10.00% 1,000 10.00%
9,640 96.38% 9,640 96.38%

Crisp Analytics Private Limited

Summary of the standalone significant accounting policies and other explanatory information for the year ended 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)

2 Preference Shares
CCCPS of face value ₹ 10 each - Seed
As at 31 March 2024 As at 31 March 2023
Name of the shareholder
No. of shares % of holding No. of shares % of holding
IE Venture Fund I 3,736 89.66% 3,736 89.66%
Redstart Labs (India) Ltd. 417 10.01% 417 10.01%
Total 4,153 99.66% 4,153 99.66%

CCCPS of face value ₹ 100 each - Pre-Series A

As at 31 March 2024 As at 31 March 2023
Name of the shareholder
No. of shares % of holding No. of shares % of holding
IE Venture Fund I 229 100.00% 229 100.00%
Total 229 100.00% 229 100.00%

CCCPS of face value ₹ 100 each - Series A

As at 31 March 2024 As at 31 March 2023
Name of the shareholder
No. of shares % of holding No. of shares % of holding
IE Venture Fund Follow-on I 1,427 53.07% 1,427 53.07%
Season Two Ventures Fund I LP 1,189 44.22% 1,189 44.22%
Total 2,616 97.29% 2,616 97.29%

As per record of the Company including its register of shareholders/member and other declaration, if any, received from shareholder regarding beneficial interest, the above shareholding represents both legal and
beneficial ownership of shares. The above information is furnished as per shareholder register as at the year end.

G Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding 31 March 2023

The Company has not issued bonus shares, equity shares for consideration other than cash and also no shares have been bought back during the period of five years immediately preceding the report period except
for conversion of CCD into Series A CCCPS as disclosed in note D.3 above.
Crisp Analytics Private Limited
Summary of the consolidated significant accounting policies and other explanatory information for the year ended 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)

Particulars As at As at
31 March 2024 31 March 2023
4 Reserves and surplus
Surplus in the Consolidated Statement of Profit and Loss
Balance as at the beginning of the year 149.42 112.73
Add: Profit during the year (1,392.39) 36.69
Balance at the end of the year (1,242.97) 149.42
Securities Premium Reserve
Balance as at the beginning of the year 6,254.45 1,499.67
Add: Premium on issue of shares - 4,784.73
Less: Amount utilized towards share issue expenses - (29.95)
Balance at the end of the year 6,254.45 6,254.45
Foreign currency translation reserve
Balance as at the beginning of the year (6.79) 0.29
Add: Movement during the year 2.72 (7.08)
Balance at the end of the year (4.07) (6.79)
Total 5,007.41 6,397.08

5 Borrowings
a Long-term borrowings
Secured Loan from banks
Vehicle loan - 15.07
- 15.07
Less: Current maturities of non-current borrowings - 3.53
- 11.54

b Short-term borrowings
Current maturities of non-current borrowings - 3.53
- 3.53
Interest rate, repayment, terms and hypothecation detail
a. Vehicle Loan
Vehicle loan is secured by way of hypothecation of the asset purchased. The interest rate is 7.35 % per annum. This vehicle loan is
repayable in 60 equal monthly instalments starting from February 2022 and the final instalment is due for repayment in January 2027.

6 Long-term provisions
Gratuity (refer note 29) 208.80 100.64
208.80 100.64

7 Other long-term liabilities

Lease equalisation reserve (refer note 36) 5.40 5.40
5.40 5.40

8 Trade payables*
Total outstanding due of micro and small enterprises - 23.26
Total outstanding due of creditors other than micro and small enterprises 270.86 125.37
270.86 148.63
Refer note 30 (b) for ageing details
Refer note 26 for due of MSME details
Crisp Analytics Private Limited
Summary of the consolidated significant accounting policies and other explanatory information for the year ended 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)

Particulars As at As at
31 March 2024 31 March 2023

9 Other current liabilities

Employee related payable 429.77 70.55
Statutory dues payable 502.46 233.50
Expenses payable 13.66 42.48
Interest accrued but not due - 0.09
Deferred revenue 726.78 -
1,672.68 346.62

10 Short-term provisions
For employee benefits
Gratuity (refer note 29) 22.63 22.63
Others
Provision for tax (net) - -

22.63 22.63

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Crisp Analytics Private Limited
Summary of the consolidated significant accounting policies and other explanatory information for the year ended 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)

11 Property, plant and equipments and intangible assets

Property, plant and equipments Intangible assets
Intangible assets
Particulars Office
Vehicles Furniture and fixtures Computers Total Software under development
equipments
Gross carrying value
Balance as at 1 April 2022 21.97 0.57 5.89 33.09 61.52 126.13 404.06
Additions - - 19.05 1.14 20.19 377.56 1,027.89
Disposals/capitalised - - - - - - 377.56
Balance as at 31 March 2023 21.97 0.57 24.94 34.23 81.71 503.69 1,054.39
Additions 2.88 7.30 10.18 1,027.90 996.35
Disposals/capitalised - 1,027.90
Balance as at 31 March 2024 21.97 0.57 27.82 41.53 91.89 1,531.59 1,022.84

Accumulated depreciation and

amortisation
Balance as at 1 April 2022 0.42 0.44 1.88 21.08 23.82 14.28 -
Charge for the year 2.61 0.05 2.66 5.97 11.29 62.94 -
Balance as at 31 March 2023 3.03 0.49 4.54 27.05 35.11 77.22 -
Charge for the year 2.61 0.05 4.68 5.56 12.90 254.87 -
Balance as at 31 March 2024 5.64 0.54 9.22 32.61 48.01 332.09 -

Net carrying value

Balance as at 31 March 2023 18.94 0.08 20.40 7.18 46.60 426.47 1,054.39
Balance as at 31 March 2024 16.34 0.03 18.60 8.92 43.89 1,199.50 1,022.84

Notes:
(i) None of the property, plant and equipment are pledged as security by the Holding Company except vehicles.
(ii) The Company doesn't have any outstanding amount of contractual commitment for the acquisition of property, plant and equipment.
(iii) The Company has not revalued its property, plant and equipment during the year.
(iv) Refer note 30(c ) for ageing details of intangible assets under development

(v) Software is internally generated intangible asset which comprises of development cost. Development cost majorly includes remuneration of employees directly working
on such developement of the Company which has been capitalized to the extent of time spent on development of various modules and programs.
Crisp Analytics Private Limited
Summary of the consolidated significant accounting policies and other explanatory information for the year ended 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)

Particulars As at As at
31 March 2024 31 March 2023

12 Deferred tax assets (net)

Deferred tax assets arising on account of :
Provision for employee benefits and others 32.39 32.39

Deferred tax Liabilities arising on account of :

Timing difference on account of depreciation and amortization on property, plant and 5.58 5.58
equipment and intangible assets

26.81 26.81

13 Long-term loans and advances

(Unsecured, considered good, unless otherwise stated)
Security deposits 111.78 76.47
Income tax asset (net) 372.28 212.68

484.06 289.15

14 Trade receivables^
Outstanding for a period exceeding six months from the due date
Unsecured, considered good - -
Unsecured, considered doubtful - -
- -
Other trade receivables
Unsecured, considered good* 1,762.02 1,604.47
Less : Allowance for bad and doubtful debts - -
1,762.02 1,604.47
^ Refer note 30(a) for ageing schedule

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Crisp Analytics Private Limited
Summary of the consolidated significant accounting policies and other explanatory information for the year ended 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)

Particulars As at As at
31 March 2024 31 March 2023
15 Cash and bank balances
Cash and cash equivalents
Balance with banks:
in current accounts 678.33 308.92
Fixed deposits with original maturity less than 3 months - -
678.33 308.92
Other bank balances
Fixed deposits with original maturity more than 3 months but less than 12 months 1,500.00 3,000.00
2,178.33 3,308.92

16 Short-term loans and advances

(Unsecured, considered good, unless otherwise stated)
Prepaid expenses 101.53 72.14
Employee advances 17.47 11.79
Advance to suppliers 41.00 32.19

160.00 116.12

17 Other current assets

(Unsecured, considered good, unless otherwise stated)
Interest accrued on fixed deposits 49.54 91.46
Unbilled revenue 245.51 74.94
Balances with government authorities 19.61 1.07

314.66 167.47

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Crisp Analytics Private Limited
Summary of the consolidated significant accounting policies and other explanatory information for the year ended 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)

Particulars For the year ended For the year ended

31 March 2024 31 March 2023
18 Revenue from operations
Revenue from products and related services 3,185.13 1,978.90
Revenue from services 3,002.46 2,825.87

6,187.59 4,804.77

A Details of revenue
Product implementation 1,677.12 878.76
Product support and annual maintenance contract 1,372.71 922.84
Product subscription 135.30 177.30
Services from projects 3,002.46 2,825.87

6,187.59 4,804.77

B Details of revenue
Indigenous 5,138.52 4,236.55
Export 1,049.07 568.22

6,187.59 4,804.77

19 Other income
Interest income on fixed deposits 172.31 113.88
Net gain on foreign currency transaction and translation 2.52 8.80
Interest on income tax refund - 9.90

174.83 132.58

20 Cost of services consumed

Technical services 420.47 663.53

420.47 663.53

21 Employee benefits expense

Salaries, bonus and other allowances 4,820.65 2,745.37
Contribution to provident fund 103.40 62.23
Gratuity expense (refer note 29) 108.62 49.47
Staff welfare expenses 236.41 171.47

5,269.08 3,028.54

22 Finance costs
Interest expense on term loan 1.68 11.06
Bank charges 9.34 4.09

11.02 15.15
Crisp Analytics Private Limited
Summary of the consolidated significant accounting policies and other explanatory information for the year ended 31 March 2024
(All amounts in ₹ Lacs, unless otherwise stated)

Particulars For the year ended For the year ended

31 March 2024 31 March 2023

23 Depreciation and amortization expenses

Depreciation on plant, property and equipment 12.90 11.29
Amortization on intangible assets 254.87 62.94

267.77 74.23

24 Other expenses
Travelling and conveyance 528.35 337.37
Legal and professional fees* 72.76 97.54
Rent (refer note 36) 386.67 270.69
Office and maintenance expenses 89.65 79.75
Electricity expenses 15.86 11.63
Printing and stationery 2.84 2.04
Rates and taxes 67.46 15.13
Insurance expense 48.38 12.57
Information technology expenses 190.71 95.65
Advertisement and publicity expenses 149.13 66.67
Business promotion expenses 232.87 69.64
Miscellaneous expenses 11.55 3.99

1,796.22 1,062.67

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